Why do I have to disclose my banking password for ACH transfer?
In order for me to connect with my bank to transfer money between moomoo and my bank, I have to disclose my banking account password to a third party (Plaid). That makes no sense to me. Who is responsible if something happens?
None of the other large brokerage houses are setup that way. They are set up like a check payment. Once can make transfers on a daily basis, back and forth for free.
Please let me know if I'm misunderstanding the process.
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Trading is a tough business! All my commentary are my personal opinion. Do not follow my trades. You will lose money!
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Moomoo Lily : Dear mooer, sorry for your bad experience. @Moomoo Buddy Please kindly assist, thanks!
MonkeyGee OP Moomoo Lily : It's okay, not a bad experience. just working together to improve the system. thank u for responding.
Moomoo Buddy : Hi, currently for deposit/withdraw with moomoo US, there are two methods available, ACH and Wire. For ACH you need to link bank accounts first, and Plaid is our bank account linking service provider. There's a method called Micro Deposit, which allows you link ACH bank account without entering password, but the service provider is still Plaid. For more details about the Micro Deposit, you can contact our customer service agent via App-Me-Customer Service-Online Inquiry.
MonkeyGee OP Moomoo Buddy : well, why do I have to provide my password to the linking services? does that make sense? none of the other trading platforms require us to disclose our banking password to them or a third party. The last time a service that asked for passwords was FTX. and we all know what happened there. all the other trading services have it set up like a check payment. all you have to do is provide checking account info and give approval to the bank to make payment. I can also set up limits, and the contorl is on the bank side. The method you have set up, if funds were stolen, the bank would never consider it as fraud because login info was provided to another party. Therefore, the bank will not honor any fraudulent claims. Will moomoo or Plaid provide that protection? I have not seen moomoo or Plaid effectively explain the reason why they need to be the broker of the connection. just looking at the explanation on Plaids screen makes one cringe.