Part of ANZ’s new “making banking simpler” push is their ANZ Money Manager service. It sounds fantastic – it aggregates all your bank balances and transactions in one spot online, even if they aren’t ANZ products, so you can see the complete picture of your money. (ANZ say it is a first for Australia, but there were aggregator services like this as many as 10 years ago. And they never took off.) The thing that caught my eye about ANZ’s offering was that it can automatically categorise your transactions so you can see what you spend your money on, and you can feed that info straight into their online budgeting tool.
But when I went to try it out, I stopped dead at the point where it asks you to divulge the userid and password of your other online banking accounts. ANZ say it’s safe, but I just couldn’t bring myself to do it. If something goes wrong, ANZ will no doubt point to the fine print of their terms and conditions, where they warn that getting information through their service “is done at your own discretion and risk”. And my other bank isn’t going to come to the rescue, because their conditions are that you don’t disclose your info to anyone – not even to a password-protected service run by ANZ.
What do you think? Would you hand over your internet banking passwords to ANZ Money Manager?
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