You’re right. They have the absolute right to set their terms of service. Better yet, we, the customers have the right to tell them that they better soon find another line of business because they are getting none of ours. When I find out about this, I stop any applications, drop them on the spot. Maybe this is why I am so ignorant on a lot of these companies, apps and such.

Rothbardian_fanatic

econ

Stripe and Substack Demand Authors' Financial Details

I wouldn’t do business with these companies. Increasingly, I try to avoid any KYC merchants. 

However, I do think they have every right to set their terms for which customers to take, which may involve what we view as overly intrusive personal information. 