However, I have started to see many practices of jumping between companies and services to take advantages of the best deals. I see many articles and videos on loyalty reward farming or balance transfers to take advantages of bonus programs and interest rate differences. I have always stayed far from these moves as I think that the administrative burden to make these changes are really not worth the effort for its benefits. Also, given the "Know Your Customer" (KYC) requirements in the sector and how they have increased, I am uncomfortable with too many financial institutions to have too much information about me.
I just had a surprising experience that has made me reconsider my approach to actually look towards also taking advantage of these competitive and technological forces in the future. A couple of months ago, I was the victim of identity theft and despite having a monitoring service that immediately notified me of some activity and me acting within hours, I was stuck with a fraudulent account that evolved into a collection account on my credit report. This unexpectedly impacted my credit score despite my quick actions of notification and "resolving" the issue.
Unfortunately, the resolution was not fast enough for the algorithms of one of my credit card companies which immediately cancelled my accounts due to the low credit score. Although I had not been actively using these accounts, the economic conditions always warrant to have access to funds at any time which made me concerned. Despite being a customer for over 10 years and having accounts with great experience, they proceeded with the cancellation despite my call to deter the account being closed.
I immediately cancelled my deposit accounts and to my surprise, got much better terms and conditions at a competitor. Where I have been trying to build goodwill, it seems that institutions are no longer pursuing these longer term relationship. I feel this is a secondary impact of the DeFi movement which are more open and free to move about. I am just a number for most of these companies so why not treat them the same, right? My thought of how far Blockchain and Decentralization can go in money and finance continues to grow and I am encouraged to be part of that path forward.
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