Hi,

Can a bank deny a claim for unauthorized activity in their bank account if the customer has used third party services (not affiliated with the bank) such as www.pageonce.com or www.mint.com where the customer provides bank account login information (user name, password) to the third party? FYI - these sites (pageonce.com and mint.com) are services where a person can see all their financial data in one place. There are mobil apps for these services as well.

Thanks.

See Sec. 205.14 Electronic fund transfer service provider not holding consumer's account.

Thnaks rlcarey but I need to clarify. The third parties I mentioned do not allow any transactional capability, merely "see all your accounts in one place." You can also set up alerts I believe for certain crieria (maybe balance falls below $XX), but in a nutshell, no transactional ability.

Whether or not you can deny a claim depends on the nature of the claim. You haven't stated the type of claim you're interest in. Allowing those aggregators to access a bank login page to pull down balance info doesn't create a transaction that would be challenged by your customer, and you've suggested they don't do transactions through those sites.

So under what conditions do you anticipate you'll receive a claim?

Hi John,

Suppose this scenario: Customer discovers unauthorized electronic debits (for example bill pays) posted to his account and notifes the bank. The bank knows (maybe the customer tells the bank) the customer has "shared" his logon information with pageonce.com or mint.com. Can the bank deny the claim stating the customer has shared his logon information? For example, the bank suspects a pageonce.com or mint.com employee has stolen the customer's logon credentials (or someone hacked those sites)and signed onto the customer's bank account (your bank website) and set up electronic bill payments.

I am guessing you cannot deny the claim based on this type of scenario similar to not being allowed to deny a claim when a customer writes his PIN on his ATM card.

Thanks.

You cannot deny a claim based on that premise.

Thanks - that is what I thought!

Randy was quicker on the draw than I (after all, he's from Texas, and I'm not).