A deal between Netflix and the Federal Deposit Insurance Corporation (FDIC) will allow it to use the accounts of millions of people who have their Social Security numbers.
A Netflix spokesperson confirmed the company will begin using the accounts to fund operations as part the $50 million FDIC investment.
The company is using the data for “further analysis, research, and reporting purposes,” the company said in a statement to CNNMoney.
In the deal, Netflix has agreed to pay a $50 monthly fee to the FDIC, which will be deposited into the bank account of a Fidelity employee, the spokesperson said.
The FDIC has not said how much Netflix is paying to access the information, but it’s expected to be $30 a month.
The FDic said it will use the data to help determine how best to fund its investment program.
It’s unclear how Netflix plans to use all the money it gets from the FDOC.
If the data were to be used to help it plan for its long-term investments, Netflix could potentially have to cut back on the number of employees it employs to ensure it can afford the required payments, which would make it less financially viable, Fidelity said in an emailed statement.
Netflix is also required to file quarterly reports with the Securities and Exchange Commission (SEC) and the National Credit Union Administration.