Should you close your Mint.com account?
The banks (and the government) think you should.
Why are mortgages so expensive in Canada?
Created By
Ratehub.ca
It seems that all is not well in the world of financial aggregators.
MoneySense recently learned that the Financial Consumer Agency of Canada issued a warning to Canadian consumers that the use of third-party aggregator sites may leave them without a security guarantee from their bank.
“Consumers should be aware that if they disclose their online banking information to any other party, including financial aggregators, they may risk losing their protection against unauthorized transactions,” reads the agency’s statement.
Remarks from some of the Big Five banks were more direct, stating that the submission of access codes and passwords to third-party aggregation sites was a direct breach of security policy and voids any security guarantee, even if it can’t be proven that any fraudulent activity was a direct result of the act.
The news caused a stir here at MoneySense, as we’ve previously recommended services such as Mint.com (owned by Intuit) as an efficient way to stay on top of your finances. While Mint.com goes to great lengths to explain its robust security features, this explicit warning from both the banks and government means we have to re-visit our position on the subject.
See our follow-up story here.
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
Related Articles
How to plan for retirement when you have no pension
Practical advice on how to build your retirement savings for employees at mid-career, the self-employed, single parents and more.
Canada’s inflation rate increased to 2% in October
Canada’s inflation rate rose to 2% last month, up from 1.6% in September, but a December interest-rate cut is...
Inflation is on target in Canada, so why is food (and other stuff) still so expensive?
Why Canadians are still feeling the squeeze of high food costs, and what to do about it.
Estate planning for singles—is a trust company the answer?
Canadians with no children or siblings must consider estate planning alternatives. Here’s why trust companies can be a good...
The best high-interest savings accounts in Canada for 2024
Whether you want the highest interest rate or no service fees, these savings accounts will meet your needs.
The best GIC rates in Canada for 2024
Find the best GIC rates in Canada. Plus, everything you need to know about how they work.
Buying ETFs in Canada Tool: The MoneySense ETF Screener
Which ETFs should you invest in? Which ones best suit your risk tolerance? What about personal ethics? Check out...
Making sense of the markets this week: November 17, 2024
The Trump effect and Trumponomics, Shopify’s huge earnings beat, it’s sunny days for Suncor shareholders and more.
MoneySense at the MoneyShow: Capital gains and ETF sessions
Here’s how to get your free ticket to attend two MoneyShow virtual expos.