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Be sure you opt out of Revolutionary Money Exchange’s Privacy Policy

April 15, 2008

What is Revolutionary Money Exchange? It is similar to PayPal, without most of the fees. Sounds nice, right? I signed up last week, and now $25 is on its way to my bank account! Free!

I was thinking of posting a referral link on my site to see if any readers wanted to join and possibly get me $10 more dollars. I don’t really expect that anyone would use it, since I assume a lot of my readers have already heard of the site and singed up or aren’t interested in signing up. Still, it couldn’t hurt, right? However, I felt uncomfortable though, and realized why: I wasn’t completely comfortable with my decision in regards to security and privacy. In fact, I am embarrassed to admit I hadn’t really looked into those two important issues at all. I had seen many reputable bloggers talk about the site, so I assumed it was completely safe.

The thing that most people complain about is that you have to give up your SSN. Your money is FDIC insured and held in a bank, so there is no way around it. (You’ll also get 1099 for your $25 bonus and any referrals.) Read their whole page on security here. It’s a little scarce, if you ask me, but I don’t know what I’d expect to see on a security page.

What about privacy? That scared me even more! Check this out:

INFORMATION WE COLLECT
We collect information about you from the following sources:

  • Information we receive from you, including information on applications or other forms, such as your name, address, social security number, assets and income;
  • Information about your transactions with us, our affiliates, or others, such as your account balance, transaction and payment history, parties to transactions, and credit card usage; and
  • Information we receive from a consumer reporting agency, such as your creditworthiness and credit history.

INFORMATION WE DISCLOSE
We may disclose all of the information that we collect, as described above.

Woah, what? If they aren’t making money off fees, what ARE they making money off of? Selling my SSN? While I don’t think they really would sell my SSN, I am not so sure they will keep my income, credit score, and account history secret. Even if they probably wouldn’t do it, the policy seems to say they could share my SSN, if they wanted. Scary, right? I thought so.

Closing your account isn’t going to help either–the policy applies to former customers as well! Luckily, they kindly allow us to opt-out by mailing in a form, available at the bottom of the privacy policy. Gee, wonder why they don’t do that online? (This opt-out, of course, isn’t really a kindness on their part, but a legal thing).

If you read all this and still want $25, you can click below for a referral, but please opt out of their privacy policy after you do so. I do think that the company is reputable (or I wouldn’t include a linkat all), and this post talks more about why it is legit and how they plan to make money. Also, some Google searching will return a general consensus that it is safe. Still, I don’t like them saying “By the way, we’ll do what we wish with your information.” So I’m saying back to them, “No, you won’t.”
Refer A Friend using Revolution Money Exchange

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