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The banks don't know how much money I have, because the different banks I use don't talk to each other. The bank knows I buy things from amazon, but they don't
by gizmo 4y ago
The banks don't know how much money I have, because the different banks I use don't talk to each other. The bank knows I buy things from amazon, but they don't know what I buy. The government knows what I report in taxes, but little else. Shops I purchase from know that I have paid, but they don't know my name or my bank account #.
Every party knows something about me, but nobody knows enough for me to be worried. The current system is pretty good at protecting my privacy, especially given how primitive it all is.
- rdevsrex 4y agoMaybe the banks don't tell competing banks how much you have, but since the Patriot Act, I wouldn't count on the government not knowing if they want to know.
- flangola7 4y agoPatriot Act was discontinued in 2020.
- from 4y agoProvisions of the Patriot Act allow banks to share customer information with each other for “compliance reasons.” The government is increasingly encouraging this. What this will mean in practice 30 years from now is that one account closure will mean that you’ll never get a bank account again.
- neilwilson 4y agoThe Bank of an England does as it requires reports from each of the banks in the Sterling Framework. Anti money laundering regulations allow the authorities to gather a full picture if they need to. Including any accountants or financial or legal professionals you interact with - all of whom are required by law to report any activity they consider suspicious.