What is Plaid?
Plaid works with thousands of reputable companies to connect businesses to users’ bank accounts. You can learn more about Plaid here.
Why is OnDeck asking me to connect my bank account through Plaid?
Plaid makes it easy to connect your bank account with us. This connection allows us to review your recent account activity (debits, credits and balances) quickly and easily to make decisions more efficiently. This also means that if we need to review your updated bank statements at a later date, we’ll be able to access updated information without requiring any action on your part. If you choose not to connect your bank account through Plaid, we will ask you to provide your most recent business bank statements.
When will OnDeck access my bank account activity?
We will have ongoing access to your bank account activity when you connect to Plaid. We may use this information for the following:
- Reviewing an application for funds
- Conducting periodic reviews to evaluate your credit limit (including credit limit increases) or determine if you are facing financial hardship and might benefit from a payment plan
- Evaluating eligibility for other products, services or features
Can I remove my account that I’ve linked to Plaid?
Yes, you can disconnect your account from Plaid anytime at my.plaid.com. However, keep in mind that we may ask you to provide updated bank statements at a later date. By keeping your account connected to Plaid, we can access updated account information without requiring any action on your part.
Can OnDeck see my password?
No, we cannot see your password. We will not have access to your login credentials.
Can I change my login credentials after OnDeck has validated my information?
Yes, your login credentials belong to you and you can change them whenever you like. However, changing your login credentials will prevent Plaid from accessing and sharing your account activity with us. If, in the future, we need to review your bank statements, you may be asked to reconnect to Plaid.
What if I have multiple bank accounts?
We request that you connect your primary business bank/checking account.
How do I know my information is secure?
Plaid protects your bank login credentials. You can learn more about how Plaid protects your information here. This information is not shared with OnDeck nor stored in our database. We do, however, store your banking activity information and use a variety of different technologies, such as OAuth, to ensure it is stored securely.
Will OnDeck be able to access the money in my bank account through Plaid?
No. OnDeck will only have read-only access. We cannot debit your account or make any changes to your account via Plaid.