Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
Page 1
    • McKneff
    • By McKneff 11th Oct 12, 2:44 PM
    • 36,689 Posts
    • 47,358 Thanks
    McKneff
    • #2
    • 11th Oct 12, 2:44 PM
    • #2
    • 11th Oct 12, 2:44 PM
    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
    • #3
    • 11th Oct 12, 2:51 PM
    • #3
    • 11th Oct 12, 2:51 PM
    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
    • By psychic teabag 11th Oct 12, 3:27 PM
    • 2,829 Posts
    • 1,678 Thanks
    psychic teabag
    • #4
    • 11th Oct 12, 3:27 PM
    • #4
    • 11th Oct 12, 3:27 PM
    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
    • #5
    • 11th Oct 12, 3:39 PM
    • #5
    • 11th Oct 12, 3:39 PM
    I'm considering using them. I just want to know whether they are legit or not!
  • ihateyes
    • #6
    • 11th Oct 12, 4:27 PM
    • #6
    • 11th Oct 12, 4:27 PM
    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
    • By InsideInsurance 11th Oct 12, 4:32 PM
    • 22,215 Posts
    • 11,383 Thanks
    InsideInsurance
    • #7
    • 11th Oct 12, 4:32 PM
    • #7
    • 11th Oct 12, 4:32 PM
    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
    • By Browntoa 11th Oct 12, 4:55 PM
    • 35,706 Posts
    • 41,890 Thanks
    Browntoa
    • #8
    • 11th Oct 12, 4:55 PM
    • #8
    • 11th Oct 12, 4:55 PM
    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
    I'm the Board Guide of the Referrers ,Telephones, Pensions , Shop Don't drop ,over 50's , Boost your income and Discount Code boards which means I volunteer to help get your forum questions answered and keep the forum runnning smoothly .However, please remember, board guides don't read every post. If you spot an inappropriate or illegal post please report it to forumteam@moneysavingexpert.com Any views are mine and not the official line of MoneySavingExpert.
    • psychic teabag
    • By psychic teabag 11th Oct 12, 6:06 PM
    • 2,829 Posts
    • 1,678 Thanks
    psychic teabag
    • #9
    • 11th Oct 12, 6:06 PM
    • #9
    • 11th Oct 12, 6:06 PM
    I wonder if there's a case for bringing this service to Martin's attention. See if it gets his stamp of approval.
  • ILW
    My bank T and Cs say that if I give ny password to any third party, I lose any protection against fraudulent transactions.
    • AdamJK
    • By AdamJK 11th Oct 12, 7:01 PM
    • 124 Posts
    • 50 Thanks
    AdamJK
    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!
  • innovate
    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?
    • krisdorey
    • By krisdorey 11th Oct 12, 7:42 PM
    • 3,148 Posts
    • 2,704 Thanks
    krisdorey
    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?
    Originally posted by innovate

    Because their online banking server logs will have those ip addresses. (ie EMM, ewise, clearaccount)
  • innovate
    Because their online banking server logs will have those ip addresses. (ie EMM, ewise, clearaccount)
    Originally posted by krisdorey
    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 teabag
    • By psychic teabag 11th Oct 12, 8:02 PM
    • 2,829 Posts
    • 1,678 Thanks
    psychic teabag
    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.
  • innovate
    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..
    Originally posted by psychic teabag
    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!
    • oldagetraveller
    • By oldagetraveller 11th Oct 12, 9:04 PM
    • 3,455 Posts
    • 1,945 Thanks
    oldagetraveller
    I wonder if there's a case for bringing this service to Martin's attention. See if it gets his stamp of approval.
    Originally posted by psychic teabag
    Probably only if it's to his advantage!?
    R.I.P. U.K. Democracy.
  • jpb77
    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
  • Starting
    hahahahaha
    • premierfella
    • By premierfella 12th Oct 12, 10:07 AM
    • 863 Posts
    • 475 Thanks
    premierfella
    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.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,653Posts Today

8,229Users online

Martin's Twitter