I'm with you on that one...as in that will NEVER happen on my watch. But I am curious how a financial institution can ask for your ID and password knowing that is in breach of the T&C's of the other financial institution?
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Same, I’ll happily crank out my statements in full detail for any period they want but I’m not giving them the keys to door.
If this is becoming a requirement I’d suggest banks should look to create guest log ins that we can control access of with audit logs and some kind of assurance those using the log in have approval.
Same plus you raise a good point/solution. I also suggest we should know the full name, home address, position, employment tenure, work and personal e-mail addresses, contact numbers, date of birth and criminal record for all persons who wants such audit access as set up by the user per your suggestion. It might sound over the top, but I would want to know who is poking around my financial records and their trustworthiness. I don't see that an unreasonable in light of what is being requested by the lender, which IMO is equally invasive.
P.S. And an indemnity against disclosing any personal information and/or any financial loss plus costs.
Take your tin foil hats off..
Anyone that has ever worked for a financier will tell you that you are just boring numbers on a screen and they really don’t care much for you or your personal information.
They want to be able to lend a much money as they can to you whilst being compliant under the relevant legislation
That's a pretty rediculous argument, "All care and no responsibility".
How many times a year do you see news stories about people in positions of trust who end up taking advantage over time.
Many banks also offer document vaults as part of their internet banking service, I don't personally make use of these but some may and it could contain highly sensitive information.
No-one would have any sympathy for any "victims" if it was determined their credentials were shared against the recommendations or policy of your bank.
I'd say there would be a good proportion of applicants who don't want to be sharing this info either but feel they have no choice, it also flies in the face of all the work done in this industry to educate the less tech savvy.
Obviously I'm not against sharing the information, in fact I'm very pro-enablement for data sharing but there has to be safeguards such as read only access.
So I give my banking details to another financial business so as I may borrow money from them.
Then one of their staff use my banking details to help themselves to my funds.
What would the out come be.?
I would guess the bank whose employee stole my funds would pretty quickly want to reimburse me.
The law would see the thief would spend a good amount of time in jail.
Lets face it all banks have a lot more funds than I do,so I do not see I would be out of pocket.
The business asking for my banking details would surely have to guarantee i would not suffer any losses from giving them my banking details.
The problem is that there isn't a unique identifier saying someone from that bank took your details. From your current banks perspective someone logged in with your password and took your funds and its your responsibility to be in charge of your accounts login details. Most banks also specifically state in their T&C's that any loss as a result of someone else having access to your password, they are not responsible for
NZ is behind the times with banking API's, Most of the banks in the UK now have fantastic interbank functionality and allow for finance providers and proper budgeting apps to have "Read-only" access your data (with your permission)
There is no reason Heartland needs full access to your bank account to give you lending, its incredibly insecure in today's world...
I don't believe anything is secure these days. The bank recently sent me a new credit card because mine had been compromised but I'm sure it wasn't my fault and I saw no clue as to what actually happened. I don't shop online much either just the majors TM and occasionally Briscoes. Another guy with my email address keeps asking for bitcoin otherwise he's going to release vids of me ****ing on cam. I'm not sure which bank he works for but he's obviously never dealt with me personally because he feels the need to teach me about bitcoin along the way. Should I tell him it's an unstable investment with no intrinsic value?
I guess the point is the banks save loads with internet tech so they have been prepared to cover losses as far as I've been aware.