This is true for some banks (mostly large), but not all. Your big banks like Citi and Chase offer OAuth for this kind of thing (as they should), but smaller banks still don't and will require a username and password.
I don't know how Plaid handles that, but you don't have the nice, permission scoped, revokable tokens like you do with OAuth.
My primary bank has a checkbox for "third party access" and they pay out how you need to check it when you give a service your username and password so they can access your account. Same username and password, not a new one. It drives me insane how they don't offer OAuth.
I don't know how Plaid handles that, but you don't have the nice, permission scoped, revokable tokens like you do with OAuth.
My primary bank has a checkbox for "third party access" and they pay out how you need to check it when you give a service your username and password so they can access your account. Same username and password, not a new one. It drives me insane how they don't offer OAuth.