Comments on: Mint: Is Your Bank Information Secure? http://blog.filife.com/mint-is-your-bank-information-secure/ A production of FiLife, a new personal-finance site that goes live later this year. Thu, 04 Dec 2008 02:17:15 +0000 http://wordpress.org/?v=2.6.2 By: Jen http://blog.filife.com/mint-is-your-bank-information-secure/#comment-649 Jen Tue, 29 Jan 2008 01:05:21 +0000 http://www.filife.com/mint-is-your-bank-information-secure/#comment-649 Not sure why you wouldn't just open a Yodlee MoneyCenter account for free.... don't they do the same thing as Mint but without the middleman? Not sure why you wouldn’t just open a Yodlee MoneyCenter account for free…. don’t they do the same thing as Mint but without the middleman?

]]> By: Tom F http://blog.filife.com/mint-is-your-bank-information-secure/#comment-268 Tom F Fri, 19 Oct 2007 22:12:40 +0000 http://www.filife.com/mint-is-your-bank-information-secure/#comment-268 The statement "You’re legally protected for $0 liability on credit cards and $50 on bank accounts if fraud is reported within two days" needs some larification. First of all, he is clearly referring to Reglation E (EFTA) when talking about the $50 on bank accounts. That protection only applies to fraud using electronic funds transfers. The $50 liability limit does not apply for wire transfers (which criminals often use to send money overseas) or if someone uses the account information to create fraudulent paper drafts. So, if a criminal uses your account information to wire your money to a bank in Nigeria, the $50 limit does not apply. Also what is left out is what happens if you do not report fraud within 2 days? That is very likely to happen with busy lifestyles or if you are traveling. For electronic funds transfer fraud, your liability could be up to $500 PER ACCOUNT if you do not report within 60 days, and if you do not report it within 60 days, your liability is not not limited (you could lose all your funds). And since Yodlee is an account aggregator, the "per account" part is very important. If you have 5 accounts compromised, and you report it in 3 days, you could lose $2,500. These fraud scenarios may be unlikely, but I feel it is important that people know the details, when you are talking about their financial well-being. The statement “You’re legally protected for $0 liability on credit cards and $50 on bank accounts if fraud is reported within two days” needs some larification.

First of all, he is clearly referring to Reglation E (EFTA) when talking about the $50 on bank accounts. That protection only applies to fraud using electronic funds transfers. The $50 liability limit does not apply for wire transfers (which criminals often use to send money overseas) or if someone uses the account information to create fraudulent paper drafts. So, if a criminal uses your account information to wire your money to a bank in Nigeria, the $50 limit does not apply.

Also what is left out is what happens if you do not report fraud within 2 days? That is very likely to happen with busy lifestyles or if you are traveling. For electronic funds transfer fraud, your liability could be up to $500 PER ACCOUNT if you do not report within 60 days, and if you do not report it within 60 days, your liability is not not limited (you could lose all your funds). And since Yodlee is an account aggregator, the “per account” part is very important. If you have 5 accounts compromised, and you report it in 3 days, you could lose $2,500.

These fraud scenarios may be unlikely, but I feel it is important that people know the details, when you are talking about their financial well-being.

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