Despite the common gloom & doom provisions included in account holder agreements whether they ultimately supersede federal regulations is the question.HoberMallow wrote: ↑Tue Aug 09, 2022 8:14 pmAbsolutely. Here's the relevant section from Vanguard's "security promise:"mmse wrote: ↑Tue Aug 09, 2022 6:13 pmThis is likely to violate a provision in the bank online agreement that prohibits disclosure of the online credentials to 3rd parties. This would likely shift responsibility for fraudulent transactions from the bank to the client. This is the main reason I would never use an aggregator.Bammerman wrote: ↑Tue Aug 09, 2022 2:25 pm I'd like to try using Personal Capital, but a lifetime of protecting my passwords keeps me from trying PC out. I've read all their stuff about how well protected their security is and I have no reason to doubt it, but I just can't take that last step into space. Curious if anyone else has had, or is having, this difficulty, and how you handled it.
In other words, if you share your password and money is stolen from your account as a result, don't expect Vanguard to reimburse you.Vanguard wrote: We’ll reimburse you the amount taken from your Vanguard account in an unauthorized online transaction on vanguard.com if you’ve followed the steps described in the Your responsibilities section below.
You should be aware of the risks of sharing your account information: If you share your vanguard.com user name and password, or if you allow someone to access your account information, activities performed with your shared or accessed credentials or information may be considered authorized.
This letter from the National Consumer Law Center to the Consumer Federal Protection Bureau covers the issue.
https://www.nclc.org/images/pdf/rulemak ... egator.pdf
Some financial institutions take the position that consumers lose their dispute rights and liability protection under Regulation E if they give a third party permission to access their account and unauthorized charges result. That is incorrect. The CFPB should take action to stop financial institutions from misrepresenting consumers’ liability rights in order to discourage use of competing services. (At the same time, as discussed in the next section, the CFPB should facilitate safe methods of data sharing.)
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Regulation E rights are not waivable and financial institutions may not change them by contract.