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My bank informed me that they blocked PLAIDs bank connection as it is not secure.

DarenDaren Member Posts: 36 ✭✭

For everyone who is having problems with PLAID and it's bank connection I thought I would give an update with information I learned from a call I just made to BMO. I spoke with a manager and she told me that PLAID has been blocked as they are not a secure platform and puts your bank account at extreme risk. She went through the process of downloading a statement file from my BMO online account and uploading it to WAVE manually. It only took a few minutes and to be honest I bet as I get more proficient at it I will be able to complete the process in the future in about one minute.

As WAVE had removed their bank connection "update now" button about a year and a half ago this way of manually updating statements seems actually much better than waiting for plaid to decide when to do it, which was sporadic and spotty at best when it did work. After going through the manual bulk upload process it is very clear that it is best way to import transactions and even if plaid gets up and running again future I will not be reconnecting to it. The BMO manager made it very clear that even if plaid is allowed to resume connections to BMO in the future it is still very risky to have them connected to your bank account.

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Comments

  • pcsmartspcsmarts Member Posts: 6

    @Daren said:
    For everyone who is having problems with PLAID and it's bank connection I thought I would give an update with information I learned from a call I just made to BMO. I spoke with a manager and she told me that PLAID has been blocked as they are not a secure platform and puts your bank account at extreme risk. She went through the process of downloading a statement file from my BMO online account and uploading it to WAVE manually. It only took a few minutes and to be honest I bet as I get more proficient at it I will be able to complete the process in the future in about one minute.

    As WAVE had removed their bank connection "update now" button about a year and a half ago this way of manually updating statements seems actually much better than waiting for plaid to decide when to do it, which was sporadic and spotty at best when it did work. After going through the manual bulk upload process it is very clear that it is best way to import transactions and even if plaid gets up and running again future I will not be reconnecting to it. The BMO manager made it very clear that even if plaid is allowed to resume connections to BMO in the future it is still very risky to have them connected to your bank account.

    Did you speak to someone in their IT department? This kind of comment seems suspect.

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