Bank's Response regarding Mint and Yodlee

[Stryder]

Thank you for choosing Fifth Third Bank. In response to your inquiry, there is a certain amount of risk in keeping your financial information on your computer. You may, for example, use our website to access your account history in a downloadable format and import it into your software. Fifth Third Bank allows the use of PFM (Personal Finance Software) such as Quicken, Quickbooks, and Microsoft Money to access the website. Fifth Third Bank does not partner with Mint or Yodlee to be able to provide a guarantee against fraud, so any outside service that you use to access our website would be done at your risk.
I will submit your question for further review to see if any other information would be available to you. Please allow 5-7 business days for a full review and a response.
On behalf of the Bank, please accept my sincere apology for any inconvenience or concern this situation may have caused you.
Fifth Third Bank values your business and appreciates you as a customer. If you need further assistance, please email us 24 hours a day or call a Fifth Third Customer Service Professional at 1-800-972-3030. Checking and savings account representatives are available Monday through Friday from 7 AM to 10 PM ET and Saturday and Sunday from 8 AM to 5 PM ET. Representatives for all loan types, equity lines of credit, credit cards, and online banking are available Monday through Friday from 7 AM to 9 PM ET and Saturday and Sunday from 8 AM to 5 PM ET.
Member FDIC, Equal Housing Lender
Sincerely,
Jesse B.
Fifth Third Internet Banking

[Stryder]

I'll post any further information from Fifth-Third, however if they don't retract that statement...despite the fact that I find Mint very convenient, I will have to fork over money for a MSMoney update. Thought everyone should know. Hopefully, they will retract this (perhaps Mint.com would be able to persuade them to do so).

[Brettski]

I am confused, I have setup my Fifth Third account on Mint?

[Thank You Uncle Sam]

Fifth Third seems to be saying you are putting your account at risk by using Mint, and I can see why. Afterall, you are giving your bank account password to someone. I know Mint says that "they" do not store your bank account password but it is being stored someplace by someone else to allow Mint to access your bank account online, and that puts your money at risk. I really like the concept of Mint and it's usefullness, but I can't get over this.

[bewest]

The bank's email actually says
there is a certain amount of risk in keeping your financial information on your computer.

This means when you download your financial data onto your computer, eg if you use Quicken or MS Money, you are taking a certain amount of risk. The interesting question is "does downloading my finances to my computer expose me to more risk than using Mint.com?"

A metaphor may help provide some perspective on this question: imagine you are in a foreign country where cars drive on the opposite side of the road. There is some risk associated with driving in terrain you are not familiar with, where the rules are confusing. Before you embark on a journey, your hotel offers to pay for a professional to take wherever you want to go. There also risk associated with allowing someone else to drive you around. Do you insist on driving because it's risky to ride with strangers or do you allow the professional to the job because it's convenient and less likely to make mistakes?

[michel]

Hi sorry I cannot help you because I don't have any idea about this matter.




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