3 ms·
Yeah, I don't think burying it in the ninth paragraph of the Terms could be reasonably called 'prominent'. For that matter, the landing page for the Apple Card
by BonesJustice 7y ago
Yeah, I don't think burying it in the ninth paragraph of the Terms could be reasonably called 'prominent'.
For that matter, the landing page for the Apple Card shoves it into a footnote.
Seems like a case of "tech company trying to act like bank has no idea how to comply with banking regulations".
- beshrkayali 7y agoIt's highly unlikely that Amazon or Apple "had no idea how to comply with banking regulations".
- supergauntlet 7y agoBoth Amazon and Apple have law departments larger than most large startups. It was intentional. They know nobody will do anything. So really, it's a case of "tech company pretends to be incompetent at pretending to be a bank."
- sharkweek 7y agoSign up X customers and make Y dollars. Get fined Z dollars for breaking a regulation. If Y > Z, congratulate those responsible.
- deleted 7y ago[deleted]
- willart4food 7y ago+/- TOO_BIG_TO_FAIL
- blackoil 7y agoWe should also factor in. Legally Signup n customers and make W dollars. It should meet Y-W > Z
- dragonwriter 7y agoThe landing page is neither an application nor a solicitation under the applicable federal regulations, so isn't covered by the prominent disclosure requirements.
- mNovak 7y agoThe tech company scarcely ever "acts like a bank" -- they typically partner with a bank, drive users to it, and split the profits. In this case the bank is Synchrony Bank, which is behind many many 'store cards' (Go over to www.synchrony.com and hover over 'Find Account'. Look at all those partners!)