They should be required to provide a secure token-based API. The fact that Mint has to store your bank password in plain text is asking for trouble.
Big Banks Lock Horns with Personal-Finance Web Portals
31–40 of 108 posts
Re: Big Banks Lock Horns with Personal-Finance Web Portals
#32Earlier quoted context omitted.
I have switched banks a couple of times too. In all cases, it has been because the bank took advantage of me when I made a mistake. It has always been a variation on this same theme. The last time I changed banks was in 2010. I had made a mistake and I overdrew my account by $5 or so. That was obviously my fault and I should have been on the hook for one overdraft fee. My bank, reordered my transactions and caused me…
The difficultly, strike that. The complexity occurs when you have setup auto payments. One just has to handle it like any other transitional period. You open a new account with a new bank or credit union and start funding it. You watch your existing bank account for recurring or auto payments coming out and work to switch them over to the new bank account. You have to maintain some money in the old bank account and p…
I don't do automatic payments.
I won't do automatic payments.
It doesn't benefit me so I don't do it.
They day after payday, I sit down and determine which bills are due and I pay them electronically. It doesn't matter which bank account I use because I handle them individually, every payday.
I could switch banks today and my process wouldn't be interrupted at all.
Re: Big Banks Lock Horns with Personal-Finance Web Portals
#33They should be required to provide a secure token-based API. The fact that Mint has to store your bank password in plain text is asking for trouble.
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Re: Big Banks Lock Horns with Personal-Finance Web Portals
#34My bank's web portal actually provides a good aggregator service for the checking/savings/investment/loan accounts I have both there and elsewhere. I find it very convenient when I do my monthly "what are the state of my finances" spread sheet.
Re: Big Banks Lock Horns with Personal-Finance Web Portals
#35If the banks cared they would provide either token-based API like oAuth or at the very least, a read-only password for users to give these sites that aren't fully credentialed. Customers will always want to extract their data.
Mine (US) bank does just that.
Re: Big Banks Lock Horns with Personal-Finance Web Portals
#36Banks are ruled by iron fist, old school systems that effectively get a long line of innovation only when needed. Think Cobol, 2000 year issues. Millions were spent on the infrastructure eons ago, and the idea of innovation goes exactly against what they stand up for - stingy, Scrooge type ideals. I don't blame them, but tech eventually moves around ideas like this. Think again of the automotive industry, and why don't we have 1 billion new ideas extended to the most vast product producing machine in the country ... unions, old school profit engines (pardon the pun), and the sticky idea that innovation will disrupt it. Tesla is basically the ONLY car dealer to shake the crust off, because its THAT much better of a tech innovator. Not without the fight from big-auto though. It's just how these machines work, however because banking online and new startup FDIC innovation driven banks work WAY BETTER than these dinosaurs. Lucky for me, my bank doesn't even have branches ... so I get my dough back from the ATMs I use, within reason mind you. Online services are STELLAR, because of the reinvestment into tech vs. traditional banks. Ah, I hope they ALL die to be honest.
Re: Big Banks Lock Horns with Personal-Finance Web Portals
#37This brings up a really important question. Are your banking transactions your's or the bank's? I know in Europe the law says that you own your transactions, but I'm not sure if the US has clarity either way.
Re: Big Banks Lock Horns with Personal-Finance Web Portals
#38The banks care for their customers? Really??
Are these the same banks that used to charge "overdraft" fees of $35+ for a $1.50 overdraft? Where was the concern for customers then??
Re: Big Banks Lock Horns with Personal-Finance Web Portals
#39Earlier quoted context omitted.
* Write checks only when necessary. I usually use USPS money orders instead. * Always have recurring payments on a credit card, which you pay off monthly. Bill payments and connected accounts should be minor.
Sure, but those are the kinds of steps you take once you've realized you want to limit how much gets tied to your bank account. Similarly, once you go through the pain once of switching email addresses away from an ISP email address, you might move to a provider-independent address. But in both cases, you might not know that the first time.
Yep, I agree. Its really an education issue more than anything.
Re: Big Banks Lock Horns with Personal-Finance Web Portals
#40They should be required to provide a secure token-based API. The fact that Mint has to store your bank password in plain text is asking for trouble.
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