Quantcast

Would You Do Your Banking On Facebook?

Get the WebProNews Newsletter:


Would You Do Your Banking On Facebook?
[ Business]

Can you imagine a world where all of your financial transactions are going through the same account as all of your photos, status updates, videos, game playing, and music discovery? Facebook certainly can, and that looks to be the goal the company is trying to achieve. It’s been obvious for a while that Facebook will make a major push in payments, but it doesn’t end there. Facebook is reportedly looking to get into the banking business.

Would you ever do your banking with your Facebook account? Let us know in the comments.

According to a report from CNN Money, the company has been talking to banks about offering solutions that would allow bank customers to do their banking and engage with their banks using their Facebook accounts. Lauren Barack reports:

“There are certain things, whether itʼs financial services, or banking where I donʼt necessarily want my friends to know exactly what Iʼm doing, right?” David Robinson, Facebook’s director of global marketing solutions, U.S. financial services, asked a crowded room of bankers at a Securities Industries and Financial Markets Association (SIFMA) seminar in New York late last month. “I want to be able to go in and have an experience with my advisor or my bank and have that be a one-on-one experience.”

Facebook is quietly planning just such an offering with Australia’s Commonwealth Bank. Currently in an internal beta, with the first version built in March, the application is expected to launch sometime this year to customers. It will allow Facebook users who are bank customers to make payments to third parties as well as Facebook friends through the social media channel, according to the bank. Commonwealth will secure transactions with its own authentication system — similar to how payments are secured on its online and mobile banking site, a spokesperson says.

Even without bank partnerships, Facebook is already looking to provide some banking-type services of its own. Much like PayPal, Facebook users can keep real money in their accounts. It seems like only a matter of time until it becomes an accepted form of payment at businesses around the world.

Last month, the company made a very significant announcement, when it revealed that it would ditch Facebook Credits (historically used to pay for virtual goods within Facebook app) in favor of real, native currencies (Dollars, Pounds, Yen, etc.).

The company didn’t reveal any specific plans to offer payments for goods and services in the physical world, but the move clearly puts Facebook in a position to compete more directly with PayPal (which you can use to pay at places like Starbucks, by the way).

Over 900 million people have Facebook accounts, which are easily accessible via mobile phones, in users’ pockets at most times of the day. If Facebook can convince users to keep their money tied to their Facebook accounts, the company could have a tremendous advantage in the payments space, particularly since users are already spending so much time interacting with content with those accounts.

Facebook obviously has a major hurdle to climb before the majority of users start putting their money into their Facebook accounts, or doing any banking with them. The company doesn’t exactly have the greatest reputation when it comes to user privacy, and that’s a major problem when you’re talking about money.

It’s one thing put your status updates on the site, upload some photos, and share what music you’re listening to on Spotify. It’s another to trust the creators of “frictionless sharing” with your finances and associated information.

At least Robinson made a point to mention that there are things (like banking) he doesn’t want his friends to know about. It sounds like Facebook would at least offer the appearance of a privacy net around any banking endeavors, but getting users to put that much trust into the company who had to be regulated by the FTC for privacy-related issues, may be no easy task.

Of course, the same thing could be said of a major competitor.

Do you trust Facebook enough to keep your money in your Facebook account? Would you ever consider banking with Facebook? Let us know in the comments.

Would You Do Your Banking On Facebook?


Top Rated White Papers and Resources
  • http://www.sfpincchicago.com Gregory L. Dennis

    Absolutely not.

  • sofakingdabest

    No.

    Facebook reminds of businesses that have a lot of cash and want to diversify. The result is the core business’s working capital gets sucked up by the new aquisitions and the core gets neglected.

    I wanna know how fast FB burns through the IPO cash.

  • http://www.racingmodels.com Wim Wellinghoff

    Facebook must have gone out of their mind……

  • http://www.comparehris.cocm D. Scroggin

    No, I would not do banking on Facebook. I think that’s just a big disaster waiting to happen!

  • Jim

    Fuck no!

  • Dannoman

    No way would I do banking on facebook. I only do on there what I would shout on the street corner. Sorry FB, no way.

  • http://www.myaffiliateblaster.com Ricky

    Not no, but H*@# NO!

  • Glen

    Paypal is bad enough with their abusive practices so FB would be a definite no no!

  • Jeff B.

    Not only no, but if they do it, I will be off of facebook so fast it would make their heads spin. Maybe facebook could buy Netflix, that way everyone can leave at once.

  • Robin Green

    never!

  • http://UKEcommerce.com UK Ecommerce

    No, I dont believe that our data is safe on Facebook as it is, never mind Bank details….

  • Ally

    yes

  • Linda Roth

    Hell, NO!!!!

  • http://webdesignjustforyou.com Eileen Forte

    Never. Facebook borders on revealing too much as it is! It’s just the feeling of wanting to keep some things separate and private, and FB certainly does not lend itself to that!

    • http://www.bedfan.com Bed fan

      As the founder of FB said, People are stupid to put private information on their system.

  • Susan Harris

    I don’t think it is a wise choice to give FB more info than it already has. Only trusted websites such as your financial institution should be the only source you use for you banking. Too many hackers and fingers in the pot stir up trouble I think.

  • ima

    Good Lord NO.

  • Mike T

    One would have to be a complete idiot to do their banking on Facebook, so yes, I think it will be wildly successful.

  • http://speedoflightenterprsises.com Max Keele

    Kidding, right? Can you even imagine FB marketing geniuses at work?

    Joe Smith likes Porn. He spent $255 at Husler online!
    Mary Jones likes Bankruptcy Lawyers of America!
    Steve Anderson likes Paying His Mortgage Late!

    Does ANYBODY really think these clowns are trustworthy enough to handle their bank accounts? Really?

  • http://www.blissful-savings.com Stacy

    Exactly what they said. Heck no. I already here of peoples accounts getting hacked all the time now. What do you think will happen if theres banking. Alot of peoples money will be stolen from hackers. Don’t Think so ever!!!

  • Daniel Mahoney

    Not only no, but hell no!

  • http://www.ssrichardmontgomery.com ron

    They must be totally mad to even suggest it, as would anybody using the service. Facebook is for silly trivial family and friends information links and sometimes stupid photographs not a serious thing like banking, or money transfer where a third party getting your details no matter how secure they say it is could cost you dearly in more ways than one. close friends and family also know very personal details about you which in a dispute could be used to cause you big financial and other problems by contacting the bank pretending to be you. Although this would be a felony punishable by imprisonment it is amazing what lengths an allegedly wronged ex partner or work mate will go to. Keep banking separate from your public life or live to regret it.

  • http://www.bedfan.com Bedfan

    Why not just go ahead and setup an NSA bank or a bank that is run by the CIA..

  • Howard

    NO !! Facebook is bad enough already. Why would I want to use it more ?

  • C Whitehorn

    I absolutely would not do banking on Facebook! Right now I bank with a small regional bank which has existed only in my area for more than 100 years, with no scandals, no failures, no bailouts, and a high rating.
    I won’t do business with BofA, Chase, or Citi either.
    I really believe that keeping money local instead of overseas contributes to the good of the community, and while I go on Facebook to see pictures and updates on my grandchildren, I would never give them my money.

  • Atomic

    This doesn’t require any thought at all: hell no. PayPal is bad enough. Facebooks privacy settings are already somewhat annoying already. Depending on one website to connect your whole world together seems dangerous.

  • Bobby

    Not only No, but Hell No! I do admire Facebook for wanting to know just how many stupid sheep there are in this country though. Not too far off from the FBI wanting to scan personal computers for a virus to protect everyone.

  • http://www.rwrinnovations.com Ron Nixon

    No.

    The same answer I get everytime I ask individuals and business people if they would still use Facbook if they had pay for their account.

  • http://www.mycashforums.com matthew

    no I would not do my banking on FB

  • Recovering FB user

    Are you insane? We all know Zuckerberg’s attitude to privacy. Banking and Facebook, think about it.

  • http://privatemoneyexchange.com/esmith Elliott

    Will never happen!!

  • Ernest Marx

    never

  • Chris 54

    No.

    And, any bank that would partner with them, I’d pull my money out of in a second.

  • rj

    under NO circumstances

  • http://christianityetc.org Bob Sherbondy

    I’m not ready to trust Facebook to handle my banking transactions.

  • Danielle

    I wouldn’t use Facebook for any banking needs. I think it will be major a target for hackers and they will end up having serious security issues.

  • http://beercityguide.com Carl Donovan

    No way in hell!

  • http://www.hawaiifunplanner.com Leslie Heltzen

    Not on your life.

  • http://rsMallory.com RS Mallory

    No, NO and then again, NOOOOOOOOOOOOOOOOOOOO

  • http://rsMallory.com RS Mallory

    No, NO and then again, NOOOOOOOOOOOOOO

  • Chuck

    Not only no, BUT HELL NO !!!

    Facebook is the least secure site on the internet and they published my unlisted & unpublished phone number when I had to prove who I was because they blocked me out of my account.

    The reason they blocked me was because I asked a friend of a friend to be my friend and they reported me before my friend could tell them I was a friend of theirs. So now if I make a purchase from someone that isn’t on their approved list are they going to close my account and steal my money?

    Facebook can, will, and has eliminated accounts without any warning. How can they expect me or anyone else to give them banking information knowing they will just publish it for the entire world to see?

  • Muhammad jaafar

    We suport facebook banking since paypal is not accessible in some countries

  • http://www.loveshade.org Alden Loveshade

    Let’s see; I’ve read many articles about problems Facebook has had with security and with information being spread to outside sources. Doing banking with them? Sure. I publicize my personal financial information everywhere:

    SSN: 566-52-4984
    Sanderson Bank Savings Account no: 005482846
    Sanderson Bank Checking Account no: 005434091
    Birthdate: 02/29/1975
    Address: 1313 Maple Ave., Sanderson, CA 90283
    Hours I’m away from home: Monday through Friday, 7:30 a.m. to 5 p.m.
    Safe combination: 36 left, 14 right, 12 left
    Shoe size: 9 1/2

  • Allister

    Uh, no way. I trust my bank’s website, and I trust PayPal. Facebook has only offered me headache and frustration, trying to jam too much into the interface and expose too much of my information to advertisers and other users.

    Banking is a conflict of interest for Facebook, since their goal is to sell data to advertisers. Privacy and security appear to be a complete mystery to the folks at Facebook.

  • http://www.captaincyberzone.com Cap’n Cyberzone

    No!
    I feel safer doing my banking with the drug dealer on the corner of Whatever St.
    (Nor would I do my banking with Google either!).

  • Mike

    Wouldn’t touch it with a barge pole for my banking………however, it could be good as a business to be able to look at a prospective customer’s ability to pay me and make an informed decision whether to do business with them.

  • http://www.adwh.com Dawn

    I don’t trust them with my email address. Why would I trust them with my money or any other financial information?

    I am with Chris 54 on this one; I would not even deal with any banking partners they might acquire.

  • http://sterling-media.us Robert Easterling

    Absofreakinlutely NOT! No explanation necessary on that one…

  • http://joancarrisbooks.com Joan Carris

    Banking online, no. I don’t even like the fact that my own bank is online. Too many folks out there w. more brains than sense.

  • Austin

    Hell NO!!!!

  • StanG

    No

  • Join for Access to Our Exclusive Web Tools
  • Sidebar Top
  • Sidebar Middle
  • Sign Up For The Free Newsletter
  • Sidebar Bottom