Recently Coast Capital Savings started offering a money management tool that our management is calling the Take Charge Money Manager. It’s a tool that’s integrated with the online banking system using software provided by MX Technologies, a company based in Lehi, Utah, US. One of its investors is a San Francisco company called Craft and they have some information on the company here.
This integration with a US-based company means that our financial information is being stored outside of Canada, as Coast says in their FAQ:
If you look at the terms and conditions, Coast says this:
The Third Party Provider provides the Take Charge Money Manager services from the United States, and your information will be processed and stored within the United States. Accordingly, your information may be subject to valid information requests made by government agencies in the United States.
There is also a scary looking term (beginning “You will indemnify…”) which makes us members responsible for anything and everything that might go wrong.
I find this all very troubling. Are there really no Canadian providers of similar software? What would it cost us if we wanted—as a matter of principle—to keep our financial information on Canadian soil? How much do we save, at the cost of the unknown perils of a future privacy breach by parties far beyond our control?
If you love your banking information, set it free.
If it remains private, it’s yours. If not, it wasn’t meant to be.
When we engage ourselves in the American political, legal, and social environment, this is the attitude we’re taking. I don’t think it’s wise. I don’t want to be like the victims of Equifax or Wells Fargo.