Stripe new Questionable review process ? legal ?

[berseker]

So i've been using Stripe for quite sometime they are for me one of the best if not the best Payement processor for saas and ecom, but as of yesterday one of my US based accounts got a quite weird review notification that never had before, they basically ask to link the bank via api (plaid probably) the issue with this is that instead of traditional linking with just routing and account number this gives them access to the entire account banking history and transactions in detail something i do not think that is quite possibly legally enforced unless you as a user accepts, hence why they actually did not put a deadline nor stopped payouts as they usually do, personally i think this is some huge step in privacy breach.
Are my thoughts process correct here ? what you guys think ?

What data does Stripe access from my linked financial account? : Stripe: Help & Support

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[Sols]

It's relatively new but will become the norm soon enough. Bank statements can be photoshopped. API connections to banks to verify the account holder cannot.

 

[wellington]

Bank for incoming, then move funds to another account...

 

[berseker]

Bank for incoming, then move funds to another account...

You still don't get it, once they get access to the api they have real time status of your bank account so when you move the funds they instantly know where the money went so your burning also the other bank account for future stripe linking, not only that but this will probably get your stripe closed because you actually don't keep a big chunk money for future dispute collateral and be labeled as high risk.

 

[doncash]

Just click on the option that your bank is not on the list, and then when asked name of the bank write www.wise.com

Then the warning message dissapears. This, at least, has worked for me in the past.

 

[uplana]

As soon as a service becomes as large as Stripe, PayPal, or 2co, all these crazy reviews start popping up, and suddenly it comes as a big surprise to most people that these big companies sell your data in one way or another. How do you think these giants become so massive.

 

[doncash]

As soon as a service becomes as large as Stripe, PayPal, or 2co, all these crazy reviews start popping up, and suddenly it comes as a big surprise to most people that these big companies sell your data in one way or another. How do you think these giants become so massive.

It's not only that, they also do sudden shutdowns and keep customer's funds and never pay it out. I suspect they do that when they are short of cash.

 

[uplana]

It's not only that, they also do sudden shutdowns and keep customer's funds and never pay it out. I suspect they do that when they are short of cash.

It's conspiracy, but it could sound like a good reason for them to do such a thing. There's so much shady stuff happening in the banking world, so it wouldn't surprise me that one could get away with that sort of thing.