How to withdraw funds without sharing my transaction history

Hi. I’ve been using Chip easy access savings account for a few months now and have been very happy. I’ve been able to deposit and withdraw money easily. I now want to withdraw an amount and the app is telling me I need to link my bank account (which I’m sure I have done already). This time it states it needs access to my account information, transaction history, and direct debit details. I’m not willing to share this - it has nothing do with Chip or the reason I chose to save with Chip. I’m not interested in AI or insights on my current account. How can I access my savings without Chip acting as an AISP?

What did support say when you dropped them a message?

How did you originally deposit money? That would have linked by open banking, where they have access to those details?

Hey there,

Just to be clear, we’ve always required an open banking connection to withdraw money. From the sounds of it you originally agreed to this, due to regulation your bank connection requires manual reauthentication every 90 days. If you would like to make a data deletion request you can do this via our Customer Service team. You can also withdraw your funds without redoing your bank connection via the Customer Service team.

Hope this clears things up for you,

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Hey, thanks for the replies. Yes, I’ve realised you’re right, I must have originally linked accounts in order to make withdrawals and the 90 day re-approval has ticked over. I’m fine with that, though I’m not 100% happy giving third-parties unnecessary access to data about me. I understand Open Banking APIs (I work in the industry) and know that it allows me to be selective about how much information I’m willing to share. In order to make a withdrawal Chip does not need to know about my transaction history or direct debits. I understand AISPs offer a smart service to a lot of customers, helping make better sense of their finances, but in my case I’d prefer to opt out of the that. I think it’s shame there’s no option to do that. Other than that I love the service and the competitive savings rate, but the cherry on the cake would be finer control of my data.

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What part of the industry are you in Jon? I’m in the same sector!

I think with solutions such as chip (and others), if the user doesn’t like the conditions (which we were made to read and agree to), just don’t sign up?

I see an awful lot of this type of thing, and don’t understand how people can easily click “Agree” without actually reading anything

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If you are working in the Finance industry, you will no doubt be aware that

1 - you have a huge choice of savings accounts, most of which do not at present offer OB.

2 - each account comes with T&Cs that you have to accept if you want to open the account. If you object to some or all a savings provider’s terms, you can choose a different one

3 - even if you give OB permissions to an organisation to access your current account, you can cancel such authorisations with immediate effect in your current account

4 - nothing stops you from setting up a dedicated current account which you could then use exclusively as an intermediary between your “real” current account and Chip

Don’t make life more difficult for yourself than it has to be, help yourself rather than complain about others :grinning:

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Yes, I chose option 3, but all those options are just unecessary work-arounds for something easily done with OB. I like Chip, the savings interest rate, and the fact they use OB is good thing. You suggested finding an alternative provider - I’m simply suggesting a small tweak (fine-grained customer consent) and they could attract and retain even more customers. I’ll stick with Chip and revoke my OB consent each quarter, but if another provider offered exactly the same service without wanting my transaction history, I’d very likely swap.

Sounds you’d be much happier with a different provider

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The opposite. Merely suggesting an improvement.

I don’t think they’re likely to change this, because their pitch is being your Wealth App, and to do that they want to advise you based upon your financial situation (and they no doubt believe that they can do it only if they can see that data)

To be fair, my FA wouldn’t advise me to put all my money into high risk investments, and neither should Chip!

Chip aren’t licensed to give advice