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Do You Mind If Mint Sells Data Based On Your Transactions?

submitted on March 16, 2010 by WhattaDealBlog in "Member's Lounge"

Mint's CEO Aaron Patzer spoke at SXSW on Saturday and said that the company is sitting on a gold mine of customer data that it may or may not sell. Here's how Salmon paraphrases it in his blog post:

[Patzer] started talking about the rich value of all the store-level data he was sitting on. For instance, he said, he can see pretty much in real time how much money his huge database of customers is, in aggregate, spending at Blockbuster vs Netflix vs Redbox, or any other set of retailers — and that kind of information would surely be extremely valuable to hedge funds. It was clearly something he’s talked a lot about, and he never said that he wasn’t already selling that data to the highest bidder. If that kind of activity is going on, especially if Mint is using data retrieved using the username and password to my own personal bank accounts, then I would certainly want some kind of regulatory oversight.”

I just finished deleting my account before making this post. Evil

Truth be told however I never really "used" the site but I did have it all set up.

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    Posted by pablos17 on March 16, 2010
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    I have never used the site because I don't feel comfortable giving out my online banking credentials to a third-party. Why not just hand your debit card with the PIN written on it to a stranger? What if Mint's databases get hacked and your login information gets stolen? I wouldn't want to clean up a mess of unauthorized EFTs that some criminal initiated after getting my account number from an online statement, and account numbers are usually NOT truncated on the PDF statements that are available for download on a banking/credit card site.

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