Plaid (bank transfer software) sucks...

[RollingRefrigerator]

The bank transfer service, not the Tesla model!

Is it just me, or is anyone else frustrated by Tesla's continued commitment to forcing Plaid on us? I have zero interest in providing a 3rd party with my bank information INCLUDING PASSWORD! Moreover, this is completely pointless in this day and age. I can ACH them the $100k in about 10 seconds from my bank, for free, yet they insist on forcing us to sign up for this relatively new, and (in my opinion) highly questionable service, and hand over the keys to our bank accounts? I've never heard of any company requiring me to give them my bank account password, let alone a relatively new company with unknown connections and/or overseas operations... It seems like I get data breach notices every couple of months these days (just got a new one from my mortgage company last week!), why would I entrust my bank account and password to anyone?

When I got my solar + PW setup through Tesla, I refused to use Plaid, and had to call them to make other arrangements. They had no ability to accept an eCheck or ACH transfer, and actually asked me to send them a physical check. How cutting edge... Anyway, I did, but then I continued to get nagged about my "overdue final payment". After calling them again about this, CS was able to confirm the money had been credited to my account, but it still showed as overdue for months in the Tesla App... They told me not to worry about it, and yes it eventually seemed to go away, but I actually don't have any receipt for that final payment. What a fiasco.

Is anyone else planning to duck out of Plaid for payment? If so, what's your plan? If anyone is assembling the pitchforks to march on Tesla HQ to get this fixed, sign me up!!! It can't be just me!

Sponsored

 

[donnyb]

Never had an issue with Plaid, I have several accounts connected. You can make the payment and then go to https://my.plaid.com to delete your connection. This is what I am planning on doing.

 

[EMoeller]

Never owned a Tesla - so what the heck is PLAID? I will be paying in cash and not financing....

 

[RollingRefrigerator]

Never owned a Tesla - so what the heck is PLAID? I will be paying in cash and not financing....

If you are paying "cash", then this is relevant to you. For Tesla, Cash = Plaid transfer. It's a 3rd party service that you provide you bank account and password to and they'll do the transfer for you. I mean, give me your password and account info and I can provide this service, honest!

There is literally no other option provided, and if you call them they'll tell you to mail in a check and it will hopefully get credited to you account at some point. My experience with this is above. Not ideal...

 

[EMoeller]

If you are paying "cash", then this is relevant to you. For Tesla, Cash = Plaid transfer. It's a 3rd party service that you provide you bank account and password to and they'll do the transfer for you. I mean, give me your password and account info and I can provide this service, honest!

There is literally no other option provided, and if you call them they'll tell you to mail in a check and it will hopefully get credited to you account at some point. My experience with this is above. Not ideal...

I'm still confused here is what Tesla sent me when I placed my order:

Paying for Your Vehicle
Depending on what state you live in, you can choose to lease the vehicle, purchase with financing or purchase outright. You may also be able to trade in your current vehicle and apply the trade-in value toward your new Tesla vehicle purchase.
Prior to your delivery date, confirm your payment method with your Tesla Advisor and pay the amount due in your Tesla Account.
For final payment, we accept:

• Electronic check (direct debit) in the Tesla app
• Wire transfer
• Certified check at time of delivery with your Reference Number (RN) and name in the memo line

Note: The total amount for your final payment must come from a single account. Leasing and financing are contingent on credit approval and not available in all states.


I ALSO noted that Tesla does NOT offer any leases for Cybertruck. I haven't noticed anyone mentioning this on this forum but this is a big deal because leasing (via a business) can allow tax credits...

 

[RollingRefrigerator]

I'm still confused here is what Tesla sent me when I placed my order:

Paying for Your Vehicle
Depending on what state you live in, you can choose to lease the vehicle, purchase with financing or purchase outright. You may also be able to trade in your current vehicle and apply the trade-in value toward your new Tesla vehicle purchase.
Prior to your delivery date, confirm your payment method with your Tesla Advisor and pay the amount due in your Tesla Account.
For final payment, we accept:

• Electronic check (direct debit) in the Tesla app
• Wire transfer
• Certified check at time of delivery with your Reference Number (RN) and name in the memo line

Note: The total amount for your final payment must come from a single account. Leasing and financing are contingent on credit approval and not available in all states.


I ALSO noted that Tesla does NOT offer any leases for Cybertruck. I haven't noticed anyone mentioning this on this forum but this is a big deal because leasing (via a business) can allow tax credits...

That may be what they said, but now that I have a VIN assigned, the only option under "Final Payment" in the App is Plaid. I think maybe that's what they mean when they say "direct debit in the Tesla app"? The others I agree they will probably allow you to do but you need to call them, and based on my solar experience, I suspect this will delay your payment being recognized by their system, and maybe even delay delivery. I'm on Android, maybe there are other options on iPhone???

Has anyone taken delivery using anything other than Plaid? I just can't imagine Tesla is funneling nearly all of their $96B of revenue through this 3rd party system.... But yet that seems to be the case.

 

[dandor]

I have used certified check three times in California with Tesla. Never an issue.

 

[RollingRefrigerator]

Never had an issue with Plaid, I have several accounts connected. You can make the payment and then go to https://my.plaid.com to delete your connection. This is what I am planning on doing.

Interesting option, but then I'd probably want to change my bank account password too. I'm just not following the logic on when we started just handing out our bank passwords to companies? Especially in this age of free and instant ACH transfers directly from banks.

 

[Stuck4ger]

The bank transfer service, not the Tesla model!

Is it just me, or is anyone else frustrated by Tesla's continued commitment to forcing Plaid on us? I have zero interest in providing a 3rd party with my bank information INCLUDING PASSWORD! Moreover, this is completely pointless in this day and age. I can ACH them the $100k in about 10 seconds from my bank, for free, yet they insist on forcing us to sign up for this relatively new, and (in my opinion) highly questionable service, and hand over the keys to our bank accounts? I've never heard of any company requiring me to give them my bank account password, let alone a relatively new company with unknown connections and/or overseas operations... It seems like I get data breach notices every couple of months these days (just got a new one from my mortgage company last week!), why would I entrust my bank account and password to anyone?

When I got my solar + PW setup through Tesla, I refused to use Plaid, and had to call them to make other arrangements. They had no ability to accept an eCheck or ACH transfer, and actually asked me to send them a physical check. How cutting edge... Anyway, I did, but then I continued to get nagged about my "overdue final payment". After calling them again about this, CS was able to confirm the money had been credited to my account, but it still showed as overdue for months in the Tesla App... They told me not to worry about it, and yes it eventually seemed to go away, but I actually don't have any receipt for that final payment. What a fiasco.

Is anyone else planning to duck out of Plaid for payment? If so, what's your plan? If anyone is assembling the pitchforks to march on Tesla HQ to get this fixed, sign me up!!! It can't be just me!

In 2020 I used PayPal with Tesla to purchase a Model Y, 48 solar panels, and 4 powerwalls.

 

[donnyb]

That may be what they said, but now that I have a VIN assigned, the only option under "Final Payment" in the App is Plaid. I think maybe that's what they mean when they say "direct debit in the Tesla app"? The others I agree they will probably allow you to do but you need to call them, and based on my solar experience, I suspect this will delay your payment being recognized by their system, and maybe even delay delivery. I'm on Android, maybe there are other options on iPhone???

Has anyone taken delivery using anything other than Plaid? I just can't imagine Tesla is funneling nearly all of their $96B of revenue through this 3rd party system.... But yet that seems to be the case.

Here are other options for payment. https://www.tesla.com/sites/default/files/SelfArrangedFinancingInstructions_092019.pdf

PS. My fee is $29.95 ?

 

[RollingRefrigerator]

Here are other options for payment. https://www.tesla.com/sites/default/files/SelfArrangedFinancingInstructions_092019.pdf

PS. My fee is $29.95 ?

Good info at that link, thanks! And good to hear there seems to be a hidden ACH option. But, that section is titled "lienholder info" and the whole doc is for folks financing through their banks. I don't see any similar option for those paying cash. And while it makes sense that I should be able to just ACH them $100k to that info and include my RN as a reference, that seems like a low risk but very high impact thing if it goes sideways.

I will call to confirm before sending them obviously.

 

[Art138]

I just bought a MY Performance and requested their wire transfer particulars. They provided routing and account info thru Wells Fargo. it was a seamless transaction and they released the vehicle the next day.

 

[Celiboy]

Good info at that link, thanks! And good to hear there seems to be a hidden ACH option. But, that section is titled "lienholder info" and the whole doc is for folks financing through their banks. I don't see any similar option for those paying cash. And while it makes sense that I should be able to just ACH them $100k to that info and include my RN as a reference, that seems like a low risk but very high impact thing if it goes sideways.

I will call to confirm before sending them obviously.

My three Tesla purchases so far have been through certified checks from my bank. Have always just taken them with me to the delivery and haven’t had any problems. I’m glad the info he gave was helpful. That sounds distressing giving bank info.

 

[Crissa]

Yes, deauthorize Plaid quickly after using it.

It's a cruddy hack meant to make it easier for people to do things.

-Crissa

 

[truck]

Plaid is owned by Visa, that should either make you at ease or even more worried.
Sometimes, they do proper account linking by using Oauth instead of taking credentials, but most banks are outdated, which leads to Plaid requiring account login.

Sponsored