Guess who is selling your personal data?

13 Jun 2024 · 1 min

Watch on YouTube

1:01

In this brief YouTube monologue, Jerry Taylor alerts viewers that banks are now part of the $200 billion personal‑data‑selling industry, a practice previously associated mainly with tech firms. He explains that the once‑sacred, doctor‑like relationship with banks has eroded as financial institutions monetize customer information, often without clear disclosure. Taylor highlights the difficulty of identifying exactly what data banks use and the challenge of opting out. He advises listeners to start by reading the privacy notices banks are legally required to provide, to subscribe to his newsletter via his bio link for further guidance, and to call their bank’s customer‑service center to request an opt‑out from data sharing.

Chapters

How many of you are aware that your personal data is being sold by your bank? Personal data collection is a $200 billion industry, and we've all known that the tech companies have been selling our information for at least a decade or more. But our bank? That's a little too personal. No one's probably surprised that our banks have been using our personal information internally to make money off of us. It used to be that our relationship with the bank was sort of like the one with our doctor. It was a sacred relationship. Not anymore. Challenge today is we don't know exactly what data banks are using about us, and it's incredibly difficult to opt out of that system. So what can be done about it? As I said, opting out is difficult, but that is the first thing you need to try to do. Those privacy notices that you get in the mail but you never read, start reading them because banks are required by law to give you some way to opt out of certain kinds of data sharing. Next, go to my bio link and get my newsletter. And finally, call the customer service center at your bank and tell them