Ask HN: Would you switch to a privacy- and security-focused credit union?

1 point by SimonDorfman 5 years ago | 2 comments
The Problem: I care about privacy and security. I live in the U.S.A. Where should I do my personal banking?

The idea: Start a credit union with a focus on privacy and security. Build the credit union as a template for other credit unions to follow. Open source as much as possible. Recruit smart people like HN readers to become members and give feedback on what we do to make it better. Require an EFF membership to join the credit union.

That's the start. What do y'all think? What questions do you have?

  • duxup 5 years ago
    Sell me on why I would use your credit union.

    I don't know why I should be concerned about my bank or credit union and use your credit union.

    Concerns about your idea:

    - Banking laws / regulations are very detailed in the US don't allow for much anonymity for traditional consumer banking accounts. (there are some legal ways to do that aren't traditional consumer banking, it but it is hardly fool proof and legally complex and I'm not sure about rolling that out at scale)

    - Once you introduce a credit / debit card the privacy may be out the window as 3rd parties are involved.

    - People might simply not care / will be a hard sell to get them to understand / care.

    • SimonDorfman 5 years ago
      Thanks for the reply.

      > Sell me on why I would use your credit union. > I don't know why I should be concerned about my bank or credit union and use your credit union.

      Here’s an article about how your banking data is probably being sold: [1]

      Concern for privacy would be the main selling point. But it would also have to be a great banking experience too. Great website and mobile apps. And rates that beat the competition.

      > Concerns about your idea: > - Banking laws / regulations are very detailed in the US don't allow for much anonymity for traditional consumer banking accounts. (there are some legal ways to do that aren't traditional consumer banking, it but it is hardly fool proof and legally complex and I'm not sure about rolling that out at scale)

      It sounds like you know more about this than I do. Any resources you can direct me to so I can learn more?

      > - Once you introduce a credit / debit card the privacy may be out the window as 3rd parties are involved.

      I’m hoping there will be a technology solution we could develop that would make credit/debit transaction data private. Perhaps a card that generates a new credit card number for every transaction?

      > - People might simply not care / will be a hard sell to get them to understand / care.

      Agreed. I wanted to test the idea here because I thought HN would have more people who care about privacy.

      [1] https://www.forbes.com/sites/petercohan/2018/07/22/mastercar...