Plaid (bank transfer software) sucks...

[RollingRefrigerator]

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.

It's solving a nonexistent problem though. I can instantly ACH transfer $100k+ for free on my phone through my credit union. If that's not a thing for people, recommend they get a decent bank instead of giving another party their password.

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[Art138]

It's solving a nonexistent problem though. I can instantly ACH transfer $100k+ for free on my phone through my credit union. If that's not a thing for people, recommend they get a decent bank instead of giving another party their password.

That’s the way to go if you pay cash. I bought a MY performance this year and wired the funds to the Wells Fargo bank they indicated. Most secure way I find.

 

[buzz]

Which works well for your CU. I can't do that through my bank w/o paying fees. Also what you're doing is a push mechanism. You need to initiate. Imagine there were no credit cards and you had to Venmo the store every time you bought something.

Also, you gotta think about their process on the receiving end. How do they reconcile an account with thousands of similarly sized transactions to know you paid for your Tesla? Plaid costs money for Tesla but saves from having to figure out who paid what.

Anyway, I'm not saying it's the most secure or anything. It just streamlines many processes and supports many more banks.

 

[illadave]

Plaid doesn’t work with brokerage accounts so I opted to do a wire transfer direct from my account to Tesla. Fairly instant depending on what day and time you do the wire (weekend wires would be processed the following business day).

 

[RollingRefrigerator]

Which works well for your CU. I can't do that through my bank w/o paying fees. Also what you're doing is a push mechanism. You need to initiate. Imagine there were no credit cards and you had to Venmo the store every time you bought something.

Also, you gotta think about their process on the receiving end. How do they reconcile an account with thousands of similarly sized transactions to know you paid for your Tesla? Plaid costs money for Tesla but saves from having to figure out who paid what.

Anyway, I'm not saying it's the most secure or anything. It just streamlines many processes and supports many more banks.

Why not switch banks? It's not my problem sure, and not trying to be pushy or anything, I just don't understand why anyone would use Wells Fargo or something similar when there are dozens of credit unions offering 100% no fees banking (ATM, transfers, notary services, cashier's checks, bill pay, and more all free) and paying out 4%+ interest on your balance.

 

[buzz]

Why not switch banks? It's not my problem sure, and not trying to be pushy or anything, I just don't understand why anyone would use Wells Fargo or something similar when there are dozens of credit unions offering 100% no fees banking (ATM, transfers, notary services, cashier's checks, bill pay, and more all free) and paying out 4%+ interest on your balance.

For sure. Different banking needs for everyone. I’m just disagreeing that “Plaid is solving a non-existent issue”.

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