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Financial account providers are required to ask for personal identifiers as a result of the USA PATRIOT Act. You have to provide your SSN when you apply for a c
by thinkcomp 12y ago
Financial account providers are required to ask for personal identifiers as a result of the USA PATRIOT Act. You have to provide your SSN when you apply for a credit card or bank account, as well.
As for the rest...yeah, seems a bit much.
- MBCook 12y agoI'd forgotten about that. Are they actually providing an account though? I thought they were just storing a card on file, the way Amazon does. Is it because they're using ACH?
- manicdee 12y agoYeah, you're providing checking account details, not credit card details. The system is intended to "cut out the middleman", where the middleman is those nasty credit card companies taking their cut of every sale. Perhaps they'll start their own bank so you can open a checking account with CVS and use that account for your high risk CurrentC trading (NB: there's already an app on the iTunes App Store called Current C which is a currency conversion calculator).
- MBCook 12y agoI guess if they have ACH access they have everything they need to launder money so the rules would apply. The only ACH thing I have setup is my paycheck and it wouldn't have phased me to give my SSN at that time. This whole thing is just so amazingly tone-deaf of a move. They don't want you to use Apple Pay, they want you to use something that doesn't even exist outside private beta, so they take away your choice. On the other side of the equation, Wells Fargo is offering $20 for trying Apple Pay with their cards. http://www.macrumors.com/2014/10/27/wells-fargo-apple-pay-credits/ http://www.macrumors.com/2014/10/27/wells-fargo-apple-pay-cr...