Advertising Disclosure
  1. Home
  2. Community
  3. Ask
  4. Looking For Input About " Plaid "

Looking For Input About " Plaid "

happyharold4
  |     |   388 posts since 2022

I've recently run into 2 occasions where the only option of ACH payment was by using Plaid's platform. They require your route and account #'s as well as your user name and password to access funds in your account. That just seems like too much personal information to be giving up. Your thoughts. Thanks

  Post an answer
3


Answers
txFish1
  |     |   476 posts since 2023
I have been fortunate so far as twice I had the option to use Plaid or set it up manually and both times I did it manually. If the situation does arise where Plaid was the only choice I think I would have to err on the side of caution and not use Plaid.
Reply
3
GH1
  |     |   1,053 posts since 2017
Agree with txfish do manual. If you use plaid immediately change your password. Safety safety safety
Reply
3
planxy
  |     |   140 posts since 2013
Trustpilot reviews, all you need to know: www.trustpilot.com/review/plaid.com
Reply
3
txFish1
  |     |   476 posts since 2023
@planxy WOW those are some awful reviews!
Reply
2
JeffinEasternFL
  |     |   744 posts since 2020
If ya gotta use it: link it to an account with a low balance that is not connected to other accounts for overdraft/sweep funding etc., (A Chinese wall, or Trump wall so to speak of :) at your bank. 

I have a secondary checking account at my bank with such instructions; I use it for PayPal, Venmo, Cash App etc., and its balance means I won't be hurt if it is compromised. It has no overdraft/sweep instructions, etc., dido a separate credit card I use for auto pays and online purchases, a separate card number/account and a much lower credit limit from the one I "carry" for personal use otherwise. 

And I NEVER use nor carry a debit card, I have one in the safe at home for emergency ATM access only.
Reply
2
txFish1
  |     |   476 posts since 2023
@JeffinEasternFl so you have a 2nd checking account at the same bank as your primary bank checking acct? When you do an outbound push from that bank you just transfer the funds from primary checking acct to 2nd checking acct and push to XXX FI and when you do a pull from XXX FI you pull into the 2nd acct and immediately transfer into primary checking acct. I always try and keep things simple and have as few accts as possible but I do like your idea especially tying the secondary acct to Paypal, Venmo etc.
Reply
2
JeffinEasternFL
  |     |   744 posts since 2020
Yes, and it works!
Reply
1
midas89
  |     |   996 posts since 2017
@happyharold4 Let me tell you what I do with Plaid, and it truly is fine: After I do the Plaid verification and my external account is linked, I simply go to the Plaid website where you will find a form where you can request they delete all info regarding you. They will subsequently email you a warning that all of your info (your bank accts, user names, personal info, etc.) will be removed from Plaid servers. They will require you to reply YES to proceed, or else they won't proceed. They will also warn you that if you use Plaid in the future, you'll have to re-send in another data removal request.

I only use Plaid if it's a situation where I really want instantaneous external linking to speed up either initial funding, or if I need faster transfers to an account I have not previously linked. Otherwise, I don't mind waiting the time involved to do the trial deposits. I am only writing all this because it really does work to use Plaid and then have them delete your data. I have successfully done this many times.
Reply
2


The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.