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Reward Checking Creator, BancVue, Starts Mint-Like Service

Tuesday, March 20, 2012 - 5:57 AM
BancVue, the company that started reward checking, has started to market a new service, called Kasasa 360, that's similar to Mint.com. According to their Kasasa 360 page:
Kasasa 360 is a centralized financial platform that: drives revenues, increases cross sales, strengthens retention and provides new insight into your account holders' financial world. Account holders can view and track all of their finances with integrated PFM–including accounts and loans at other institutions–and rewards tied to their Kasasa DDAs.

They claim people will be more willing to use this type of service when it's from a financial institution rather than some third party like Mint.com. Even if you trust this type of service, I would be worried about revealing multiple reward checking accounts. There have already been many incidents of banks threatening account closure for not using the accounts as primary checking accounts.
3
Ken TuminKen Tumin5,442 posts since
Nov 29, 2009
Rep Points: 123,743
1. Friday, March 23, 2012 - 8:31 AM
provides new insight into your account holders' financial world.

If that sentence means that BancVue and Kasasa institutions will have a clear window into all of its customers private finances, then that is eery.  Ken, your commentary tells me that is exactly what you think that sentence means.  Though one strategy might be to provide customer specific services, it reads like another purpose is to seek out ways to make more money from your customers, as a Kasasa institution.  I think your assessment/warning is spot on.
 I would be worried about revealing multiple reward checking accounts

1
MikeMike327 posts since
Feb 22, 2010
Rep Points: 875
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