Is this a bare-faced scam?

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Starting
Starting Posts: 332 Forumite
in Budgeting & bank accounts
Has anyone heard of or used this? (see link) They ask for your actual internet banking password and log-in. Seems a bit shady??

https://www.clearaccount.com
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  • McKneff
    McKneff Posts: 38,825 Forumite
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    Well no body in their right mind would pass on their details, surely.

    There again.

    I dont even want to click on the link to be honest, even that looks a bit dodgy
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • innovate
    innovate Posts: 16,217 Forumite
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    If you want to use their services, you have to allow the software to access your bank details. Nothing that would worry me there.

    However, their Representative APR is 430%, which - though not half as outrageous as Wonga etc - is totally outrageous.

    Just use a pen and paper, or a spreadsheet, to manage your finances, and you don't need to pay anyone to do it for you.
  • psychic_teabag
    psychic_teabag Posts: 2,865 Forumite
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    Looks like they're charging 1% per day. There was a thread somewhere not so long ago talking about banks charging £5 per day for an unarranged overdraft, which is even more outrageous (for small amounts).

    Quite an interesting idea, really. Banks have started charging fixed fee per day, so these people are going back to using interest rates, which may work better for some people.
  • Starting
    Starting Posts: 332 Forumite
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    I'm considering using them. I just want to know whether they are legit or not!
  • ihateyes
    ihateyes Posts: 1,326 Forumite
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    very nice looking website..
    its a good idea as they deposit money when your account gets to a certain level. their software also monitors your ddebs as well.

    If you do use them.... give feedbck!
    Promo codes are never always cheaper..... isnt that right EuropCar?
  • InsideInsurance
    InsideInsurance Posts: 22,460 Forumite
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    How is it a scam?

    There are a number of services that provide consolidated online banking (eg Yorkshire Building Society/ Egg Money Manager) and likewise with them you have to provide your log in details for your other online banking accounts.

    The interest rates are evidently very high but are certainly lower than some other providers and arguably better options that bank overdraft fees.

    Obviously one problem is that they dont know your spending and so there is no guarantee that their service will protect you from overdraft fees if you have an unusual large spend

    Would I give them my details? No way in hell! I was never comfortable enough to give them to Egg and they were certainly bigger and better known at the time.
  • Browntoa
    Browntoa Posts: 49,302 Forumite
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    no permission to post from MSE

    could be anyone signing up and claiming to be Clearaccount

    I suggest they read the forum FAQ's regarding companies posting
    Ex forum ambassador

    Long term forum member
  • psychic_teabag
    psychic_teabag Posts: 2,865 Forumite
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    I wonder if there's a case for bringing this service to Martin's attention. See if it gets his stamp of approval.
  • ILW
    ILW Posts: 18,333 Forumite
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    My bank T and Cs say that if I give ny password to any third party, I lose any protection against fraudulent transactions.
  • AdamJK_2
    AdamJK_2 Posts: 126 Forumite
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    As mentioned above - the moment you disclose your IB details to a third party you lose all protection from your bank - they'll just wash their hands of any problem you encounter.

    I'd be interested to see how this works - I'm fairly certain that multiple active sessions linked back to the same server IP from 'Clearaccount' would trigger some form of response from the banks.

    Maybe clearaccount is so called as they'll just clear your account and sod off!
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