I am not comfortable entering my banking information. What options do I have? (2024)

FAQs

Is it safe to give Plaid my bank login? ›

Can I feel safe using Plaid?" So you're asked to share your banking information and alarm bells in your head start ringing — as they should! The good news, though, is that, if the financial app you're using is powered by Plaid, it's safe to use.

Bank accounts are typically frozen for suspected illegal activity, a creditor seeking payment, or by government request. A frozen account may also be a sign that you've been a victim of identity theft. Each situation requires specific actions to unfreeze the account.

For instance, you need to redact details of your account number and social security number. By using a redacted billing statement, you ensure that the third parties you're transacting with can use the financial information they need while protecting your sensitive details.

Ensure you're on the bank's official website, with a secure connection. Check your bank's service status to see if the issue is on its end. Check your login credentials and reset them if you're unsure. Update your browser to benefit from the latest security patches.

Plaid does not charge consumers for using our services. For Plaid customers, each product or API endpoint has a specific price structure. Contact our Sales team for information on volume discounts or Get Started today to learn more.

How Do You Freeze a Bank Account? You can freeze your bank account to prevent any debit transactions from clearing by logging into your online banking platform or mobile banking app (assuming your bank offers the option). Or you can contact customer service and request an account freeze.

Call and write your bank or credit union

Tell your bank that you have “revoked authorization” for the company to take automatic payments from your account. You can use this sample letter . Some banks and credit unions may offer you an online form.

Some of the most common reasons include illegal activity, a court order for unpaid debts or taxes, a clerical error, or because the bank suspects a criminal gained access to your personal information. It can be frustrating to be locked out of your finances without knowing why.

The redaction process is fairly common in legal and other official documents, such as court papers and those obtained from government sources. Documents may be redacted when requested by the public. Redacted information may include personal identifiers, sensitive information, intellectual property, and case data.

Is it safe to share a bank statement for verification? ›

Is it safe to share bank statements for verification? Yes, it is safe to submit your bank statement for verification. However, check the legitimacy of the financial institution to avoid any bank statement fraud.

Banks Take Security Measures with Statements

The good news is, almost every bank will block out the majority of the account numbers and other confidential information on the bank statement. Therefore, even if your email is hacked, you're not going to be robbed in an instant.

The main reasons accounts get blocked:

Suspected fraud. Lack of use. Suspicious transactions. Disputes with your bank.

Banks can freeze your account for reasons like suspicious activity, security measures, or unpaid debts. When this happens, contacting your bank is the first step. Understanding why banks freeze your account will help you take the right steps to unfreeze it.

Online banking is at risk of cybersecurity threats that could expose confidential and sensitive financial information of the customer. Hackers use various tactics like phishing attacks, malware, and ransomware to gain unauthorized access to accounts.

While Plaid currently integrates with more than 12,000 financial institutions, we haven't integrated with them all yet! If you'd like to see your financial institution on Plaid, we recommend asking them to contact us about how they can become integrated with Plaid.

It's generally considered safe to give out your account number and sort code, but you should always use common sense and avoid sharing your bank details with people you don't know or expect payments from.

Behind the scenes, Plaid sends a single micro-deposit to the user's account and will automatically verify the deposited amounts within one to two business days. When verification succeeds or fails, Plaid sends an Auth webhook, which you can use to notify the user that their account is ready to move money.

Venmo uses Plaid to verify your bank account information and, periodically, your bank account balance to check if you have enough funds to cover certain transactions.