It's not clear if Facebook's attempts to obtain user financial data will be successful or not, but we'll likely find out in the coming months.
Although Facebook began as a social hub in which users could connect with friends, it has increasingly aimed to become a platform in which users can buy and sell goods and services. The sticking point for banks, unsurprisingly, is data privacy.
Facebook, which has faced intense criticism for sharing user data with many app developers, was interested in information including bank card transactions, checking account balances, and where purchases were made, according to the source.
Facebook acknowledged last month that it was facing multiple inquiries from USA and British regulators about a scandal involving the now bankrupt British consultancy Cambridge Analytica. At least one major U.S. bank left talks with the company due to privacy concerns, the Wall Street Journal reports.
Facebook has reportedly held talks with Chase, Wells Fargo, Citigroup and US Bancorp over the past year to discuss the possibility of new features, such as fraud alerts or showing account balances, it could host on Facebook Messenger.
FBN's Stuart Varney, Ashley Webster and Liz MacDonald on reports Facebook is asking banks for financial information about their customers.
Wells Fargo declined to comment. Facebook has pulled in $11.8 billion in advertising revenue in the US and Canada so far in 2018.
From Facebook's perspective, the company believes that more customer information means more targeted efforts at engaging its user base.
"We don't use purchase data from banks or credit card companies for ads", Facebook spokeswoman Elisabeth Diana said in a statement. Per the WSJ's reporting, Facebook also asked for additional data, like where customers are spending their money outside of the social network. This marks the largest gain since the rapid drop in July.