Finanzial Izzues

Over the past few months, I've been through some good and some not so good events in the American financial system.

In the fall, I was to wire a substantial amount of money from a bank "down south" to another bank in WA state. I did call to inquire of how this could be done and got a form faxed to me. Filled in said form and then faxed it back to the bank. That was it. The money arrived the same afternoon. No further (security) checks. Not even a phone call to ensure that this was actually a valid transaction, ordered by the account holder. Wow, no security what-so-ever here.

Then, last week I got a mailing from one of my credit card providers. It was a new card. Did put it to the side for a few days, reflecting a bit that it was not that long ago I got a card from those guys, plus also knowing that my current card had still many month before it was getting close to expire.

Well, last night I did call in to activate the new card. In the process I notice that it is not only a new card, it is a NEW card - totally different card number from before. Weird!

Get a "customer care specialist" on the phone and ask him "what is going on". He tells me that one of the merchants that I've done business with has had a "security breach" and that they (card company) pro-actively were closing accounts and replacing them with new cards.

Another wow! That was actually sort of nice, but if they are sending out newer cards pro-actively, it must have been a significant "breach of security". I ask him "who is the problem merchant", only to get a "hu hu" to answer. He was told not to tell, and more likely did not know anyway. Since I insisted in knowing (not eager to do business with companies that sports lax security routines for on-line payments), I was recommended to call the "Security Department" next business day - which I did today.

It was like pulling teeth. They acknowledged that there was a problem and that they did take the unusual step in issuing new replacement cards. But they were not going to reveal the "trouble maker". "Company Policy, we just don't do that. We need to protect the merchant."

While I for sure do appreciate them being pro-active towards the consumer (=me), it would have been nice if they would have:
1) Clearly told me that I got a new card with a NEW number
2) Explained the reason why
3) Revealed the name of the troublesome merchant

But, none of this was addressed in the letter. A letter so generic it eneded up in the shredder. At least I got a new shiny card!