Giving broker access to bank statements question

Hi everyone
I wanted to ask if it is standard procedure for brokers to request that you upload all your bank statements via an electronic platform. The platform my broker uses is called ‘cashdeck’. It asks for my internet log in details?? Anyone used it before?

 

Yes we do it. Some clients don't allow access so we work around that.

 

Yes, it makes it easier for YOU the client, use it for all our clients, those that don't want to use it don't have to but then usually end up getting annoyed with the back and forth because they fail to provide the correct statement data.
Best practice is to change you internet banking password after you use it.
It appears you have some trust issues with your broker?

 

I use Cashdeck to collect bank statements from clients.

* This system only holds your login details for as long as it takes to retrieve the bank statements from your lender. The broker does not get any access to this info at all.
* It is fully secure, using similar encryption protocols as what the banks use. It is infinitely more secure than emailing these statements to your broker.
* It retrieves the information we need, not what you think we need. I find that 95% of the time I've had to go back and ask for more banks statements from clients because they don't send what I ask for.
* Cashdeck performs an analysis of your spending. The banks are already looking at this themselves and it's a huge help (and time saver) if brokers can work from the same information. It means your application is more likely to be approved a lot more quickly.

ASIC has reviewed Cashdeck and other similar services. They found no cases where peoples banking was compromised.

Some head groups now require their brokers to use these systems because they are more compliant. Compliance is an umbrella term that describes the processes to ensure that the customer gets a better and fairer outcome.

 

My last broker asked me to use one of these services but I declined. He indicated that it was fairly common for people to refuse to use these and was quite happy to use emailled bank statements instead.

Sure, just like it's "easier" to leave your car unlocked and keys sitting in the ignition, but most people don't because of the risks!

I would expect that the majority of people would be able to follow simple and specific instructions, and if they borked it up then most would deal with it without getting annoyed. If it is "usual" for your (manual statement) clients to get annoyed, then maybe you need to review the instructions you are giving them.

And what on earth is that supposed to mean? It sounds as if you're saying that there is zero chance of any risk, which is complete rubbish!

Again, what do you mean by "infinitely more secure"? Whilst I'm not too keen for my bank statements to be intercepted, as far as incurring financial loss due to an unauthorised transaction it would say that emailling statements is "infinitely more secure" than providing login ans password to a website where they can initiate transactions from your account!

My last few loans were through banks I have never used before, therefore the emailled statements provided to the broker were *exactly* the same information that the bank had!

Oh god, no! Best practice is to not give out your internet banking passwords.

FYI, these sites use a method called "screenscraping" and the Australian Treasury says that it is risky to use these sites as you may lose your protection against fraudulent transactions.

They also say that it is very common for people to refuse once they realise that they need to hand over their internet banking passwords.

There is a new service on the horizon called Open Banking that should fix these issues by allowing you to grant read-only access to your bank statements.

 

Because sending email statements is much more secure? That’s a false economy

Be surprised at the amount of people that can’t follow simple instructions

 

In what way is that even remotely similar? If you said you leave your keys in your car when you drop it inside the mechanics workshop that might be more in line with the associated risks...

You're basing that on your experience with what? Doing it yourself?
After hundreds of transactions I can tell you most get it wrong, there aren't many ways you can explain what you need regarding correct statements, you would be amazed at how many people don't know how to print a list of transactions correctly even with step by step instructions with example screen shots.
Asked for a credit card statement just this week, client sent through pictures of the front and back of their credit card

"They say" well enough said!
I'm talking from experience of actually using the service, most people LOVE using it as it makes it much simpler for them.

The broker does not get access to the clients internet banking, if you change your password after using these services then you've covered yourself even if someone somehow got a hold of the login details you used to provide the statements.

Some people are just afraid of any new technology, which is fine, there are easier ways for someone to get your bank login details if they really wanted to, and you likely wouldn't even know about it.

 

You should check your banks internet banking policy to see how giving out your internet banking password will affect you. Some banks clean their hands of responsibility if you this.

My suggestion is continue to use printed / emailed statements for now, open banking is around the corner and will solve this problem without the need to handover passwords and screen scrape

 

Thanks for all the advise everyone