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UK users in breach of bank T&C's by disclosing their login details? Implications?

Wondered if moneywiz had been "approved" by UK banks, or are all users in breach of their banks T&C's by giving out their login credentials?


I cant help but think that if any fraudulent activity is detected, for whatever reason, the banks are going to play the "well, you've breached your T&C's by giving out your login details" card, and refuse to help/recover any lost money.


I saw no mention of this on moneywiz site, or when signing up...


You would think that as most banks are global, and if these aggregation services are accepted in the US, that they should be fine with the UK based branches, but we all know whats good for one, aint necessarily good for the other!


Why UK banks cant just offer the ability for services to simply obtain statements/account history with a restricted login, rather than having to provide your personal login credentials which provide full account access, is beyond me!  


I think moneywiz is a great idea, and love using it.. if the banks cant provide a more flexible online service that provides easy searching and reporting, then we have to look elsewhere, but without fear of losing fraud protection.

1 Comment

Hello there,


MoneyWiz does not connect to your banks directly. We connect to Online Banking integration services such as Yodlee and Salt Edge which are experts in their field. We describe how the process works in more detail here: http://moneywizapp.com/the-truth-about-online-banking-pricing-security/


In theory, yes - banks might blame you for sharing your credentials with a third party. If there were another way at the moment that would be viable to use it, we'd definitely use it. But this is the way things work at the moment I'm afraid.


In practice, however, we have thousands of customers using Online Banking feature and I do not really recall anyone writing to us to complain that they had security problems with their account due to Online Banking feature. And we offer Online Banking since January 2015.


Of course, your security is very important to us which is why we've taken every step possible to make it as secure as possible. But if you'd prefer not to share your credentials with anyone, you might consider manual import of CSV/QIF/OFX/QFX/MT940 files: http://support.moneywizapp.com/support/solutions/articles/206550-import-ofx-qif-and-csv-files-from-banks-or-other-applications-

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