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  • FIRST POST
    • MSE Luke
    • By MSE Luke 2nd Mar 17, 12:10 PM
    • 217Posts
    • 53Thanks
    MSE Luke
    Meet your new Facebook friend the automatic savings app that lives in Messenger
    • #1
    • 2nd Mar 17, 12:10 PM
    Meet your new Facebook friend the automatic savings app that lives in Messenger 2nd Mar 17 at 12:10 PM
    'While many of us may have 'friends' on Facebook we haven't spoken to in years, it's unlikely you're connected with a robot – though with the new wave of 'chatbot' tech, this looks set to change.'

    Last edited by MSE Rosie; 14-03-2017 at 5:09 PM.
Page 1
    • Malthusian
    • By Malthusian 2nd Mar 17, 3:35 PM
    • 2,001 Posts
    • 2,863 Thanks
    Malthusian
    • #2
    • 2nd Mar 17, 3:35 PM
    • #2
    • 2nd Mar 17, 3:35 PM
    So I give it my bank account details (including the ability to read my statements) and in return it will move small amounts of money from an account on which I don't earn interest to another account on which I don't earn interest? (Except through a temporary MSE deal which only lasts six months.) And, utterly inexplicably, isn't FSCS-protected?

    As the cool kids say on Facebook - what
    • Vortigern
    • By Vortigern 2nd Mar 17, 4:08 PM
    • 2,187 Posts
    • 1,404 Thanks
    Vortigern
    • #3
    • 2nd Mar 17, 4:08 PM
    • #3
    • 2nd Mar 17, 4:08 PM
    As discussed previously:

    Plum or Chip

    Not for me
    • Biggles
    • By Biggles 2nd Mar 17, 4:23 PM
    • 7,272 Posts
    • 4,686 Thanks
    Biggles
    • #4
    • 2nd Mar 17, 4:23 PM
    • #4
    • 2nd Mar 17, 4:23 PM
    The main aim of Plum is to get people saving effortlessly, squirrelling away small amounts that its algorithm decides you can afford every few days, based on your spending.
    So I'll never know how much is in my acount at any given time? No thanks.

    I don't see any mention of sending it back immediately when you need it.
    No thanks.

    Will Plum pay me any interest? Usually, no.
    No thanks.

    your money isnt protected by the Financial Services Compensation Scheme.
    No thanks.

    I think that's the full set, no one can say it isn't comprehensive.
    • Plus
    • By Plus 2nd Mar 17, 9:32 PM
    • 207 Posts
    • 158 Thanks
    Plus
    • #5
    • 2nd Mar 17, 9:32 PM
    • #5
    • 2nd Mar 17, 9:32 PM
    404 not found. How interesting. I think somebody pressed the delete button. I wonder why MSE decided to promote it?
    • AnotherJoe
    • By AnotherJoe 2nd Mar 17, 9:45 PM
    • 6,295 Posts
    • 6,666 Thanks
    AnotherJoe
    • #6
    • 2nd Mar 17, 9:45 PM
    • #6
    • 2nd Mar 17, 9:45 PM
    These sort of apps are for the financially inept.

    You also have to wonder, once someone's given their passwords away, where do they stand with FCS protection if they are hacked, even if its nothing to do with these apps ? They must also be providing a very tempting target to attack.
    • colsten
    • By colsten 3rd Mar 17, 8:42 AM
    • 8,504 Posts
    • 7,095 Thanks
    colsten
    • #7
    • 3rd Mar 17, 8:42 AM
    • #7
    • 3rd Mar 17, 8:42 AM
    Did someone hack MSE Luke's and MSE Rosie's accounts?
    • Malthusian
    • By Malthusian 3rd Mar 17, 9:51 AM
    • 2,001 Posts
    • 2,863 Thanks
    Malthusian
    • #8
    • 3rd Mar 17, 9:51 AM
    • #8
    • 3rd Mar 17, 9:51 AM
    You also have to wonder, once someone's given their passwords away, where do they stand with FCS protection if they are hacked, even if its nothing to do with these apps ?
    Originally posted by AnotherJoe
    Well, FSCS protection we can rule out entirely because the FSCS doesn't cover hacking or bank fraud at all.

    As for whether your bank would be liable under Payment Services Regulations, giving someone else your login and password is usually explicitly against your bank's terms and conditions, and doing it is a slam-dunk argument for them that you were grossly negligent and are therefore liable for your losses. You lose, good day sir.

    I could not find anything on Plum's website about whether they have agreed with the banks that their customers can give them their online banking passwords. Maybe it's tucked away in an obscure FAQ but it should be on the front page.

    Plum claim they don't "store" login details and the login details are kept by a third party called Yodlee, but the login details must pass through them and are therefore vulnerable to hacking either via Plum or via Yodlee.

    If MSE has decided they're not going to promote Plum anymore then simply pretending it didn't happen is not good enough. They should formally retract the article and tell their readers not to put their savings at risk of both fraud and counterparty default for no good reason whatsoever.
    • Malthusian
    • By Malthusian 3rd Mar 17, 9:53 AM
    • 2,001 Posts
    • 2,863 Thanks
    Malthusian
    • #9
    • 3rd Mar 17, 9:53 AM
    • #9
    • 3rd Mar 17, 9:53 AM
    For those who didn't see the article before MSE deleted it without explanation, here is Google's cached version.
    • ColdIron
    • By ColdIron 3rd Mar 17, 10:05 AM
    • 3,141 Posts
    • 3,557 Thanks
    ColdIron
    The article is still up, just not with the link in post #1
    http://www.moneysavingexpert.com/team-blog/2016/12/15/get-up-to-5-interest-with-the-app-that-automates-your-saving/
    • Malthusian
    • By Malthusian 3rd Mar 17, 5:28 PM
    • 2,001 Posts
    • 2,863 Thanks
    Malthusian
    No, that's a different article. That article was about Chip and is from December 2016, this was about Plum and was posted on March 2. See my link to Google's cached version.
    • jimjames
    • By jimjames 3rd Mar 17, 6:25 PM
    • 11,784 Posts
    • 10,144 Thanks
    jimjames
    No, that's a different article. That article was about Chip and is from December 2016, this was about Plum and was posted on March 2. See my link to Google's cached version.
    Originally posted by Malthusian
    Would be nice if MSE bloggers actually came back to explain why an article they promoted has been deleted. Maybe lack of FSCS protection?
    Remember the saying: if it looks too good to be true it almost certainly is.
    • MSE Rosie
    • By MSE Rosie 17th Mar 17, 12:45 PM
    • 38 Posts
    • 19 Thanks
    MSE Rosie
    Hi all, the blog's back up now - we were just tweaking a couple of details on the interest offer. The blog explains the level of protection that Plum offers, it's of course up to you whether you're happy to take out a product that doesn't have FSCS protection.

    Thanks, MSE Rosie
    • Gambler101
    • By Gambler101 17th Mar 17, 12:56 PM
    • 295 Posts
    • 672 Thanks
    Gambler101
    You would need to be certifiably mad to sign up for this lol
    The instructions on the box said 'Requires Windows 7 or better'. So I installed LINUX
    • george4064
    • By george4064 17th Mar 17, 1:40 PM
    • 743 Posts
    • 790 Thanks
    george4064
    Looks terrible.
    "If you arent willing to own a stock for ten years, dont even think about owning it for ten minutes Warren Buffett

    Save 12k in 2016 - #045 10,358.81/12,000 (86%)
    Save 12k in 2017 - #003 6,131.58/12,000 (51%)
    • Malthusian
    • By Malthusian 17th Mar 17, 1:58 PM
    • 2,001 Posts
    • 2,863 Thanks
    Malthusian
    The blog explains the level of protection that Plum offers, it's of course up to you whether you're happy to take out a product that doesn't have FSCS protection.
    Originally posted by MSE Rosie
    Why is MSE happy to promote a product that doesn't have FSCS protection and offers zero reward in exchange for the risk of losing every penny of your savings?
    • Reaper
    • By Reaper 17th Mar 17, 2:15 PM
    • 6,041 Posts
    • 4,074 Thanks
    Reaper
    I said this before in the Plum thread but may as well repeat it here:

    I am constantly amazed how careless people are with their personal data.

    I would not allow 3rd party access to all my financial transactions, even if it is read only (and I'm not sure how that can be done). They will know which gas and electricity supplier you use, where you shop for food, whether you are rich or poor, belong to a gym, who your internet provider is, whether you subscribe to Sky or Netflix, how often you holiday abroad and so on.

    In time expect to be bombarded with highly targeted junk mail for all the above.
    • WithPlum
      Verified User verified user
    • By WithPlum Verified User verified user 17th Mar 17, 4:38 PM
    • 1 Posts
    • 0 Thanks
    WithPlum
    Hi All, Plum here We wanted to address and clarify some of your points. But please keep up the conversation and email us hello@withplum.com if you have any further questions.

    - On earning interest on your savings we have now partnered with RateSetter so you will be able to earn interest through P2P lending very soon! We're really excited about this, prior we just wanted to help people start saving money and now we can really grow your savings.
    - On protection, your savings are ring-fenced from all operations. Meaning there is no need for FSCS because your savings are not lent out (like a bank would typically do with your savings), the money is fully reimbursed should anyone go bust.
    - You can withdraw your money at any time with no cost
    - We will also never sell on any of your data, so no need to worry about marketing spam relevant to your transaction history.
    Official Company Representative
    I am the official company representative of Plum. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE"
    • JohnRo
    • By JohnRo 17th Mar 17, 4:49 PM
    • 2,305 Posts
    • 2,046 Thanks
    JohnRo
    I think I might have spotted a contradiction...
    'We can't solve problems by using the same kind of thinking we used when we created them.' ― Albert Einstein
    'Facts do not cease to exist because they are ignored.' ― Aldous Huxley
    • martinthebandit
    • By martinthebandit 17th Mar 17, 4:53 PM
    • 3,105 Posts
    • 5,295 Thanks
    martinthebandit
    I think I might have spotted a contradiction...
    Originally posted by JohnRo
    Just a small one, makes you wonder what other li... er inaccuracies they are hiding.
    Politics -
    from the words Poli, meaning many
    and tics meaning blood sucking parasites


    (thanks to Kinky Friedman (or Larry Hardman) for the quote}
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