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Visa Buys Plaid

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Re: Visa Buys Plaid

#141

Post by iask »

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 ticket.

Subject of the ticket [plaid/link] privacy/security concerns (#68)

Re: Visa Buys Plaid

#142

Post by dmitrygr »

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…

Collecting actual banking credentials is how plaid works, quite literally. One needs to be clinically insane to give your bank login creds to a third party voluntarily!

I refuse to do business with any business that uses plaid and has no sane alternative to get bank account numbers (deposit two small amounts, three days later I tell you what they are)

First time i saw it, i assumed the website had been hacked. I was actually more horrified when I found out that this was working as intended and some website wanted my bank password!

Re: Visa Buys Plaid

#143

Post by acjohnson55 »

heimidal wrote: post #122
jsh123 wrote: post #116

Earlier quoted context omitted.

What do you mean by tax planning? If your company IPOs they will withhold shares for you. Only thing to watch for is depending on your income they might underwithold. There isn’t much more to it than that.

Anyone with a six-figure sale is nearly certain to end up owing more than they withhold (assuming you sell, which you probably should). If a company hasn't IPO'ed, an 83(b) election may also make sense.

IMO an 83b election only makes sense if you have negligible exercise costs. Otherwise, it's a lot of risk to take on an exit that may never profitably happen.

Re: Visa Buys Plaid

#145

Post by gonehome »

jsh123 wrote: post #126
joshuamorton wrote: post #123

Earlier quoted context omitted.

Exercising options has tax consequences.

Depends if you signed 83b or not. If you’re early you should always do that.

You can't always, not all companies allow early exercise.

If you've been at a private company for a while you may have options that have vested approaching the ten year expiration with a large spread between strike and the fair market value.

If these options are ISOs then exercise has a lot of tax consequences to get right (AMT particularly to save some money). If you have NSOs you've still got a lot of tax to deal with on exercise, but you don't have to benefit of getting some tax free below AMT.

Re: Visa Buys Plaid

#146

Post by whiskyant »

exclusiv wrote: post #129
jaggederest wrote: post #89

Earlier quoted context omitted.

I'm happy to post these things, without identifying companies. I'm sure you could find them on my resume or linkedin but there'll still be some ambiguity. Company A, 0.05% or 9000+ options vested, IPO, post-lockout sale at net ~$300k, was an early engineering employee Company B, Make sure you do proper tax planning, taxes take an enormous bite, even with long term capital gains.

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

Short term capital gains, yes.

Re: Visa Buys Plaid

#148

Post by cookiecaper »

dmoy wrote: post #140
exclusiv wrote: post #129

Earlier quoted context omitted.

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

There are fewer than 10 states that don't tax capital gains at the same rate as ordinary income. Most states tax capital gains at the same rate as ordinary income. And then 10 states don't tax income at all.

Sounds like a great reason to relocate to a state that is more reasonable about income taxes than CA.

Re: Visa Buys Plaid

#149

Post by kemitche »

Waterluvian wrote: post #121
jsh123 wrote: post #114

Earlier quoted context omitted.

do you think it’s worth it? imo it’s hard to shake how awkward it is when everyone around you is rich and you’re being offered a regular salary that is now dictated by Visa HR

Also isn't there a chance you'll just get canned soon? The interview pipeline has existed separate from the acquisition efforts. Visa will have opinions on where they want to go from here.

I don't have data, just an anecdote.

I was hired by Sun. Just before my start date, Oracle announced they would be buying Sun. I was worried, but it turns out acquisitions are pretty slow processes. There was months of waiting for government approvals, then months more before the culture really started feeling like "Oracle" instead of "Sun."

In short, there's a decent chance that anyone applying now could be on payroll for months or years before Visa actually meaningfully changes anything about Plaid's workflow.

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