Verified by Plaid, then I changed my bank password and now no longer verified?

[HangARibbonOnTheMoon]

Any ideas on what is going on?

August 25: I did instant verification using Plaid. I got a message on my dashboard that I had been verified.

August 31: I had a small balance to be deposited, so I waited the required five days and then requested it.  Received the deposit later that day. Then, I went to delete any connection between my account and Plaid with my bank. I changed my bank account password. 

September 2: I get a message that Plaid couldn't verify my account.

I'm not sure what is going on. I thought once my account was verified that I could change my banking password for security.

[HangARibbonOnTheMoon]

Clarifying August 31: The small deposit was from sales on Etsy, not the small deposit from Plaid. That was deposited on the 25th.

[NanaLetha]

If you did use "instant" there is no deposit to verify. 

[OneEyeCatStudio]

The OP said

"Clarifying August 31: The small deposit was from sales on Etsy, not the small deposit from Plaid."

I misunderstood, so I have removed my erroneous response.

[OneEyeCatStudio]

I'm interested in hearing the answer to this, too.

[HangARibbonOnTheMoon]

@NanaLetha Thanks for responding 

I did use instant. There was a .01 deposit from Etsy and I received a verification message from Etsy on my dashboard. I waited to change my bank password for five days to make sure I could receive my Etsy deposit, which I requested and received. I changed my banking password. Then, a few days later, I got an Email saying that Plaid failed to verify my account and I needed to do it again. I am wondering why my account is no longer verified after I changed my banking password.

I went to my dashboard this morning and tried to click on the link to verify via Plaid and the link is broken.

[Butterfield8Boutique]

That is very concerning.  That Plaid somehow knew that you changed your password!! I guess it meant that they could no longer GET INTO YOUR ACCOUNT ILLEGALLY!!! This whole situation stinks, and Etsy needs to address it.  Why the hell should we have to validate our banks when we have already done so.  If there are any attorneys on here, would appreciate your input about this very questionable practice.

[NanaLetha]

I used instant and received a confirmation code in my email. I entered the confirmation code on Etsy and was then verified. I never received a small deposit. I used my desktop for the entire procedure which took less than 10 minutes. @HangARibbonOnTheMoon - I have a feeling changing your bank password is what caused the problem for you. My next deposit is due Sep 6th. I'm waiting until then to see if it goes through and my account is truly verified. Is your next deposit also scheduled for Sep 6th? 

[SmudgePlant]

@NanaLetha  Just out of curiosity, are your deposits still showing up from Etsy Inc or have they changed names since you verified?

(I haven't had to verify yet.)

[bitsyshandmade]

I used the manual way to sign up for Plaid.  Got the two small deposits and verified with Plaid that I had gotten them.  Now I have received a message that my banking information has been changed and my funds are being held for five days.  I have been selling on Etsy for over 10 years and never in all this time even when Etsy changed or added methods of payment have I ever had  to go through this.   I submitted a help/complaint request so we will see what happens.  I already funds that had cleared before signing up for Plaid and those are being held for five days also.

[Former_Member]

I would contact my bank to see what their recommendation is first. Then go from there.

[HangARibbonOnTheMoon]

I contacted my bank and they recommended that I change my password.

[kittenkat22]

@HangARibbonOnTheMoon  Ok now you need to go in and remove permission for plaid to access your bank account (in your bank account there should be a listing of third parties you gave permission to) THEN change your password. Until you remove permission it is possible they can still have access to your password so you must do it in that order. I was told this by an etsy moderator here to do that and I have. 

[BagmakerSupply]

This would be a very good SECURITY question for Etsy and Plaid to answer. There should be no reason for Plaid to be able to continually access your account once you have been verified. If you did manual they would never have your bank login details so Plaid being unable to log into your account whenever they feel like it cannot be a legitimate reason to revoke your verification. Did Plaid install some sort of "app" connected to your bank account?

[HangARibbonOnTheMoon]

@NanaLetha  I also used my desktop and did instant. I usually get my deposits on Mondays and did not get the usual deposit on the 29th. I waited until the 31st and then requested my payout. After that payout was received, I changed my password. 

@Former_Member I called my bank fraud and security department and they said that was what they recommended unless I wanted to keep allowing Plaid access to my account.

And now, when I go to my dashboard, the message in the yellow box to validate by Plaid is gone completely.

[HangARibbonOnTheMoon]

@BagmakerSupply  I asked my bank fraud and security department and they saw a different IP and browser (from my own) accessing my account 2-3 times daily since the verification. They said it was Plaid connecting to my account. They recommended changing my password, which I had done.

[ZehOriginalArt]

Oh my.

Did you also check to see if Plaid is a connected app? Some sellers had to disconnect them from their bank accounts as well as change the password, but I have not seen anyone else get a notice to re-verify.

[UppNorthCo]

yeah "oh my" is right.  that sounds alarming.

[leinweberstudio]

Makes a person wanna vomit, don't it!

I feel sorry for all those young, inexperienced fools who stormed right in with their login and PW information.

Every single thing that happens in their financial lives will be fodder for Plaid and the people to whom they sell this information.

[JamesonVintage]

Wow that is a total invasion. I can't believe this is the "recommended" method - or an option at all. Seriously shame on etsy for selling out its sellers with this.

[FindsbyMar]

That is very concerning. A big NO NO for me, rather close my store.

[NanaLetha]

@SmudgePlant  - I have monthly deposits so I've had none since I verified on August 25th. This coming Tuesday will be the test to see if it really worked!

[JMOldeVintage]

Marking this the old fashioned way so I can find it & see further comments. 

[ManInTheMoonHerbs]

I did manual and was able to initiate a deposit the day after verification. No password needed, no 5 day wait.

[NanaLetha]

@ZehOriginalArt  Plaid is not a connected app in my bank account but neither is/was Etsy. PayPal also uses Plaid and I use PayPal lots to buy on line and they are not a connected app either.