Quote from @James Shannon:
One BIG concern that I have as I research Baselane (and other, similar options) is that they provide access to my money but they're not actually bank and don't have bank-level security. This scares me.
Baselane almost certainly doesn't take security and fraud as seriously as a bank would. They don't even have two-factor authentication (e.g., SMS code on login), or at least don't enforce it for me since I chose to signup using Google. The underlying bank (Thread) MAY do fraud detection on the debit card, but they probably don't do any fraud detection on outgoing wire requests. Ideally there'd be second factor requirements on any transfer, and especially "suspicious" ones (as defined by an entire team of people who monitor that sort of thing).
Cookie theft and other takeover scenarios are a thing. Is Baselane going to be liable for these types of issues, or are they going to tell me to contact Thread?
This is all made worse by the fact that there's no "collaborator" login (as other solutions have). As I evaluate this, I figured I'd share my account with my bookkeeper, but then realized that would also give them access to my accounts.
Don't get me wrong, I like Baselane so far, but this might be a fatal flaw for me. I could keep a limited amount of money in Baselane accounts, and constantly transfer in and out, but that sort of defeats the purpose. They do offer linked accounts, so maybe I'll go with a 3rd party bank that I can trust.
I appreciate this concern, as we’re also looking to move to a bank that allows for multiple account to use David Richter’s Profit First method. I like that baseline seems like a good replacement for Quickbooks, as well.
In regards to having multiple accounts, I’ve been told that Chase is a bank that allowed for this, but I also don’t trust that Chase wouldn’t be taken out with the other banks failing, so I don’t know about using their accounts, either.
If you happen to come by a bank you would trust, I appreciate if you’d share.
Thanks.
