Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

OpenAI is connecting ChatGPT to bank accounts via Plaid

firethering.com

Post reply on HN
Print view View original

91–100 of 155 posts

Re: OpenAI is connecting ChatGPT to bank accounts via Plaid

#91

Post by saratogacx »

lazide wrote: post #68
njovin wrote: post #56

Earlier quoted context omitted.

Depending on the rate difference, I'd be tempted to setup a 'burner' checking account at a separate financial institution and just auto-transfer the loan amount from my primary bank to the burner every month.

That generally wouldn’t pass underwriting. They want the account the money is coming from to be the account with history and money in it already.

My bank's underwriter/loan officer actually said to get the best rate with them to specifically setup an account with them (They aren't my day to day bank) and just use it for my house payment. For the past decade the only transactions it has ever seen has been the direct deposit and the auto-withdraw for the mortgage.

Re: OpenAI is connecting ChatGPT to bank accounts via Plaid

#92

Post by phil21 »

el_benhameen wrote: post #82
lazide wrote: post #68

Earlier quoted context omitted.

That generally wouldn’t pass underwriting. They want the account the money is coming from to be the account with history and money in it already.

Really? Both times I got a loan they wanted bank statements from all of my main accounts and verifiable income history, but they didn’t care that I was paying from an account that I had just opened for the specific purpose of paying the loan.

I'm not OP, but I assumed from their post that they meant the loan provider wanted Plaid access in order to perform underwriting - as in give us access to your account(s) so we can pull your banking history via an automated manner instead of sending PDFs.

Could be wrong though, as I never considered it'd be used for payments at all.

Re: OpenAI is connecting ChatGPT to bank accounts via Plaid

#95

Post by lxgr »

frb wrote: post #13

I’m generally positive towards AI and LLMs.. BUT there’s just things that nobody should be doing ever, like give it access to your production system or bank account.

Honestly, given that your bank most likely is processing your data using AI/LLMs anyway (after all, credit scores were one of the first applications of "big data" and "machine intelligence", back when that was mostly logistic regression over a handful of data points), why should I not also reap the benefits of that?

I think until proven otherwise, it's fair to consider financial data public information at this point. If we want to change that, I think it'll take way more than just not granting ChatGPT access to your bank account (although it'll definitely include it).

Re: OpenAI is connecting ChatGPT to bank accounts via Plaid

#96

Post by measurablefunc »

alexr243 wrote: post #78
measurablefunc wrote: post #55

Earlier quoted context omitted.

They're a YC company so every other YC company is going to use them, that's how YC companies operate.

Plaid is not a YC company

They have job listings in workatastartup.com but maybe any startup can now be listed even if they're not a YC company: https://www.workatastartup.com/jobs/15283

Re: OpenAI is connecting ChatGPT to bank accounts via Plaid

#97

Post by lxgr »

webo wrote: post #49
binarymax wrote: post #16

I’ve been asked to sign up to plaid by clients three times. Each time I’ve said no. I’m not giving a 3rd party access to my bank account. I don’t understand how people enable this total loss of friction for direct account egress. There needs to be friction.

Hijacking this comment to complain about fintech apps / saas providers requiring Plaid - please stop. For example, Coinbase requires logging in with Plaid to... setup auto-pay for their credit card statements. No way to just provide account/routing numbers the good ole way. There's lots of issues with Plaid but one big one is that banks (e.g big ones like BofA) can lock your account due to suspicious login with Plaid…

Airbnb requested Plaid access to my entire Chase account and all transactional data to "verify my credit card" a few years ago, and wouldn't budge until I tried Apple Pay, where they apparently weren't able to figure out the underlying issuer and accordingly left me alone.

Needless to say that it was my last stay with Airbnb.

Re: OpenAI is connecting ChatGPT to bank accounts via Plaid

#98

Post by lxgr »

asah wrote: post #80
binarymax wrote: post #16

I’ve been asked to sign up to plaid by clients three times. Each time I’ve said no. I’m not giving a 3rd party access to my bank account. I don’t understand how people enable this total loss of friction for direct account egress. There needs to be friction.

easy - just keep a small amount (small %) in that account.

If it doesn't look like a real account, you usually won't get whatever you're signing up for.

Re: OpenAI is connecting ChatGPT to bank accounts via Plaid

#99

Post by ianm218 »

forinti wrote: post #9

People will pay for OpenAI to have access to their financial data??

Most people don't care at all about their privacy. Apps like Venmo by default will share basically who you are spending time with and what your doing, Strava basically exposes where you live and your sleep/ workout schedule by default.

I wouldn't want to share my financial data with OpenAI but for the average consumer the ship has sailed.

Re: OpenAI is connecting ChatGPT to bank accounts via Plaid

#100

Post by phoenixy1 »

gavinsyancey wrote: post #74
hypeatei wrote: post #47

Earlier quoted context omitted.

Have you ever entered your routing+account number into HR software for direct deposit? Doesn't that qualify as handing a third party essentially the same access as Plaid gets? I think bank accounts are generally more accessible in the modern era, it's just a risk that you take. Of course, you're not obligated to use Plaid but I do find the concerns around this quite strange since you're likely exposing account inform…

The same info is also on checks, and there's an established story around fraud there -- if I didn't authorize an ACH withdrawal then my bank is legally required to make me whole. If I hand over my username+password to a third party, I'm on my own. Also, the routing+account numbers just let them deposit/withdraw money, not snoop on all my transactions and harvest my data...

This is a common belief, but the CFPB has stated your bank is still legally required to make you whole in the event of fraud even if you handed over your username and password to a third party, and that any bank TOS stating otherwise are not valid. This is covered on the CFPB Electronic Fund Transfers FAQ, under the Error Resolution: Unauthorized EFTs, Question 8: https://www.consumerfinance.gov/compliance/compliance-resour...
Post reply on HN