Warning: you will have to turn over your entire banking transaction history for 365 days +your funding bank balance -- to fund your Kabbage account, unless you're willing to pay $25 fee to wire in a funding deposit.
You will have no way to revoke the feed they have to your bank transactions access once access is granted. Be weary of any "link your bank" services, as they all operate the same way.
expiredskeleton516 posted Oct 25, 2021 05:36 AM
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expiredskeleton516 posted Oct 25, 2021 05:36 AM
New Kabbage Checking Accounts: Complete 5 Debit Card Purchases & Earn
(Within 45 Days of Acct. Opening)$300 Cash Deposit
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You should know that Plaid, Yoodle and companies like them scrape your personal bank account information using your username + password, and then they will use that for their own data mining purposes --- in addition to providing the data to the requesting company as part of their service.
- In this case they are obtaining all your bank transactions over 365 Days and your balance to make it available to Green Dot bank.
- they will maintain this access until you change your Funding Bank account password.
The only way to stop Plaid and Yoodle from harvesting your personal and financial information after you've used any "login to verify your bank" services is by changing your Bank password.
NOTE: Plaid/Yoodle etc can gain access to all your banking information, including mortgages, loans, credit cards etc. as they login to your account pretending to be you and scrape data that your bank may present to you on your bank home page. While in this case scope is limited to your transactions over 365 days and balances, other companies may try to extract as much information as possible about your finances, without you knowing.
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Since they have no other funding source option (w/o turning over my entire finances to this no-name bank, or incurring a $25 wire deposit fee) it seems like I'll have to pass on the deal.
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Its basically a Greendot card at the end of the day. My actual card is Mastercard and not Amex though which I thought it would be at first yet MC is accepted by more vendors so thats fine with me.
I actually like this card so far and it might eventually end up being my go to replacement prepaid card over Amex Serve longterm. It even does the 1.10 APY which seems fair if you plan to keep money in there longterm.
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Its basically a Greendot card at the end of the day. My actual card is Mastercard and not Amex though which I thought it would be at first yet MC is accepted by more vendors so thats fine with me.
I actually like this card so far and it might eventually end up being my go to replacement prepaid card over Amex Serve longterm. It even does the 1.10 APY which seems fair if you plan to keep money in there longterm.
"Once Yodlee has access to the individual's account, the plaintiff alleges that Yodlee routinely extracts data from the user's account, even after an individual has severed the connection between its bank account and the third-party service. After access is revoked, Yodlee accesses the account by relying on their own stored copy of the individual's credentials. Then, Yodlee allegedly aggregates the data, including bank account balances and transaction histories, and sells it to third parties for a fee."
-Source Article from website JDSUPRA: "Privacy Litigation Updates for the Financial Services Sector: Yodlee and Envestnet Sued for Data Disclosure and Processing Practices"
You should know that Plaid, Yoodle and companies like them scrape your personal bank account information using your username + password, and then they will use that for their own data mining purposes --- in addition to providing the data to the requesting company as part of their service.
- In this case they are obtaining all your bank transactions over 365 Days and your balance to make it available to Green Dot bank.
- they will maintain this access until you change your Funding Bank account password.
The only way to stop Plaid and Yoodle from harvesting your personal and financial information after you've used any "login to verify your bank" services is by changing your Bank password.
NOTE: Plaid/Yoodle etc can gain access to all your banking information, including mortgages, loans, credit cards etc. as they login to your account pretending to be you and scrape data that your bank may present to you on your bank home page. While in this case scope is limited to your transactions over 365 days and balances, other companies may try to extract as much information as possible about your finances, without you knowing.
***
Since they have no other funding source option (w/o turning over my entire finances to this no-name bank, or incurring a $25 wire deposit fee) it seems like I'll have to pass on the deal.
Doesn't matter if you change your password, once you give them the password they can download months or years of transactions in a second, that no only shows what type of stuff you buy, but also how much you spend and WHERE YOU HAVE been at any time. Not only that, say you split a bill between friends at a restaurant, they can associate you together with timestamp of the restaurant charges. This is BS when there is API technology and simple ACH using routing number that does the same thing.
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