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@boling11, why does privacy.com need access to my online banking on an ongoing basis, after the initial signup is finished? I have changed my online banking pa
by zgubi 11y ago
@boling11, why does privacy.com need access to my online banking on an ongoing basis, after the initial signup is finished?
I have changed my online banking password after signing up successfully, and I received an email complaining that "Our connection to your bank is broken".
I can understand the need for initially providing my banking credentials for AML/KYC reasons, but I feel uncomfortable with your company continuing to use those after the initial check.
Why can't you just use the routing/account numbers for ACH after the initial signup?
- boling11 11y agoWe don't actually store your credentials. We work with Plaid.com, and take a token which we can use to pull balance information. This allows us to fund a transaction in real time and take on the risk of ACH. When you change your credentials, that token gets reset. If we took routing / account numbers, you'd have to preload your account and wait up to 3 business days. It's something we're definitely looking into though as well though.
- zgubi 11y agoThanks for your answer, it clarified things a lot. My concern with plaid.com using my banking credentials on an ongoing basis still stands though, and for me this currently outweighs the privacy benefits to be gained by using the service. Additional ways of funding (either using a debit card or ACH preloading) would be most welcome and go a long way towards addressing my concerns. privacy.com would be a very useful service to me, and I hope you will be successful with it!
- ouroborus 11y agoPaypal handles these kinds of transactions just fine without preloading and without needing my bank account's username and password. In addition, banks typically tell you to never hand out those credentials even to their own employees.