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I think their growth numbers would have looked much differently if they had transparently disclosed the reality on their login form from day one: “Plaid will s
by buildbuildbuild 4y ago
I think their growth numbers would have looked much differently if they had transparently disclosed the reality on their login form from day one:
“Plaid will store your plaintext password and use it to periodically access your bank account.”
Burying truth deep in a TOS is seen by some as deceptive.
- jefftk 4y agoI doubt this would have affected signups that much: most people interested in their service don't care much. (Though instead of "access", which could imply "take money out" to some people, they'd probably use a more descriptive term)
- PainfullyNormal 4y ago> “Plaid will store your plaintext password and use it to periodically access your bank account.” That's terrifying. I'm looking into privacy.com as an alternative to using my real debit card number online because it gets stolen at least once a year. Having my bank account itself compromised does not sound like an improvement. Then again, how often do banks get hacked and have their credentials compromised? At least as often.
- dawnerd 4y agoI believe plaid has oauth integration with the larger banks now. I remember using it with chase and chase showing me an auth and permission approval request screen.
- 2Gkashmiri 4y agowhy can't banks have oath like authentication so this BS doesnt happen?
- twelve40 4y agobecause there are close to 20000 of them in the US, and while chase has the resources to do oauth properly, not every junky credit union can afford that
- jrochkind1 4y agoFew/no small credit unions (or banks) have their own bespoke online portal they developed just for them. They use a vendor. I bet a few vendors would cover a pretty large % of those 20K banks.
- twelve40 4y agowhat's in it for them anyway?
- jrochkind1 4y agoI don't know, what's in it for the big banks either? Probably the same thing as what's in it for smaller banks and their vendors? Apparently nothing, or not enough? Unless customers are going to use the feature to choose their bank? Or it saves the bank money from avoiding fraud? Maybe one or the other will be so eventually. When it is, the vendors/platforms that "junky credit unions" use will add it, same thing as when big banks will add it. A vendor that small banks and credit unions use for their online platform probably has the same order of magnitude of aggregate consumer customers as a big bank has, I don't see why it wouldn't be about as do-able for one of those vendors as a big bank.