“Amazing how people suddenly realize they don’t own their data on Facebook. Let’s see how they react when they find out they don’t own the money in their bank accounts either!”
How embarrassing could it be on the very day the rent is due, to learn that your bank account has been “frozen” due to some circumstance that you weren’t even aware or. Or how about making a minimal purchase at a store and your “debit card” doesn’t work due to insufficient funds by just a few cents, because you forgot about the tax on your last minimal purchase. Really, I’ve been there in both cases.
When you write a post or a comment on Facebook, that information becomes the property or Facebook. (Read the User Agreement if you didn’t when you joined) Because User agreements are so long and written by lawyers, most of us don’t even open the page. We don’t understand most of it, and just knowing that the website is very transparent, we blindly join and start sharing our personal information.
I’m certain you have heard about young girls (and boys) posting suggestive photos on their pages, and years later, being declined a good job because of that “moment of foolishness”. But it seemed like fun at the time, didn’t it?
So you make a deposit to your bank account and think you can retrieve it later anyway you wish. WRONG! Banks can regulate how much and for what purpose your money can be withdrawn. Some have withdrawal limits. Some refuse payments to Crypto companies. Some refuse withdrawals for gambling, either online or actual casinos. And you thought your money was safe.
Right now as I’m writing this, banks are writing policies to stop the use of credit and debit cards for many types of online purchases. I can understand this when it comes to credit cards. Many people might think that a Crypto Currency is “going to the moon’ as they say, and max out their credit limit to purchase these assets. Then, when and if the price falls like it did in January 2018 after a huge increase in December 2017. they are unable to make the payments. Because of Crypto volatility, it is very difficult for anyone but the expert investors to make any predictions.
On the other hand when it comes to “debit cards”, that is my money that I trusted the bank with. It is entirely up to me to regulate my spending so as not to overspend and get a “surprise” later down the way to the next paycheck. But apparently that isn’t the way it really is, when a bank can control my withdrawals of money that I worked for and deposited to a bank for safekeeping until I wanted to use it for whatever I wanted to use it for.