Is Plaid.com Safe?

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Topic Author
RJC
Posts: 1485
Joined: Fri Dec 14, 2018 12:40 pm

Is Plaid.com Safe?

Post by RJC »

Dear friends,

I am currently in the process of purchasing a car and there is an option to pay by Plaid.

Is this considered safe and worth the convenience? They ask for bank login and PW.

Thanks in advance.
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Orangutan
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Location: NYC

Re: Is Plaid.com Safe?

Post by Orangutan »

Deleted.
Last edited by Orangutan on Mon Sep 20, 2021 5:46 pm, edited 1 time in total.
terran
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Re: Is Plaid.com Safe?

Post by terran »

From a technical perspective, probably just as safe/secure as any bank website. However, if you read your bank's terms of service I suspect it says you're responsible for keeping your login credentials safe and secure and not giving them out to 3rd parties. If my bank account is ever hacked into I don't want there to be any question of whether the unauthorized access was due to my error as best as I can help it, so I choose not to give me username and password to 3rd party apps. This includes things like Personal Capital and Mint, but would if anything apply even more so to something that's authorized to make actual transactions within my account. So I guess all of that to say, it's probably fine, but the reward wouldn't be worth the risk for me.
Topic Author
RJC
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Re: Is Plaid.com Safe?

Post by RJC »

terran wrote: Mon Sep 20, 2021 8:27 am From a technical perspective, probably just as safe/secure as any bank website. However, if you read your bank's terms of service I suspect it says you're responsible for keeping your login credentials safe and secure and not giving them out to 3rd parties. If my bank account is ever hacked into I don't want there to be any question of whether the unauthorized access was due to my error as best as I can help it, so I choose not to give me username and password to 3rd party apps. This includes things like Personal Capital and Mint, but would if anything apply even more so to something that's authorized to make actual transactions within my account. So I guess all of that to say, it's probably fine, but the reward wouldn't be worth the risk for me.
I have used Mint in the past and I believe did the same for a refinance portal? It seems safe but giving out credentials never feels right... :?
Topic Author
RJC
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Joined: Fri Dec 14, 2018 12:40 pm

Re: Is Plaid.com Safe?

Post by RJC »

Orangutan wrote: Mon Sep 20, 2021 8:20 am I consider Plaid safe.
Seems like a lot of folks use it.
MikeG62
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Re: Is Plaid.com Safe?

Post by MikeG62 »

It seems commonplace these days for linking financial institutions for ACH transfers.
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homebuyer6426
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Re: Is Plaid.com Safe?

Post by homebuyer6426 »

What value does it add?
45% Total Stock Market | 52% Consumer Staples | 3% Short Term Reserves
inverter
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Location: New York, NY

Re: Is Plaid.com Safe?

Post by inverter »

All this is doing is using your bank login to determine your routing and account number. Why not just get it from your online banking yourself without having it login as you?

Or better yet, pay with wire or cashier's check where you are in control.
Topic Author
RJC
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Re: Is Plaid.com Safe?

Post by RJC »

homebuyer6426 wrote: Mon Sep 20, 2021 8:55 am What value does it add?
It seems like it's the preferred method of transfer for this company. I just want to be sure it gets there quickly without potential for delay.
Topic Author
RJC
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Joined: Fri Dec 14, 2018 12:40 pm

Re: Is Plaid.com Safe?

Post by RJC »

inverter wrote: Mon Sep 20, 2021 8:58 am All this is doing is using your bank login to determine your routing and account number. Why not just get it from your online banking yourself without having it login as you?

Or better yet, pay with wire or cashier's check where you are in control.
I was thinking about wiring as another possible option. I just want it to get there without any potential for delay.
Topic Author
RJC
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Joined: Fri Dec 14, 2018 12:40 pm

Re: Is Plaid.com Safe?

Post by RJC »

I decided to send a wire. Thanks everyone for your comments. :beer
harrychan
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Location: Pasadena

Re: Is Plaid.com Safe?

Post by harrychan »

Tesla offered or highly suggested using Plaid but I went and cut a cashiers check when I picked up the car.
This is not legal or certified financial advice but you know that already.
Pacinotti
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Joined: Wed May 15, 2019 1:37 pm

Re: Is Plaid.com Safe?

Post by Pacinotti »

When I purchased a Model 3 they took my personal check (!).
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