{"id":303,"date":"2004-04-09T10:05:00","date_gmt":"2004-04-09T10:05:00","guid":{"rendered":"http:\/\/adam.rosi-kessel.org\/weblog\/privacy\/ingdirect.html"},"modified":"-0001-11-30T00:00:00","modified_gmt":"1970-01-01T05:00:00","slug":"ingdirect","status":"publish","type":"post","link":"http:\/\/adam.rosi-kessel.org\/weblog\/2004\/04\/09\/ingdirect","title":{"rendered":"What’s the catch?"},"content":{"rendered":"

I just opened an account at ING Direct<\/a>·<\/a>, an online-only bank that provides 2% interest in an “orange savings account” (vs. 0.5% at my regular bank) with no fees, minimum balance, etc.. <\/p>\n

What’s really surprised me is their privacy policy<\/a>·<\/a>: <\/p>\n

ING DIRECT’s privacy policy exceeds the standards required by congressional legislation. One requirement of the Gramm-Leach-Bliley Financial Modernization Act of 1999, or GLB, requires financial institutions to provide customers with the ability to “opt-out” of information sharing. ING DIRECT has adopted an “opt-in” privacy policy, which means that we will not share your data unless you explicitly request that we do so. <\/p><\/blockquote>\n

I don’t think I’ve ever received a privacy policy from a financial institution that say much more than “we promise we’ll comply with the law!” Compare my credit union<\/a>, whose privacy policy says: “We share member information with discretion<\/b>. We may share some or all of the non-public, personal financial information we collect about you, but we pledge to share such information with prudence and only as permitted by law.” Great—prudence<\/em>—I’ll definitely be able to enforce that one! <\/p>\n

The mailing I got from ING Direct is even better: <\/p>\n

Banks have assumed for too long that they can share information about you, and then ask if you mind; requiring you to tell them not to, or “Opt-Out” of their information sharing. ING DIRECT will not share your information unless you ask us to, or “Opt-In” to us sharing your information. <\/p><\/blockquote>\n

The only thing I find a little irritating so far is that they always answer the phone with, “ING Direct, how can I help you save more money?” <\/p>\n

So what I want to know is: what’s the catch? <\/p>\n","protected":false},"excerpt":{"rendered":"

I just opened an account at ING Direct·, an online-only bank that provides 2% interest in an “orange savings account” (vs. 0.5% at my regular bank) with no fees, minimum balance, etc.. What’s really surprised me is their privacy policy·: ING DIRECT’s privacy policy exceeds the standards required by congressional legislation. One requirement of the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[22],"tags":[],"_links":{"self":[{"href":"http:\/\/adam.rosi-kessel.org\/weblog\/wp-json\/wp\/v2\/posts\/303"}],"collection":[{"href":"http:\/\/adam.rosi-kessel.org\/weblog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/adam.rosi-kessel.org\/weblog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/adam.rosi-kessel.org\/weblog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/adam.rosi-kessel.org\/weblog\/wp-json\/wp\/v2\/comments?post=303"}],"version-history":[{"count":0,"href":"http:\/\/adam.rosi-kessel.org\/weblog\/wp-json\/wp\/v2\/posts\/303\/revisions"}],"wp:attachment":[{"href":"http:\/\/adam.rosi-kessel.org\/weblog\/wp-json\/wp\/v2\/media?parent=303"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/adam.rosi-kessel.org\/weblog\/wp-json\/wp\/v2\/categories?post=303"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/adam.rosi-kessel.org\/weblog\/wp-json\/wp\/v2\/tags?post=303"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}