Instead, the account information is encrypted and stored on ’s own servers, which are located in an unmarked building. Identifying information other than your e-mail is linked to your account, meaning someone who had your log-in couldn’t access your bank account information. Specifically, none of that information is accessible on the site and no personal So should you trust ? For answers, we turned to ’s founder, consulted with identity theft and data privacy experts and found out what is going to happen to the sensitive financial data that customersĪaron Patzer, from, said the site protects user names and passwords with the same level of security as a financial institution. In fact, partly in an effort to gain more users, recently introduced a service aimedĪt helping consumers reach their long-term goals that doesn’t require the entering of any financial account information. has recognized that not all consumers are comfortable entering all of their bank information into its site. Marc Hedlund, Wesabe chief executive officer, wrote to Bucks in an e-mail message. “We were able to keep the business going for seven months after exhausting our venture backing, but did not get to profitability and made the decision to stop pursuing the business,” There’s also the question of what would happen to that data if the site were ever to close, which is the fate of at least one rival site.Ī competitor, Wesabe, announced late last week that it was shutting down its similar budget tracking service as of July 31. Question of how safe sharing that data is and how easy it may be for someone to get that information from and then use it to log into your accounts and swipe out your money. To take advantage of ’s money tracking services, you need to enter your bank account user names and passwords so can keep track of how much you’re spending and saving. A friend recently mentioned to me that he was considering using but was worried whether he should trust the site with his bank account information.
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