Account access is read only?

My wife and I are considering using YNAB. She's a little concerned, though. I'm confident in the answer, but for her peace of mind, I'm looking for some confirmation. I've told her it is "read-only" in that the application will only view the accounts and update the YNAB information without being able to modify the accounts. She is concerned that when adding an account to YNAB, it might have "write access" meaning accounts can be modified from YNAB.

Please verify my position so she'll be at ease using the application.

 

Thanks!

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    • nolesrule
    • Stealing From the Future fix is an improvement but is incomplete....
    • nolesrule
    • 3 yrs ago
    • 1
    • Reported - view

    If you are talking about direct import, it only reads the transactions from the bank. It does not make changes to your bank accounts.

    That said, you are providing your bank credentials to a third party.

    Like 1
      • Mathew Snyder
      • Person First Class
      • insane_overlord
      • 3 yrs ago
      • Reported - view

      nolesrule Thank you for the response. I do understand the concern of providing credentials to a third party. I'll have to have faith that YNAB isn't run by a bunch of thieving heathens. 馃檪

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    • Hi Mathew Snyder !

      I can assure you that isn't the case, but I wanted to point you towards our security policy 
      for some added comfort! :)

      Here are a few highlights:
       - All connections are encrypted and data is encrypted at rest.
       - We underwent a security audit and a database audit from one of the top consulting firms. This is done on an annual basis. 
       - Our password policy does not allow the top 1,000 passwords. By not allowing common passwords, we prevent customers from putting themselves at risk. 
       - To that end, we don鈥檛 store passwords. We do mathematical stuff to customer passwords so if the passwords do ever fall into the wrong hands, they still aren鈥檛 decipherable. 
       - We鈥檙e built on the same infrastructure as the CIA鈥檚 internal cloud service.

      YNAB has read-only access so it can't change anything in your actual bank account - your bank is the action, YNAB is the summary and direction. :)

      Like
  • This is probably not the answer you were looking for - but worth considering as an option. 

     

    You do not need to do direct imports from your banks. You can set up your accounts as manual entry. Then, you will have to input every transaction manually. This has been made really easy with the mobile app. It takes me less than 5 seconds to get the information in. Less for places that I spend money frequently since the categories are autofilled once you have a history. 

     

    This way it forces you to interact with your budget and see where your money is going and apply the YNAB rules. Since you are looking at starting YNAB, this would be beneficial for you to really get into it and understand the process. 

     

    Plus, you or your wife don't have to worry about your bank data information at all. 

    Like 2
      • Mathew Snyder
      • Person First Class
      • insane_overlord
      • 3 yrs ago
      • Reported - view

      chahan How long did it take you to establish the habit of entering every transaction? It seems tedious and fraught with potential for laziness.

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      • chahan
      • chahan
      • 3 yrs ago
      • Reported - view

      Mathew Snyder It really is no trouble at all for me, and I rather prefer it. I usually have less than 5 transactions in day to enter, (only exception is the first of the month and the 15th when a lot of bills get paid). 

      To give you a sample of how long it takes; 

      When I go out for lunch with coworkers to Thai food and the bill is $15.00. I will pay with my credit card, sign the bill, and start getting ready to leave. As I am getting up, I open the app on my phone, click on add transaction and type in 15.00 with the expense TAB selected. 

      After I hit next, I get to select the payee (I start typing th and I see Thai Food in the list and select that). 

      The category is already selected and the account I used to pay is also pre selected since the App knows what card I use at that restaurant and what category it belongs to. All I have to do it press save. 

      I am done with this before I leave the restaurant. It is all less than 5-10 seconds.

       

      Granted, it will take longer for the first time you go to a place and there is no auto fill data from your history. Even then, It doesn't take too long. 

       

      The plus side of this is that your transactions are updated instantly and your budget categories are accurate in real-time. 

      Like
      • jenmas
      • jenmas
      • 3 yrs ago
      • Reported - view

      Mathew Snyder I've been using YNAB since summer of 2014 and I do 100% manual entry, including a wallet account that tracks my cash to the penny. It's not like I have a million transactions in the first place. I don't do all my entries at the time of purchase. I try to when I can but it's more in the 50% range. However, I do sit down every evening to make sure YNAB is updated. Takes 5 minutes or less. But I'm used to checking my credit cards online on a regular basis because I travel internationally for work and have had to use my credit card or make ATM withdrawals in a lot of sketchy situations so I'm constantly alert for fraudulent charges. As far as my cash spending, well it's so rare that I just looked at my register and the last time I took money out of the ATM was $200 at the end of September bringing my cash on hand up to $282.87 (though it looks like I've replenished my cash by having people pay me back for things in cash to the tune of about $100). And I still have $20.80 in my wallet. And with this cash spending, I've never been more than $0.03 off in reconciliation.

      I use scheduled transactions for mortgage, HOA, condo fees, utility payments, house cleaner payments, annual fees, or anything that is auto-charged to one of my accounts so I don't have to worry about remembering to enter the transactions, I just have to approve them when they pop up in my register (oh also, my 2 paychecks/month are in as scheduled transactions). I flag the ones that fluctuate like utilities (also cable and mobile phone are always a few cents different every month).

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    • Mathew Snyder - I am with you on this.  Granted I have only been a user for 2 weeks, but manually entry doesn鈥檛 seem like an option. For starters there are two of us and one of me. Assuming my s/o isn鈥檛 willing to do manual entry (and she isn鈥檛 willing to budget much to begin with), I can only 鈥渃hase鈥 her transactions after I find out about them through auto account imports when they clear. I also have many automated bill payments that have fluctuating amounts (electric, gas, water, dry cleaning, cellular, cable). How about checks? I wrote a check in December that was cashed a month later in January. How about the credit card charge today that you enter that ends up truly posting with a date 2 days later? If you are going to do all this cleanup, edits and reconciliation, how much do you gain with the extra 24-48 hour manual entry?

      point is - the auto import with me validating the transactions seems better. I try to manually enter my expenses up front when I can, but that鈥檚 just to have the budget be a little closer to reality, especially for my 鈥渟pending鈥 bucket.

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    • Mathew Snyder It depends how many transactions a day you do, but it is a good way to start. You can always add direct import later. I have been entering everything manually and I really like the feeling of control it gives me, as I check my budget balance when I add an item, in real-time. I feel like i have a better sense of my bank and credit card balances, because there is no lag. One thing that helped a lot was to go through and enter every automatic payment  as a repeating transaction. Otherwise, I might forget that my card has been charged. This way, I get a popup on the day it is due.

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    • nolesrule
    • Stealing From the Future fix is an improvement but is incomplete....
    • nolesrule
    • 3 yrs ago
    • 1
    • Reported - view

    I've been doing manual entry of transactions into some sort of personal finance program since about 1997.

    Like 1
  • Manual entry is not that onerous. Grocery and other shopping trips can be entered via the mobile app and most other things can either be entered at the time if you buy something online, for example, either that or they are scheduled transactions they go in automatically. Alternatively, you can download files for manual import, which is dead easy or use the automatic import ( if you are in North America). YNAB makes it easy either way and it makes things much easier overall than any other way of managing finances.

    Like 1
  • As others have said, it is perfectly possible to do it all manually and I prefer it that way. I wouldn't want anyone/organisation to have access to my accounts.

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  • I download a copy of my transactions from my bank and then import it manually. It's probably superstition, but  I prefer it to direct import. (Also I've been using YNAB since 2009 when import was the fancy new option) I manually enter the things that I need to be aware of right away (groceries, my fun money, etc.) and then let import handle the utility payments and such. Just another option if it helps get your wife on board. 

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  • 100% Manual entry for me too since 2013.  I like the hands on approach.  I tried auto import but did not like it at all, it made YNAB feel like Mint which I do not like.

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  • I also manually enter as direct import is not an option in my country (ynab and almost all money apps don't connect to banks in my country, plus it breaks the terms of my bank to allow one to connect anyway). So, I manual enter and my husband sometimes does if he remembers. I check the account we use most often at least every couple of days, app for bank is on the phone and I have fingerprint access to it so super quick to do to check anything that's missing. Credit cards I check about weekly (we don't use them for much)

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    • nolesrule
    • Stealing From the Future fix is an improvement but is incomplete....
    • nolesrule
    • 3 yrs ago
    • Reported - view

    To be honest I spend much more time analyzing our budget and spending habits than I do on actual transaction entry. Transaction entry takes up about 5 minutes a day. I do it in the morning as part of my routine with a cup of coffee.

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