How does Automatic Bank Sync work?

Goodbudget Premium allows you to link your Goodbudget Accounts to your real-life ones. When you do that, transactions you make are automatically imported into Goodbudget, making tracking your budget a little simpler.

If you’re curious to know more about how this feature works, or how Goodbudget ensures your information is safe and secure, read on for more.

Q: What is Automatic Bank Sync?

Automatic Bank Sync is a feature available with Goodbudget Premium that allows you to link your Goodbudget Accounts to your financial institutions so your transactions can be automatically imported.

Linking Accounts in Goodbudget is optional. Alternatively, you can manually record transactions, or upload them via a recent activity file you download from your bank.

Q: How does it work?

Goodbudget uses Plaid (an open banking platform) to create the connection between your Goodbudget Accounts and outside financial institutions. You link Accounts in Goodbudget by entering your banking credentials and following your bank’s process for authenticating your identity.

Once Accounts are connected, Plaid requests transaction data from your associated banks, and your bank responds when new data is available. When your bank sends that data to Plaid, Plaid passes it to Goodbudget, and you’ll be able to see it in your Goodbudget history.

Q: Where does the transaction data come from?

The transaction data comes from you! After you make a purchase, your bank sends the transaction data to Plaid, which then gets sent to Goodbudget.

Q: Is it safe?

Plaid never shares your financial information without your permission, and they never sell or rent your information to outside companies. Plaid keeps your data secure using internationally-recognized security standards, like ISO 27001, ISO 27701, and is SSAE18 SOC 2 compliant. Visit Plaid’s website to read more about their security measures.

Likewise, Goodbudget believes your data is your own. We never share, sell, or rent your information to third-parties, and you can always ask for your personally identifiable information to be deleted when you no longer need Goodbudget. All of the information submitted to Goodbudget is secured using bank-grade 256-bit SSL in a secure datacenter, but we still recommend never storing bank passwords or other sensitive information inside the Goodbudget app itself.

You can read more about how Goodbudget uses your information by visiting our Privacy Policy and our Terms of Use.

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