USA: Allow Access to Financial Information

Old May 1, 19, 1:43 pm
  #1  
mia
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USA: Allow Access to Financial Information

Why should you share your bank account information with us?

Granting ongoing access to your bank account information, including balances, will allow us to better serve your account(s) and support your spending needs. It will also help us evaluate your creditworthiness, up to and including your ability to pay your debts with us.

You can opt out by calling the number on the back of your Card at any time.
Full terms and FAQ here:

https://global.americanexpress.com/b...ancialAccounts
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Old May 1, 19, 7:50 pm
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Originally Posted by mia View Post
Is it mandatory that we allow this access?
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Old May 1, 19, 11:03 pm
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It doesn't seem to be mandatory for now. How did you get this @mia? I click on your link and then cancelled, but in my case, I was not asked to do such thing.
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Old May 2, 19, 6:28 am
  #4  
mia
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Originally Posted by Gasolin View Post
...How did you get this ...
Came across it in a menu while looking for something else.
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Old May 2, 19, 6:52 am
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Yup, found it.

"Frequently Asked Questions
1. Who is the third-party provider?
Yodlee is a company we use to help us review your external financial accounts that you provide us access to, so we can service you better.


2. How does this work?
1. Select the bank(s) where you receive your income or other recurring direct deposits.

2. Enter your online banking username and password.

3. Confirm the bank account(s) you would like us to review. We will not withdraw any funds.

4. Get a decision from us. Based on your balance, transaction history, account duration, and other factors, we can provide a decision in minutes.


3. What information will you be looking at?
We'll review your bank account balance(s) and transaction history. We'll also take a look at how long your bank account(s) have been open. We will also make sure the name on the bank account(s) matches your name on the application or your existing account.


4. Would you withdraw funds from the account(s) share as part of this request?
No, we will only review the accounts you've selected.


5. What safety and security pre-cautions will you take regarding my information?
Security and service are first and foremost for us. We understand the importance of security and identity protection when communicating and transmitting your financial data. We use industry leading encryption and security to keep your information safe and secure.

For more information regarding how we secure your data online, you can visit americanexpress.com/us/content/fruad-protection-center.html


6. What happens if I verify later?
You will be provided another opportunity to provide us the required information either by mail, fax or phone."
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Old May 2, 19, 7:15 am
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So it looks like this is part of the application process? I can see where AMEX would find this info useful in determining creditworthiness, though that doesn't mean I'd let them access it.
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Old May 2, 19, 7:25 am
  #7  
mia
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Originally Posted by Kacee View Post
So it looks like this is part of the application process? ....
This is for existing cardholders. This information could improve the algorithm that decides whether to approve charge card transactions, and could reduce the need for Financial Reviews.

Login to americanexpress.com > Account Services > Payment Options > Allow Access to Financial Account(s)

Last edited by mia; May 2, 19 at 10:43 am
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Old May 2, 19, 7:34 am
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Originally Posted by fliesdelta View Post
Is it mandatory that we allow this access?
It's never mandatory. You have a choice to not use their cards.

Personally I think granting access to a bank account is a little too intrusive.
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Old May 2, 19, 8:23 am
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Originally Posted by Gasolin View Post
It doesn't seem to be mandatory for now.
Then I shall not provide it. It's a little too intrusive, plus it's yet another possible vector for a data breach.
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Old May 2, 19, 9:59 am
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My understanding of the business model for these account aggregation tools is mostly marketing related. They will see that you make payments to Barclays, Chase, etc. and that will influence offers you get at some point. They might also see some payments that could be done via AmEx instead to suggest converting. I don't see it really useful for existing account management.

I think AmEx needs to do a better job about specific benefits to the customer for allowing this option. It might become mandatory at some point, but I don't think it is likely.
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Old May 2, 19, 10:39 am
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Originally Posted by Gasolin View Post
It doesn't seem to be mandatory for now.
There'd be huge customer blowback if they attempted to make it mandatory.
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Old May 2, 19, 12:41 pm
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There is no way I would give Amex or Yodlee the access credentials (username/password) to any of my financial accounts.
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Old May 2, 19, 1:35 pm
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Well they already have auto pay activated with money always being paid whatever the amount, so that should be sufficient for them to judge my credit worthiness.
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Old May 2, 19, 6:41 pm
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Originally Posted by mia View Post
This is for existing cardholders. This information could improve the algorithm that decides whether to approve charge card transactions, and could reduce the need for Financial Reviews.
I wonder how much of this type of information amex already gathered on schwab plat holders; at the very least the balance.
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Old May 3, 19, 9:43 am
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AMEX has 36 years of payment history, if that's not good enough, bye-bye AMEX.
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