Capital One–Discover Merger Tests Bank Regulators’ Merger Approach
prospect.org
Regulators have dragged their feet on new bank merger guidelines. They now have a $35 billion reason to get moving.

For the past ~15 years I have tried for the most part to boycott:

  • American Express for being an #ALEC member (which supports #climateDenial and obstructs public healthcare, public education, immigration, gun control, etc), and for participating in the #Wikileaks donation blockade
  • Visa for pushing the #warOnCash (member of #betterThanCashAlliance.org and offering huge rewards to merchants who refuse cash), for participating in the #Wikileaks donation blockade, and for blocking Tor users from anonymously opting out of data sharing on their credit cards
  • Mastercard for pushing the #warOnCash (member of betterThanCashAlliance.org), for participating in the #Wikileaks donation blockade, and for blocking Tor users from anonymously opting out of data sharing on their credit cards

Discovercard has always been a clear lesser of evils. So Discovercard has earned the majority of my business whenever cash is not possible. But now I hear chatter that #Discovercard might merge with a shitty bank that had an embarrassing data leak by an Amazon contractor: #CapitalOne. I was disappointed when Samual Jackson promoted #CapOne. Capital One supported Trump’s Jan.6 insurrection attempt among other things.

So what’s left? JCB (Japanese) and UnionPay (China). JCB pulled out of the US like 10 years ago. People outside the US can get a #JCB card but then IIRC it uses the Discovercard network in the US and the #AmEx network in Canada.

I already favor cash whenever possible. In other cases it will be hard to choose the lesser of evils between CapOne and Mastercard.

update

Found an insightful article detailing a loophole that the fed gave to Discovercard which is why Capital One intends to buy it.

  • Overzeetop@beehaw.org
    0·
    8 months ago

    Exactly; I view them as the worst of the lot. But, like gasoline for my car and biometrics on my driver’s license and passport, I end up holding my nose because I know that - effectively - there is no clean, convenient way to circumvent them. And paypal - I use it for business transactions when I have to. Not because I like them, but because - for a business my size - there is no other way to take a payment remotely that doesn’t carry ridiculous fees and minimums.

    • debanqued@beehaw.orgOP
      0·
      8 months ago

      I never have to use PayPal. Goods and services my life depends on can all be bought without PayPal. If a hospital emergency room were to only accept PayPal/Zettle, they would treat me then I would simply refuse to pay the bill until they change their payment terms. It has been over a decade since I made a PayPal transaction. Exceptionally, PayPal may have processed some of my card transactions without my knowledge (before I knew what Zettle was), but if I knew I would have walked.

      I spoke to a small cafe owner who only accepts Zettle, no cash. He was the owner and cashier. He said Zettle was the cheapest for him. But as an ethical consumer I have choices and price is low priority. I don’t have to buy my coffee from him. In some cases I have managed to compel a cashless shop to accept my cash. If I have exact change or their staff has change, the staff will use their own personal payment card and take cash from me. I normally boycott cashless brick and mortar shops, but sometimes I do an experiment of forcing cash on them. But in the case of Zettle that’s not an option because PayPal still profits from the transaction even if PayPal does not obtain or profit from my data.

      I don’t know your situation with gas or how trapped you are, but if you must buy gas you can probably boycott Chevron and ExxonMobil and buy from one of the other lesser evils. Or if you have a diesel engine you can do what a friend does and collect waste oil and convert it to bio diesel.

      • Overzeetop@beehaw.org
        0·
        8 months ago

        I really do boycott Exxon - at least when it’s branded. In 35 years - since the Valdez spill - I’ve bought 1 gallon of gasoline from Exxon, and that was because I needed that much to get to another station without running out of fuel. It’s a trivial exclusion, though, as their drilling and refinery operations are so large that it’s likely I’m purchasing from them, or BP, (or Chevron). I don’t know of a major supplier who isn’t tainted by some part of the process. And I’m not rich enough to have the luxury of selection most of the time.