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Apple wants to know your exact bank account balance. Here's why

Apple wants to know your exact bank account balance. Here's why
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Apple has always maintained that it is not in the business of selling customer data to advertising and marketing companies. But its new patent says otherwise.

The patent was filed last week and it's based around a new e-commerce system that uses Apple iPhones to deliver ads to users based on what they can actually afford, using information gathered about the customer's behaviors and banking habits.

The patent says, "[T]he delivery element is arranged such that the content item [ad] delivered to the user includes only one or more objects having a purchase price less than or equal to the available credit for that user."

That means the system can view the amount of credit available in your bank account or guess it using complicated algorithms and present you with advertisements that you can actually afford.

Next page: What does Tim Cook have to say?
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