Direct Connections Makes You Liable for Fraud on Your Account
I just had an experience with Chase where someone had skimmed my card and taken money out of the ATM on multiple occasions. I was unaware of these charges, however I have direct import on YNAB set up. Chase views this as me logging into the account and therefore considered me aware of these charges. Since I didn't notify them I'm not responsible for $1000 in fraudulent ATM withdrawals.
I thought importing was obviously harmless but turns out there are real consequences in the event that you have fraud on your account.
Hi MRow !
This is frightening and I'm sorry you've had to go through it! Most banks include a disclaimer when it comes to third party access, but I've never seen a bank blame third-party access for acknowledgement of fraudulent charges or prevent you from disputing those charges because of it! I actually bank with Chase and if they told me "You knew about it so it's your fault" I'd be livid.
I definitely second nolesrule on a police report and BradfordNelsonHull on a new bank if they aren't willing to help you. The alerts are also a great suggestion and if you don't want YNAB to check your accounts when you aren't actively budgeting on a regular basis, you can disconnect direct import and reconnect once you're ready.
I hope you're able to find a better resolution with Chase!
Thanks for the note, Faness. I was always cool with connecting services like YNAB and now just wish I was more aggressive with the threshold for alerts with my bank. Having the data import is so useful that it's an OK tradeoff. Just wish there was a way to call out this risk for people choosing to use direct import along with sharing the tip to set your alerts low. Perhaps something to consider in the direct connect flow!