It goes beyond access to your data. With an account and routing number and access to ACH protocols anyone has essentially unrestricted access to your money.
I ran into an issue last year where I was unable to get an insurance company to stop pulling money, unauthorized and automatically, from my account. Since the amounts were different each time, my bank said I had no recourse other than to continue disputing the charges or change my account number.
So in that way it's a bit like oAuth, except you only have one key and when you revoke it, everybody loses access.
I ran into an issue last year where I was unable to get an insurance company to stop pulling money, unauthorized and automatically, from my account. Since the amounts were different each time, my bank said I had no recourse other than to continue disputing the charges or change my account number.
So in that way it's a bit like oAuth, except you only have one key and when you revoke it, everybody loses access.