Delta Community is aware of the Wall Street Journal article and other stories about Facebook’s interest in partnering with banks to receive transactional data if the consumer requests and approves the release of such information through an opt-in process. We have not been approached by Facebook and have no plans to participate in the offering they’re still conceptualizing. Also, under our strict privacy policy, the Credit Union would never share information without our members’ direct consent.
Based on the reports, it appears Facebook would like to follow in the steps of Quicken and QuickBooks. These personal finance software providers participate on an Open File Exchange (OFX) protocol where a consumer can link his/her accounts with participating banks to the Quicken or QuickBooks application to have their bank transactions downloaded in a standard format.
Although we understand the appeal of these applications, Delta Community offers similar, free tools in our online and mobile banking platforms and believe we provide members a greater level of support and security since we’re a more highly regulated, member-owned financial institution. We encourage consumers to always maintain their data at their financial institution of record and to know the privacy, usage and consumer protection policies of any third-party they choose to share it with.
Thanks for the question, and please let us know if we can provide further assistance.
