Any thoughts about Plaid??

[Rudy Vey]

I have now being asked at least three times for several different payments I was doing to verify my bank connection with PLAID.
They want to know your user id and password to your bank accounts. Latest time I was just asked this morning to verify my bank account linked to my Venmo account via Plaid. I am not doing this. Has anyone here heard about this nee thing to verify your info with this app?? This totally crap, why would I give such important information to a third party. Makes no sense whatsoever.

 

[Fred D]

I have now being asked at least three times for several different payments I was doing to verify my bank connection with PLAID.
They want to know your user id and password to your bank accounts. Latest time I was just asked this morning to verify my bank account linked to my Venmo account via Plaid. I am not doing this. Has anyone here heard about this nee thing to verify your info with this app?? This totally crap, why would I give such important information to a third party. Makes no sense whatsoever.

I wouldn't do it either.

 

[APBinNCA]

The closest thing I have done is linking my checking account to my investment acccounts for faster transfers, even that made me uneasy. It didn't work anyway. There is no legitimate reason that I can think of for needing anything more than a account number and routing, then they can do the trial deposit method. If they say they can't do that, then it's definitely a fishing operation. Even if they are genuine, I wouldn't send my password in plain text. Once it is in the pipe, somebody can skim it.

 

[Lightcs1776]

I haven't heard of this service before and I am very skeptical with these type of requests. Personally, I would just delete the request.

 

[SgtCrppls]

I have never heard about it my friend

 

[Rudy Vey]

I definitely did not go through with this. Odd part, it was not the first time I was asked to confirm a linked bank account. I think paypal had asked me also for their phone app....just a stupid thing to do to give your bank account access to some third unknown entity. I think Venmo is part of paypal.

 

[Mr. Scruffy]

Smart choice, Rudy.

Plaid is subject to a class action lawsuit claiming they capture and store user bank login info not for verification purposes but to collect bank transaction data for sale to other fintechs. The CFPB strongly cautions against sharing your banking logon credentials with any third party.

Multiple statements in the Plaid software incorporated in the Venmo app have a tendency to deceive consumers. Users are told they need to “sign in” to their bank accounts. They receive promises that the system is “Private,” and that the consumer’s “credentials will never be made accessible to Venmo.” In fact, the system is designed not to be private because it requires passing credentials to Plaid as a third-party data aggregator and also includes the wholesale looting of the consumer’s most private banking data. By stating that the login credentials will not be made accessible to Venmo, consumers are falsely led to reasonably expect that their credentials are not shared at all during the account verification process, other than with the bank they know and trust, while in fact those credentials are intercepted by Plaid for its use in gathering data from the bank. In addition, Plaid’s failure to implement a second level of encryption, consistent with the practice of legitimate financial institutions, leaves consumer credentials vulnerable to interception in plain text form by malicious actors with even minimal decryption expertise.

Plaid and Venmo Are Sleazy

 

[BanjoCowboyMartaTobes]

@Rudy Vey, when was the last time someone sent you a real live personal check? It’s a new world.

 

[Rudy Vey]

@Rudy Vey, when was the last time someone sent you a real live personal check? It’s a new world.

I get quite frequently checks, some of my customers pay with and I have a solar system and I am selling my SRECs and get checks for it. Personally, I write maybe three checks a year now.
The question has nothing to do with a check, though.
I am sending funds with Venmo regularly and was asked to verify my bank account with a third party, named PLAID (I was asked before by paypal when I got a new computer and had set my paypal up). They are asking to give PLAID your account credentials, i.e. my log-in info for both user ID and password for the accounts. I would be completely stupid to do such a thing. Why would i give a third party my log in info???

 

[BanjoCowboyMartaTobes]

I get quite frequently checks, some of my customers pay with and I have a solar system and I am selling my SRECs and get checks for it. Personally, I write maybe three checks a year now.
The question has nothing to do with a check, though.
I am sending funds with Venmo regularly and was asked to verify my bank account with a third party, named PLAID (I was asked before by paypal when I got a new computer and had set my paypal up). They are asking to give PLAID your account credentials, i.e. my log-in info for both user ID and password for the accounts. I would be completely stupid to do such a thing. Why would i give a third party my log in info???

Yeah, venmo comes with many horror stories, PayPal has turned on me a few times and is likely still the most best. . Lots of luck Rudy, I hope all ends splendidly sir. That is without giving all your info.

 

[Rudy Vey]

Yeah, venmo comes with many horror stories, PayPal has turned on me a few times and is likely still the most best. . Lots of luck Rudy, I hope all ends splendidly sir. That is without giving all your info.

Everything is fine now....I just did not understand why they asked me this. In use Venmo for years for certain payments a couple times a month - to the same person - the only payments I make. They (again) verified me the old fashioned way...put money in my account (2x) and deducted the amounts (2x) - now all is good now; just took four days.

 

[Doc4]

Use PLAID and get a free bowl of soup.

 

[captp]

If Dead Men don't wear it, I'd avoid it.

 

[FarmerTan]

Use PLAID and get a free bowl of soup.

View attachment 1479801

"But it looks good on you!"

 

[FarmerTan]

Use PLAID and get a free bowl of soup.

View attachment 1479801

Years before Rodney Dangerfield, my grampa, whom I only got to see a handful of times (family stuff, sigh) used to do a variation of the ugly hat routine.... I miss him, but, much like myself, it's amazing, literally AMAZING, that no one ever shot that son of a gun.

 

[FarmerTan]

@captp , since you are a fellow Disney Princess, I'll tell you most of my grandpa's shtick....

If you had a hat on, whether it looked good or not, he'd say, "I wish I had that hat and another one just like it!"

When the unsuspecting "mark" asked why, he'd say....

Well all I can say is he'd say that the one just like the one you were wearing would be to cover up the stuff he'd deposited in your hat.

He was more charming, or lucky(?) than me and never got punched in the nose for THAT particular joke. But he'd pull that stuff on people twice his size that he'd never met before. Stone sober too, LoL.

 

[timetofly]

@captp , since you are a fellow Disney Princess, I'll tell you most of my grandpa's shtick....

If you had a hat on, whether it looked good or not, he'd say, "I wish I had that hat and another one just like it!"

When the unsuspecting "mark" asked why, he'd say....

Well all I can say is he'd say that the one just like the one you were wearing would be to cover up the stuff he'd deposited in your hat.

He was more charming, or lucky(?) than me and never got punched in the nose for THAT particular joke. But he'd pull that stuff on people twice his size that he'd never met before. Stone sober too, LoL.

Your grandpa and my father must have been cut from the same cloth.

In the case of the hat, my father would say, "I almost had a hat like that, but my father got a job."