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> About 85% of American consumers with bank accounts are comfortable making recurring payments using those accounts, said John Anderson. He is head of product a
by isykt 3y ago
> About 85% of American consumers with bank accounts are comfortable making recurring payments using those accounts, said John Anderson. He is head of product at Plaid, a fintech company that links vendors with customers’ bank accounts.
Plaid, who got sued for abusing their access to people’s bank info. Fuck that guy.
- gjsman-1000 3y agoI, frankly, do not understand why Plaid doesn't work more like Privacy.com. If a company must have the ridiculous stance that they need to access my bank account, and Plaid is linking them together, why can't Plaid have a popup saying, "Company X will access your Bank account. Company X may not withdraw, at any time, more than $25 or <fill in the blank amount here> without your consent on a monthly basis. You may need to fill this form again if you ever purchase or subscribe to anything requiring greater amounts of money transferred. < OK > < Cancel >" Someone might say, "that would make Plaid require a money transmitter license" or something similar. I would argue, why should Plaid not need a money transmitter license for literally handling bank account login information?
- joecot 3y agoPrivacy.com works like it does, giving consumer protections, because the consumer with the bank account is the customer. Plaid works like it does, letting companies take your money with no restrictions, because the company is the customer, and the consumer with the bank account is the product. If a company offers you a service and that service is free, you are not the customer, you are the product.