Plaid (bank transfer software) sucks...

[MInnesooooooota]

All of these online bank services seem cool and convenient now. But keep in mind EVERY entity in the world has been hacked including the CIA, FBI, NSA, Microsoft, Google, etc.

Recently I bought a Y and was told to use my phone to pay with blah, blah. I was thinking to myself GFY.

I brought two bank checks. As soon as I gave them the checks, they clicked away and the car was mine in my App.

I can see why so many Teslas were stolen with fake checks.

Tesla makes some great products. But they are not that well run of a company.

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[CyberGus]

Security 101: You should never disclose your password, ever, to anyone.

Caveat: as with Plaid, you must sometimes enter your password into a system that you do not fully trust. In these cases, you should first set your password to something like "3atmy4ss" or "b0ssman69" and immediately reset it when the transaction is complete.

Generally: passwords are a weak security measure anyway. They should be long, random, changed often, and never re-used. Of course, that makes them difficult to remember, so use a password-manager and configure for TFA (Two-Factor Authentication).

 

[Cybertruck26]

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.

Same. I personally, have found Plaid to be super helpful and never felt my information was at risk. That said, the US Government has leaked my information way more than anyone else. I can understand the frustration of having to deal with a third party, but never had issues with Plaid. Good luck!

 

[PV EV in VT]

Back in the dark ages (10 years ago), we used a certified bank check to buy MS. I think it was the only option. I'm relieved by those members who stated that certified check is still okay.

I called our bank yesterday to ask about wiring funds. Simple, but $35 fee, which seemed like a lot. I might need to find a new bank. One that hasn't been gobbled up by a greedy super-bank.

 

[RollingRefrigerator]

Thanks for all the replies. Problem solved - I found a somewhat hidden screen with info on how to wire them funds directly instead of using Plaid.
If you click on the make payment tab then click "add payment" button, then "add bank account" button, then hit the back button to abort out of Plaid. Then this screen pops up:

Then click View Wire Details and voila, info for a direct ACH transfer appears:

Not sure why they don't make this more obvious... But this is the route I'm going! Thanks everyone for the replies.

Also FYI, Plaid does in some cases require you to provide two factor verification info also, so that's no fix. And according to their disclosures, you are consenting to them collecting data including previous transactions your account has made. They also don't explicitly exclude providing/ selling this data to external parties. I'm no tin foil hat guy, but that seems like a bad thing even if they don't leak bank access info to hackers...

Anyway, I'm happy with the ACH solution!

 

[heems]

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!

This is literally false information. Plaid does not get your id and password. During set up you get redirected to your financial institution to login and “link” your account. Plaid can the transact to your account but they don’t know or get to use your password. The link is their own “login” if you want to think of it that way.

if you have used Google or Facebook to login to other sites it’s no different.

 

[Wildfortune]

I have used Plaid with my Monarch Money Budget app/website ever since Mint closed down. It's a good product. You can read about it here.
https://en.wikipedia.org/wiki/Plaid_Inc.

 

[Crissa]

This is literally false information. Plaid does not get your id and password. During set up you get redirected to your financial institution to...

This is not true.

It probably varies by institution, but my experience was that the Plaid software took my credentials and used them themselves.

-Crissa

 

[heems]

This is not true.

It probably varies by institution, but my experience was that the Plaid software took my credentials and used them themselves.

-Crissa

I hadn’t experienced this myself but after more research I stand corrected. Seems it’s a mix. https://support-my.plaid.com/hc/en-...n these cases, Plaid does,services up-to-date.

 

[Rockwell]

Thanks for all the replies. Problem solved - I found a somewhat hidden screen with info on how to wire them funds directly instead of using Plaid.
If you click on the make payment tab then click "add payment" button, then "add bank account" button, then hit the back button to abort out of Plaid. Then this screen pops up:

Then click View Wire Details and voila, info for a direct ACH transfer appears:

Not sure why they don't make this more obvious... But this is the route I'm going! Thanks everyone for the replies.

Also FYI, Plaid does in some cases require you to provide two factor verification info also, so that's no fix. And according to their disclosures, you are consenting to them collecting data including previous transactions your account has made. They also don't explicitly exclude providing/ selling this data to external parties. I'm no tin foil hat guy, but that seems like a bad thing even if they don't leak bank access info to hackers...

Anyway, I'm happy with the ACH solution!

I don't know if you'll see this reply since it's been a month since you posted, but in case you do, I just wanted to say thanks! I needed to pay my balance and Plaid was having trouble connecting to my bank. I also didn't like the idea of putting in password info into Plaid. I remember we paid easily in 2021 through the app for our MY from the same account, then I realize Tesla wasn't using Plaid back then. Your post reminded me how to get to the wire info and I just sent it that way. Delivery scheduled in 2 days, needed to pay and didn't need the stress from Plaid. Thanks for taking the time to post that!

 

[jf64k]

For my two 2020 MYLR's, on delivery day I brought checks made out to Tesla. Easy-peasy.

I'm all about using e-payments whenever possible, but I'm doing the same for my FS-AWD. Seems so easy and I get to look over the CT before I hand them the check.

 

[cybertruckwaldo]

I just opened a free checking account specifically for Tesla dealings lol

 

[RollingRefrigerator]

I don't know if you'll see this reply since it's been a month since you posted, but in case you do, I just wanted to say thanks! I needed to pay my balance and Plaid was having trouble connecting to my bank. I also didn't like the idea of putting in password info into Plaid. I remember we paid easily in 2021 through the app for our MY from the same account, then I realize Tesla wasn't using Plaid back then. Your post reminded me how to get to the wire info and I just sent it that way. Delivery scheduled in 2 days, needed to pay and didn't need the stress from Plaid. Thanks for taking the time to post that!

Glad it helped! Was surprised how relaxed some folks are about handing over banking passwords to Plaid.

Enjoy the truck!

 

[CyberRich]

Funny story… when I paid for my truck they asked me to use Plaid, so I tried it over my 5G connection and it was declined. My delivery advisor said “oh yeah, you should connect to our guest network and try again.“. That time it went through. If I was a conspiracy theorist I might think something’s going on.

 

[buzz]

Got used handing out passwords after using Mint years ago. Just gotta trust the provider (Plaid in this case).

It does solve a need for companies like Tesla and others. It allows them the ability pull large amount of funds from your bank account. Same reason why credit cards exist, you give them small bits of info (cc number, exp, cvv) and they can pull from you. You don't need to goto your bank app and initiate a wire transfer or call anyone or goto a physical branch and get a cashier's check. Less user input errors...you either know your bank password or don't. They don't gotta worry about you filling out their address wrong or know the difference between ACH and wires for routing numbers. As long as it's not the only way and it sounds like they do offer other payment methods.

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