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Bank Account - Connection & Linking
Bank Account - Connection & Linking
Updated over a week ago

To fully automate setting money aside as well as investing, Plum needs access to your bank account. Rest assured, this access is read-only, i.e. we can only view information, but not modify it. Understanding how Plum interacts with your bank account involves two clarifying the following distinct processes: Connection and Linking. Let's break these processes down:

  1. Connection Process: The Connection Process is the initial setup that establishes secure communication between Plum and your bank account. This involves authenticating your bank account credentials through a secure login process. The purpose is to create a secure channel, allowing Plum to access your account data and facilitate precise deposits and withdrawals.

  2. Linking Process: The Linking Process involves granting Plum access to specific details of your bank account, such as your balance and transactions. This access is crucial for various Plum features to function seamlessly, enhancing your overall experience. Here's how the Linking Process benefits key features:

    • Automatic Rule: Access to your bank data allows Plum to calculate the ideal deposit amount based on your income and expenses.

    • Round-Ups Rule: By checking your bank transactions regularly, Plum can round them up and initiate a deposit, helping you save spare change effortlessly.

    • Naughty Rule: Access to your bank transactions enables Plum to identify if any transactions match your settings for the specific rule.

    • Spend Tracker: Plum needs to check the transactions of your bank account in order to categorize them and give you an overview of your spending habits.

Understanding the distinction between Connection and Linking is crucial to appreciating the functionalities and benefits each process brings to their Plum experience. If you have any questions or need further clarification, feel free to explore our detailed articles on Connection and Linking processes.

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