Mortgage, Money and Dream – Our thoughts on Canadian Mortgage Market
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Use of smartphone is very wide spread now. More than half of the adult population use a smart phone.  Among many attractive features – a smart phone offers very convenient way to access financial information. Most of the big banks have their own apps for online banking. Those apps are offered free for the users.

Some apps are known to be invasive. Somewhere written in the EULA the providers reserve the right to access many personal information like contact list and location services of the app users.

While many apps read your contact information, some go a bit further – they also write your contact information. Once I found that there were some additional contacts written in my phone and upon further investigation I found that a very popular app was doing that.

Instead of uninstalling the app I decided to deny it internet access and blocked the contact access on my smart phone. We questioned before that why CMHC needs to read our contact information in return for a free calculator?

A recent report in Globe and Mail prompted us to have a look at the personal information the banking applications asks for.

We took a look at the Android market place to check out the Canadian banking apps. We found that a TD bank asks for least amount of permission while new CIBC app asks for the maximum number of accesses.

An app accessing network to connect to its server and location service to locate its nearest branch is okay but why asks to read contacts is beyond our grasp.

It now appears that accessing the bank account using smart phone browser is the smartest thing to do. Apps are convenient but the providers are now asking for prices that we may not be ready to pay yet.

The monthly fee we pay to the bank includes online banking fee. So, why they want my personal data to give me an online access from my phone?
CIBC--app-permission RBC--app-permission TD--app-permission scotia-app-permission BMO-app-permission