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Withdrawing to bank account - Why does Ibotta need to be able to login to my account?!??

Zombie
Skilled Saver

I just decided that I wanted to try withdrawing directly to my bank account instead of PayPal. I clicked the withdraw button on the "my account"  tab, selected to link my bank account, and found my credit union... But then the next page is asking for my online banking ID and password!?

WHY does Ibotta want to be able to login to my bank account??? Doesn't that theoretically give Ibotta access to my money..? Shouldn't they just need my account number and routing number?

 

Non-rhetorical, genuinely curious question: regardless of whether it is a bad idea or not, is there a reason for Ibotta to prefer web ID/password over account number/routing number? Or is it just poorly thought out?

 

I know Ibotta is legit because I've been using Ibotta for years, but this just sounds off/sketchy to me...

Am I wrong to be suspicious/wary about this..?? I mean, I am definitely known to be overly/irrationally cautious regarding financial stuff - I don't actually have online banking set up (lol) because neither my cell phone nor laptop have gotten a single security update in all the years I've owned them.

 

 


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Re: Withdrawing to bank account - Why does Ibotta need to be able to login to my account?!??

TXbelle
Deal Expert

@Zombie 

I worried about this when I wanted to get more of my earnings out of my Ibotta account.  I decided to open a checking account at a bank that wasn't affiliated with any of my family's other business.  When I was setting up the account,  I asked the banker about the process Ibotta was using.  Plaid is the conduit company that is moving the funds from Ibotta to my bank account.  They have to have your account information to get the funds into the correct account.  I never used PayPal to get my Ibotta money but did open a PayPal account when I started using coupons.com. I move my PayPal money to this same bank account.  I am comfortable with this but it took me about a year to get to the point of setting up the bank account.  Also I have access to a lot of banks in my area and I found one that would give me a no minimum amount account with no fees. I really don't think Ibotta actually has all that banking info since it is set up through Plaid. You can research Plaid online. My bank was very familiar with Plaid and said it was a legitimate, secure company for transferring money electronically. 

I hope this might help you with your concerns. 

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Re: Withdrawing to bank account - Why does Ibotta need to be able to login to my account?!??

Rickibotta
Deal Master

@Zombie 

All very very good questions.    This is something I would just never do.  Ever.  I have always felt it very cringe.

 

“about me: Suburbs of Indianapolis Indiana. BOILER UP!! Favorite stores: Kroger & Meijer"
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Re: Withdrawing to bank account - Why does Ibotta need to be able to login to my account?!??

TXbelle
Deal Expert

@Zombie 

I worried about this when I wanted to get more of my earnings out of my Ibotta account.  I decided to open a checking account at a bank that wasn't affiliated with any of my family's other business.  When I was setting up the account,  I asked the banker about the process Ibotta was using.  Plaid is the conduit company that is moving the funds from Ibotta to my bank account.  They have to have your account information to get the funds into the correct account.  I never used PayPal to get my Ibotta money but did open a PayPal account when I started using coupons.com. I move my PayPal money to this same bank account.  I am comfortable with this but it took me about a year to get to the point of setting up the bank account.  Also I have access to a lot of banks in my area and I found one that would give me a no minimum amount account with no fees. I really don't think Ibotta actually has all that banking info since it is set up through Plaid. You can research Plaid online. My bank was very familiar with Plaid and said it was a legitimate, secure company for transferring money electronically. 

I hope this might help you with your concerns.