Should you close your account? - MoneySense

Should you close your account?

The banks (and the government) think you should.



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 (owned by Intuit) as an efficient way to stay on top of your finances. While 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.