How To

Effortless Balance Tracking with Skwad - No Bank Linking Required

Jun 2, 2024

At Skwad, we believe you shouldn't have to compromise your financial data privacy for convenience. That's why our balance-tracking solution doesn't require bank linking, allowing you to stay on top of your finances while keeping your sensitive information secure.

The Risks of Linking Your Bank Accounts

When you link your bank account to third-party apps, you're granting access to your entire financial information, including account numbers. This practice can leave you vulnerable to potential security breaches, unauthorized access, and identity theft. Moreover, the more apps you link to your bank accounts, the greater the risk of your private information falling into the wrong hands.

Skwad's Bank-Linking-Free Approach

Skwad offers a refreshing alternative: a bank-linking-free platform prioritizing user privacy and security. Rather than requiring users to divulge their bank login credentials, we empower them to take control of their financial data while still enjoying the benefits of automated transaction import and expense tracking.

Skwad's Secure Balance Tracking

With Skwad, you can effortlessly track your bank balances without exposing your bank passwords. By leveraging your Skwad scan email address, you can set up spending alerts with your bank and designate your Skwad scan address as the recipient. Here's how it works:

  1. Set up balance alerts with your bank: Log in to your online banking portal and navigate to the alerts or notifications section. Set up balance alerts to be triggered at your desired frequency (e.g., daily, weekly, or when your balance falls below a certain threshold).


  2. Designate your Skwad Scan email address: Enter your unique Skwad Scan email address as the recipient when setting up your balance alerts. Skwad provides this unique email address and serves as a secure channel for receiving balance updates.


  3. Let Skwad do the rest: Whenever your bank sends a balance alert to your Skwad Scan address, we process the information and update your account balances within the Skwad platform. This means you can view your latest balances at a glance without manually entering the data or exposing your login credentials.

The Benefits of Skwad's Bank-Linking-Free Balance Tracking

  1. Enhanced Privacy and Security: Skwad ensures that your sensitive financial information remains private and secure by eliminating the need to link your bank accounts. You retain complete control over your data, and there's no risk of unauthorized access or data breaches through linked accounts.


  2. Automatic Updates: With Skwad's balance tracking feature, you can say goodbye to the hassle of manually entering your account balances. Our platform automatically updates your balances based on the alerts received from your bank.


  3. Compatibility with Multiple Banks: Skwad's balance tracking solution is compatible with many banks, allowing you to monitor balances from multiple accounts in one convenient place. No matter how many banks you use, Skwad has you covered.

Examples

Setting up Balance Alerts from Chase to Skwad

Chase Balance Alert to Skwad

Setting up Balance Alerts from Capital One to Skwad

Capital One Balance Alert to Skwad

Setting up Balance Alerts from your Bank to Skwad

The process is similar for other banks and credit cards. Set up balance alerts to your Skwad scan email address to automatically track your balances.

NOTE: Many banks offer the option to add specific email addresses to receive alerts. If your bank doesn't have this feature, you can opt for a double-hop method. First, set up your bank to send the alerts to your primary email address. Then, you can forward those emails from your primary email address to your Skwad scan email address. Follow this guide to automatically forward transaction alerts from your email to Skwad.

Privacy and Security First

Experience the peace of mind of knowing your financial data is secure, and take advantage of Skwad's effortless balance tracking today. Sign up now and start managing your finances confidently without the risks associated with bank linking.

Get a better understanding of your finances today.

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