Forum Home» Budgeting & Bank Accounts

Is this a bare-faced scam? - Page 2

New Post Advanced Search
Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.

Is this a bare-faced scam?

edited 30 November -1 at 12:00AM in Budgeting & Bank Accounts
35 replies 109.7K views
24

Replies

  • innovateinnovate
    16.2K posts
    ✭✭✭✭✭
    I have about 27 different bank accounts and have been using Egg Money Manager (EMM), and now the YBS version of it, or native ewise Money Manager, for donkey years to log into my accounts on a daily basis. No problems ever.

    Of course, clearaccount will do it differently to EMM, ewise etc, but like Egg/ewise, as commercial organisations they have absolutely zero interest in nicking your money. Especially if you don't actually have much of it, which is the reason in the first place why you would use clearaccount.

    I appreciate that literally any bank has the CYA clause in their T&Cs that would allow them to wash their hands if they can prove you gave someone else your login details. How are they going to prove you used clearaccount, EMM, ewise, etc?
  • krisdoreykrisdorey Forumite
    3.4K posts
    innovate wrote: »
    I have about 27 different bank accounts and have been using Egg Money Manager (EMM), and now the YBS version of it, or native ewise Money Manager, for donkey years to log into my accounts on a daily basis. No problems ever.

    Of course, clearaccount will do it differently to EMM, ewise etc, but like Egg/ewise, as commercial organisations they have absolutely zero interest in nicking your money. Especially if you don't actually have much of it, which is the reason in the first place why you would use clearaccount.

    I appreciate that literally any bank has the CYA clause in their T&Cs that would allow them to wash their hands if they can prove you gave someone else your login details. How are they going to prove you used clearaccount, EMM, ewise, etc?


    Because their online banking server logs will have those ip addresses. (ie EMM, ewise, clearaccount)
  • innovateinnovate
    16.2K posts
    ✭✭✭✭✭
    krisdorey wrote: »
    Because their online banking server logs will have those ip addresses. (ie EMM, ewise, clearaccount)

    The IP address will be mine (/yours).

    It's not EMM/ewise/clearaccount from the IP addresses associated with their websites - logging into your bank account happens from the computer you are using when you access your bank account through them. That is 100% the same IP address you'd use if you logged into your bank account directly.
  • psychic_teabagpsychic_teabag Forumite
    2.9K posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    ✭✭✭✭
    That may be true of EMM, but I assumed the point of clearaccount was that it polls your account for you, and tops it up if when it discovers you are running short.

    If banks provided some mechanism for read-only access to an account, that might be a workaround to the fraud problem, but I'm not aware of anyone offering that.
  • innovateinnovate
    16.2K posts
    ✭✭✭✭✭
    That may be true of EMM, but I assumed the point of clearaccount was that it polls your account for you, and tops it up if when it discovers you are running short..

    Ah right, see what you mean! That could indeed be a problem - - - as and if there is a dispute over an unauthorised transaction.

    Perhaps the clearaccount rep can comment on this issue.

    Or may be it's explained on their website already?

    I can't help it, I have to come back to what I said before - - - use a paper and pen, or a spreadsheet, to manage your finances, rather than pay a third party to do it for you!
  • Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.
  • oldagetravelleroldagetraveller Forumite
    3.7K posts
    ✭✭✭✭
    I wonder if there's a case for bringing this service to Martin's attention. See if it gets his stamp of approval.

    Probably only if it's to his advantage!?

  • jpb77jpb77 Forumite
    139 posts
    https://www.clearaccount.com/Home/FAQs

    6. Will my bank allow me to submit my internet banking details?
    You should refer to the Terms and Conditions of your Internet Banking provider.

    Some banks explicitly refer to Internet Aggregation Services (similar to ClearAccount) in their T&C's stating that using them will not cause any security issues, largely because Aggregation Services are provided in a secure online environment. Others are more cautious, especially if they have not undertaken checks on the providers.

    Before you decide to use Clear Account, we would highlight that security is of paramount importance:

    Your data is encrypted in transit; and
    We do not offer any functionality over your bank account, we operate a read only service.

    To be honest - manage your money better then you won't have to rely on PDLs and these people.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • premierfellapremierfella Forumite
    866 posts
    Part of the Furniture Combo Breaker
    ✭✭✭
    They claim to be using Yodlee, which is an account aggregation site widely used in the US and elsewhere.

    This really is money for old rope for them, and as already mentioned it STILL doesn't rule out overdraft charges because (with website updates, site failures, etc) they may not always see your "below safety net" balance and thus not make the payday loan you need to avoid fees.

    I can see why the OP is interested as on the face of it it looks like a cheap way of avoiding account fees for those who, for one reason or another, seem to have difficulty keeping a 100% eye on their available balance and pending payments.

    However, having read numerous threads about how payday lenders get their money back from cash-strapped customers that they arguably shouldn't have been lending to in the first place, I suspect that the "automatic payments" that clearaccount is talking about are via recurring debit card transactions and not via direct debit. That is fine unless you hit financial problems - when I suspect their "ClearAccount takes a payment once you can afford to repay and there is enough money in your bank account" could turn into "takes anything the bank will let them get their hands on to cover the money you owe us". Just another negative to be aware of.
  • They claim to be using Yodlee, which is an account aggregation site widely used in the US and elsewhere.

    Really? I had visions of some random bloke sitting there going through your account transactions himself and logging into your banking whenever he felt like having a laugh
This discussion has been closed.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support