4 ms·
Plaid is the most terrifying company in SV. The fact so many people are comfortable sharing their online banking creds with a third party, and in turn authorizi
by tempsy 7y ago
Plaid is the most terrifying company in SV. The fact so many people are comfortable sharing their online banking creds with a third party, and in turn authorizing Plaid to share years of transaction data, your balances, emails, phone numbers, addresses etc scraped from your bank account is insane.
- X-Istence 7y agoThe worst part is that certain banks won't let you link an account that Plaid claims is supported based upon the routing number/account number. So for example when I attempted to link based upon routing/account number at Simple, it told me I can't continue because I should hand over my account information for the other bank to Plaid instead. I've done it, and then immediately changed my account info. So yes, technically Plaid has my historical data, but at least they won't get it going forward. It really sucks though, because it locks my money into a singular bank otherwise.
- hispanic 7y agoI was able to get around this by typing in a junk/non-existent bank name, which dropped me into the manual routing/account number option.
- X-Istence 7y agoYeah, I tried that... and then when I entered the manual routing number it's like "Hey, you need to login instead because this bank is known to us"
- mindslight 7y agoI'm not arguing against the general idiocy of this, but the net effect should be to keep money away from such banks. My understanding of the ACH system is that it's best used in a "pull" manner, as if you're writing a check. Link your Simple account from another bank and initiate the pull from there. (Then work on transitioning your activity to the better bank while you're at it).
- X-Istence 7y agoYup... that's what I have been doing.
- root_axis 7y agoIndeed. Not only past transaction history but future transaction history as well.