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Visa Buys Plaid

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Re: Visa Buys Plaid

#171

Post by nikolay »

blensor wrote: post #94
nikolay wrote: post #48

Plaid is terrible! Both Wells Fargo and Bank of America support API integration, but Plaid chooses to screen-scrape and does not work if you have 2FA enabled. Also, you can't even manually enter your bank information. In other words, even if you pay dearly to Plaid, you may block many users who use some of the top banks in the States! There is a bunch of services I cannot use because they rely solely on Plaid, and I'…

Are there any APIs out there that show the separate amounts a counter credit is made out of (for Bank of America accounts)? We wanted to use it for importing transactions into our system but if several checks are deposited at once the amount would have to ne split manually as it comes in as one transaction.

I am not familiar with their API - possibly it's a crappy one, but I had one integration in the past (can't recall) and there's an area in your profile for authorized apps. I've done Wells Fargo integration, too.

Re: Visa Buys Plaid

#172

Post by dude3 »

nikolay wrote: post #167
dude3 wrote: post #115

Earlier quoted context omitted.

You can remove 2FA, login with Plaid, and re add it. This worked for me.

This works only if you want to do an account verification. If you have to continuously pull in transactions, it will fail, and ask you to "fix" the problem.

I am able to continuously transfer funds after the initial setup

Re: Visa Buys Plaid

#173

Post by greenyoda »

whiskyant wrote: post #146
exclusiv wrote: post #129

Earlier quoted context omitted.

I'm recently found out that California treats capital gains as normal income. No fun.

Short term capital gains, yes.

I don't know about California, but NY State definitely treats long term gains as regular income too. You take the net capital gains number from your IRS Schedule D (total gains minus total losses) and copy it onto a single line on your NY tax form that gets added directly into your NY gross income. (There's no mention at all of long term vs. short term on the NY tax form - capital gains is just a single line item.)

(Everyone, including the IRS, treats short term gains as regular income.)

Re: Visa Buys Plaid

#174

Post by ztratar »

zelly wrote: post #102
nikolay wrote: post #48

Plaid is terrible! Both Wells Fargo and Bank of America support API integration, but Plaid chooses to screen-scrape and does not work if you have 2FA enabled. Also, you can't even manually enter your bank information. In other words, even if you pay dearly to Plaid, you may block many users who use some of the top banks in the States! There is a bunch of services I cannot use because they rely solely on Plaid, and I'…

The way Plaid works, I'm surprised that they hadn't already been shut down for breaking banks' TOS. It exposes the banks to so much liability for a product that's not even theirs.

Some banks have tried, but Plaid has a great legal team and has argued with the move towards open banking in the EU that customers have a right to their data.

Will be interesting to see where this goes.

Re: Visa Buys Plaid

#175

Post by ztratar »

brogrammernot wrote: post #110
nikolay wrote: post #48

Plaid is terrible! Both Wells Fargo and Bank of America support API integration, but Plaid chooses to screen-scrape and does not work if you have 2FA enabled. Also, you can't even manually enter your bank information. In other words, even if you pay dearly to Plaid, you may block many users who use some of the top banks in the States! There is a bunch of services I cannot use because they rely solely on Plaid, and I'…

Not even close to true. We’re one of the larger clients with Plaid and that’s not on Plaid but the service provider to not provide a manual entry. Plaid works great and we’ve ran into next to no issues with customers linking Plaid

It's actually pretty rare to not run into issues with Plaid.

It depends on your customers, too.

If you're targeting consumers, Plaid's integration works far better than if you're targeting business bank accounts.

Re: Visa Buys Plaid

#177

Post by jamiequint »

dugmartin wrote: post #158

I’m wondering if this will make Plaid’s pricing more or less opaque. Right now it’s go build it and then negotiate a rate. I think they would get a lot more uptake if they had upfront pricing.

Nearly every large SaaS company has opaque pricing because price discrimination allows them to make far more money than they would if they had published prices.

Re: Visa Buys Plaid

#178

Post by boling11 »

iask wrote: post #141

Slightly off topic, but worth highlighting. Privacy virtual card use Plaid (well at least the last time I looked at it a few months back). The integration was extremely questionable. They were faking the bank’s login page. So when you enter your credentials, it wasn’t the actual banks page. There was a github issue opened, and after several followed up complaints they blocked further commenting and the removed then t…

(I work for Privacy.com)

We do use the Plaid Link widget (as do most other fintechs in the US). We don't touch credentials or handle the bank login page.

Commentary about the state of the US banking system aside, Plaid is pretty much the industry standard way to do instant bank account verifications today. However, we also have options to link with debit card and account / routing number if you're not comfortable with the Plaid route (totally understandable).

Re: Visa Buys Plaid

#179

Post by [deleted] »

sithlord wrote: post #81
nikolay wrote: post #48

Plaid is terrible! Both Wells Fargo and Bank of America support API integration, but Plaid chooses to screen-scrape and does not work if you have 2FA enabled. Also, you can't even manually enter your bank information. In other words, even if you pay dearly to Plaid, you may block many users who use some of the top banks in the States! There is a bunch of services I cannot use because they rely solely on Plaid, and I'…

pretty sure this is false, all my accounts are 2FA, and connected to a few different account aggregators (mint, personalcapital, etc) which i am prettty sure all use Plaid. Handles it fine.

[deleted]
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