LoveMoney.com Internet Banking, safe?

huwrowlands

Hi,
I was wondering if anyone has used the lovemoney.com internet banking service? It seems to present data in a very clear and easy to read manor which I like, however you have to give it all of your online banking information so it has full and complete access to your accounts.
I was wondering if anyone had used it/ had an experience of it?

Cheers,
Huw

Mr.Mulla

I haven't heard about that site. But just a piece of advice: If you're in doubt and hesitant to try that, think twice. Follow your instincts.

hippey

The site gives an enormous amount of text to lot of lovely long wind security explaination to then state usernames and passwords are held on servers in the US.

Note that only the UK has the Data Protection Act therefore your detail will be subject to the laws of the US which is suprisingly lax sometimes. I'm not a fan of these sites and would suggest treating with caution, I'm not entirely sure what your bank would say if you had fraud take place via your online banking if they knew you details had been given over to this site

Consumerist

I've never heard of them either. From what has been said, I would give this a wide berth.

ffacoffipawb

Consumerist wrote: »

I've never heard of them either. From what has been said, I would give this a wide berth.

They are part of Motley Fool I believe.

adambro

I just don't think using these services is worth the risk. The terms and conditions, below, of my HSBC current account are very discouraging; "you may be liable for any fraud or mistakes that occur". It probably isn't too unreasonable to assume that some of the other banks will have similar conditions.

26.5 Account Aggregation
If you use an account aggregation service, you
may be liable for any fraud or mistakes that occur
on your accounts as a result of using the service.
An account aggregation service allows you to see,
on one web page, details of the online accounts
you hold with financial institutions. The service
may be provided by a financial institution (with
whom you hold an account) or through a website
not owned by a financial institution.

td_007

If you want to service your car will you take it to a salesman or mechanic?

If you are looking for an aggregator then use one from an institution whose core business is money - first direct, Egg (if you are a customer), eWise (which provides the functionality for the Egg system.

Consumerist

And don't forget that these services are not regulated by the FSA.

You have been warned.
.

noh

td_007 wrote: »

If you want to service your car will you take it to a salesman or mechanic?

If you are looking for an aggregator then use one from an institution whose core business is money - first direct, Egg (if you are a customer), eWise (which provides the functionality for the Egg system.

The core service is provided by Yoodle whos business is providing online banking solutions.

http://www.yodlee.com/

Kavanne

For a second I wondered why Love Honey were offering Money manager services...

bring1t

adambro wrote: »

I just don't think using these services is worth the risk. The terms and conditions, below, of my HSBC current account are very discouraging; "you may be liable for any fraud or mistakes that occur". It probably isn't too unreasonable to assume that some of the other banks will have similar conditions.

The LTSB T&C's are not discouraging at all.

"4.8 We will not treat you as breaking your security obligations just because you use an aggregation service we do not provide.
A typical aggregation service allows you to view information about your accounts with different banks on a single website. "

My personal opinion is that this is great, the other UK aggregators like Egg (which i currently use) just show you the total balance. This lovemoney actually gets your transactions and analysis them for an overall dashboard, its like an online version of the old microsoft money.

This kind of service has been around stateside for a while now and is proven, I for one will be signing up now.