Is Egg money manager safe and is it the best?

Lokolo

Yeh same as Eggs.

Also Paul, I notice you have a negative balance with your Egg account :-O is someone stoozing their money??

essexsi_2

Thanks for all the help.

If some are so against it, it is in their T&C's then its a good idea to check with the institutions that I want to list?

Paul thanks for the screen shot. All your institutions are the same as mine, does this mean you've checked and these are all ok with the system?

Thanks for your time Si

Paul_Herring

Lokolo wrote: »

Also Paul, I notice you have a negative balance with your Egg account :-O is someone stoozing their money??

No. It's Egg Money (the one you can have a positive balance with 4% credit interest) - I'm using it like a normal credit card, and the balance is what I'll have to pay next DD. I gave up stoozing when the fees made the gains not worth the bother.

essexsi wrote: »

If some are so against it, it is in their T&C's then its a good idea to check with the institutions that I want to list?

That's a decision you'll have to make for yourself. Most of the ones in my screenshot warn against it IIRC.

Paul thanks for the screen shot. All your institutions are the same as mine, does this mean you've checked and these are all ok with the system?

Not all of my institutions were visible on that screenshot (you may notice it got chopped off at Amex) - I've had no problems with AccountUnity itself logging into accounts - just the usual 'egg' problems with the banks' sites (site down, site down for maintainance, site down because it's a full moon etc.)

essexsi_2

Cheers for your help Paul.

So a safer bet maybe using Egg or First Direct as they seem to cover any losses through using their system.

All the best Si

Paul_Herring

essexsi wrote: »

So a safer bet maybe using Egg or First Direct as they seem to cover any losses through using their system.

If it worries you, then yes, however...

Egg will only cover you if:

http://new.egg.com/visitor/0,,3_63245--View_1248,00.html wrote:

* The cause is an error by our staff or our systems.

* The fraud or security breach is caused by Egg, an Egg company or one of our Linked Suppliers. Linked Supplier means a person or company which provides additional benefits or services to you under an arrangement with us.

Note that you have to prove Egg are at fault here, whether or not they are (and how easy do you think they'll make that?)

First Direct are similar:

http://www.firstdirect.com/ourservices/ibp_faq_security.shtml#question6 wrote:

We are offering a security guarantee for this service. first direct will refund any money taken from your accounts without your authority as a direct result of our negligence or fraud.

I don't think those guarantees are giving you the safety you think they are. You must be able to prove that Egg/FD are the ones at fault if money 'goes missing' from your other accounts.

In summary, if you're going to risk using one of these at all I'd be inclined to use eWise's, since the guarantees the other two are giving you are basically worth squat wrt fraud. In addition, judging from Egg's EM, their version is crippled. And then there are the perceived 'privacy' problems where people think Egg(FD) can see your other accounts.

All that said, I've been using eWise for years, and have yet to have a problem along these lines, and am happy with their service.

essexsi_2

Thanks for going into such detail in your replies Paul.

If I were to use one I think it would be the eWise one.

All the best Si

optiMISER_3

Active X, which this system uses, doesn't seem to have the best reputation in the world of computer security.

Still, if this prevents people using the same PIN and password for multiple accounts or using weak passwords it may be less risky on the whole, even if you introduce the possiblity of all the passwords being breached in one go.

So hard to quantify.

You will never get 100% security. What is worrying is whether banks will accept responsibility or not, and where the burden of proof lies.

I have signed up to a few online banking systems recently and from memory they almost all say "never record your pin, password etc". In fact, Egg's own T&Cs state:

Never write down or record your PIN, password or other security information.

They do not refer to any exception for Egg Money Manager so there seems to be a contradiction between their T&Cs and their promotion of this tool.

Simon_Pugsley

Can i add my partners egg card into my egg money manager..

Thanks

Mayday

You should be able to via the "amend/add/delete account details" tab at the bottom of the page once logged in. I added my son's bank account while he was travelling in Oz for 2 years.

Paul_Herring

Simon_Pugsley wrote: »

Can i add my partners egg card into my egg money manager..

Only if your partner knows about it

(That said, I don't know if Egg have crippled their version in this regard. You can certainly add multiple instances of institutions on eWise's version. The only restriction is that when updating all, it will do them sequentially since it cannot log in to more than one account simultaneously.)