Wall Street banks are starting to throttle personal finance startups

Wall Street banks have had enough of personal finance apps scraping their data. 

The Wall Street Journal’s Robin Sidel reports that Mint.com’s personal finance app has been ‘throttled,’ or, that data being shared with the app is being restricted. 

These apps give users a way to put all their financial data on one place — drawing information from accounts at multiple firms.

The point is convenience. Mint, for example, pitches itself as a way to pull “all your financial information into one place, so you can finally get the entire picture .”

Wells Fargo has “added an additional level of security to its accounts last month that prevented aggregators from being able to automatically retrieve customer data, according to a person familiar with the matter,” according to the Journal’s story.

JPMorgan also restricted access to Mint, the Journal reported. Other personal finance apps have also been impacted by big banks’ ‘throttling,’ as well, Business Insider has learned. These include apps run by Mint’s parent company Intuit, according to a person who spoke with Business Insider under the condition of anonymity. 

Quicken, the personal finance app that is owned by Intuit, has also seen its access to bank customers’ data restricted in recent weeks.

Some users have taken to Twitter to air their grievances.  

WFC tweetsScreenshotWells Fargo users are complaining of restricted access to apps.

Wells Fargo and Intuit, which owns both Mint and Quicken, and did not reply to requests for comment in time for publication. 

The source said that banks’ data restriction extends beyond Intuit’s brand empire, however. 

You can read the entire WSJ story here. 

Have you had your access to an app you used to manage personal finance transactions locked out by a big bank? We’re looking for more consumers who have had their apps impacted: [email protected]

NOW WATCH: This giant blue diamond could sell for up to $US55 million

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.