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Payment method: Plaid vs direct draft


Jul 11, 2017
Huntsville, Alabama
Not important for us here. It's a trademark infringement suit. Nothing to do with finance fraud. Likely they didn't get permission to use the logo. How many of us are guilty of using trademarks without permission. There might be other reasons and the trademark was just what they could go after.
I think you missed the important part of this lawsuit. The trademark infringement claim was made because Plaid presents a deception to the user that the user is logging into their bank via its secure login, whereas one is merely handing their username and password directly to Plaid in clear text, which Plaid retains.

Reports claim that "Plaid... had worked to monetize the data." The report goes on:
Plaid has seen a number of class action lawsuits accusing it of selling information obtained from logins from millions of customers, without the practice being disclosed. One of them, PYMNTS reports, said the California-based company has been engaging in such practices for years and has affected upwards of 200 million individual accounts.
While Plaid denies these claims, this development would make no sense if it did not.


Mar 23, 2020
Jacksonville, Florida
I don't know what details TD Bank has with Plaid, but my bank gave Plaid a thumbs up as they are safe to use. However, I am cautious so I will be changing my password once this Tesla deal is complete. Right now, I have much bigger issues with Tesla and their practices than me worrying over a trademark dispute that will get settled in the courts.

At this point in time I can only say that the Plaid transaction completed as my bank said it would. I play the FUD game if there are issues later. Everyone will need to determine their own risk / reward on dealing with Plaid.

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