Do you guys use mint. - Page 2 - ehMac.ca
Facebook
Twitter
YouTube
Register FAQ Members List Calendar Search Today's Posts Mark Forums Read


Reply
 
LinkBack Thread Tools Display Modes
Old Mar 28th, 2012, 02:33 PM   #11
Full Citizen
 
Join Date: Jan 2007
Location: Toronto
Posts: 368
I started using it early last year and then moved away from it after reading a couple of financial advice columns regarding how Canadian banks didn't approve of it or support it and could therefore disclaim all liability for fraud on the basis that you violated your banking agreement by giving out your password to a third party.

However, if you read the fine print on most of your banking agreements, [i]writing down your password{/i] -- and therefore by extension storing it in an app like 1Password -- is also technically a violation of your agreement. Basically, if your online banking password or PIN is anywhere other than in your head, the banks will happily wash their hands of any responsibility to you -- they're basically looking for excuses to do so, really

An acquaintance of mine had his debit card compromised and lost around $1,000 via three bank machine withdrawals. During the discussion when reporting it to the bank he was foolish enough to admit to that he kept his online banking password stored in a password-safe application on his PC (they didn't actually ask the question -- the guy merely talks too much ). The app in question stored the password fully encrypted, and he also had his entire hard drive encrypted with PGP Whole Disk Encryption. The bank basically told him flat out that he violated the online access agreement and was SOL. When he asked how his online banking password had anything to do with his debit card being used to withdraw money from a bank machine, the bank responded that it didn't matter -- he had violated his terms of the agreement and the bank no longer had any obligation to hold up to theirs.

On the other hand, it's now also worth noting that some banks do approve of aggregation sites if and only if they provide read-only access to data (which Mint.com does). I think RBC is in this category; I'm not sure about others.

So considering that, combined with the convenience of having Mint.com automatically handle everything as opposed to keeping iBank up to date manually, I decided to switch back to Mint a couple of months ago.

To be fair, I'm still not thrilled with the experience -- Mint tries to be too clever for it's own good when it comes to renaming and categorizing transactions automatically, so you'll still find yourself having to go through and check things occasionally to make sure they were correctly named and categorized. Further, any rules you configure on Mint.com are based on Mint's renamed version of a transaction, as opposed to what your bank statement actually says, and auto-categorizations are keyword-based. For example, Mint tends to categorize purchases at Grand & Toy as "Toys" rather than "Business Supplies." Some of these can be overridden with your own rules for places you normally shop at, but you'll run into edge cases all the time. The more serious issue is when Mint decides to categorize multiple source transactions with its own single name. iTunes purchases are particularly egregious for this: Both "App Store" and "iTunes" purchases get categorized as "iTunes" even though the names on the statement are different, and there's no way to create a rule to separate these as rules are based on Mint's name, and not on the original name on the statement.

If you go to Mint's support site, you'll see numerous reports of the problem over the past couple of years with no indication that Mint is going to be fixing it any time soon. It doesn't have a huge impact on me as my transactions are dissimilar enough, but you'll see reports in the Mint support site from users who have much more serious problems with this due to things like working at a grocery store or gas station (all of their paycheques get assigned to"Groceries" or "Gas").
__________________
Jesse Hollington
Apps Editor & Forum Admin
iLounge - All things iPod, iPhone, iPad and beyond
jhollington is offline   Reply With Quote
Sponsored Links
Advertisement
 
Old Mar 28th, 2012, 07:59 PM   #12
Full Citizen
 
MacUnited's Avatar
 
Join Date: Nov 2009
Location: Toronto
Posts: 401
Used it for a while, was really impressed by the ability to automatically update my spending, and monitor my limits.. However, it kept mis-categorizing various payments and I kept getting emails about excessive spending here and excessive spending there when in fact it was the same amount coming out automatically every month!( although I do agree I excessively overpay on car insurance hehe) so actually, your post reminded me to delete my account which I just did

As for it being free.. I do agree that when it's free.. you are the product. they get your information, they provide marketing services on additional cards or insurance you want to buy, and they get paid for it.
I believe everybody does that these days, just ask google
MacUnited is offline   Reply With Quote
Old Mar 29th, 2012, 11:17 AM   #13
Honourable Citizen
 
dona83's Avatar
 
Join Date: Jun 2005
Location: Surrey, B.C.
Posts: 6,413
Send a message via AIM to dona83
Mint sounds no worse than my financial advisor.
__________________
2009 iMac 20", iPhone 4S for the wife and I, too many iPads

Are you backed up??? If so, why? Psyllium Fibre is not free but will do wonders!
dona83 is offline   Reply With Quote
Old Mar 29th, 2012, 11:20 AM   #14
Full Citizen
 
MacUnited's Avatar
 
Join Date: Nov 2009
Location: Toronto
Posts: 401
Quote:
Originally Posted by dona83 View Post
Mint sounds no worse than my financial advisor.
as a financial advisor, I take offence to this remark
MacUnited is offline   Reply With Quote
Old Mar 29th, 2012, 11:46 AM   #15
Honourable Citizen
 
dona83's Avatar
 
Join Date: Jun 2005
Location: Surrey, B.C.
Posts: 6,413
Send a message via AIM to dona83
Lol. I'm just saying you're giving both full access to your financial information and both try to sell you new investments, loans, etc.
__________________
2009 iMac 20", iPhone 4S for the wife and I, too many iPads

Are you backed up??? If so, why? Psyllium Fibre is not free but will do wonders!
dona83 is offline   Reply With Quote
Old Mar 29th, 2012, 12:04 PM   #16
Full Citizen
 
MacUnited's Avatar
 
Join Date: Nov 2009
Location: Toronto
Posts: 401
hehe.. I hear ya, my industry doesn't exactly have the best reputation :P
speaking of which.. how about a free portfolio review where I convince you that everything your advisor was doing is wrong and I'm the only one who can save you in 30 mins? it's complimentary :P
MacUnited is offline   Reply With Quote
Old Apr 2nd, 2012, 08:55 AM   #17
Full Citizen
 
Join Date: Aug 2008
Posts: 46
Used it before, but because of the security concern, has to give it up.
Honestly, mint is much easier to use than quicken. And I don't have any concern about security from Intuite's side, however, obviously, my bank is going to give me problems if fraud activity actually happened.
rivet is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
The Shangri-la Clubhouse Everything Else, eh! 97586 Today 03:37 AM
Hey guys.... another Mac App Giveaway Carter Anything Mac 0 Mar 10th, 2010 11:18 AM
What are you guys using for internal 3.5's in your mac pros? cutra Anything Mac 25 Feb 2nd, 2010 04:54 PM
Hey guys.. Looking to switch! Choopi Anything Mac 107 Jun 17th, 2009 09:02 AM
New Mac user - be kind guys ;o) duke2k7 Mac, iPhone, iPad and iPod Help & Troubleshooting 21 Jun 6th, 2008 12:48 AM


All times are GMT -4. The time now is 04:24 AM.



Copyright 1999 - 2012, ehMac.ca All rights reserved. ehMac is not affiliated with Apple Inc. Mac, iPod, iTunes, iPhone, Apple TV are trademarks of Apple Inc. Content Relevant URLs by vBSEO 3.6.0 RC 2

Tribe.ca: Urban living in Toronto!