do financial institutions have the right to know what we spend our money on?

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  • 1 month ago

    What do you mean by "right" exactly? I mean, use cash and nobody knows what you purchase. Even most credit card transactions are not itemized...just the final number is used...but the bank knows you transacted business with that vendor.

  • DEBS
    Lv 7
    1 month ago

    They don't have a right to know and they don't know UNLESS you use one of their services such as a credit card, debit card, bill pay service, etc. Then they must know in order to ensure the integrity of the transactions, ability to know where to send the money, and other similar things.

  • 1 month ago

    Worse than knowing, do they have a right to tell marketers and covert agencies? The 4th Amendment prevents search and seizure, but, sadly, does nothing about privacy. However, the courts, years ago, ruled that we have privacy rights. The W. Bush administration, having appointed new supreme court justices, and having instituted illegal phone espionage of average citizens without warrants (proven by now fugitive Eric Snowden of the CIA), has broken all privacy rights of the American people. Republicans who are not savvy often deny that privacy was ever a right, and insist that we have the same privacy that we always had. Savvy Republicans admit that we have lost privacy, but insist that we, as a nation, have nothing to hide, and only illegal drug pushers and criminals have anything to hide. Our rights (free speech, free assembly, etc.) were won when we declared independence from Great Britain (1776), then crafted the Constitution (1789 which established the United States). It took a war (Revolutionary War) to gain these freedoms and rights, and we should not vote away our rights, freedoms, and privacies for the sake of expedience. We have been told that frivolous lawsuits increase medical costs, so we voted away our unalienable right to sue (unalienable means can't vote it away), and we force people to arbitrate with the HMO or PPO as the arbitrator, and the arbitrator is supposed to rule against itself. Medical costs are now higher than ever and we have lost the right to sue, and medical abuses are rife since no court can hold them accountable. We have voted away our rights and now suffer the consequences. No, financial institutions don't have the right to know what we spend our money on, but, at this point, there is nothing to do to stop them.

    • John3 weeks agoReport

      The Fourth Amendment prevents the GOVERNMENT from doing search and siezure.  It does not mean that you cannot consent for anybody anywhere to do it.

  • Anonymous
    1 month ago

    You are not forced to use their bank accounts or credit cards if your privacy is that important to you.

    I could not care less.

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  • You need to go go school again

  • Mark
    Lv 7
    1 month ago

    Not directly. But if you use a debit card, they know where the money is being deducted from. If you go to a supermarket, they won't know what you bought, but if you go to a liquor store or a strip club, it is pretty obvious what you bought.

  • 1 month ago

    Maybe. If a credit rating is important (and it is), then how you spend your money (wisely or foolishly) could impact that.

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