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Because that's how the US banking system works. For now, there is no alternative, except at a few of the big banks which are just starting to offer OAuth-secure
by _xnmw 5y ago
Because that's how the US banking system works. For now, there is no alternative, except at a few of the big banks which are just starting to offer OAuth-secured APIs. Blame the banks for not offering a secure way to programmatically display your data. In Europe, Open Banking is regulated -- banks MUST provide a secure API, and so they do, and thus permissions are more sanely managed, you don't have to give out your password left and right.
- tehwebguy 5y agoI don’t want any of my banking data to be accessed by a third party, I just want to transfer money. Account + routing numbers do this just fine over ACH and come with fraud protection for me — we are trading our own protection for someone else’s (whatever third party is using Plaid) and gaining nothing in return in addition to giving them all of our financial data. Incredibly, the transactions performed after linking to Plaid are probably all ACH anyway.