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This may be driven by TD's suit against Plaid From this source https://www.lexology.com/library/detail.aspx?g=8f56092c-ab40-4ed0-80c6-20a452fcd55d https://www.

This may be driven by TD's suit against Plaid From this source https://www.lexology.com/library/detail.aspx?g=8f56092c-ab40-4ed0-80c6-20a452fcd55d https://www.lexology.com/library/detail.aspx?g=8f56092c-ab40... "Users have complained that after connecting their bank accounts, Plaid stores their credentials and uses them to collect 5 years’ of transactional data and continues to track users’ data in future. Users further claim that the data-gathering scheme is not incidental to Plaid’s business model and is, in fact, its “very purpose.”

neom 5y ago
This came out of a discovery and recommendation process that has been ongoing since 2018 - https://www.canada.ca/en/department-finance/news/2018/09/minister-morneau-launches-advisory-committee-on-open-banking.html https://www.canada.ca/en/department-finance/news/2018/09/min...
vesinisa 5y ago
Holy smokes, that is shady and scary.
- SilverRed 5y ago
  It's not shady, its the explicit purpose of these apps, they collect your transaction data and show you more detailed analysis of it. Since there is no API to safely get the data in a read only way, the only option is to screen scrape the banks website.
  - justusthane 5y ago
    It is absolutely shady and scary that they store your banking credentials so that they can log in with them. The fact that there isn't a better option doesn't make it any less shady and scary.
    - SilverRed 5y ago
      They explicitly explain this to the user and apparently even encourage that you instead manually export files and upload them but also provide direct login as a feature. Yes its not perfect security which you may find scary but I struggle to find what about it is shady when they are very open about what happens.
user3939382 5y ago
Wow, I just assumed Plaid was part of some kind of interbank consortium. I can’t believe a service that big can be based on that model. It’s interesting how HF trading can be so cutting edge while consumer banking is 15-20 years behind.
phoenixy1 5y ago
Probably not? The suit was dismissed. Sorry for the paywall but I can't find a better source: https://news.bloomberglaw.com/banking-law/td-bank-plaid-settle-trademark-suit-seek-court-dismissal https://news.bloomberglaw.com/banking-law/td-bank-plaid-sett... [full disclosure: I work at Plaid]

neom 5y ago

This came out of a discovery and recommendation process that has been ongoing since 2018 - https://www.canada.ca/en/department-finance/news/2018/09/minister-morneau-launches-advisory-committee-on-open-banking.html https://www.canada.ca/en/department-finance/news/2018/09/min...

vesinisa 5y ago

Holy smokes, that is shady and scary.

SilverRed 5y ago
It's not shady, its the explicit purpose of these apps, they collect your transaction data and show you more detailed analysis of it. Since there is no API to safely get the data in a read only way, the only option is to screen scrape the banks website.
- justusthane 5y ago
  It is absolutely shady and scary that they store your banking credentials so that they can log in with them. The fact that there isn't a better option doesn't make it any less shady and scary.
  - SilverRed 5y ago
    They explicitly explain this to the user and apparently even encourage that you instead manually export files and upload them but also provide direct login as a feature. Yes its not perfect security which you may find scary but I struggle to find what about it is shady when they are very open about what happens.

user3939382 5y ago

Wow, I just assumed Plaid was part of some kind of interbank consortium. I can’t believe a service that big can be based on that model. It’s interesting how HF trading can be so cutting edge while consumer banking is 15-20 years behind.

phoenixy1 5y ago

Probably not? The suit was dismissed. Sorry for the paywall but I can't find a better source: https://news.bloomberglaw.com/banking-law/td-bank-plaid-settle-trademark-suit-seek-court-dismissal https://news.bloomberglaw.com/banking-law/td-bank-plaid-sett... [full disclosure: I work at Plaid]