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>it seems like such a horrible idea It probably is. > To this day I don't understand why anyone would use Plaid. It's more desirable to use a fin-tech compan

>it seems like such a horrible idea It probably is. > To this day I don't understand why anyone would use Plaid. It's more desirable to use a fin-tech company to handle all that than take on the liability yourself, as a company wanting to receive payments (or connect to transaction info, like a lot of the popular budgeting apps do).

beervirus 5y ago
I guess that makes sense from the company’s side. But why would a consumer agree? I’d much rather go through the hassle of getting a cashier’s check or sending a wire transfer.
- goatcode 5y ago
  People are just so used to doing stuff like this. The upside is that the companies who do these transactions have a lot of exposure, and thus incentive to not mess up. People are probably just numb to a lot of these sorts of things, either that or they're just unaware that they're using a third party. It's possible that younger generations aren't even aware of how to use other means, like cashiers checks or money orders.
- deadbolt 5y ago
  I believe I'm using Plaid, to use the budgeting app I use (YNAB). Can anyone tell me what the risks are? I seriously thought this was a pretty safe thing to do.
  - goatcode 5y ago
    YNAB uses Plaid and MX: https://www.youneedabudget.com/security/ https://www.youneedabudget.com/security/
  - beervirus 5y ago
    Well ok, now Plaid has your login info for your bank. How well do they protect it? What employees have access to your credentials? Are they unhackable? A bad actor with your bank login and password could cause a LOT of mischief.
    - deadbolt 5y ago
      I suppose I was misinformed about how Plaid worked. I was under the impression that Plaid was similar to OAuth, where they didn't actually have the username & passwords.
      - salawat 5y ago
        Nope. They have to use bank login and password, so that can scrape your info. No banks tend to implement OAuth. I've been out of the world for 2 years, but last I was in I was kicking and screaming to keep where I worked away from it, and I still warn people off.

beervirus 5y ago

I guess that makes sense from the company’s side. But why would a consumer agree? I’d much rather go through the hassle of getting a cashier’s check or sending a wire transfer.

goatcode 5y ago
People are just so used to doing stuff like this. The upside is that the companies who do these transactions have a lot of exposure, and thus incentive to not mess up. People are probably just numb to a lot of these sorts of things, either that or they're just unaware that they're using a third party. It's possible that younger generations aren't even aware of how to use other means, like cashiers checks or money orders.
deadbolt 5y ago
I believe I'm using Plaid, to use the budgeting app I use (YNAB). Can anyone tell me what the risks are? I seriously thought this was a pretty safe thing to do.
- goatcode 5y ago
  YNAB uses Plaid and MX: https://www.youneedabudget.com/security/ https://www.youneedabudget.com/security/
- beervirus 5y ago
  Well ok, now Plaid has your login info for your bank. How well do they protect it? What employees have access to your credentials? Are they unhackable? A bad actor with your bank login and password could cause a LOT of mischief.
  - deadbolt 5y ago
    I suppose I was misinformed about how Plaid worked. I was under the impression that Plaid was similar to OAuth, where they didn't actually have the username & passwords.
    - salawat 5y ago
      Nope. They have to use bank login and password, so that can scrape your info. No banks tend to implement OAuth. I've been out of the world for 2 years, but last I was in I was kicking and screaming to keep where I worked away from it, and I still warn people off.