Have you ever been asked to enter your credit union account login information, such as your member number and passcode, into a third-party website or app?
This is different from authorizing an ACH payment. In this case, you are linking your account so that the third party has direct access to it. The site might be legitimate, offering an easy way to pay bills, earn rewards, or use a “financial aggregator” to view all your accounts in one place. They may assure you it is secure. And maybe it is, but maybe it is not.
Here is the concern: in exchange for convenience, you are giving up control of your account. Even if the company is reputable, your sensitive information is now stored in their systems and potentially accessed by their employees, contractors, and any partners they work with. If you have linked multiple accounts, you could be putting all of them at risk.
Is the convenience worth it? The safest choice is to keep your login credentials private and log in directly to each of your financial institutions. That way, you, not a third party, remain in control of your accounts and your personal information.
Have questions or need advice? Contact us!