Personal Capital and Ally Bank

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Topic Author
sapper1371
Posts: 156
Joined: Tue Jul 10, 2018 7:21 pm

Personal Capital and Ally Bank

Post by sapper1371 » Thu Jan 23, 2020 6:54 pm

My accounts stopped updating a week ago. I’m wondering if it’s just me or if Ally blocked Personal Capital or something? Anyways I know there are a lot of people here who use both so just wondering if it’s a global thing with Ally or just my accounts for some reason?

naj89
Posts: 6
Joined: Tue Jan 05, 2016 6:15 pm

Re: Personal Capital and Ally Bank

Post by naj89 » Thu Jan 23, 2020 7:08 pm

I haven't logged into Personal Capital in quite some time, but did just now. My Ally accounts "refreshed" and are showing a date and balances as of 1/14/2020, but also giving me a message saying my username, password, or secret questions do not match what they have on file.

Since I have stagnant data also, I am assuming there is an underlying issue and it is not isolated to you/us.

brad.clarkston
Posts: 754
Joined: Fri Jan 03, 2014 8:31 pm
Location: Kansas City, MO

Re: Personal Capital and Ally Bank

Post by brad.clarkston » Thu Jan 23, 2020 7:20 pm

Mine's working fine.

py2o3434
Posts: 5
Joined: Mon Dec 09, 2019 11:31 pm

Re: Personal Capital and Ally Bank

Post by py2o3434 » Thu Jan 23, 2020 7:23 pm

Mine has an error for Ally bank through Personal Cap. Not sure why but I didn't look into it much

stilllurking
Posts: 107
Joined: Mon Jun 16, 2014 10:44 am

Re: Personal Capital and Ally Bank

Post by stilllurking » Thu Jan 23, 2020 7:25 pm

Apparently it is a known issue at Personal Capital. Mine hasn't worked since 1/15.

JeepDaze
Posts: 129
Joined: Sat Mar 26, 2016 9:19 am

Re: Personal Capital and Ally Bank

Post by JeepDaze » Thu Jan 23, 2020 7:26 pm

I get the same error. Last update was 1/14/2020.

Tdubs
Posts: 1027
Joined: Tue Apr 24, 2018 7:50 pm

Re: Personal Capital and Ally Bank

Post by Tdubs » Thu Jan 23, 2020 7:27 pm

Ah, so it isn't just me.

Topic Author
sapper1371
Posts: 156
Joined: Tue Jul 10, 2018 7:21 pm

Re: Personal Capital and Ally Bank

Post by sapper1371 » Thu Jan 23, 2020 8:11 pm

It’s getting pretty annoying as it seems that at least one of my accounts is always in error and they can’t tell you if it will be fixed in 1 day or 1 year....just that they are “making code updates”.

A few months ago I got an email that they fixed an issue with one of my CC accounts. I said thanks but I closed that account over 6 months ago...

relativeworld
Posts: 3
Joined: Sat Dec 14, 2019 7:49 pm

Re: Personal Capital and Ally Bank

Post by relativeworld » Thu Jan 23, 2020 8:22 pm

Yeah mine has not been syncing for about a week. It's on their "known issues" pages, but so far no updates as to when they expect it to be fixed: https://support.personalcapital.com/hc/ ... 1-16-2020-

Of note it's syncing fine for me in Mint, so problem is likely on the Personal Capital side...

SandysDad
Posts: 219
Joined: Wed Dec 06, 2017 7:27 am

Re: Personal Capital and Ally Bank

Post by SandysDad » Fri Jan 24, 2020 9:04 am

sapper1371 wrote:
Thu Jan 23, 2020 8:11 pm
It’s getting pretty annoying as it seems that at least one of my accounts is always in error and they can’t tell you if it will be fixed in 1 day or 1 year....just that they are “making code updates”.

A few months ago I got an email that they fixed an issue with one of my CC accounts. I said thanks but I closed that account over 6 months ago...
Always find it humorous when folks get annoyed that their free service isn’t up to snuff. Don’t like it? Switch to Mint and you will be bombarded with ads instead of a phone call once a year?

Or you can switch to a paid service which will inevitably have problems as well only you are paying for it.

Topic Author
sapper1371
Posts: 156
Joined: Tue Jul 10, 2018 7:21 pm

Re: Personal Capital and Ally Bank

Post by sapper1371 » Fri Jan 24, 2020 1:01 pm

SandysDad wrote:
Fri Jan 24, 2020 9:04 am
Always find it humorous when folks get annoyed that their free service isn’t up to snuff.
Free :confused

Do you ever wonder why they keep letting you use their tool even if you don’t sign up for their services? I guess you have never heard of big data...

User avatar
IcedDog
Posts: 52
Joined: Wed Jul 18, 2018 8:55 pm
Location: Michigan

Re: Personal Capital and Ally Bank

Post by IcedDog » Fri Jan 24, 2020 8:58 pm

Yeah, it hasn't been syncing for over a week...I did notice it listed as a known issue under the Support section, but I also see other known issues listed that have been there for a lot longer than one week, so that doesn't exactly instill confidence in a timely fix :(

MBB_Boy
Posts: 93
Joined: Sat May 12, 2018 4:09 pm

Re: Personal Capital and Ally Bank

Post by MBB_Boy » Sat Jan 25, 2020 10:09 am

For everyone's situational awareness, there are often pissing matches behind the scenes between banks and aggregators like Personal Capital, Mint, etc. Boils down to two things: Banks really don't like the aggregators pulling all of their information and giving it to consumers. The first reason is because it's a potential security issue. If PC gets hacked and all the money is suddenly missing from your Ally account, who do you think is going to end up on the hook? You sure as heck are going to be calling Ally to fix it, not PC. And TECHNICALLY Ally doesn't have to give you anything, because giving your username/password etc to PC/Mint is likely a violation of the T&Cs....but anyone who believes the banks are going to stiff all their customers (especially in this current political environment) is naive.

Second, it makes you less likely to use the bank's features and services, and sets you up to be a customer of whatever fintech you are using as an aggregator. Predictably, these fintechs have all started offering "bank" accounts, and customers can slowly start bleeding away once they have basically consolidated with an aggregator and do all of their financial interactions (planning, viewing bills, reviewing transactions, budgeting) with them.

So this issue with Ally is likely due to Ally trying to force PC into a data sharing agreement in their favor, ostenibly in order to enhance security. It's one reason why Visa's acquisition of Plaid (very popular aggregator behind the scenes of a number of apps) is so important. Visa and the bank's already have a strong partnership when it comes to the plumbing of financial services, and Visa will likely help the bank's with getting stuff up to snuff from a behind the scenes security standpoint, and giving banks access to some of the data (Visa has a consulting arm for banks based on the data from credit card swipes - will be even more powerful if they can give anonymized insights into even more financial behavior).

MMLC3
Posts: 93
Joined: Sat Jul 08, 2017 6:49 pm

Re: Personal Capital and Ally Bank

Post by MMLC3 » Wed Jan 29, 2020 12:15 pm

IcedDog wrote:
Fri Jan 24, 2020 8:58 pm
Yeah, it hasn't been syncing for over a week...I did notice it listed as a known issue under the Support section, but I also see other known issues listed that have been there for a lot longer than one week, so that doesn't exactly instill confidence in a timely fix :(
I am still seeing this syncing issue. Did anyone else see it resolved?

stilllurking
Posts: 107
Joined: Mon Jun 16, 2014 10:44 am

Re: Personal Capital and Ally Bank

Post by stilllurking » Wed Jan 29, 2020 1:03 pm

Still an issue as of a few minutes ago when I entered credentials again.

Nowisee
Posts: 13
Joined: Sun Mar 03, 2019 8:18 pm

Re: Personal Capital and Ally Bank

Post by Nowisee » Tue Feb 04, 2020 7:44 am

CapOne requires a 2FA through SIM each time its accessed by PC. I've stopped using PC.
No problems on Mint and I'm fine using just Mint.
Both require me to get a pin for my 401

as9
Posts: 130
Joined: Mon Jan 27, 2020 9:26 am

Re: Personal Capital and Ally Bank

Post by as9 » Tue Feb 04, 2020 9:44 am

Still not working for me.

I like PC for the investment views, but in general I find their account syncing to be a lot less reliable than Mint.

I've used Mint for ~10 years, and while it's far from perfect, I've never had accounts that just didn't work. I was interested in trying YNAB, but it doesn't support TD Bank so it's a non-starter for me.

rascott
Posts: 2019
Joined: Wed Apr 15, 2015 10:53 am

Re: Personal Capital and Ally Bank

Post by rascott » Tue Feb 04, 2020 1:24 pm

Yep still not working for me..... since the 15th.

They haven't been able to sync with my local credit union checking account since last summer.

My old TSP account now requires 2FA every login.... so no easy sync there either.

PC is becoming less useful to me by the month.

Tdubs
Posts: 1027
Joined: Tue Apr 24, 2018 7:50 pm

Re: Personal Capital and Ally Bank

Post by Tdubs » Tue Feb 11, 2020 8:20 pm

Still no resolution. May be time to cut the cord on PC.

as9
Posts: 130
Joined: Mon Jan 27, 2020 9:26 am

Re: Personal Capital and Ally Bank

Post by as9 » Tue Feb 11, 2020 9:08 pm

Just set up Fidelity Full View and I see little reason to continue battling PC.

csm
Posts: 375
Joined: Sun Mar 27, 2016 7:52 am

Re: Personal Capital and Ally Bank

Post by csm » Thu Feb 13, 2020 4:36 pm

as9 wrote:
Tue Feb 11, 2020 9:08 pm
Just set up Fidelity Full View and I see little reason to continue battling PC.
How do you like Fidelity Full View compared to Personal Capital? Does it only include investment and bank accounts, or also credit cards?

Fidelity has been showing me the screen to sign up for Full View for months which I keep dismissing. I like the views I get with Personal Capital, but the continued problems with Ally are very inconvenient since all my most active accounts are there (pension deposited and all bills paid plus a batch of CDs), so it's what I need to keep the closest eye on most regularly.

as9
Posts: 130
Joined: Mon Jan 27, 2020 9:26 am

Re: Personal Capital and Ally Bank

Post by as9 » Thu Feb 13, 2020 4:51 pm

csm wrote:
Thu Feb 13, 2020 4:36 pm
as9 wrote:
Tue Feb 11, 2020 9:08 pm
Just set up Fidelity Full View and I see little reason to continue battling PC.
How do you like Fidelity Full View compared to Personal Capital? Does it only include investment and bank accounts, or also credit cards?

Fidelity has been showing me the screen to sign up for Full View for months which I keep dismissing. I like the views I get with Personal Capital, but the continued problems with Ally are very inconvenient since all my most active accounts are there (pension deposited and all bills paid plus a batch of CDs), so it's what I need to keep the closest eye on most regularly.
I'm liking it so far. Have not had a single connection error. I've used Mint for about 10 years to track our budget and cash flow and I'm happy with it for that purpose, so my main interest in PC and now Full View is to have a better view of investments and net worth. With Full View I've only set up our cash savings (Ally), investments (Fidelity), and mortgage (Wells Fargo) and manually added our house.

I didn't add our checking or credit cards as it's not needed for my use case, but you certainly can.

csm
Posts: 375
Joined: Sun Mar 27, 2016 7:52 am

Re: Personal Capital and Ally Bank

Post by csm » Thu Feb 13, 2020 10:54 pm

Thank you! I will start setting it up soon. Hopefully as it's part of Fidelity it will be more stable than PC.

SoDakJeff
Posts: 86
Joined: Mon Mar 13, 2017 11:48 am

Re: Personal Capital and Ally Bank

Post by SoDakJeff » Fri Feb 14, 2020 9:01 am

Slightly off topic, but...

I have my Ally account linked at Vanguard, and the last time it was updated was January 14th. I called Vanguard a couple weeks ago about this, and they said it's a known issue with Yodlee and that a fix was coming the first week or two of February. I just checked it, and it's still not updating.

acegolfer
Posts: 1954
Joined: Tue Aug 25, 2009 9:40 am

Re: Personal Capital and Ally Bank

Post by acegolfer » Fri Feb 14, 2020 9:03 am

Curious. If you change the password at Ally, do you have to update at PC for it to continue to update?

stilllurking
Posts: 107
Joined: Mon Jun 16, 2014 10:44 am

Re: Personal Capital and Ally Bank

Post by stilllurking » Fri Feb 14, 2020 4:08 pm

I've been using Fidelity Full View sporadically and now that the Ally link has been broken, I've gone back. Two annoyances with it.

1) Merrill Edge positions don't update. The whole account shows up as cash.
2) A lot of credit card transactions are miscategorized. It will be a bit of work to adjust these. The benefit is that you can set up a rule in order to back fill the prior transactions and hopefully affect similar new transactions in the future.

I don't have the Fidelity app. Does this Full View show up there? Does anyone know?

as9
Posts: 130
Joined: Mon Jan 27, 2020 9:26 am

Re: Personal Capital and Ally Bank

Post by as9 » Fri Feb 14, 2020 4:17 pm

acegolfer wrote:
Fri Feb 14, 2020 9:03 am
Curious. If you change the password at Ally, do you have to update at PC for it to continue to update?
Yes.
stilllurking wrote:
Fri Feb 14, 2020 4:08 pm
I don't have the Fidelity app. Does this Full View show up there? Does anyone know?
Pretty sure it doesn't. I think Full View was built by a third-party and shoehorned into the site.

acegolfer
Posts: 1954
Joined: Tue Aug 25, 2009 9:40 am

Re: Personal Capital and Ally Bank

Post by acegolfer » Fri Feb 14, 2020 4:22 pm

as9 wrote:
Fri Feb 14, 2020 4:17 pm
acegolfer wrote:
Fri Feb 14, 2020 9:03 am
Curious. If you change the password at Ally, do you have to update at PC for it to continue to update?
Yes.
Too bad. I don't need to update BofA password at Mint.com.

as9
Posts: 130
Joined: Mon Jan 27, 2020 9:26 am

Re: Personal Capital and Ally Bank

Post by as9 » Fri Feb 14, 2020 4:32 pm

acegolfer wrote:
Fri Feb 14, 2020 4:22 pm
as9 wrote:
Fri Feb 14, 2020 4:17 pm
acegolfer wrote:
Fri Feb 14, 2020 9:03 am
Curious. If you change the password at Ally, do you have to update at PC for it to continue to update?
Yes.
Too bad. I don't need to update BofA password at Mint.com.
Interesting -- it's possible I'm wrong, but I feel like any time I've changed my password to an account on any of these services they eventually error out.

TonyZ
Posts: 9
Joined: Thu Jan 17, 2013 11:57 am

Re: Personal Capital and Ally Bank

Post by TonyZ » Fri Feb 14, 2020 5:53 pm

My Schwab link with ALLY also stopped updating on January 14th. After several calls to both Schwab and ALLY, it became apparent the problem was on the ALLY end. After a couple of messages back and forth with ALLY (including one in which they suggested the problem was either with the operating system or the browser my computer was using ) I received this this information today:

"When we made the last update to Ally online banking, the updates set a block on third party information sharing. Our Ally Tech team is aware of this issue and is diligently working on having this restored. We have no time line at this moment to when the fix will occur."
Last edited by TonyZ on Sat Feb 15, 2020 2:02 pm, edited 1 time in total.

kinless
Posts: 68
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Location: Tustin, CA
Contact:

Re: Personal Capital and Ally Bank

Post by kinless » Sat Feb 15, 2020 1:04 pm

Well the "service dot" next to Ally's name changed from red to yellow (which means it's scheduled to be resolved within a few days). I suppose that's progress.

I'm wondering if Ally's recent implementation of "buckets" changed up the way they report to aggregators. That feature launched about the same time the PC connection to Ally stopped working. Might be a coincidence, but it could be an agreement issue as stated earlier in the thread.
MBB_Boy wrote:
Sat Jan 25, 2020 10:09 am
The first reason is because it's a potential security issue. If PC gets hacked and all the money is suddenly missing from your Ally account, who do you think is going to end up on the hook?
A number of financial firms these days have switched to tokenization, where a user only enters credentials once, which generates and saves a long and secure alphanumeric key, then discards your username/password. That token then maintains the connection between your bank and the aggregation site, even if your bank credentials are later changed. This token is useless to unauthorized users as it's only valid for that unique connection. My Chase, Citibank and Fidelity accounts already have this.

To your point, I'm not sure if tokenization exists with Ally yet, but they may be in the process of implementing this feature. But even without tokenization, stored credentials on PC are heavily encrypted (256-bit AES) which would take many years to crack. Even with all the safeguards in place, I know some folks have still convinced themselves (with help from the media and tin-foil-hatters) that they could be hacked and their finances drained any minute. High-profile cases like Equifax, Yahoo, and LinkedIn certainly don't help, but I have yet to hear of any unauthorized entry to major financial firms. If users keep to 2FA and unique passwords for every site, then risk is super minimal.

In any case, if banks are claiming "security issues" for refusal to cooperate with aggregators, that's just a lazy excuse IMO.
MBB_Boy wrote:
Sat Jan 25, 2020 10:09 am
Second, it makes you less likely to use the bank's features and services, and sets you up to be a customer of whatever fintech you are using as an aggregator.
No aggregator can be used to pay/receive/transfer funds from one account to another, or view individual monthly statements. Aggregators are good for birds-eye-view net worth, budgeting, and reminders. The average Boglehead probably wouldn't use them for anything more than that, although I concede there's a small percentage of people who sign up to let PC manage their investments or open up new savings accounts. Hey, they need someone to make up for the other majority who use their aggregation services for free. Some folks may suspect data harvesting is in play, but according to their privacy policy, they do not explicitly share financial data outside marketing for their own planning tools.

Anyway, here's hoping this Ally issue gets fixed in short order. It's the lone holdout on my list.

Tdubs
Posts: 1027
Joined: Tue Apr 24, 2018 7:50 pm

Re: Personal Capital and Ally Bank

Post by Tdubs » Mon Feb 17, 2020 8:47 am

I went to Personal Capital this morning to take down my Ally accounts, but instead I got a two-factor authentication request and it worked! PC updated all my Ally accounts without a hitch.

stilllurking
Posts: 107
Joined: Mon Jun 16, 2014 10:44 am

Re: Personal Capital and Ally Bank

Post by stilllurking » Mon Feb 17, 2020 9:05 am

Updated somewhat. The balances and transactions are there but the charts didn't update.

HobbesMB
Posts: 40
Joined: Mon Sep 18, 2017 1:36 pm

Re: Personal Capital and Ally Bank

Post by HobbesMB » Mon Feb 17, 2020 9:58 am

Finally updated for me today as well. This has been quite annoying since Ally houses the bulk of my active cash accounts. Glad they got it sorted out.

acegolfer
Posts: 1954
Joined: Tue Aug 25, 2009 9:40 am

Re: Personal Capital and Ally Bank

Post by acegolfer » Mon Feb 17, 2020 10:10 am

kinless wrote:
Sat Feb 15, 2020 1:04 pm
No aggregator can be used to pay/receive/transfer funds from one account to another, or view individual monthly statements. Aggregators are good for birds-eye-view net worth, budgeting, and reminders.
This is my understanding but other BHs claim once the token is established, they will have full control over your account. Which is true? Do you have any source to prove your statement? The others didn't provide any proof.

CycloRista
Posts: 10
Joined: Sun Feb 16, 2020 11:53 am

Re: Personal Capital and Ally Bank

Post by CycloRista » Mon Feb 17, 2020 11:05 am

Good to know...

My Ally accounts stopped syncing a little while back as well...

Some of my portfolio consists of (non-ETF) Personal Capital investments and Ally banking/investing for my own trading during the past couple of years now. So much nicer of an experience since Ally recently made transfers between bank & invest accounts far more efficient.

Over that timeframe, my own trading on Ally still outperforms hand-picked 401k funds at the day job, all Personal Capital accounts (I have three different "buckets" with different risk tolerances) and Wealthfront (I setup a $5k "no fee" account for a robo benchmark).

csm
Posts: 375
Joined: Sun Mar 27, 2016 7:52 am

Re: Personal Capital and Ally Bank

Post by csm » Mon Feb 17, 2020 11:25 am

HobbesMB wrote:
Mon Feb 17, 2020 9:58 am
Finally updated for me today as well. This has been quite annoying since Ally houses the bulk of my active cash accounts. Glad they got it sorted out.
Same situation for me. Very happy that I was able to update today.

EDITED TO ADD: It's very odd, because my balances are correct, but it has not populated the most recent transactions. For example, my savings account shows the right balance, but PC is only showing individual transactions from early January and earlier, whereas there have been transactions in late January and early February.

stilllurking
Posts: 107
Joined: Mon Jun 16, 2014 10:44 am

Re: Personal Capital and Ally Bank

Post by stilllurking » Mon Feb 17, 2020 12:26 pm

I logged in this morning and did the 2FA for it to update. Logged in three hours later and still needed to do 2FA again. Anyone else need to do this?

csm
Posts: 375
Joined: Sun Mar 27, 2016 7:52 am

Re: Personal Capital and Ally Bank

Post by csm » Mon Feb 17, 2020 1:24 pm

stilllurking wrote:
Mon Feb 17, 2020 12:26 pm
I logged in this morning and did the 2FA for it to update. Logged in three hours later and still needed to do 2FA again. Anyone else need to do this?
Yes, have to do 2FA each time I refreshed today. Wondering if it will be required all the time.

kinless
Posts: 68
Joined: Sat May 15, 2010 11:54 pm
Location: Tustin, CA
Contact:

Re: Personal Capital and Ally Bank

Post by kinless » Mon Feb 17, 2020 1:39 pm

acegolfer wrote:
Mon Feb 17, 2020 10:10 am
kinless wrote:
Sat Feb 15, 2020 1:04 pm
No aggregator can be used to pay/receive/transfer funds from one account to another, or view individual monthly statements. Aggregators are good for birds-eye-view net worth, budgeting, and reminders.
This is my understanding but other BHs claim once the token is established, they will have full control over your account. Which is true? Do you have any source to prove your statement? The others didn't provide any proof.
Depends on the API. For example, Mint uses OFX (Open Financial Exchange) which is read-only. OFX tokens can pull data, but not change it. (Source article here). Not sure what protocol PC uses, but from what I can make out on their security page I would assume something similar, if not OFX.

But even for those APIs that have the capability to change account information, that doesn't mean financial institutions have to use it. These tokens are only authorized to do as much as the banks allow, which is likely read-only. That would be in everybody's best interests to keep account modifications disabled.

P.S. My Ally account now works after 2FA, although there are no transactions from the last 30 days as others have reported.

LeftCoastIV
Posts: 139
Joined: Wed May 01, 2019 7:19 pm

Re: Personal Capital and Ally Bank

Post by LeftCoastIV » Mon Feb 17, 2020 2:59 pm

MBB_Boy wrote:
Sat Jan 25, 2020 10:09 am
For everyone's situational awareness, there are often pissing matches behind the scenes between banks and aggregators like Personal Capital, Mint, etc. Boils down to two things: Banks really don't like the aggregators pulling all of their information and giving it to consumers. The first reason is because it's a potential security issue. If PC gets hacked and all the money is suddenly missing from your Ally account, who do you think is going to end up on the hook? You sure as heck are going to be calling Ally to fix it, not PC. And TECHNICALLY Ally doesn't have to give you anything, because giving your username/password etc to PC/Mint is likely a violation of the T&Cs....but anyone who believes the banks are going to stiff all their customers (especially in this current political environment) is naive.

Second, it makes you less likely to use the bank's features and services, and sets you up to be a customer of whatever fintech you are using as an aggregator. Predictably, these fintechs have all started offering "bank" accounts, and customers can slowly start bleeding away once they have basically consolidated with an aggregator and do all of their financial interactions (planning, viewing bills, reviewing transactions, budgeting) with them.

So this issue with Ally is likely due to Ally trying to force PC into a data sharing agreement in their favor, ostenibly in order to enhance security. It's one reason why Visa's acquisition of Plaid (very popular aggregator behind the scenes of a number of apps) is so important. Visa and the bank's already have a strong partnership when it comes to the plumbing of financial services, and Visa will likely help the bank's with getting stuff up to snuff from a behind the scenes security standpoint, and giving banks access to some of the data (Visa has a consulting arm for banks based on the data from credit card swipes - will be even more powerful if they can give anonymized insights into even more financial behavior).
PC introducing, and promoting, their own money market account has likely increased the tension with Ally. Wouldn’t surprise me if this is not a technical issue, but rather a negotiation.

HobbesMB
Posts: 40
Joined: Mon Sep 18, 2017 1:36 pm

Re: Personal Capital and Ally Bank

Post by HobbesMB » Mon Feb 17, 2020 3:56 pm

csm wrote:
Mon Feb 17, 2020 1:24 pm
stilllurking wrote:
Mon Feb 17, 2020 12:26 pm
I logged in this morning and did the 2FA for it to update. Logged in three hours later and still needed to do 2FA again. Anyone else need to do this?
Yes, have to do 2FA each time I refreshed today. Wondering if it will be required all the time.
For many months now Capital One 360 has required 2FA to update with Personal Capital every time it updates. I would not be surprised if Ally will now require the same thing. It's annoying, but just an extra step to have Personal Capital update the account.

MBB_Boy
Posts: 93
Joined: Sat May 12, 2018 4:09 pm

Re: Personal Capital and Ally Bank

Post by MBB_Boy » Sat Feb 22, 2020 1:12 pm

kinless wrote:
Sat Feb 15, 2020 1:04 pm

A number of financial firms these days have switched to tokenization, where a user only enters credentials once, which generates and saves a long and secure alphanumeric key, then discards your username/password. That token then maintains the connection between your bank and the aggregation site, even if your bank credentials are later changed. This token is useless to unauthorized users as it's only valid for that unique connection. My Chase, Citibank and Fidelity accounts already have this.

To your point, I'm not sure if tokenization exists with Ally yet, but they may be in the process of implementing this feature. But even without tokenization, stored credentials on PC are heavily encrypted (256-bit AES) which would take many years to crack. Even with all the safeguards in place, I know some folks have still convinced themselves (with help from the media and tin-foil-hatters) that they could be hacked and their finances drained any minute. High-profile cases like Equifax, Yahoo, and LinkedIn certainly don't help, but I have yet to hear of any unauthorized entry to major financial firms. If users keep to 2FA and unique passwords for every site, then risk is super minimal.

In any case, if banks are claiming "security issues" for refusal to cooperate with aggregators, that's just a lazy excuse IMO.
I'm sure part of it is smokesceen, but the quality of PCs current security is irrelevant. Tokenization is better, and that's why they want all aggregators to be using it. They also want them to have a signed agreement that covers relative responsibilities in case of a back that is determined to be the fault of the aggregator (as unlikely as it is). It's CYA for the banks.
MBB_Boy wrote:
Sat Jan 25, 2020 10:09 am
Second, it makes you less likely to use the bank's features and services, and sets you up to be a customer of whatever fintech you are using as an aggregator.
kinless wrote:
Sat Feb 15, 2020 1:04 pm
No aggregator can be used to pay/receive/transfer funds from one account to another, or view individual monthly statements. Aggregators are good for birds-eye-view net worth, budgeting, and reminders. The average Boglehead probably wouldn't use them for anything more than that, although I concede there's a small percentage of people who sign up to let PC manage their investments or open up new savings accounts. Hey, they need someone to make up for the other majority who use their aggregation services for free. Some folks may suspect data harvesting is in play, but according to their privacy policy, they do not explicitly share financial data outside marketing for their own planning tools.

Anyway, here's hoping this Ally issue gets fixed in short order. It's the lone holdout on my list.
No aggregator can do those things......yet. None of them used to offer checking accounts either. And don't forget, Mint USED to have a bill pay feature that DID move money from bank accounts. There's also a maximize interest fintech out there that's some purpose is to automatically move your cash to whoever is paying the highest rate.

stilllurking
Posts: 107
Joined: Mon Jun 16, 2014 10:44 am

Re: Personal Capital and Ally Bank

Post by stilllurking » Sat May 09, 2020 2:05 pm

As of today, Personal Capital is no longer requiring me to 2FA my Ally accounts. It updates automatically.

kinless
Posts: 68
Joined: Sat May 15, 2010 11:54 pm
Location: Tustin, CA
Contact:

Re: Personal Capital and Ally Bank

Post by kinless » Sat May 09, 2020 11:38 pm

stilllurking wrote:
Sat May 09, 2020 2:05 pm
As of today, Personal Capital is no longer requiring me to 2FA my Ally accounts. It updates automatically.
Confirmed! Thanks for letting us know. For everyone else with a red dot by Ally, just “fix” the account and you should be good to go. No need for a final 2FA.

csm
Posts: 375
Joined: Sun Mar 27, 2016 7:52 am

Re: Personal Capital and Ally Bank

Post by csm » Sun May 10, 2020 8:08 am

Hooray! Same here. It's been an irritation these past months.

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