Given the recent revelation that Google was buying everyone's transaction data from MasterCard, I would want to hear them match Goldman's promise not to sell or share your transaction data.
>Of course, Google has been able to track your location using Google Maps for a long time. Since 2014, it has used that information to provide advertisers with information on how often people visit their stores. But store visits aren’t purchases, so, as Google said in a blog post on its new service for marketers, it has partnered with “third parties” that give them access to 70 percent of all credit and debit card purchases.
Goldman is a huge organization, the parts that deal with consumers aren't the parts cutting huge financing deals. Marcus--their online savings bank--is very consumer friendly and pays more interest than almost anyone else (2.25%, certainly more than anyone else with a big name). I'd imagine this offering will be much more like Marcus and have nothing to do with its investment bank activities, but I guess we'll find out.
Marcus is solid. Moved money over there myself. There isn't much to it, no bells and whistles but it's straight interest at a reasonable rate (compared to the others) which many people are looking for. They have CD options as well. Also note this one is FDIC insured and is a true savings account unlike others which often are SIPC insured money market funds. Bonus the site is really nice because it's not a jumbled mess like most bank sites. It's super simple and shows me all I need to know $ and %.
I personally haven't dealt with their support team so I can't speak on how reliable that is compared to the other big banks.
Agreed with jonknee. Don't dismiss it because of the Goldman Sachs name (if anything, I feel more comfortable having a name like this handling financial matters).
You should stop getting your news from Hollywood movies. Goldman Sachs is the very face of American capitalism. They are no more guilty than any other large financial institution of their age in shady practices. The problem you have is with the exploitative nature of the global capitalist system itself, not the specific actor. Just take a look at the history of Deutsche Bank, HSBC, or Credit Suisse if you think Goldman is by any means special in that regard.
of course, but what other options are there? i think the point being made is that all banks large enough to provide an “apple-scale” service are pretty damn awful.
who knows? this could be an apple “toe in the water” play to see if it works, and they eventually replace GS/mastercard. you’d have trouble doing an MVP credit card without these big players to start with.
You’re missing the point. To think that any business would ever act against it’s own self interest within the bounds of this system is naive at best. We’d all love if that weren’t the case, but discussing fantasy worlds does nobody any good.
Rather than a reactionary emotional response to “bad men are bad”, what alternative do you propose to firms like Goldman? I’m not defending them, it’s simply a law of nature that this behavior exists because we allow it to exist. Capitalism is inherently evil, manipulative, and exploitative, yet no one has figured out anything better so far.
So... you're saying this is why we need to regulate bad actors like GS into the ground? Because it's inconceivable they'd ever police themselves because there are no market incentives that actually reward good actors?
Precisely. But we don’t regulate them into the ground because we like money. And Goldman is really really good at making money. Until the good of humanity is held in higher esteem than private profit, this will always be the case. I’m not holding my breath on that one.
I agree, sadly I don't see the US going in this direction until after the voting system and election funding is fixed to the point where no longer is money > public will.
