UK Banks & Data Aggregators (Yodlee)

dbailey10

Hi,

I have recently started looking at personal financial software apps such as Money Dashboard and Pocketsmith. Whilst the premise looks good it's still unclear as to where this leaves you regarding bank fraud guarantees if you provide your login details to these services.

I notice Halifax have added the below clause to their T&Cs

1. Security
We are adding an additional condition 2.8 as follows:
“We will not treat you as breaking your security
obligation just because you use an aggregation service
we do not provide, as long as you continue to keep
your Security Details secure and do not disclose them
to the service provider. A typical aggregation service
allows you to view information about your accounts
with different banks on a single website.”

Now, this seems to indicate a change in attitudes with banks becoming more accepting but I still don't think this is crystal clear. The argument is whether you are providing your security details to these websites or whether the details are encrypted and therefore not 'provided'. Thus far have been unable to get anything concrete from Halifax on this.

Has anyone got any further information or experience on this with Halifax or any other UK bank?

Thanks!

dbailey10

Got the following response from Santander where they have conveniently not addressed the main crux of my question which was will I still be covered for any fraud on my account not arising from the use of these services should I use them.

"Thank you for your email regarding using third party software to import transactions.
Santander do not advise or recommend using third party software such as Money Dashboard or Pocketsmith.
We take all reasonable steps to safeguard the security of your confidential information when you use our services, but we cannot guarantee the security of any confidential information that is transmitted through the internet via such sites.
However use of financial software is entirely down to personal discretion."

bigadaj

dbailey10 wrote: »

Got the following response from Santander where they have conveniently not addressed the main crux of my question which was will I still be covered for any fraud on my account not arising from the use of these services should I use them.

"Thank you for your email regarding using third party software to import transactions.
Santander do not advise or recommend using third party software such as Money Dashboard or Pocketsmith.
We take all reasonable steps to safeguard the security of your confidential information when you use our services, but we cannot guarantee the security of any confidential information that is transmitted through the internet via such sites.
However use of financial software is entirely down to personal discretion."

I think they have, they are basically saying that they won't cover you if the breach relates to the third party software, it's not definitive but fairly clear and to be fair you can't really blame them as no one would normally guarantee anything over which a third party has control.

Futuristic

I'm pretty sure most banks will state they either prohibit you from giving anyone your details or as above clearly state they won't be liable.

Emanef

These aggregators sound like a very useful idea, but allowing a third party to have all my financial data concerns me. I'd rather be able to pay a small monthly sub to not have that data shared.