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Bank Account Aggregation Services

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Account aggregation services provide one online account which pulls in information from several of your accounts at other financial institutions. For those with many credit card, bank and brokerage accounts, this can make it easy to review all your information at one place. The most popular aggregation service is Yodlee. Many banks provide Yodlee account aggregation for free from through their online banking websites.

Apparently these aggregation services are not catching on. This article reported that Wells Fargo just announced that it'll be shutting down its online aggregation service. Citibank ended its Yodlee account aggregation service last September.

The article mentioned the concern about online security as one reason why account aggregations services are declining in popularity. Yodlee is trying to overcome these security concerns with a partnership with RSA Security. Yodlee's goal is to implement a two-factor authentication system that'll work with its aggregation system.

Security concerns were mentioned a lot on this Fatwallet thread about Yodlee and account aggregation in general. I'm not sure if the extra convenience is worth the risk.
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2 Comments.
Neo
Neo   |     |   Comment #1
I am a Wells Fargo customer that received notice that they discontinuing their OneLook service. I am not sure if I will sign-up with Yodlee since I have a uneasiness about having all my financial information with a company I don't have any real connection with.

Neo
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Banking Guy
Banking Guy   |     |   Comment #2
That's a good point regarding having an aggregation service with your bank vs. an online site like Yodlee. Perhaps banks feel they have more liability and that's part of the reason they're dropping these services.
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