A helpful thread from hn the other day on how auth tokens work and how companies like Plaid don’t actually store your credentials (like how mint did back in the day)
Show HN: Wealthfolio: Private, open-source investment tracker
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Re: Show HN: Wealthfolio: Private, open-source investment tracker
#242Earlier quoted context omitted.
Banks in Germany offer access to consumers via the HBCI standard. Not sure about the rest of the EU.
Banks in Germany provide it because of EU regulation. https://www.digiteal.eu/open-banking-apis-all-you-need-to-kn...
Those regulations are about sharing via trusted third parties, not direct to users.
Re: Show HN: Wealthfolio: Private, open-source investment tracker
#243[flagged]
Re: Show HN: Wealthfolio: Private, open-source investment tracker
#244A helpful thread from hn the other day on how auth tokens work and how companies like Plaid don’t actually store your credentials (like how mint did back in the day) https://news.ycombinator.com/item?id=41420783
This is true for some banks (mostly large), but not all. Your big banks like Citi and Chase offer OAuth for this kind of thing (as they should), but smaller banks still don't and will require a username and password.
I don't know how Plaid handles that, but you don't have the nice, permission scoped, revokable tokens like you do with OAuth.
My primary bank has a checkbox for "third party access" and they pay out how you need to check it when you give a service your username and password so they can access your account. Same username and password, not a new one. It drives me insane how they don't offer OAuth.
Re: Show HN: Wealthfolio: Private, open-source investment tracker
#245On one hand, this looks like awesome work. On the other hand, personally for me I am not sure how it could ever work for me. Right now, I have 20+ money/investment accounts from ~10 different providers and I am tracking it through a provider that uses Yodelee (and maybe other methods too?). Importing all the statements (which every provider stores in different ways in different places) manually would be a pretty big…
I think the problem is you have 20+ accounts. Why don't you consolidate?
Re: Show HN: Wealthfolio: Private, open-source investment tracker
#246Earlier quoted context omitted.
Interesting perspective because my #1 requirement is that no 3rd party gets financial login credentials at all. I'm willing to do CSVs in order to not compromise on security, although the experience most certainly is bad.
This is a huge waste of time and not worth it. The amount of hours you spend fixing errors manually vs the small risk your info gets out I don't think is worth it.
Completely disagree. Weighing risk vs reward the risk is that my identity gets stolen while the reward is that I don't have to login to my accounts and enter information manually.
At some point I suspect every person on the planet will have experienced a data exposure event and the question will switch from: have you ever had your info leaked?, when was the last time your info was leaked? It's not a small risk.
Re: Show HN: Wealthfolio: Private, open-source investment tracker
#247Really happy with Projection Lab in this space. Although it's not open source, it is self-hostable if you pay for their lifetime access. The developer continues to update it, and has pretty much all the features I want for managing retirement projections.
As someone who has used it, would you say the lifetime option is worth $800? That seems really steep. It wouldn’t pay itself off over monthly for over 7 years.
Re: Show HN: Wealthfolio: Private, open-source investment tracker
#248First question from reading through the landing page is about this part: > Import your statements from your broker or bank. Exactly what brokers/banks that are supported should be listed somewhere and linked here, as that's a "make or break" feature for a lot of people I bet. Not much point in replacing my homegrown "Banks CSV export -> Data processing > Import into spreadsheet" workflow unless I just replace that la…
As an avid, daily Quicken user, yes, seamless integration with financial institutions is my #1 requirement. I am not willing to manually navigate a dozen banks' broken UIs to find their "download CSV" option, hope it works, download a bunch of files to my computer, and then hope that they can be imported into my application--and then repeat every day when I update. I have in the past switched physical banks purely be…
You’re a member of a dozen banks!?!
Re: Show HN: Wealthfolio: Private, open-source investment tracker
#249Earlier quoted context omitted.
Agreed- but an app on my own desktop I would be happy to give to, at least instead of a website where they are stored in a database on someone else's box.
What do you mean? Isn't Plaid online, and you have to give them your credentials for them to fetch data for you? (Genuinely curious, never used Plaid myself)
Yes, Plaid stores your credentials. Replicating Plaid-the-service's functionality to run locally would be a large lift...
Re: Show HN: Wealthfolio: Private, open-source investment tracker
#250First question from reading through the landing page is about this part: > Import your statements from your broker or bank. Exactly what brokers/banks that are supported should be listed somewhere and linked here, as that's a "make or break" feature for a lot of people I bet. Not much point in replacing my homegrown "Banks CSV export -> Data processing > Import into spreadsheet" workflow unless I just replace that la…
As an avid, daily Quicken user, yes, seamless integration with financial institutions is my #1 requirement. I am not willing to manually navigate a dozen banks' broken UIs to find their "download CSV" option, hope it works, download a bunch of files to my computer, and then hope that they can be imported into my application--and then repeat every day when I update. I have in the past switched physical banks purely be…
You have dozens of banks?