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I have recently opened an account with NinjaTrader Brokerage and Dorman Trading. Being based in the UK I am being killed in the exchange rate my bank is giving me, converting GBP to USD with a spread of 0.045. The same bank now has an ACH facility with no fees and excellent exchange rates. Will you be releasing ACH services through Dorman as well? I was advised to use Dorman because I am in the UK.
Is Phillip Capital ACH only going to work with Plaid.com?
I will not proceed with this signup process after reading the terms of use from Plaid.
Plaid will have access to my bank account(s), and will continually harvest my banking transaction data, create a profile about me and use it to "estimate" my creditworthiness and need for financial services, and then use that data with their "partners" to clobber me with new marketing madness.
There are currently 2 class action lawsuits in SF, CA against Plaid over-reaching with their access and usage. This is one reason their 6.5 Billion dollar purchase by Visa in Jan has been put on hold.
I can imagine PCI only wanted a secure method to access customer's bank accounts for ACH transactions, but choosing Plaid is not an option for me.
Please keep us posted if there is an alternative. Plaid_Lawsuit
Thank you Balltrader for posting!
Is there a response from Ninja Trader Brokerage that I am missing?
I am interested in opening an account but no ACH (Seriously?) or using Plaid?
August 11th post. August 23rd 4 AM - 12 days plus a few hours and no response?
Phillip Capital inquired with Plaid about your concern and was told Plaid does not sell consumer data. Once a consumer links their account via Plaid with Phillip Capital, Phillip Capital is the only institution able to use their data. "Our End User Privacy Policy is meant to help consumers understand how we at Plaid collect, use, and share end user information in our possession to operate, improve, develop, and protect our services. " They did not directly address the contents of the article you provided.
As an Independent Introducing Broker, we rely on our FCM partners to provide the treasury functionality. At this time, both of our FCMs (Phillip Capital and Dorman Trading) have chosen Plaid for their ACH solution, however, customers can still wire funds or send checks as alternative options.
Risk Disclosure: Futures and forex trading involves significant risk of loss and is not appropriate for everyone.
Thank you for responding. Reading enough of the Plaid End User Privacy Policy kindly linked in your post, the amount of information Plaid collects goes far beyond simply transferring money to/from my account and a brokerage account. They seem to be policing the contracted use of their services. They gather even more personal information than is on a full credit report. What does my credit worthiness as well as Login User Name, Password, Security Questions, ANSWERS to my security questions, deposit and withdrawal transaction history not just for the account used for the ACH transfer but any and all of my financial accounts with the same institution used for the ACH Transfer or OTHER financial institution(s) I have dealings with have to do with "It". That was a long run-on sentence, forgive me grammarians. The list of detailed information not only collected for a single ACH Transfer but the data collection seems to go beyond what is presented in the ACH Transaction to Plaid SEEKING additional personal data, email addresses, home address, employer name, address, etc. This is beyond ridiculous as well as disappointing Phillip Capital and Dorman Trading would expose it's customers in this way. I will not be using this service. And with many competitive options offering the convenience of no cost ACH transactions, it is doubtful, I would use Ninja Trader Brokerage services. But, hey, never say never.
Again, Ninja Trader Brokerage posting entity, thank you for responding. Take Care and Stay Safe!
Peter
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