This is obviously a subject the author cares passionately about, because the article uses a lot of exclamation marks. But this tidbit struck me as hilariously out of touch: > Let's imagine your bank let you sign in to 3rd party services in a similar manner. How many people would click through on "Let ACME corp act on your behalf on your Citibank Account". I think most people would be super scared of permissions like…
The actual money movement “API” is by far the scarier part of this. Any entity you’ve ever paid has your account number, and that’s all they need to pull more money. People talk about this like your online banking password is protecting your money... it’s not. If someone adds an online bill pay recipient from the web portal it triggers loud and slow verifications and confirmations. If someone submits an ACH transacti…
You can still get ACH deposits. You can still use the bank's bill pay and they will send the payments over ACH (so you can push funds over ACH from the account). But someone else can't _pull_ funds over ACH from that account.
Certainly the banks I use have this as an option, and it's useful sometimes. As long as you remember and don't try to pull yourself from one of your other accounts, of course.