
Ask HN: Would you switch to a privacy- and security-focused credit union? - SimonDorfman
The Problem:
I care about privacy and security. I live in the U.S.A. Where should I do my personal banking?<p>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.<p>That&#x27;s the start. What do y&#x27;all think? What questions do you have?
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duxup
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
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...](https://www.forbes.com/sites/petercohan/2018/07/22/mastercard-
amex-and-envestnet-profit-from-400m-business-of-selling-transaction-data/)

