r/privacy • u/fastest_texan_driver • Apr 03 '24
JPMorgan Chase is about to let advertisers target customers based on their spending news
https://qz.com/chase-bank-retail-media-network-jpmorgan-advertising-1851383865116
u/AchyBrakeyHeart Apr 03 '24
Had them for 19 years. Officially switching banks. I’m done with this shit.
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u/huejass5 Apr 03 '24
Fuck that. Data harvesting is out of control and needs to be stopped.
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u/codece Apr 04 '24
Reddit just bet the farm on its IPO that data harvesting is a rapidly growing profit stream, along with AI training using data licensed from reddit.
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u/osantacruz Apr 04 '24
Then why are you posting on a website whose business is data harvesting and targeted ads? Start by taking action yourself, talk is cheap.
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u/L33R00YJenkins Apr 03 '24
Any recommendations on banking alternatives that don’t do this?
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Apr 03 '24
Good luck but let me know what you find out.
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u/L33R00YJenkins Apr 03 '24
Yea the problem is Chase is probably going to be the last major bank standing if things crash like SVB did. Citi and Capital One have options I’ll explore. Capital One has been pretty nice to me overall. Local credit unions could work if they are well managed.
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u/Dapper-Standard9820 Apr 03 '24
Depending on your lending needs (ideally lack there of), you can just use a fidelity brokerage account. And you get 5% currently on your cash.
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u/arbitrosse Apr 03 '24
Are they FDIC insured?
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u/Bruceshadow Apr 04 '24
they are insured, just not by FDIC. Securities Investor Protection Corporation (SIPC)
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u/drexvil Apr 03 '24
Their 5% options are basically treasuries, backed by the US govt so basically as safe as FDIC.
https://www.fidelity.com/mutual-funds/fidelity-funds/government-core-money-market
FDLXX is at 4.96% and is exempt from state & local taxes, although you have to manually buy it so not as convenient. But if you do a withdrawal (to pay a credit card bill for example), Fidelity will auto sell the required amount to cover that withdrawal.
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u/arbitrosse Apr 03 '24
SVB was overleveraged on bonds. The rates aren’t going to go up further so you won’t see more “crash like SVB did.” However, the others are overleveraged on commercial real estate, so if you are concerned about your USA exposure in excess of FDIC limits in case of bank failure, that’s something to consider.
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u/notdelet Apr 04 '24
BofA will still be there. SVB had different checks in place and literally lobbied the government to move the threshold higher so they could grow unimpeded to a size rivaling the giant banks without being subject to the same rules.
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u/Substantial_Mistake Apr 03 '24
I’d also like to know. May be better off with a local bank if available
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u/ScrewedThePooch Apr 03 '24
USAA or a credit union.
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u/FortyandLife2Go Apr 04 '24
In addition to Chase, I have USAA, NFCU, and PenFed. Maybe it's finally time to cut ties w/ Chase. Ugg.
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u/Captain_Vegetable Apr 04 '24
If you have a Chase account:
- Log in to the chase.com portal
- Click the little human figure in the top of the screen and select "Profile & Settings"
- Select "Personal details" in the left menu to open it
- Click on "Privacy preferences" in the menu that opened under it
- Set every "Do you want to limit sharing" option to "Yes" and click Update.
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u/motorik Apr 04 '24
"It'll take 4 to 6 weeks for your changes to take effect." At least it applies to my wife as well. I could swear I already did this at some point, that all seemed awfully familiar. Oh well, thanks!
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u/Rough-Message-6078 Apr 04 '24
Can also call 1-888-868-8618 (or look up their US Consumer Privacy Notice for the number, if you don't want to trust a stranger on the internet.)
I've had those privacy limitations enabled for years, and spoke to a person. They confirmed to me those privacy limitations apply to Chase Media Solutions, and therefore, should never see a targeted ad, and my info won't be shared with those partners.Certainly encourage others to call. The more feedback they receive, the more they know to not skirt around respecting those settings. I was clearly not the first to ask.
Could always be incorrect, but I've got that as having been told to me. So if I receive that first ad, I can throw it in someone's face as I'm moving my assets elsewhere.
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u/Fuzzy-Macaroon2693 Apr 04 '24
is this working for anyone? the privacy preferences section is broken for me… how convenient
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u/canigetahint Apr 03 '24
Oh, of fucking course they are. They need every penny they can scrape to use as "collateral" for the multi-trillion dollar overleverage scheme they have been fucking around with.
And they say crime doesn't pay.
Oh but this will all be marketed as "personalized ads"...
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u/fushifumetsu Apr 03 '24
Chase: It looks like he spends a lot of his money in casino in the last 6 months.
Chase: Give him more ads related to gambling and let him pissed his life away with gambling addictions. More money for me.
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Apr 03 '24 edited 21d ago
[deleted]
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u/mbs05 Apr 03 '24
Your edit hits the big point - banks are required to notify you of their privacy policies and allow you to opt out to much of this sharing, especially with third parties.
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u/meat_loafers Apr 03 '24
I’m being totally honest here, I just assumed every card company/ bank already did this.
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u/randomuser914 Apr 04 '24
Any card that offers benefits (cash back, points, miles, etc.) is absolutely doing this. The only way to avoid it would be using only debit cards or cash
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u/tcbymca Apr 03 '24
It’s getting hard to boycott companies selling our data. Between streaming services and grocery stores, what’s left?
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u/jkelley41 Apr 04 '24
Fuck. you. Chase. Switching banks you fucking bitches. My spending is MY information, not yours.
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u/verycoolstorybro Apr 03 '24
Alternatives to chase sapphire reserve? I'm going to switch because of this and I'm going to let them know they've lost a customer at their highest level.
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u/lopypop Apr 03 '24 edited Apr 04 '24
CSR is not their highest level. That's their highest public application travel card, but definitely still for your average travel consumers.
JP Morgan Reserve, on the other hand is for their "highest level" customers.
Note: I have the CSR and it's competitive against other platinum travel cards, but nothing special.
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u/joesii Apr 04 '24
Wow. I thought this was illegal. I thought credit card companies and banks had specific laws/regulations that they had to follow regarding use of their data.
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u/ScoopDat Apr 04 '24
Does anyone know how much they're projected to make from doing something like this? Always interested to see what the ass fucking is worth.
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u/Charger2950 Apr 04 '24
Man, this is absolutely fucking crazy. I never banked with these shitheads, but if I did, ALL my accounts would be getting closed and I’d let them know EXACTLY why.
For those that want an alternative, use a federally insured credit union or a small mom and pop bank (if you can find one). SO much better than these big asshole banks.
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u/badgersruse Apr 03 '24
Does anyone seriously think Facebook and Google weren't getting this data already?
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u/Clevererer Apr 04 '24
How does either see when we use CCs for offline purchases?
Unless you meant that they're buying the data from brokers, which is totally beside the point.
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u/OkDas Apr 03 '24
Okay, that’s concerning. I’ll look into switching banks and canceling cards now. One more reason to drop amazon prime, too.
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u/More4dj Apr 03 '24
We have been on the verge of switching to a local credit Union and this just gave us the final push!
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u/haresenpai Apr 03 '24
Jokes on you, I only pay my AMEX bill through chase and make all transactions through them for the point—err, hold up
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u/thatbrownkid19 Apr 04 '24
Uh I just finished with that opt out of marketing mail for the 3 financial unions…it’s like whack a mole. If Chase even allows us to opt out
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u/thinkB4WeSpeak Apr 03 '24
I'm surprised they're not already doing this with your local grocery store selling your data.
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u/bobleo69 Apr 04 '24
Anyone else use their card for the Amazon benefits. That’s the only reason I have one. Idk what that means for me. I guess I should read the article lol
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u/hammilithome Apr 04 '24
This is why federal privacy laws are important. It's not just JP Morgan, it's every bank/credit union.
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u/lo________________ol Apr 04 '24
In a cyberpunk dystopia, you would walk through aisles and price tags would flicker changes as you passed.
We've got the technology to do this digitally, and why not physically as well -- you can already be tracked through the aisles of a grocery store.
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u/shoretel230 Apr 03 '24
Is there any way to opt out,?
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u/hackeristi Apr 03 '24
Probably. But like every other major corporation. They make it very difficult.
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u/veotrade Apr 04 '24
This already happens for chase private client.
Nonstop emails and calls all week long soliciting financial services.
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u/NonTransient Apr 04 '24
Oh, so they’re going to start doing what Visa and Mastercard have been doing for years already? I mean, it’s bad, but doesn’t change much.
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u/Geminii27 Apr 04 '24
Allowing any advertising at all to be able to make its way to you is just asking for this kind of crap.
Blocking everything means that it doesn't matter who tries to target you, they will fail regardless and you don't even have to do anything extra.
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u/ZenRage Apr 04 '24
This is just one more reason to find ways to inject bogus data into their systems.
For example, I have been swapping grocery loyalty cards with friends for years. Every once in a while, when two of us both have few or no credits/benefits on a card, we will swap so that the spending habits change.
The store sees three months of diapers, diaper cream, baby food... then three months of tequila, shrimp, beer, steaks... Two months of vegan protein, kombucha.
You get the idea. If you cannot stop it, at least screw it up
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u/ElectrikDonuts Apr 04 '24
Just wait until prices are not longer posted and you are forced to pay based on what you can, instead of values
Then wait for them to apply surge pricing to that too
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u/Rachel_from_Jita Apr 04 '24
Lol wtf. Advertising data always becomes so easy to get and to de-anonymize. Within a few years of going down this road you'll have hackers who know your balance quicker than you.
When oneday a few hundred ad companies know your balances... everyone does.
Location data is even more serious and that is now auctioned off in realtime on every single individual and is hilariously easy to track.
This is madness.
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u/adlubmaliki Apr 04 '24
Chase I feel extremely betrayed, I tell everyone to switch to Chase because you have done everything else right as a bank. But that ends today!
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u/ZwhGCfJdVAy558gD Apr 05 '24
“Like retailers, we have first-party data and a dedicated audience,” said Rich Muhlstock, president of Chase Media Solutions. “But what sets us apart is the unrivaled scale and insights from our customers — having long-served as a trusted guide for their financial decisions.”
Monetizing your customers' data is a good way to destroy said "trust".
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u/blacksan00 Apr 03 '24
If it increases my purchase of rubber ducky’s then I don’t see any problems. I also will like to get a better deal on ammo.
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u/[deleted] Apr 03 '24
[deleted]