What is Plaid?
Plaid is a third-party app integration that helps link your financial institution(s) to apps that provide services to you. It is used by many popular financial and banking services, such as Venmo and Stripe.
Heard uses Plaid to connect financial data from your bank account directly to your Heard account, allowing our team to review and categorize your transactions monthly.
How does Plaid handle my data?
Heard asks you to connect your bank accounts to our platform through an integration with Plaid. The process is really simple! You provide the username and password associated with the bank accounts you'd like to connect to, confirm any multi-factor authentication through your bank, and then we are able to access your account information from your financial institution.
Once this connection is established, Plaid is able to securely process and share that information with Heard. You are in control of this connection, meaning you can disconnect your accounts at any time. You can learn more about how Plaid works here.
Is Plaid safe to use?
Plaid constantly and consistently ensures that your data is secure. It is used by more than 4,000 apps, 11,000 banks, and 1 in 4 adults in the United States. Plaid's security practices include data encryption, multi-factor authentication, secure cloud technology, and strong security testing and monitoring. You can learn more about Plaid's safety and security features here.
What banks are compatible with Plaid?
Plaid is compatible with over 11,000 financial institutions. Widely used banks that are compatible with Plaid and used by Heard therapists for their business bank accounts are Bank of America, BECU, Chase, CitiBank, Fifth Third Bank, Found, Huntington Bank, Mercury, Navy Federal Credit Union, PNC, Regions Bank, Relay, TD Bank, Truist, US Bank, Wells Fargo, etc.
Does Plaid provide access to bank statements?
Yes, some financial institutions have adopted a feature to include access to bank statements. The current participating financial institutions are Bank of America, CitiBank, Fifth Third Bank, Huntington Bank, Navy Federal Credit Union, Regions Bank, TD Bank, Truist, US Bank, and Wells Fargo. To read more, see Automatic bank statement uploads through Plaid.
What if my bank does not support Plaid statements?
If your bank does not support Plaid statements, the next step is to see if your financial institution allows for limited bank access. This is a different process from authorizing the accounts via Plaid. We request limited bank access so that we can pull statements on a monthly basis to ensure all transactions are accounted for as part of our reconciliation process. However, we would still ask that you connect your business accounts via Plaid to sync transactions automatically. Connecting your accounts via Plaid enables your bookkeeper to review transactions and reconcile them with your statements on a monthly basis.