I recently used Plaid to pay the final balance on my 21 M3 LR. I was not going to give Plaid my banking credentials (user name and password) but found a work-around that uses the usual ACH info. You can close the "select your bank" dialog box, using the X in the upper right corner. You'll be presented a new option to add your account info manually. After that you'll be prompted for the usual ACH info (routing number and account number). I felt better going this route. Hope this is helpful!
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For those hesitant to give Plaid your credentials when paying...
- Thread starter RickA1
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- bank draft check payment plaid
You used Plaid to pay your balance? What does that even mean?
Plaid is a third party financial processing company that is contracted with Tesla
Plaid is perfectly legit for checking account payments. To confirm...you're not using plaid to pay. They never touch your money. Its purpose is to confirm account ownership and avoid the whole...ACH...wait days...confirm deposit amount... ACH confirmed...pay spiel which is a big time waste. Payments run on the ACH rails between your bank/credit union and Tesla's. User/pass data is either salted and stored or never saved, I can't remember the full details.
Visa tried to buy them and did their due diligence. It's worth almost $15B. No one should be worried for linking banking data. Only issue with them is linking trading accounts as theirs concerns they sell trade data like Robinhood does.
Tesla uses Plaid so it can take payment and give you the car within moments. If you're paying days in advance not using Plaid, you're fine probably, just you'd have to use them if you're paying at the dealership as there's only 3 ACH payment windows daily for most institutions so the ACH isn't real time - with Plaid any of the account/balance risks are gone as balances are verified in real time (despite them not touching your money).
Visa tried to buy them and did their due diligence. It's worth almost $15B. No one should be worried for linking banking data. Only issue with them is linking trading accounts as theirs concerns they sell trade data like Robinhood does.
Tesla uses Plaid so it can take payment and give you the car within moments. If you're paying days in advance not using Plaid, you're fine probably, just you'd have to use them if you're paying at the dealership as there's only 3 ACH payment windows daily for most institutions so the ACH isn't real time - with Plaid any of the account/balance risks are gone as balances are verified in real time (despite them not touching your money).
oreobbq
Member
Good to know!
Got no money in my acct though so problem solved lol.
Got no money in my acct though so problem solved lol.
To be clear, I'm not suggesting that Plaid is not legit. I'm only saying that I am not comfortable providing username, password, and pin# to a third party.
I just wanted to point out another way of using Plaid when making a payment on the Tesla website.
I just wanted to point out another way of using Plaid when making a payment on the Tesla website.
exactly. On a personal level I wouldn’t be okay doing this—however as a cyber security professional, I’m even less inclined to trust any of this information (encrypted or not) to just anyone. The less that information is out, the better in general.
TarmacSurfer
Member
Plaid is a not-uncommon ACH transaction broker for purchases and payments. I’ve used them before and no issues (knock on wood). I suspect they’re just as good (or just as bad, depending on perspective) as any other, similar service. If you’re paranoid, change your bank’s log-in credentials after using it that one time (I did this). If you’re REALLY paranoid, just have your bank generate an old fashioned cashier’s check and pay with that. Most banks offer one free one a month anyway as a basic service that most people probably never avail themselves of, or it’ll be a modest fee, maybe $5-$10.
At first I was hoping I’d end up with a “plaid” Model S but nope!
At first I was hoping I’d end up with a “plaid” Model S but nope!
They will process a refund according to my SA
FYI Plaid is 1/10th the size of Goldman Sach's, valuation wise, it's not a small no name brand company or anything
Nolakai
Member
We did the day after reading your post. We paid at delivery using our phone after looking over the car. Thank you for this!
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Thanks for the post! No way I was giving up any password info, so glad I saw this!
snikt
Member
Agree, thanks for that I clicked on Chase and said no way I'm giving them my info
FYI: Plaid does not know your password. This authentication type is called OAuth that directly gets authenticated at the financial institution and plaid would not know anything other than the "token". I am not a Plaid representative lol but Software Engineer and know exactly how this works. In loose terms, think of how many websites often allow you to login using Google/Facebook accounts, they don't know anything about your password but bridges for what is called OAuth authentication.
But certainly options are there for those not comfortable.
Actually this is only true for some banks. Chase is one that signed an agreement with Plaid and uses OAuth: Plaid Signs Data Agreement with JPMorgan Chase. But for other banks, they are storing your username/pass. I've heard you can tell by looking at the screen where you enter the u/p. Is the screen a Plaid screen or your Banks screen. If it's Plaid, then they are storing it. If it's your banks, then Plaid is getting a token.
Thank for the info! Really Odd for any merchant to ask for your bank log in info and password!
I tried that. Did not work. (Perhaps changed since June?) The only other options were to initiate a wire transfer with the bank (more hassle, and involves a fee) or get a certified check from the bank (also a hassle). I also would prefer to give routing # and account #, rather than give them my bank sign-in and password. But I don't see any way around it, other than wire transfer or certified check? (I actually would much prefer to pay by credit card (for which I get cash back), but they only accept that for the $250 order fee.
