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That is the passage that Chase and other banks point to when warning people they may be liable if they share credentials with a third party.
But Lauren Saunders, associate director and managing attorney of the National Consumer Law Center, calls the banks' position "ridiculous." Sites such as Mint collect data about transactions but typically are not authorized to make transactions, said Saunders.
JPMorgan Chase & Co and Capital One Financial Corp, for example, warn on their websites that customers could be liable for any fraud in their accounts - even though federal regulations say otherwise. However, the same warnings infuriated heavy Mint user Mark Ranta, head of digital payments at ACI Worldwide Inc, who says the banks are far more worried about competition from these aggregation sites than about electronic safety. Five years ago, I wrote about new personal finance manager software programs like that would replace manual budgeting with a snapshot of …I am concerned about privacy and do not like having my financial information stored on more servers than necessary. You can also create budgets and have Mint alert you when you exceed the monthly limits you set in each category. Ten years ago, online banking started to emerge, but few people trusted it. Mint then shows you—in a list or colorful graphs—where you’re spending your money. Please contact us via email or chat and let us know as much info as possible so we can get it straightened out for you as quickly as possible.I'm trying to get my life together and recently decided I'd budget and manage my finances through mint.