Thoughts on Extra.App?

[Needfuldoer]

I have to admit, as I've learned more about what they're offering and the customer base they're targeting, I've shifted from an outright "no" to "I want to know more". If they were more upfront about how their monthly service fee and in-house rewards program worked, I'd be on board.

  

17 hours ago, szalony9szymek said:

How does a debit card give you credit history? Lol american financials are weird

It sounds like they add up all your purchases over the course of the month, and report that amount as a repaid short-term loan. Loans affect your credit history. Pay on time, credit score goes up. Pay late, credit score goes down. As long as you have enough money in the checking account to cover the expenses they "spot you", you can't make a late payment.

 

17 hours ago, AbydosOne said:

It's not a debit card. It's a credit card. It just functions like a debit card.

 

It says "debit" right on it. They would have to run a credit check and extend a line of credit to the cardholder if it was a credit card.

 

It's a debit card. 

 

[williamcll]

No I prefer my unionpay Freedom gundam card

oh and the eyes glow

[Lightwreather]

46 minutes ago, williamcll said:

-anip-

Uhhhhh.....

JfromN.exe has stopped responding.

[AbydosOne]

3 hours ago, Needfuldoer said:

It says "debit" right on it.

Fair enough. I was under the impression it worked like the Debitize program I referenced earlier, which used credit cards.

 

3 hours ago, Needfuldoer said:

They would have to run a credit check and extend a line of credit to the cardholder if it was a credit card.

I mean, technically they don't have to run a check or pay attention to what it says, just sayin'.

[Extra Card]

On 2/16/2022 at 3:33 AM, Arika S said:

I've worked in a financial institution for the last 12 years, these kind of "businesses" always make me very uneasy, i'm not sure if that's because i've seen what debt "rescuers" can do to people, or if it's because the whole concept of how you build credit in NA is just so backwards to me (australian).

 

Te fact that they have no fees related directly to the card, is personally a massive red flag. these companies don't exist to help our of the goodness of their heart. a $7 monthly fee per person is not sustainable at ALL.

 

Something that immediately caught my eye was this:

https://s3.extra.app/legal/Extra Cardholder Agreement_Jul_7_2021.pdf

However in their fee table on the same document, there is no reference to any NSF fee. This is a pretty big oversight and makes me worry about what the NSF fee actually is. $5? $15? $100?

 

at MINIMUM this needs to be clarified with Extra and must have this fee added to their fees and charges document that is publicly accessible.

Exhibit 1 is on page 10 in the above linked document.

Hey all, I work at Extra and will be answering questions in this thread!

 

To answer about our pricing, we currently offer two plans, each with two payment options.

Extra Credit Building Plan: $8 per month or $84 annually

Extra Rewards + Credit Building Plan: $12 per month or $108 annually

There is no interest, and no credit check required. 

 

For the question about NSF fees, the Cardholder Agreement referenced here documents the relationship between Evolve Bank, the issuer of the Extra Debit Card, and our Program Manager, that facilitates the transfer of funds from your bank account to Extra. Specifically, if an NSF fee is charged, it would be charged by your connected checking accounts bank in the event of insufficient funds. Unfortunately, this is something that is set by your bank, and is something that Extra cannot control.

 

[Extra Card]

On 2/15/2022 at 10:53 PM, Spotty said:

Let's say I have $500 in my bank account.

I spend $500 through extra.app card, which provides me credit on that $500 purchase with the intention of charging my bank account the following day

Between the time I spend $500 on my extra.app card and being charged for the credit, I purchase $400 worth of other things through my bank debit card and only have $100 in my bank.

 

What happens then? There's no money in the account for extra.app to draw from. Does the bank account just go in to overdraft? Does the charge incur interest until it is paid? Fees?

 

With automatic deductions for bills it would be very easily for people to unintentionally double spend from their extra.app credit card and their normal bank account.

Our system performs a balance check before a transfer is initiated. It typically takes 2-3 days for a payment to fully complete, but if your balance fluctuates below the outstanding amount in transit (due to overspending), it will cause the payment to fail/reverse. Anytime a daily spend fails, it will put your account in a lock state and we send the account holder a notification that they need to deposit funds into their connected account. Once our system detects a sufficient balance, it will retry for payment. The lock will auto lift once the outstanding amount is settled and you can use your card again.

[Extra Card]

On 2/15/2022 at 11:31 PM, Spotty said:

Looking at their FAQ they're opaque about what it actually is. They avoid using the word "credit" or "loan" and instead say "We spot you the purchase" (aka credit!) and call it "Spend Power^TM" instead of "credit limit", even though they are referring to the same thing.

 

As far as I can see this is a company doing nothing but trying to rebrand "Credit card" to something else and using people's fear of bad credit ratings to market a credit card with a low spending limit and daily billing cycle as features.

 

I don't think this should ever be advertised as a debit card that improves your credit score. If you want to advertise it, advertise it as what it really is; a credit card with a low spending limit and daily billing cycle. Some people might see the appeal in that, though I think most people won't.

Extra is not a credit card, we’re a debit card that connects to any customer’s bank account as long as their bank is Plaid-compatible (Plaid is the industry standard for helping people connect their financial accounts to the apps and services they use; the Plaid network currently covers over 11,000 different banks). 

Reporting debit card data is a relatively new concept, and does not typically appear on credit reports. However, Extra is changing that — we spot our members for their purchases and then pay ourselves back the next business day, and these debit card transactions are deemed “credit worthy” by the bureaus and have an impact on our members' credit reports. For a little more information, check out this blog article by Experian “Can You Build Credit with a Debit Card?” In addition to this, the Extra debit card has a 99% approval rate, no interest, and no credit check.

 

[Extra Card]

On 2/16/2022 at 3:14 AM, Spotty said:

There's also no guarantee that this will help your credit rating even if used as intended. It might work for some but it definitely won't work for everybody. For some people just signing up to this might even drop their credit rating (a comment in the reddit thread linked to in the OP said their rating dropped after they signed up). If someone uses this credit card and their credit rating doesn't improve, do they get their $7/month refunded?

Given the nature of being a credit product, we can never make a specific guarantee because everyone's credit profile is different. Point fluctuations for opening a new line of credit are generally due to how many lines you already have open, as well as how long you’ve had those lines open. However, because many of our customers are new to credit, the addition of a new trade line can be greatly beneficial over time.

If a customer is dissatisfied with our service, we will refund them accordingly on a case by case basis.

[Extra Card]

On 2/17/2022 at 9:42 AM, IkeaGnome said:

One thing I also don't like is that fees for international purchases aren't listed. Being charged for using the card isn't the full story to international fees.

It says no fees, but how are the exchange rates done? Is that through the card, or the bank? 

At this time, Extra members are not able to use their Extra debit card while traveling internationally. While in the U.S., if a member uses their card with an international merchant, there are no fees.

[Extra Card]

On 2/18/2022 at 2:46 AM, Needfuldoer said:

I'd be curious to learn more about how they report usage to the two bureaus. (It sounds like they don't report to TransUnion.) Their ad copy just says they "spot you" the charge, automatically "pay themselves back" the next business day, and then "add up your purchases and report them" at the end of the month. Let's say you accrue $800 worth of charges on the card over the month, and you average $3,000 in the bank so you're well covered for it. Do they report that as $800 worth of individual short-term loans that were paid in full? As one $800 short-term loan that was paid in full? If they're not extending a line of credit, I don't think they could call it $800 utilization on a $3,000 limit.

Like any credit instrument, utilization will be a factor. However, Extra pays itself off daily, meaning your utilization will also be reset daily. Therefore, your credit utilization with Extra has a better chance of staying below the recommended 30% threshold.

[IkeaGnome]

57 minutes ago, Extra Card said:

At this time, Extra members are not able to use their Extra debit card while traveling internationally. While in the U.S., if a member uses their card with an international merchant, there are no fees.

Then why is it listed in the card terms that it can be used internationally? Can't be used internationally, but it reads like it can be with no ATM withdrawal charge? That should be written to be more obvious somewhere. No fees on international POS sales. It's not in the cardholder agreement. The only place I could find anything about that said is in the FAQ. 

1 hour ago, Extra Card said:

Extra Credit Building Plan: $8 per month

[Jtalk4456]

On 2/21/2022 at 12:54 PM, darknessblade said:

USA citizen A has inherited 100000$, but has no credit score at all

USA citizen A Cannot buy a house. no matter if he can buy it in FULL

That's kinda true and kinda not. 

1. You can buy the house outright with cash, though few people have finances good enough for that.

2. The reason few people have the finances for that is everyone has been duped into thinking debt is somehow a good thing somehow. A credit score is somehw the only way you can do things. What do people think was done before the digital age? Did no one ever have loans before FICO?
The truth is you CAN get a mortgage with no credit through manual underwriting. They bank evaluates your income and expenses and uses actual math to determine if you have the financial capability to pay it back. This doesn't land you with high interest rates either. It is harder to find this due to everyone being duped into credit, but it still exists and makes so much more sense than credit scores.

On 2/18/2022 at 4:19 AM, LinusTech said:

I'm not familiar with the concept of a secured credit card. I found this resource which seems to feature largely negative reviews of secured credit cards from both financial institutions I've heard of and ones I haven't.

https://www.creditkarma.com/credit-cards/secured-credit-cards?gclid=Cj0KCQiApL2QBhC8ARIsAGMm-KFPTn0l7ZhcwuDU8zJFlumqwCQ5L7SIj4-8ebuL65QtW9Jh4N1bsl8aAuPjEALw_wcB

Admittedly I'm not too familiar with this whole process. I got my first credit card at 16 and I always just used it as my debit card, but paid it back every month. That seems like fundamentally what Extra App is doing.

They charge monthly, but many of these secured cards appear to charge annually. The service charge seems to be separate from the deposit, which Extra doesn't appear to require.. It seems they simply CHECK if money is there rather than requiring you to give it to them. That seems to be their main selling point vs a secured credit card. Am I missing something here?

Really appreciate you taking the time. Looking to get as much information as we can. We've avoided most financial sponsors up until now, but this one seemed like we should at least hear them out.

I really appreciate you guys considering everything before taking on sponsors, especially when the company being advertised is outside your normal expertise. As far as financial services though, I think you're stepping in really bad territory. 

On 2/17/2022 at 9:17 PM, LinusTech said:

1. If you're not US-based, you probably don't have much context for the value of this service. I get it. Credit cards are a part of life here in N America in a way that they are not in other parts of the world. 

I am from the US, and it reads as if you're assuming that because it's a north american staple that it's a good thing and Europe just hasn't realized the value yet. I don't understand the value. I have debt and it haunts me. It is the second biggest source of stress in my life. Finances affect everything I do, how I raise my kids, how much time I can choose to take off work for my mental health. Debt is the ruiner of many people. While you many have succeeded paying off every month and not paying interest, you statistically spend more money because you are disconnected from the psychological pain of losing money. You get the card back every transaction. It doesn't hurt as much as using cash. If you have the money in the bank, there's no reason to be borrowing other people's money except convenience. That convenience comes at a cost. I really implore you to watch some dave ramsey videos on the topic, it's very eye opening to hear the risks and his break down of the issues, and it's also heart breaking to hear the piles of people call in daily with their lives absolutely ruined by debt and chasing the credit scores. If you need, I'd be happy to go hunting thru the videos to find some of the best ones on this topic. There's a ton of videos there. I'd also point out that if credit scores and debt were so good and useful, we shouldn't see the absolutely massive market we see for debt relief, debt consolidation, debt settlement, etc. Those markets are massive because the problem is massive. While you manage to pay off every month and only lose some money to statistically spending more, a frightening 52% of credit cards in the us carry a balance as of 02/22 data from the American bankers association (https://www.lendingtree.com/credit-cards/credit-card-debt-statistics/#:~:text=Americans carried a balance on,the end of each month.). Those who can responsibly manage their finances are few and far between and of those who can, you're still going to spend more statistically, so no one wins except the banks. Credit cards and scores ruin many people's lives, including mine. It has also had major effects to mental health (https://www.moneygeek.com/debt/resources/how-debt-can-harm-your-health/)
There's many people who do some financial sponsors and I just brush by it and ignore, they haven't watched all the dave ramsey videos about how bad debt is or how much it hurts people, they just aren't aware. they're one of the many who have been duped into thinking debt is great. Heck, I used to be one of them. But since you ARE asking and are being more thorough and responsible, I really hope you can take an hour out of your day to look at some of what I linked and check out some ramsey rants and really consider before advertising a product aiding people with using more debt. 

[Arika]

Now that Extra has responded, i can confidently say:

"I have no idea what the point of Extra is"

 

You seem to pay $7 (or $8 ??? and sometimes $12) a month for what is essentially an auto transaction to pay your account off at the end of each day, and a whole bunch of middle-man stuff.

[rcmaehl]

On 3/9/2022 at 2:50 AM, Arika S said:

Now that Extra has responded, i can confidently say:

"I have no idea what the point of Extra is"

 

You seem to pay $7 (or $8 ??? and sometimes $12) a month for what is essentially an auto transaction to pay your account off at the end of each day, and a whole bunch of middle-man stuff.

I BELIEVE, It's based on newer, looser requirements for what can be used and reported to credit agencies. Reoccurring payments such as rent, netflix, utilities that generally don't report to the bureaus (unless you owe them), can be reported.

[Roswell]

On 3/8/2022 at 5:14 PM, Extra Card said:

Hey all, I work at Extra and will be answering questions in this thread!

 

To answer about our pricing, we currently offer two plans, each with two payment options.

Extra Credit Building Plan: $8 per month or $84 annually

Extra Rewards + Credit Building Plan: $12 per month or $108 annually

There is no interest, and no credit check required. 

 

For the question about NSF fees, the Cardholder Agreement referenced here documents the relationship between Evolve Bank, the issuer of the Extra Debit Card, and our Program Manager, that facilitates the transfer of funds from your bank account to Extra. Specifically, if an NSF fee is charged, it would be charged by your connected checking accounts bank in the event of insufficient funds. Unfortunately, this is something that is set by your bank, and is something that Extra cannot control.

 

Care to explain why in the world you’re leeching $8-12 a month from some of the most vulnerable people in the country (those with poor credit)?

 

Non scumbag financial institutions don’t charge unavoidable monthly fees for their regular checking accounts or credit cards. Why do you?

 

On 3/9/2022 at 2:50 AM, Arika S said:

Now that Extra has responded, i can confidently say:

"I have no idea what the point of Extra is"

 

You seem to pay $7 (or $8 ??? and sometimes $12) a month for what is essentially an auto transaction to pay your account off at the end of each day, and a whole bunch of middle-man stuff.

They exist to swindle money from vulnerable/uninformed people. 
 

Secured credit cards from reputable banks are free, regular checking accounts are usually free. This is straight up exploitive.

[IkeaGnome]

On 2/17/2022 at 8:42 AM, IkeaGnome said:

One thing I also don't like is that fees for international purchases aren't listed. Being charged for using the card isn't the full story to international fees.

It says no fees, but how are the exchange rates done? Is that through the card, or the bank? 

 

On 3/8/2022 at 1:28 PM, Extra Card said:

At this time, Extra members are not able to use their Extra debit card while traveling internationally. While in the U.S., if a member uses their card with an international merchant, there are no fees.

 

3 hours ago, Roswell said:

Care to explain why in the world you’re leeching $8-12 a month from some of the most vulnerable people in the country (those with poor credit)?

 

Non scumbag financial institutions don’t charge unavoidable monthly fees for their regular checking accounts or credit cards. Why do you?

 

They exist to swindle money from vulnerable/uninformed people. 
 

Secured credit cards from reputable banks are free, regular checking accounts are usually free. This is straight up exploitive.

bEcAuSe ThOsE dEbIt CaRdS dOn'T bUiLd CrEdIt.

Also note the discrepancies between their card holder agreement and what they said about international use on the card. HAS POS pin and signature fees at $0.00 but it doesn't work internationally? At least put it at N/A like the ATM fees. 

[KFCMcNuggets]

I saw an Extra sponsor spot and decided I would look into it.  I signed up and paid the year subscription fee upfront. I uploaded my documents and bank via Plaid, after 24 hours I was able to enable to card. The amount I could use was below zero until it moved over $100. 
 

So in short after $108 subscription and an additional $100 that I never really understood I was waiting to be able to use the Extra card while also being out $200 from my bank account. Today when opening the app to check on the status of the card I immediately am prompted to relink my bank through Plaid. After entering my info I get an error and am told to either wait or try a different account (which I don’t have).  I make sure my bank account password is correct and login on the online site. Password is correct so I try it again same issue. I wait ~12 hours same issue. Feeling powerless and not satisfied with the options I go to the concierge and get to speaking with an employee. After a quick chat the agent explains that my issue is being forwarded to engineering. 
 

This is where I am currently with the issue. Not a great start to the service but the support is quick and friendly so that is a plus. Will post updates as issue is looked into further and a resolution is achieved.

[Hairless Monkey Boy]

On 2/16/2022 at 4:29 PM, wanderingfool2 said:

Like how @Spotty was asking regarding how they make money at the monthly fee.  My guess to that is they likely make it up from the merchants. (That 1% back they give you...well they could potentially be charging the merchant 3-5% the cost or have a fixed price per transaction plus the 1% fee).  That is the number I would like to know, how much does the merchant end up paying.

 

It's why I am against the advertisement of credit cards that give you "cash back %" kind of rewards.  It only ends up hurting smaller businesses and in general the consumers without them knowing (Nothing is worse than having a large CC payment disputed and failing the dispute process, despite having a signed contract, initials next to the pricing and rental agreement, only to have the payment dispute resolved in the customers favor.  Overall the prices needed to increase to cover incidents like that and just to cover the extra % that was eaten up on each transaction)

Absolutely this. Credit scores are a scam designed to incentivize you to use credit cards to "build your credit score". Credit card companies charge merchants fees on every transaction. Merchants can't just eat those costs, they pass them and other credit card related costs onto to the consumer. This constitutes a hidden sales tax on everything you buy. Since wealthier people tend to have cards that pay higher rewards (and charge merchants higher fees), this whole system is a blatant redistribution of wealth from the poor to the middle class, and from both to the wealthy. The poor are stuck paying the hidden sales tax without the kickbacks of rewards cards, making the whole thing super regressive.

[JonoT]

9 hours ago, KFCMcNuggets said:

I saw an Extra sponsor spot and decided I would look into it.  I signed up and paid the year subscription fee upfront. I uploaded my documents and bank via Plaid, after 24 hours I was able to enable to card. The amount I could use was below zero until it moved over $100. 
 

So in short after $108 subscription and an additional $100 that I never really understood I was waiting to be able to use the Extra card while also being out $200 from my bank account. Today when opening the app to check on the status of the card I immediately am prompted to relink my bank through Plaid. After entering my info I get an error and am told to either wait or try a different account (which I don’t have).  I make sure my bank account password is correct and login on the online site. Password is correct so I try it again same issue. I wait ~12 hours same issue. Feeling powerless and not satisfied with the options I go to the concierge and get to speaking with an employee. After a quick chat the agent explains that my issue is being forwarded to engineering. 
 

This is where I am currently with the issue. Not a great start to the service but the support is quick and friendly so that is a plus. Will post updates as issue is looked into further and a resolution is achieved.

Thanks! Please keep us updated regarding the status. Also, @Extra Card is a member on the forum so they can help out to explain it to everyone on what happened!

[Roswell]

On 4/6/2022 at 2:53 AM, KFCMcNuggets said:

I saw an Extra sponsor spot and decided I would look into it.  I signed up and paid the year subscription fee upfront. I uploaded my documents and bank via Plaid, after 24 hours I was able to enable to card. The amount I could use was below zero until it moved over $100. 
 

So in short after $108 subscription and an additional $100 that I never really understood I was waiting to be able to use the Extra card while also being out $200 from my bank account. Today when opening the app to check on the status of the card I immediately am prompted to relink my bank through Plaid. After entering my info I get an error and am told to either wait or try a different account (which I don’t have).  I make sure my bank account password is correct and login on the online site. Password is correct so I try it again same issue. I wait ~12 hours same issue. Feeling powerless and not satisfied with the options I go to the concierge and get to speaking with an employee. After a quick chat the agent explains that my issue is being forwarded to engineering. 
 

This is where I am currently with the issue. Not a great start to the service but the support is quick and friendly so that is a plus. Will post updates as issue is looked into further and a resolution is achieved.

Many banks block Plaid because they commit fraud and illegally intercept/store your banking login info. There have been class action lawsuits and tons of controversy over the financial data they scrape from your accounts and sell to third parties. If you can't get in now, your bank is never going to allow it. I'd ask for a refund and seek either a regular debit card or a secured credit card from a reputable bank.

 

https://www.plaidsettlement.com/frequently-asked-questions.php

 

 

On 4/6/2022 at 12:13 PM, JonoT said:

Thanks! Please keep us updated regarding the status. Also, @Extra Card is a member on the forum so they can help out to explain it to everyone on what happened!

 

See the above link. Why are you guys pushing financial products that you can't even bother to Google? This garbage is extremely exploitive and they force you to hand over your banking passwords to Plaid of all people...

 

Stay out of pushing healthcare and financial products. You guys don't know what you're doing and seem intentionally ignorant.

 

@LinusTech

 

[LinusTech]

Some of the critiques of Extra here don't appear to fully understand the service they're offering.

 

Nowhere did I glorify credit or encourage its use for day-to-day transactions. Maybe we just need to fine tune the messaging here, because essentially Extra is an automatic service that does what I did to build my credit when I was younger. It does cost money, but the service they are providing DOES have a value if you don't have the means or the discipline to manage it yourself. 

 

I looked through the comments about it on the WAN Show spot and it appears to be an EXTREMELY small minority that take issue with Extra's service.

 

I absolutely consider many financial products to be exploitative/predatory, but what makes them so is the poor transparency about costs and penalties. Extra's costs are flat and up-front.. You can't end up with thousands of dollars of debt at 30% interest with Extra, but you CAN build your credit score (a necessary evil unfortunately) if you want to make some kind of major purchase that requires a credit check - like a vehicle (personally I have never taken out a loan to buy a vehicle and I would recommend against it) or a house. 

 

If you don't like the price or you don't like the service, don't buy it. 

 

Is Extra the absolute best bang for the buck way to achieve what they do? I'm not sure. I'm sure there's a lot more I could learn about secured credit cards or other financial services, but if Extra does what it says on the tin at a well-understood price, I don't consider it to be a problem. We investigate reports of poor customer service, or predatory practices like difficulty in canceling a service, but it's up to the market todecide if the price is correct and if Extra struggles to attract customers, they will have to adjust it. That's all outside of OUR scope here.

 

The real test over the next few weeks/months will be to see if our viewers are getting a perceived value out of the service. If they're not, we'll dump them like last week's leftovers.

[Roswell]

12 minutes ago, LinusTech said:

Some of the critiques of Extra here don't appear to fully understand the service they're offering.

 

Nowhere did I glorify credit or encourage its use for day-to-day transactions. Maybe we just need to fine tune the messaging here, because essentially Extra is an automatic service that does what I did to build my credit when I was younger. It does cost money, but the service they are providing DOES have a value if you don't have the means or the discipline to manage it yourself. 

 

I looked through the comments about it on the WAN Show spot and it appears to be an EXTREMELY small minority that take issue with Extra's service.

 

I absolutely consider many financial products to be exploitative/predatory, but what makes them so is the poor transparency about costs and penalties. Extra's costs are flat and up-front.. You can't end up with thousands of dollars of debt at 30% interest with Extra, but you CAN build your credit score (a necessary evil unfortunately) if you want to make some kind of major purchase that requires a credit check - like a vehicle (personally I have never taken out a loan to buy a vehicle and I would recommend against it) or a house. 

 

If you don't like the price or you don't like the service, don't buy it. 

 

Is Extra the absolute best bang for the buck way to achieve what they do? I'm not sure. I'm sure there's a lot more I could learn about secured credit cards or other financial services, but if Extra does what it says on the tin at a well-understood price, I don't consider it to be a problem. We investigate reports of poor customer service, or predatory practices like difficulty in canceling a service, but it's up to the market todecide if the price is correct and if Extra struggles to attract customers, they will have to adjust it. That's all outside of OUR scope here.

 

The real test over the next few weeks/months will be to see if our viewers are getting a perceived value out of the service. If they're not, we'll dump them like last week's leftovers.

You’re kind of ignoring their use of Plaid here…

 

Plaid has been proven to impersonate banks, intercept and store your banking passwords and harvest/sell your financial account data. Why in the world would you endorse that?! There’s a reason that they’re facing all of these lawsuits…

[LinusTech]

1 minute ago, Roswell said:

You’re kind of ignoring their use of Plaid here…

 

Plaid has been proven to impersonate banks, intercept and store your banking passwords and harvest/sell your financial account data. Why in the world would you endorse that?! There’s a reason that they’re facing all of these lawsuits…

Is there an alternative to Plaid that they should use right now?

[Roswell]

3 minutes ago, LinusTech said:

Is there an alternative to Plaid that they should use right now?

I don’t know, but that in no way absolves them from using it. If they can’t function as a business without severely compromising their customer’s financial data and passwords, their business shouldn’t exist.

 

I think you know that ethically you shouldn’t be pushing something that puts your viewers at such financial risk. I hope you do the right thing… Plaid’s egregious behavior is super well documented at this point.

[LinusTech]

55 minutes ago, Roswell said:

I don’t know, but that in no way absolves them from using it. If they can’t function as a business without severely compromising their customer’s financial data and passwords, their business shouldn’t exist.

 

I think you know that ethically you shouldn’t be pushing something that puts your viewers at such financial risk. I hope you do the right thing… Plaid’s egregious behavior is super well documented at this point.

I sincerely hope that the correct authorities take care of Plaid's bad behavior, but there's a pretty slippery slope here. We haven't engaged with Plaid in any way, and as far as we can tell, Extra is in good faith creating a product/service that (while not perfect) is valuable to people and doesn't appear to be any WORSE than anything else, even if we all wish it was BETTER in this way.

 

If we start refusing to engage with companies who (through no choice or fault of their own) have to engage with crummy players that's going to leave a VERY short list, and I don't really think it makes a ton of sense.