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I use a non-enormous regional bank. I have no idea if it qualifies as competent. Also, have a quick look at the "data we collect" section of their privacy poli
by NotYourLawyer 3y ago
I use a non-enormous regional bank. I have no idea if it qualifies as competent.
Also, have a quick look at the "data we collect" section of their privacy policy and see if you still feel the same way: https://plaid.com/legal/ https://plaid.com/legal/
It's shockingly broad, and 99% of it is stuff that they have no business collecting when all I'm trying to do is buy a car.
- dcow 3y agoOf course they collect this data! Do you understand what Plaid does? Here's what happens: Tesla says I want to verify that a human is purchasing a car, take a deposit, and get the information needed to pre-approve the customer for the loan required to buy it. Plaid says, we can do that for you. Plaid has you link your bank account so it can 1) verify your identity, and 2) give Tesla the information needed to debit your account. Then Plaid pulls your account history and asks you to link additional accounts as needed to get the relevant information for the underwriting process. This allows Tesla to complete this process entirely online without a dealership in about 2 minutes. If you've ever bought a car traditionally, applied for a loan, or even linked bank accounts into a budgeting app, this is an incredible UX win for the user. Shocking, even.