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HothForThoth t1_j4yxc49 wrote

What is a "money transferring business"?

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fargmania t1_j4z7ssd wrote

A bank? A fintech company? Western Union? The US postal service? SWIFT? ABA? ACH? Anyone who charges money to move money from point A to point B, I suppose. Why did you put that in quotes? Is it mentioned in the article? I got paywalled and could only read the first couple paragraphs.

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HothForThoth t1_j5104kb wrote

Yes, the article we are talking about said a money exchanging business, AS OPPOSED to a bank.

a spokesman for the Arizona attorney general said: “Courts have held that customers using money transmitter businesses do not have the same expectation of privacy as traditional banking customers.”

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fargmania t1_j52z5ww wrote

Well I think the courts need another go at that one. Because I do have the same expectations of privacy when it comes to my money, whether I'm using B of A or Paypal. This is the whole problem with non-bank money transmission companies... they're very poorly regulated.

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