I asked my bank and they say not to give my security details to you. What do you advise?

Banks rightly encourage their internet banking customers to be careful to prevent fraud and to not allow their passwords to fall into the hands of fraudsters.  There is a clear distinction between you allowing fraudulent misuse of passwords, and using them in a secure environment to allow you to better manage and understand your own money. The transactions are your transactions. The balances are your balances. The data managed by the bank on your behalf is your data. Money Dashboard provides a service designed to empower you to get the most out of your data, by helping you to see the true view of your financial life.

Some banks explicitly acknowledge the benefit of aggregation services, such as ours, in their Terms and Conditions and therefore directly permit aggregation. Others do not, however, this does not necessarily mean they do not want you to aggregate your accounts. Some banks, perhaps understandably, will be reluctant to endorse any external organisation unless they have undertaken rigorous checks on them. Given the international nature of aggregation, this is a near impossible task for banks.

For the most part, advice from a bank is therefore based on a cautious approach. Ultimately, it is your decision as to whether you use our service; please read this post for more information on how we keep your details secure.

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2 Comments

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    steve_cronin

    Well after an initial inquiry to my bank (Nationwide) on this subject, the person that dealt with my request had absolutely no understanding of how this works and didn't even know that Money Dashboard could get a read only copy of my data. Even though they mention Money Dashboard as a top financial management tool on their own website, they thought the data was populated by you manually entering in transactions!

    Anyway, I will change my bank security details as soon as I have refreshed my Money Dashboard data (probably on a monthly basis), so that the login data held by Yodlee will only be any use for the duration of the time it takes me to sync Money Dashboard. I will continue doing it this way until Nationwide actually acknowledges that they understand how this works and if they consider it as any greater security issue than normally logging into their own online sites.

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    Sean

    Hi @steve_cronin,

    Thanks for letting us know and unfortunately this is reflective of the disconnect between the guidance the banks' customer service representatives are often able to provide and the Terms and Conditions for the accounts you open with them. Having checked Nationwide's online banking T&Cs ourselves there is not currently any specific guidance as to their attitude towards personal finance apps though we do always advise users to consult their own documentation and make their own decision.

    As a founding member of the Financial Data and Technology Association, Money Dashboard is leading the way by working with the Open Banking Working Group to make services such as ours more accessible and user friendly for the consumer.

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