![]() The Fair Credit Billing Act limits consumer liability to $50 for unauthorized charges on credit cards, and $0 if the user reports a stolen card before the card is used fraudulently. Wells Fargo, too, would cover fraudulent charges on credit or debit cards if an app were to have a security breach, according to a spokeswoman.Įven if it didn't, U.S. "App use has no impact on card protections." ![]() "Our zero liability protection applies whenever a MasterCard branded card is used," says Becky Kitchener, a spokeswoman for MasterCard. MasterCard's policy covers both debit and credit cards. Rather than have users hand over bank account numbers, asks them to download bank statements into a Dropbox file a YNAB spokeswoman says Dropbox uses 256-bit AES encryption to protect data.īanks and card networks say in the event of a breach, zero-liability protection would cover any fraudulent charges. Too, not all budget apps require access to bank statements and credit card accounts. That means the app cannot use account information to transfer funds between accounts or make purchases. Information entered into is read-only, explains Holly Perez, consumer money expert at Intuit, the Palo Alto, California-based company that developed and owns. , whose website promises users "the complete picture in minutes," claims 20 million users. They aggregate users' finances, assembling information from checking, savings, credit card and even retirement accounts, to give users a single snapshot of their finances: what they're spending, what they're saving. Before answering those questions, it's helpful to review how budget apps work.
0 Comments
Leave a Reply. |