andrew writes:
"Alternet.org reports recent updates to terms of conditions for Bank of Americas cell phone app and Capital Ones new credit card contract have given banks unsettling new abilities. These privileges include the authority to access to your phone microphone and camera or even showing up at your workplace and home unannounced at any time.
From the the article:
We're witnessing a new era of fascism, where corporations are creating intrusive and over-bearing terms and conditions that customers click to agree to without even reading.
As a result, corporations in America have acquired king-like power, while we're the poor serfs that must abide by their every rule or else."
(Score: 1) by Wootery on Monday February 24 2014, @10:57PM
Right. Nothing mega-corps do is bad, because the customer can always use their near-identical competitor's offering (assuming the 'competition' isn't owned by the same parent company), or just opt-out entirely.
Except, of course, that in the real world you can't.
You can't get by without a bank.
Remember, having a large amount of cash is considered suspicious enough that the police can call it drug-money, confiscate it, and make it very difficult for you to get it back.
You could opt-out of using the Internet, I guess, but that's hardly a defence of these companies.
Analogy: having the option to leave your country doesn't mean there's no harm in it being totalitarian.
(Score: 1) by Acabatag on Monday February 24 2014, @11:04PM
True, but I can get by without Bank of America. They bought out the companies administering several of my credit cards, and a few years back when I was unemployed it was very unpleasant owing them any money. I would choose a number of other banks before the. Capital One is another similar outfit. They seem to offer credit to about anybody, but at usurious rates. Fine, but we're allowed to have, and voice our opinions.
(Score: 0) by Anonymous Coward on Tuesday February 25 2014, @03:53AM
> Capital One is another similar outfit. They seem to offer credit to about anybody, but at usurious rates.
I had a similar bad experience with HSBC. I was carrying revolving debt on several cards, and HSBC kept sending me zero-percent transfer offers. So eventually I took them up on one, and transferred one of my cards to their card for 1 year of 0% APR. Then a couple months later, my electronic payment to them (initiated a week ahead of the due date) got delayed due to a bank holiday, and ended up clearing 1 day late. They IMMEDIATELY charged me a late fee and rescinded my intro APR, charging me 19% on my transferred balance.
I called them up and asked them to refund the late fee and give me back the intro rate, since it was clearly not my fault the payment was late. They said no. So, I transferred the balance back to my old card, cut up the HSBC card, and told them exactly why they would never get another dime from me.
(Score: 1) by sjames on Wednesday February 26 2014, @12:48AM
Sure, but then you look around and see they've all made the same move.
(Score: 3, Insightful) by janrinok on Monday February 24 2014, @11:07PM
I think what the Mega Corps is doing IS bad.
So tell them that you don't accept those conditions and take your money elsewhere. You can't get by without a bank - but you can get by without THAT bank.
With internet in the US it appears to be different from the rest of the world. You have no choice. I'm genuinely sorry for that, but only you, if you live in the US, can change that situation. I have the option of at least 5 ISPs all competing for my money. I'll put it where it best suits me, not some Mega Corp.
Please remember that this is not a US-specific site. If the banks in Europe tried that they wouldn't last very long.
(Score: 1) by Wootery on Tuesday February 25 2014, @10:47AM
You can't get by without a bank - but you can get by without THAT bank.
Right, but this assumes a level of variation which might not always exist. You can move banks today, but tomorrow when all the banks are doing it, you'll be in a tough spot.
Please remember that this is not a US-specific site. If the banks in Europe tried that they wouldn't last very long.
Indeed, probably not. (I'm not American, for what that's worth.)
(Score: 1) by captain normal on Tuesday February 25 2014, @07:16AM
There are actually quite a few options. For me the answer was simple. A few years ago when Wells Fargo started to turn into Wachovia after buying them. I started looking at alternatives. I wound up joining a member owned Federal Credit Union. All the same services as the so-called "big banks" and none of the service charges. As a plus by pooling my money with others in my community we make loans where the interest stays in our local community.
When life isn't going right, go left.