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Tangerine Add external accounts with Plaid
March 14, 2023
6:04 pm
HermanH
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Could you have accidentally agreed to something in your Options or Profile?

It says, 'By selecting "Get started"...'

what happens if you don't hit that button and hit the 'X' to close the window, instead?

March 14, 2023
6:24 pm
savemoresaveoften
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HermanH said
Could you have accidentally agreed to something in your Options or Profile?

It says, 'By selecting "Get started"...'

what happens if you don't hit that button and hit the 'X' to close the window, instead?  

Figure it out.

If I scroll down to the bottom of the "My tangerine" where the linked accounts are listed, there is an option "Add Financial Instituion". That one will be Plaid only and it seems it is just to see the account for the other FI added, NOT LINKED.

If I go to "profile and settings", then "external accounts" tab, under there you will see 2 sections: Top section is "Link external account" (which is the 3 accounts limit and still uses micro deposits). Bottom section is Add Financial Institution, and that one is the same one I clicked under the My Tangerine page and restrict to Plaid only and for different purpose (now I know).

So Plaid actually retain the login and password info when one add a FI, and basically authorize them to log in to all the FIs added (view/read only but still) everytime one logs on to Tangerine. It will be interesting what happens if one changes the password after setting it up as others suggested. If it still works then its pretty scary. A huge security risk in my mind.

March 15, 2023
7:24 am
Norman1
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savemoresaveoften said

If I go to "profile and settings", then "external accounts" tab, under there you will see 2 sections: Top section is "Link external account" (which is the 3 accounts limit and still uses micro deposits). …

That is consistent with Tangerine Bank's answer to FAQ How can I link and confirm a new external account?

March 15, 2023
9:36 am
savemoresaveoften
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Norman1 said

savemoresaveoften said

If I go to "profile and settings", then "external accounts" tab, under there you will see 2 sections: Top section is "Link external account" (which is the 3 accounts limit and still uses micro deposits). …

That is consistent with Tangerine Bank's answer to FAQ How can I link and confirm a new external account?  

yeah havnt linked an account for a long time and think last time I did it, the "add financial institution" option did not exist. So just thought "add" means "link" and obviously not the case.
Why would someone want to "add FI" is beyond me, esp when its a view only too.

April 26, 2023
10:36 am
XLR8
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As a retired Banker, I use Tangerine to hold excess CDN and USD funds when they have a great promo rate, then shop again when rates end. Just to clarify/summarize some of the comments above - you can still link external accounts (3) using the original method of having Tangerine deposit 2 small amounts to your external account then confirming them in the Tangerine app. Works well but takes 1-3 days, they should be much faster. On the topic of Plaid - my opinion is to never use it - you are trading off security for convenience, and with additional risk. You could enjoy the convenience of seeing all your FI balances in one place BUT you have to give your external ac id and passord! 1. Read the Tangerine terms of service - explicitly states they take NO responsibility for what Plaid does with it. 2. Plaid doesnt contract you with to protect your credentials. 3. Your external Bank's Terms of Service, in most cases for the Big 5, explicitly warn you not to share your credentials, and if you do, they may not support you if any losses occur. So......way too much risk here for me. Thoughts?sf-cool

May 16, 2023
2:09 pm
mustang
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savemoresaveoften said

If I go to "profile and settings", then "external accounts" tab, under there you will see 2 sections: Top section is "Link external account" (which is the 3 accounts limit and still uses micro deposits). Bottom section is Add Financial Institution, and that one is the same one I clicked under the My Tangerine page and restrict to Plaid only and for different purpose (now I know).

Thanks for this posting
I wanted to establish a link to DUCA, to take advantage of new promo there
Got led down the garden path to PLAID-- which I want absolutely nothing to do with.
I was about to give up on it, when I found your post-- works as advertised

May 22, 2023
1:51 pm
Norman1
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To link to another account, be sure to delete an existing linked account if one already has three accounts linked.

The button to link another account via microdeposits disappears (instead of being greyed out) when one already has the maximum three accounts linked. So, one is mislead to think that "Add Financial Institution" for Plaid is the only choice.

May 23, 2023
2:39 pm
Yatti420
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I believe WealthSimple also used plaid or whatever. A complete PITA imho. I like doing it manually for a reason.

October 11, 2023
12:08 pm
uniQChick
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Thank you people for all the information about Plaid.

Wish Tangerine would increase the number of linked external accounts... Seams like a control to me to prevent moving money elsewhere. It is good I was able to push my money from EQ.

October 11, 2023
12:40 pm
InterestThis
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These external link companies can violate the TOS of major banks, so if something goes bad, they could refuse to cover the losses.

October 11, 2023
12:43 pm
Loonie
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Do we know which other FIs are using Plaid?
I intend to avoid it.

October 11, 2023
12:51 pm
InterestThis
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When you read the "legal" of any of these things, it says they are not responsible, and won't cover losses. Meanwhile the bank promotes them.
Have their been cases where they have been used by crooks to raid accounts, and people have not gotten their money back?
It would be like violating the TOS for your PIN for your bank card, the bank can refuse to correct errors if they say its your fault.

October 11, 2023
1:33 pm
XLR8
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Plaid has connections with all the major banks, and users can elect to use them or not. If you have accounts at multiple banks, you can have the convenience of using them, and sharing your bank credentials, to see consolidated views of all your funds as one example of their services. Contrary to people posting it violates your Bank's TOS, if you actually read them, you will see most have revised them in the past few years to permit sharing with certain providers or for certain use cases so it has been softened as Banks have woken up the fact services such as Plaid (or Flinks or others) have become more common. However, if there is a loss, its up to you to prove that only shared your credentials per above, and of course the TOS of Plaid explicitly deny any claims against them, so you could be SOL. Personally, I dont use them, I prefer to log into my multiple banks individually and manually consolidate as I knows its safer. I havent heard of losses due to someone explicitly using Plaid, however there are multiple cases of captured credentials by fraudster during a logon (whether to a Bank, CRA or Plaid) as a result of getting malware on your device. Thats another reason to use 2FA (two factor authentication) but that is also susceptible to man in the middle attacks in you really know what you are doing.

October 11, 2023
2:31 pm
Wrayzor
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XLR8 - like you, I too avoid the likes of Plaid and Flinks. With regard to changes to banks' TOS, I just had a look at Tangerine's and it doesn't appear to have changed to allow providing credentials to anyone other than them:

"Your PIN must be kept confidential, and you alone are responsible for your PIN security. Providing your PIN to any third party could result in fraud or financial loss on your Account. It is therefore critical that you keep your PIN safe and only provide it only to us through a secure method we establish with you."

I'm curious which banks have softened their terms to allow sharing of credentials. Can you inform us which banks have done so?

October 11, 2023
3:51 pm
DevPatel
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As some people have pointed out, plaid option is different from External linked accounts. That is still available, max 3 accounts.

October 11, 2023
4:12 pm
InterestThis
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I have not seen any major banks accomodate their TOS to these external Apps, quite the contrary.

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