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Open Banking explained

edited 30 November -1 at 12:00AM in Budgeting & Bank Accounts
48 replies 11.2K views
MSE_RosieMSE_Rosie Former MSE
105 posts
I've been Money Tipped! Newshound! Best Buy Bear
edited 30 November -1 at 12:00AM in Budgeting & Bank Accounts
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Replies

  • I will be opting out of this for all of my accounts. Protection or not, I am just not comfortable with god knows who having access to my bank details like this. This is just waiting to be abused.
  • AnthornAnthorn Forumite
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    karld316 wrote: »
    I will be opting out of this for all of my accounts. Protection or not, I am just not comfortable with god knows who having access to my bank details like this. This is just waiting to be abused.

    Probably a case of the splitting of hairs but if my understanding of Open Banking is correct and I think it is, you don't opt out, you opt in by entering into an agreement with a third party to share your data. The ability to share data and therefore Open Banking itself will already be present on all accounts if it isn't already there. The alternative would be for banks to add the software to individual accounts as needed: A lot of work I'd say.
  • eskbankereskbanker Forumite
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    Anthorn wrote: »
    karld316 wrote: »
    I will be opting out of this for all of my accounts. Protection or not, I am just not comfortable with god knows who having access to my bank details like this. This is just waiting to be abused.
    Probably a case of the splitting of hairs but if my understanding of Open Banking is correct and I think it is, you don't opt out, you opt in by entering into an agreement with a third party to share your data.
    Agree wholeheartedly with this and don't think it's splitting hairs at all - quite a few posters on previous threads about this have fallen for scaremongering articles in the likes of the Daily Heil and convinced themselves that they need to opt out rather than simply not opting in! The MSE article is pretty unequivocal on this so there's really no need for concern on that front:
    OK, got it! But what if I don't want to share my data?

    First things first, it's important to point out that...
    You don't have to share your data if you don't want to.

    This is a fundamental part of it. The rules say that banks have to allow your info to be shared, but ONLY if you expressly give permission to the new provider - they can't just look at all your accounts willy-nilly.

    Each provider will ask you to give your consent for it to access your info when you sign up. It'll then send a request to your bank, which will process it and share your details. You can also withdraw your permission at any time.

    If you just want to stay banking the way you do now, you absolutely can and no one's going to force you to change. So if you're not comfortable sharing your account data with anyone else - or don't want to use any of these new companies - you don't have to.
  • The_MoneySavingKidThe_MoneySavingKid Forumite
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    Most of the banks I'm with sent notification that it will become part of the T&C's, and the only you can reject it is by rejecting the T&C's but thereby resulting in you not being able to use their services. So I'm not sure how you would manage to opt out without foregoing most, if any bank account available from the 13th onward.
    Just don't use the service, simple.
  • Shakin_SteveShakin_Steve Forumite
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    Most of the banks I'm with sent notification that it will become part of the T&C's, and the only you can reject it is by rejecting the T&C's but thereby resulting in you not being able to use their services. So I'm not sure how you would manage to opt out without foregoing most, if any bank account available from the 13th onward.
    Just don't use the service, simple.
    This has been forced on the banks, they are not forcing it on you. They will be quite happy if you just carry on as if nothing has happened, because nothing will happen unless you want it to.
    I came into this world with nothing and I've got most of it left.
  • Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.
  • eskbankereskbanker Forumite
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    Most of the banks I'm with sent notification that it will become part of the T&C's, and the only you can reject it is by rejecting the T&C's but thereby resulting in you not being able to use their services. So I'm not sure how you would manage to opt out without foregoing most, if any bank account available from the 13th onward.
    Just don't use the service, simple.
    Fortunately those able to read and comprehend the explanatory information issued by banks will realise that accepting (or not rejecting) these changes to Ts & Cs applying from the 13th is neither opting in to third party access nor getting into a position where opting out is necessary!

    Again: third party access is a facility that account-holders would need to opt in to, not out of....
  • Shakin_SteveShakin_Steve Forumite
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    If Barclays are doing this then I am switching to Metro Bank. I do not want third parties knowing how much money I have.
    Why not? Most of us on here can guess how much money you’ve got.
    I came into this world with nothing and I've got most of it left.
  • zerogzerog Forumite
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    How long until you need to share your data in order to access improved financial products (such as a better loan rate or something like that)?
  • newatcnewatc Forumite
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    I wouldn't use this service which at best opens the door for more unwanted selling communication.

    I can see some lenders "suggesting" they have access to your financial information to enable to offer you the "right" loan deal.
  • MoneyerMoneyer Forumite
    109 posts
    Does anybody know exactly how consent will be given?

    I'd be reasonably happy about this if I had to confirm directly to the bank (e.g. through my online banking) that a named third party had my permission to access my data, or to supply the third party with some kind of password they can use to prove this to the bank. But I'm worried my bank will simply take the word of a third party that they have received my permission.

    Given the value of this data for marketing purposes, it could end up like trying to opt out of direct marketing. Call centre staff will be pressurised/incentivised to get people's consent to access their financial data. Some of these staff will respond by ticking the box to say permission has been granted even when it hasn't. And if the customer wants compensation, they'll be left with the impossible burden of proving that they didn't consent....
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