Comment by SapporoChris
7 hours ago
I'd be hesitant to give any app any sort of access to my checking account. I would only do so with a second account with just enough there to cover my purchase. While it is a nuisance, the phone is simply too large of an attack vector to consider anything else.
I hope to move to Mercury Bank soon, which allows you to create a (practically) unlimited number of checking accounts without additional verification, including for cases just like these. Just need to find another job to afford the fee ($240/yr)
be aware that Mercury is a fintech, not a bank, and doesn't participate in the FDIC insurance scheme. So there is no backstop if they fail.
To be fair to Mercury, they are quite open about this fact.
Also fintechs tend to close accounts without notice easier than traditional banks
Mercury is going to be a bank, their national bank charter was approved earlier this year.
From Mercury’s own website “ Get up to $5M FDIC insurance through our partner banks and their sweep networks to ensure eligible deposits are protected.”
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Check the rates! If 3.5% beats your current savings rate, and your balance is high enough, it might pay for itself.
It would if I had a balance. Won't have any savings until I can make more money!