#2
So I give it my bank account details (including the ability to read my statements) and in return it will move small amounts of money from an account on which I don't earn interest to another account on which I don't earn interest? (Except through a temporary MSE deal which only lasts six months.) And, utterly inexplicably, isn't FSCS-protected?



As the cool kids say on Facebook - what

#4
The main aim of Plum is to get people saving effortlessly, squirrelling away small amounts that its algorithm decides you can afford every few days, based on your spending.

So I'll never know how much is in my acount at any given time? No thanks.



I don't see any mention of sending it back immediately when you need it.

No thanks.



Will Plum pay me any interest? Usually, no.

No thanks.



your money isnÂ’t protected by the Financial Services Compensation Scheme.

No thanks.



I think that's the full set, no one can say it isn't comprehensive.

#6
These sort of apps are for the financially inept.



You also have to wonder, once someone's given their passwords away, where do they stand with FCS protection if they are hacked, even if its nothing to do with these apps ? They must also be providing a very tempting target to attack.

#8



You also have to wonder, once someone's given their passwords away, where do they stand with FCS protection if they are hacked, even if its nothing to do with these apps ?
Originally posted by AnotherJoe


Well, FSCS protection we can rule out entirely because the FSCS doesn't cover hacking or bank fraud at all.



As for whether your bank would be liable under Payment Services Regulations, giving someone else your login and password is usually explicitly against your bank's terms and conditions, and doing it is a slam-dunk argument for them that you were grossly negligent and are therefore liable for your losses. You lose, good day sir.



I could not find anything on Plum's website about whether they have agreed with the banks that their customers can give them their online banking passwords. Maybe it's tucked away in an obscure FAQ but it should be on the front page.



Plum claim they don't "store" login details and the login details are kept by a third party called Yodlee, but the login details must pass through them and are therefore vulnerable to hacking either via Plum or via Yodlee.



If MSE has decided they're not going to promote Plum anymore then simply pretending it didn't happen is not good enough. They should formally retract the article and tell their readers not to put their savings at risk of both fraud and counterparty default for no good reason whatsoever.

Who is online

Users browsing this forum: No registered users and 3 guests

cron