Egg Money Manager and Security - PLEASE READ!

DocProc

For convenience, some of you may be using the facilities of Egg Money Manager, viz:-

Got online accounts all over the place?

Bored of always hopping from site to site, just to check your balances?
Let Egg simplify your life with Egg Money Manager.
With just one password see your online accounts in one place, whether they're with Egg or not.
One click takes you to your other bank's website.
Simple, safe and secure with the Egg Guarantee.

For additional online convenience, some of you may also be using the facilities of a Password Manager or computer software on your machine, which stores and inserts Usernames ands Passwords or even autofills such things into the required places on your online accounts.

Are you aware of the following?

3. Security and Egg Money Manager

3.1 By using your Egg Money Manager, you may be breaking the terms and conditions which govern the operation of your Accounts. One or more Organisations may require you to cease using your Egg Money Manager as a condition of you retaining your Accounts with them and, in the event of unauthorised access to your Accounts, they may refuse to reimburse you for your loss. You should contact us if any of these circumstances arise.

For example:-

ICICI Bank UK Ltd
HiSAVE Savings Account – Terms & Conditions
Legal information you need to be aware of before opening a HiSAVE Account

10. Security
When you complete the application form for the Account, we will ask you for other information which will be used to confirm identity. When we have processed your application and opened the Account, we will send you your password by post. Whenever you contact us through the Internet, you will need to use your password and provide such other security information as we may request. Your password and security details should be only used with the Account and not for other purposes. You must not tell anyone your password or security details or allow another person to use them to access the secure area of the Site. You should do everything you can to keep your password and security details secret, including, without limitation, making sure they will not be kept in any way that other users of the same PC can use or access them in the secure area. There must be no record of them in writing. This includes browsers, favourites, screen prompts or "save password" features or any other software. Never give your Account password or security details to anyone unless you know who they are and why they need them including the full information to a Bank official or Help Desk.

Obviously, in the event such a savings account were to be compromised in some way and financial loss to an individual were to be created, then this would be the financial institution's first line of defence to avoid paying out any compensation. (IMHO)

Does anyone know of any similar legal terms and conditions with Internet based savings accounts other than the example I have used here, that of the ICICI HiSAVE Savings Account?

DocProc

I am also interested to know why ICICI HiSAVE can ethically give their permission to Egg to include software on the Egg Money Manager, which can have ICICI customer security details on it.

By allowing such an ICICI customer to use Egg's software, this surely compromises their ICICI HiSave Savings Account's security conditions?

Anyone know of any more Internet financial accounts doing this morally and ethically unacceptable kind of thing?

Now is Egg Money Manager safe for us to use or is it not?

Obviously, not according to ICICI Bank (UK) Ltd HiSAVE - and yet they allow Egg to access it with Egg's Money Manager facility.

KathrynPenguin

A while back I had some problems with over zealous people at Smile (my hubby phoned to ask for some envelopes and they blocked my security despite him only having account number and our address!). When re-setting I couldn't remember all the details and said oh thats probably because I use Egg Money Manager and they told me they don't support it and I shouldn't use it. May just have been an individual employee, I still set the Smile account straight back up on there. no hassle.