I used to use the gratis billpay service that #banks/CUs offer. Did that on the basis that I feel I have more control if I push a payment than if the receiving side pulls the money out. But then how do I justify letting yet another outsourced 3rd party collect financial data? Surely that’s why #billpay service is gratis- they must be monatizing the data.
The control I thought I had was dilusional because I was simultaneously giving up privacy (which effectively manifests into loss of control [over the data]). So in the end it’s really not sensible to use bill pay services.
I wonder if I’m the only one that thinks shit through like this. If you opt not to use billpay services, you’d likely be writing your own checks, yet the market for printers & printer mods to support MICR toner (to print your own checks) is tiny.
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@koherecoWatchdog Most people dont **Want** to print their own checks, so low demand. Most of us want digital solutions. I think this is one reason crypto has some support, its digital but its also community run.
@freemo It’s concerning that even privacy advocates are clung to all things digital to the extent of defeating their own movement. Europe normally has the most respect for privacy as a whole, yet exceptionally cash is dying quickly in Europe.
@koherecoWatchdog The truth of the matter, for good or bad, is that people will often prioritize convenience over privacy. If people didnt we probably would have far fewer privacy concerns.
@freemo The digital options for bank transactions all involve a centralized 3rd party MitM (zelle, popmoney, or billpay service), thus excessive data sharing. Crypto is a different beast w/different set of problems, but indeed solves the problem at hand in situations where the payee accepts it. For most payees a paper check is the only way to avoid the MitM.