Business

Banks sell consumers’ shopping data for billions

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NEW YORK (CNNMoney) — Banks have found a new revenue stream — and this time, it doesn’t involve hitting you up with a new fee.

Many of the nation’s leading banks and card issuers, including Wells Fargo (WFC, Fortune 500), Citi (C, Fortune 500), USAA, Sovereign Bank and Discover (DFS, Fortune 500), are selling information about consumers’ shopping habits — how much they spend, where they shop and what they buy — to retailers, which are using the data to offer targeted discounts via text, email and online bank statements. Each time a consumer cashes in on one of those deals, the retailer pays the bank a nice commission.

Full Story: Banks sell consumers’ shopping data to retailers