Clearaccount asking for bank passwords

[Shaza40]

Whilst looking to get a quick loan (stupid I know) I came across this site. All was going well until the last page where they wanted by digital banking code, passwords etc? I stopped the application immediately and got an email from them ..... see below

 

Why do we need the last page to be completed?

We need your online banking credentials in order to connect to your bank account so we can display your transactions and trigger payments in and out of your account.

At ClearAccount, we promise to keep all your personal details safe and secure. The security of any information you share with us and your privacy are our top priorities. That's why we use the same 128-bit encryption and physical security that your bank does.

ClearAccount is a "read-only" service. Our unswerving commitment to your security means we cannot control your bank account or make payments to third parties.

 

Are they kidding? As if I would ever give out these details to anyone. Sure it must be a [problem]......hopefully no-one has done this and i hope no-one will! I may need the money but not by giving out these details!

[Nao]

There is a whole bunch of similar sites out in the wild, they are the newest fad in extreme high cost / regulation dodging lending, as payday lenders will face more and more regulation the loan sharks running them will simply find a new thing to make money of.

[Shaza40]

Thanks Sillygirl1 have cleaned up my PC just in case and changed the password.

 

Sounded dodgy! The fact that they charge 430 APR was also a wake up call!

[markosoft82]

There are companies that have products that do require that information legitimately (I think Egg have one), and from what I can tell ClearAccount aren't a PDL as such (they only put money in to cover your overdraft).

 

I still wouldn't give them my details though, as your bank T&Cs will state the bank will wash their hands of any responsibility if you give your details out, and you're a victim of fraud.

[42man]

An 'automatic trigger' is in my opinion does not take into account 'affordability'. Not only that but by giving this company your banking passwords could compromise your contract with your bank.....what would happen for instance if you got into trouble or an unexpected bill came up and THEY changed your password....

[markosoft82]

Exactly. And they will take back their money as soon as they see it, and it's not just a case of removing cpa's

[Nao]

from what I can tell ClearAccount aren't a PDL as such (they only put money in to cover your overdraft).

 

yes, they are not a pdl, thats one of the devious details about it, if the government steps in and puts some proper regulation in place for pdl it won't affect them and it will take years of problems again until the government steps in again.

 

However, both this form of lending as well as pdl are extreme high cost lending, plus there are some obvious connections between clearaccount and mem finance.

[TheInQ]

I used them and give them my details which at the time i thought was crazy but was desperate for cash, only for them to e-mail me saying due to my previous records they can't offer me any loan...

 

I did have another 2 loan that had just been taking off so they obviously knew i was taking other loans out..

 

had a few months wages paid in from then and no monies went missing.

[paxon]

Yeah I am sure that your right, and they are “probably” ok to use, but in this day and age any company asking for online banking details must be mad.

[TheInQ]

Yeah I am sure that your right, and they are “probably” ok to use, but in this day and age any company asking for online banking details must be mad.

 

I did feel really silly after it but i think it could possibly be better than them doing a credit check, this way they see your credits and if all looks good and you are genuinely struggling with monies due to insurance, rent, council tax these things will show on your account which will give them a good sense that you do generally need money for an emergency loan.

[LaughingGirl]

I was going to post about this lot the other day but got sidetracked. The whole thing is completely bonkers to be honest, and I'd like to think that this lot will sink without a trace (probably not though, sadly).

 

As 42Man has already said, regardless of how legitimate they are (or aren't), allowing a third party access, however secure, to your banking password or PIN almost certainly breaches your bank's T&C's. If you happened to be a victim of fraud it's highly unlikely that the bank concerned would look favourably on the fact that you'd shared information designed to keep your account secure, and you could even be jeopardising a refund of any money that was fraudulently obtained from your account.

[dx100uk]

more than a yr old

thread closed