BoA Authentication, Privacy and Where Information is Stored

Toolworker

Is there a way to download transactions manually from B of A (Other States) bank accounts?

Quicken needed B of A authorization to access my bank accounts today. My last download, 9/1/22, went fine. (B of A credit cards still download without new authorization.)

Before clicking Share Data in the B of A window, I looked at what Quicken would have access to. It's a huge amount of information including some personal stuff - loan purpose, property address, personal address, check images ... over 150 different items.

I don't keep any of my account online with Quicken. I don't mind giving Quicken access to what I need it to have, which is transactions and balances. But rather than give it access to everything, I'd rather download manually.

Chris_QPW

I don't know if Bank of America allows for Web Connect (download a QFX file and import it) or not so I leave that for others, but I thought I would say something about what information is stored.

For my Quicken account profile I don't use my real address, so they don't have that.  I can see if you are asking for the Credit score or for Zillow information then you would be giving it out there.  Also if you are using Express Web Connect + the transactions and attachments are going to be stored on both Quicken and Intuit servers.  But note that check images wouldn't be unless you attachment to transactions yourself.

In other words they state all the information that might be stored, but it based on what services you use and in the case of the Quicken account profile what you choose to put into it.

Toolworker

Your real address might not be in your profile, but authorizing Quicken to download from B of A bank accounts gives them access to it.

I think you're assuming that they only pull from B of A what they need to service your request. But I'll trust that only if someone can show me where it says that in their privacy policy.

That policy says "We collect information when a business you interact with provides us with information about you ..." Now, I interact with B of A, so if they provide Intuit with any of the 150+ categories of information I've authorized it to, then Intuit has "collected" that.

And then they can use that information as set forth in their privacy policy.

Rocket J Squirrel

Chris_QPW said:

I don't know if Bank of America allows for Web Connect (download a QFX file and import it) or not so I leave that for others

Yes, they do. Here is the full set of choices.

Toolworker

> @Rocket J Squirrel said:
> Yes, they do. Here is the full set of choices.

Thanks - just what I was looking for. It's right on the Activity tab of the Account page.

I searched for it in the website help - silly me.

Chris_QPW

Toolworker said:

Your real address might not be in your profile, but authorizing Quicken to download from B of A bank accounts gives them access to it.

I think you're assuming that they only pull from B of A what they need to service your request. But I'll trust that only if someone can show me where it says that in their privacy policy.

That policy says "We collect information when a business you interact with provides us with information about you ..." Now, I interact with B of A, so if they provide Intuit with any of the 150+ categories of information I've authorized it to, then Intuit has "collected" that.

And then they can use that information as set forth in their privacy policy.

The privacy/terms pages are written by lawyers to cover all possible cases, whether they actually use it or not.  Just as I can't prove that they don't have access/use this information with 100% certainty, you can't prove the opposite, and they will never tell you if you ask.

But in fact I do trust Quicken Inc, Intuit and the financial institutions not to give access to information that isn't needed for the service.  Express Web Connect + doesn't even need your username and password let alone your personal information.  The + in this is the FDX protocol from Intuit to the financial institution.  You authorized this access at an account level on the financial institution's website, and from there on Intuit and the financial institution exchange a secure token for the access to the transactions.  Express Web Connect and Express Web Connect + are one way connections in the sense that it will only allow downloading of transactions. Quicken can't send commands like transfers or syncing with the financial institution's bill payment system.

Direct Connect on the other hand can be two ways if you turn on "bill pay" through them.  But again they need access to syncing the transactions, transfer information, and bill pay information.  They don't need access to your personal information and it isn't in the OFX protocol that Direct Connect uses to get it.

Toolworker

That sounds reasonable. Maybe B of A and/or Quicken were just too lazy to make a list of the information Quicken actually might require, so B of A listed all the account data that exists. That would cover them in case some piece of information gets transferred that wasn't anticipated.

Whatever the reason, I'm not going to authorize Quicken/Intuit to access all my information in the attached list.

Chris_QPW

@Toolworker I certainly understand your viewpoint.  We all have to decide what our "risk tolerance" is.