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The fact that they prompt you for your literal bank password when funding your account says everything you need to know about how they look at security.
by all_blue_chucks 7y ago
The fact that they prompt you for your literal bank password when funding your account says everything you need to know about how they look at security.
- asdff 7y agoThat's true of nearly every app I've used that links to your bank account (mint and venmo off the top of my head). Super archaic and obtuse and I solely blame the banks for not building a better method.
- sroussey 7y agoThe EU is forcing banks to work together and with FinTech. Have a look at PSD2 and the open banking regulations.
- niij 7y agoThey could just ask for routing/account #. Yes it allows for unauthenticated push & pulls, but when they ask for username/password they're just scraping the routing/account number from your account and doing a normal ach transfer anyway. Except now that they're logged in they can verify your account has X funds, see transaction history, and be yet another security breach waiting to happen. Transferwise switched to requiring this and it's a miserable feature. Lost me as a customer because of it.
- all_blue_chucks 7y agoACH transfers do NOT require you to give your password to anyone, and they have been around forever. Never give your bank password to anyone other than your bank.
- astura 7y agoBut ACH transfers require you to give the information needed to print out checks against your bank account (routing number and account number).
- astura 7y agoNo it doesn't, many reputable mainstream banks and financial institutions have "share bank account credentials" as an option for linking accounts. It's standard practice.