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A well known bank in my area mentions you can link external bank accounts and superannuation funds to your one bank account so you can conveniently see all your funds and net worth in one place, but are there any disadvantages to allowing your bank access to seeing your other external accounts and funds?

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Any linking (even for ACH transfers) exposes you to more risk from when/if a thief (anonymous hacker or family/friend) breaks into your bank and starts taking money.

As far as direct linking... now the bank sees more of your personal information, and buried in the Terms and Conditions very well might be the right for the bank to use that information for purposes not in your long-term best interest.

Personally, I'd never do this. It's also why I don't use Mint or other account aggregators.

  • I was halfway through an answer saying the same thing, but less eloquently. Unless your bank provides a means of allowing read-only access, you don't want to link it to an account aggregator or service like Mint. – ChrisInEdmonton Jul 25 '18 at 14:46
  • My banks now use two-factor authentication for external transfers. When I initiate an external transfer, they text a security code to my phone which I have to enter to complete the transfer. This reduces that risk enough that I don't worry about linking accounts. – Pacman Jul 26 '18 at 0:50

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