NFC

Now much of the world might think this is going to be about football, but noooooo, this is about near field communications - technology that turns your phone into your wallet and virtually does away with the need for credit cards or cash. If i had investment capital, I would be buying some stocks...

Companies like ISIS will provide software, though i can see many jumping on that bandwagon once the hardware companies get going. The question is, will you, Lucy and Ricky Consumer, buy in.

The new technology is for electronic payments but not with a credit or debit card, rather, with your phone... Convenient, sure, but how secure is the question. What if you lose your phone, can you call it from another phone, download all it's information securely by entering some code in your new phone, and then push a button on your new phone to make your old phone self destruct?. Kind of like mission:impossible, but will passwords be enough protection? How about a fingerprint scanner, that should be a simple and secure addition.

So you have a way to wave your phone like a magic wand and create an electronic transaction. The next question is will merchants do their part? Are they going to invest in the hardware and software needed?

Of course they will, eventually, and so will you, eventually, when everyone is as sure as we can be that it is as safe and secure as the current system of monetary transaction, the credit or bank card. The question is how long will that be and more, from an investment perspective, which company will emerge as the leader in hardware and software production for the new NFC world.

Something to ponder if you've got money to invest.

legalized identity theft

your credit card company might be selling your identity right now and you'd had to read the fine print in their privacy policy to find out what they are doing and that you must call and tell them you don't want them to because they automatically do it unless you find out how to stop them...

of course they are not making it easy for you and they are not advertising what they are doing, but you can read one of the ways your identity can be stolen or sold in the privacy policy for Paypal and their bank, GE Money Bank... I emphasized the potential for identity theft, or at least for SPAM that you might never connect with Paypal or GE, and we can note that the state of Vermont has a law that does not allow Paypal or GE to do what they do... too bad other states aren't protecting your consumer rights and privacy and money the way Vermont is...

take this:

"Third Parties, Who are Interested in Offering Special Products or Services to You"

in other words, SPAM... Paypal and GE team up to sell your personal information, interests, buying habits, financial worth, credit information, and who knows what else to people/companies that want to sell you stuff unless you tell them not to... don't take my word for it, read their words:

"For example, we may disclose information to financial services providers offering products such as insurance, mortgages or loans, and nonfinancial companies offering consumer products and services. We may disclose name, address and telephone numbers, as well as Credit Card Account purchase and performance history."

and can you really opt-out once you've given your presonal information to Paypal?... well, here's what they say:

Please understand that, even if you opt out as described above, we will continue to share information with PayPal, Inc. and its affiliates, joint marketing partners and service providers as described in this policy, and as otherwise permitted by law. And we will continue to share information that identifies you, and about your transactions and experiences with us, with companies within the GE Family.

• We will process your request promptly. However, it may take us several weeks to ensure that all records are updated with your preference. In the interim, you may continue to be included in programs as described above. Also, after your request is processed, you may still be contacted by our affiliates and/or other companies based on their own information.

in other words, they will continue using the information they have to send you SPAM and they are not responsible for the other companies who use the information they sold during the several weeks it takes for them to comply with your request that they stop selling your information for profit to SPAMMERS...

it does get worse...

If you decide to close your Credit Card Account or become an inactive customer, or if we close or suspend your Credit Card Account, we will continue to adhere to the privacy policies and practices described in this notice to the extent we retain information about you.

in other words, you can opt-out, cancel your account, and they will continue doing what they do... retain information about you and share it with GE affiliates who will continue to SPAM you...

read the entire "privacy" policy here

This Privacy Policy

PayPal Plus Credit Card and PayPal Buyer Credit
GE Money Bank
Privacy Policy
This Privacy Policy describes our information collection and sharing practices of GE Money Bank ("we" or "us"). Please read carefully. This Policy applies only to current and former customers and applicants in their relationships with us relating to our PayPal Plus Credit Card and PayPal Buyer Credit (each may be referred to as an "Credit Card Account") and does not apply to any other credit accounts you may have with us or to your PayPal Account.


Information We Collect — We collect personally identifiable information about you (such as your address, phone number, social security number, mother's maiden name and transaction information about items purchased, payments and payment method), for identification, account management, servicing and marketing purposes. We obtain information about you directly from you (such as on application forms), through your use of our products and services, and in some cases, from third parties (such as credit bureaus and demographic firms). Occasionally, we may also collect information about you online using "cookies" (small pieces of data stored by your Internet browser on your computer) or other technology that may be used to remember passwords for you, to track your website usage with us, and to provide you with customized content, among other things.

Information We Share with Others — We may use and share all of the information we collect, subject to applicable law, with the following (these examples are not intended to be all-inclusive):

• PayPal, Inc. and its Affiliates, for use in connection with the PayPal Plus Credit Card and PayPal Buyer Credit programs and as otherwise permitted by law. They may use this information to update their records, to provide you with notices of special promotions and other tailored offerings, to answer questions about your Credit Card Account and perform other PayPal Plus Credit Card and PayPal Buyer Credit program functions or for other purposes permitted by law. They may use their affiliates, licensees, or third party service providers (such as modeling and database companies) to assist them in any of these activities.

• Service Providers, (including our affiliates) to assist us in servicing Credit Card Accounts, like preparing billing statements and promotional materials, and responding to customer inquiries. We also may use marketing firms, such as modeling companies, to assist us in our own marketing efforts. We also provide information to merchants who accept the Credit Card Account, for purposes such as authorizing and processing transactions.

• Financial Institutions with Whom We Jointly Offer Financial Products, such as loan products or credit insurance. If your billing address is in Vermont, this information will be limited to your name and contact information, and transaction and experience information on your Credit Card Account.

• Our Affiliates, Who are Other Companies in the General Electric Company Corporate Family ("GE Family"), for servicing or marketing purposes, subject to your right to opt out of sharing of credit eligibility information, such as certain information from credit bureaus and your application, as provided in the It's Your Choice section below. And, subject to your right to opt out, our affiliates also may use information from us concerning your credit eligibility, and your transactions and experience with us, to send you marketing solicitations about products and services.

• Third Parties, Who are Interested in Offering Special Products or Services to You, subject to your right to opt out as provided in the It's Your Choice section. For example, we may disclose information to financial services providers offering products such as insurance, mortgages or loans, and nonfinancial companies offering consumer products and services. We may disclose name, address and telephone numbers, as well as Credit Card Account purchase and performance history.

• Others: We report Credit Card Account information, such as credit limit, balances and payment information, to credit bureaus. In addition, we may buy and sell assets, lines of business and/or Credit Card Accounts. When this occurs, customer information generally is disclosed to bidders and is one of the transferred business assets. We also disclose information about you to third parties in certain other circumstances, as permitted by law.

It's Your Choice — You have the right to opt out of our sharing of information with certain third parties, as described below. To opt out please call us toll-free at 1-866-571-3013, or write to us at P.O. Box 981400, El Paso, TX 79998-1400. If you have previously informed us of your preference, you do not need to do so again.

Please do not share information about me with companies outside the GE Family, other than with PayPal, Inc. and its affiliates for use in connection with PayPal Plus Credit Card and PayPal Buyer Credit programs and as otherwise permitted by law. Please do not share with companies within the GE Family information you use to determine my eligibility for credit. And please do not allow companies within the GE Family to solicit me for products and services based on transaction, experience or credit eligibility information they receive from you.


Important Notes About Your Choice

•Please understand that, even if you opt out as described above, we will continue to share information with PayPal, Inc. and its affiliates, joint marketing partners and service providers as described in this policy, and as otherwise permitted by law. And we will continue to share information that identifies you , and about your transactions and experiences with us, with companies within the GE Family.

• We will process your request promptly. However, it may take us several weeks to ensure that all records are updated with your preference. In the interim, you may continue to be included in programs as described above.< Also, after your request is processed, you may still be contacted by our affiliates and/or other companies based on their own information.

• Even if you opt out, we will continue to provide you with billing inserts and mail notices of special offers and new benefits.

• Vermont Residents: If (and while) your billing address is in Vermont, we will treat your Credit Card Account as if you had exercised the opt-out choice described above and you do not need to contact us in order to opt out. If you move from Vermont and you wish to restrict us from sharing information about you as provided in this Policy, you must then contact us to exercise the opt-out choice described above.



Our Security Procedures - We maintain physical, electronic, and procedural safeguards that comply with federal standards to guard nonpublic personal information about you. We limit access to personal and Credit Card Account information to those employees and agents who assist us in providing products and services to you. We also require third parties to whom we disclose nonpublic personal information to adhere to this Privacy Policy and to establish information security procedures.

Your Access to Information - We provide you access to information about your Credit Card Account by providing you with monthly billing statements outlining your transactions, finance charges, and other Credit Card Account information, and by providing customer service representatives to answer your questions.

How This Policy Applies to You - The examples contained in this Privacy Policy are illustrations only, and are not intended to be all-inclusive. If you decide to close your Credit Card Account or become an inactive customer, or if we close or suspend your Credit Card Account, we will continue to adhere to the privacy policies and practices described in this notice to the extent we retain information about you. We may amend this Privacy Policy at any time, and we will inform you of changes as required by law. You may have other privacy protections under state laws and we will comply with applicable state laws when we disclose information about you. This Privacy Policy applies only to the consumer PayPal Plus Credit Card and PayPal Buyer Credit of GE Money Bank and does not apply to any other credit accounts you may have with us, and replaces our previous disclosures to you about our information practices relating to your Credit Card Account.