Plaid sends your financial data — including your bank transactions and account details — to the app developer and to Plaid's own service providers whenever you authorize a connection.
When a consumer connects their bank account through Plaid, their transaction history and account data is transmitted to the requesting app developer and potentially to multiple downstream service providers, significantly expanding the surface area of financial data exposure beyond what a consumer likely anticipates.
Cross-platform context
See how other platforms handle Third-Party Developer Data Sharing and similar clauses.
Compare across platforms →Your sensitive financial data doesn't just go to the app you're using — it's shared with Plaid's network of service providers as well, multiplying the number of entities that hold your banking information.
REGULATORY FRAMEWORK: GLBA §6802 requires financial institutions to provide notice and opportunity to opt out before sharing nonpublic personal information with nonaffiliated third parties. CCPA/CPRA §1798.115 grants consumers the right to know the categories of third parties to whom their personal information is disclosed. GDPR Art. 13 requires disclosure of recipients or categories of recipients at time of data collection. FTC Act Section 5 prohibits sharing beyond disclosed purposes. FCRA §1681b restricts permissible purposes for sharing consumer financial data.
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