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I understand why you need it, and I want this service in a big way, but I'm just baulking at giving you my online banking username and password. Why should I t
by __d 11y ago
I understand why you need it, and I want this service in a big way, but I'm just baulking at giving you my online banking username and password. Why should I trust you with that?
- mih 11y agoDon't think they ask for banking username and password. They only state they will directly debit it from your account, which does not require sharing your bank credentials. All you probably need is a one time authorization for them to be able to debit.
- __d 11y agoI just got part-way through the signup, and didn't fund my account because of this issue. Maybe different for other banks, but this was the requirement for Chase.
- vinay427 11y agoIn my experience, bank logins are used for instant verification of funding. For example, Robinhood uses it likely to verify legitimate users for its $1000 instant funding service.
- Raphmedia 11y agoWe already trust mint.com with this information. I don't see the big issue.
- zippergz 11y agoOn the contrary, this is why I don't use Mint...
- sp332 11y agoNot everyone does. And anyway it's owned by Intuit which has a much longer track record than this new company, so it's not the same thing.
- nommm-nommm 11y agoThis Intuit? http://krebsonsecurity.com/2015/02/turbotaxs-anti-fraud-efforts-under-scrutiny/ http://krebsonsecurity.com/2015/02/turbotaxs-anti-fraud-effo...
- ryanlol 11y agoHow's that article relevant? It's the typical Krebs "IRS sucks" piece with some intuit mixed in, because apparently even fraudsters - doing potentially hundreds of filings a day - think that turbotax is the most convenient way of filing your taxes.
- barnaclejive 11y agoServices like Mint, Personal Capital, MoneyWiz, etc don't directly store or use your banking login, they pay to go through secure, well-known services like Yodlee http://www.yodlee.com http://www.yodlee.com Is privacy.com actually asking for bank logins, or just your bank account number/routing? In either case, it is nothing new or uniquely scary about this service. If you're not comfortable with this, then there really aren't any third-party online banking apps you are going to be comfortable with anyway.
- boling11 11y agoTotally understand it's sensitive, and it's cool if you're not ready to trust us with that yet. That's something that we plan to earn and don't take for granted. Eventually we do plan to allow debit card funding.
- luserek 11y agoDidn't realize you require login & pass to bank (registration didn't work on windows phone). While that's common in Germany, in Poland giving your login & passto 3rd party means that bank has no responsibility for any loss/fraud/anything if something goes wrong for whatever reason. This is breaching the term with the bank, that your login and password are confidential. In Poland a oauth like alternative for payments is used, where you end up on your bank website to confirm payment and then you go back to the merchant.
- mahyarm 11y agoWhy not let people directly put in account numbers then? Lets users avoid online bank account liability but has the same effect.
- luserek 11y agoThat would make sense :) Anyway, I checked my bank agreement (page 15...) > You agree to: 1) keep your password secure and strictly confidential, providing it only to authorized signers on your account(s); 2) instruct each person to whom you give your password that he or she is not to disclose it to any unauthorized person; and 3) immediately notify us and select a new password if you believe your password may have become known to an unauthorized person. We may suspend or cancel your password even without receiving such notice from you, if we suspect your password is being used in an unauthorized or fraudulent manner
- tedmiston 11y agoThere's a startup building an API layer for banks that would make this better. The name has slipped my mind right now, but perhaps someone will know. IIRC it is about replacing ACH entirely.
- supster 11y agohttps://plaid.com/ https://plaid.com/
- zippergz 11y agoI wish banks would offer something like OAuth - a service-specific, revokable credential with access only to the stuff it needs. I'd be a lot more inclined to use a product like Mint, for example, if I could grant it ONLY read access to my transactions and I knew I could revoke that access at any time without having to change my primary credentials or disrupt any other services/apps I have connected.
- zachperret 11y agoPrivacy uses Plaid on the back-end for this and does not store user credentials.
- homero 11y agoDon't care, use my ach info
- zachperret 11y agoABA/DDA are inherently less secure than online access credentials. An account can be directly debited if ABA/DDA are compromised, and they cannot be rotated without closing the account. Plaid tokenizes all this to avoid any potential issues -- and further, if credentials are somehow compromised they can be rotated very easily.
- homero 11y agoYes but plaid can see my transactions and balance
- reviseddamage 11y agoI have never understood that argument, I've heard it many times though. You would freely give out the private key of your credit card (credit card number/expiry date/cvv) to any online merchant, but hesitate on authing your bank account user/pass which you can change anytime you want? smh.