For anyone who has been following this blog for the past two years or more, everyone and their kitchen sink and uncle’s cousin knows what a big fan of mint.com I am.  I was such a fan that I wrote a review on it.

I mean, where else can you have access to all your bank accounts (I have a ton of bank accounts all compartmentalized and neat, just like my home and life haha) all at once, with just one login?

I used mint to access my information when I do my net worth updates, I use mint to check how I’m doing on my credit card bill so far (and usually it quickly helps me to go “woah! that’s a lot of spending this month, I better tone it down”), and I use mint to see how I’m doing toward my mini-financial goals of getting a new car (no don’t worry, not a new-new car, an old-new car, do you know what I mean?) and funding my trip to Africa.

I loved the design of it, the functionality of it, and the ease of it.

However, there is one thing that I didn’t like.

And unfortunately this is a big thing.  A big big thing.

Why I Broke Up with Mint.com

Why I stopped using mint.com
Don’t get me wrong.  Mint.com was fantastic.  We had a great relationship.

He was dependable.  Always delivered.  Was considerate of my need for organization and time management.  Was considerate of my laziness when I was too lazy to check each account individually.  He was damn good looking.

The problem was, I just couldn’t see a long-term future with him.

He was like a ticking time bomb.

Sure, he offered  commitment but there’s always the what if…

What if unbeknownst to me, he cheated on me with a suave cyber hacker?  I wouldn’t be protected and that cyber hacker would run away with all my money.  The dependability and the protection that mint.com offered would be gone.

My mint.com would just shrug his pretty chiseled shoulders, avert his eye contact, and say “uhh I don’t know what happened.  I’m sorry it happened.  I didn’t know it was coming.”  Meanwhile, the banks would say that the breach happened with a third party provider (mint.com) and they would say that can’t do anything about it.

Well an apology isn’t good enough boy!  My bank account will be wiped out from super computer geniuses out there and I wouldn’t be protected.

Yes, I’ve Joined the other Wary Financially Savvy PF Bloggers

I know there are a lot of PF bloggers who are wary of Mint.com.  Many have either not signed up ever with mint.com because they have enough financial diligence to track their expenses through Quicken or YNAB or something.

MoneySense magazine (you know I love them) contacted the big five banks in Canada and asked about this issue and they confirmed that “You are responsible for any losses from any use by a third party that provides an online account aggregation service.”

When you give your banking account numbers and passwords to a third party.. if any sort of fraud happens, you wouldn’t be protected because essentially you are breaching the contract with your big bank.

Intuit owns Mint.com.  It’s safe.  But if something WERE to happen, you wouldn’t be protected.

The Vancouver Sun did a great series on Mint.com including one on the safety of Mint.com.  The servers are heavily protected in the Intuit facility and you need a hand print on a fancy door in order to get into the room (yeah just like the movies).  He said that the benefits of mint.com probably outweighs the risks.

However, the possibility of your own mint.com account getting hacked into is easier (people just need to find your password).  However, once they get in, they won’t be able to do anything with your money since mint.com is essentially a read-only aggregator of your accounts.

If you have a few hours to spare you can go into detail on the safety of mint.com on the website by Jason Owens.  He also details how he would go about hacking into your mint.com account as well.

I’ll miss mint.com

I wont’ lie.  There are some days that I really miss mint.com.  The break up was tough on me.  I really loved him.  It had to be done though…

Readers, do you use mint.com? 

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