Bank Account Access: Pins, Permissions, Pros & Cons.
Bank records provide the backbone for our bookkeeping processes, and having seamless access to your bank and credit card accounts is crucial to our work. By ensuring that we have our own access not only enhances security but also streamlines our workflow, enabling us to work more efficiently and focus on what really matters—managing your finances effectively.
Psst… We all know that sharing passwords, while sometimes necessary, carries inherent risks, even though we take the utmost precautions to securely store your data. Fortunately, most banks now offer different types of account access to facilitate safe access for your trusted team members - like us!
In this post, we’ll explore two primary methods for accessing your bank accounts: delegate access and secure password access. We’ll weigh the pros and cons of each method, and outline the primary banks and their unique platform — all while sharing how these options impact the time and efficiency (read: more efficient = faster bookkeeping = cost savings!) of our bookkeeping services.
What is Delegate Access?
As banks enter the 21st century, they're noticing that many businesses do their work online — and have other folks support them in doing so. Enter: delegate bank access. This allows account owners to add users to their accounts with their own login credentials (so that we’re not sharing passwords) and provides customizable permission-levels to make sure your money is protected.
Pros →
Enhanced Security: This prevents us from knowing and storing your passwords. Sharing passwords with anyone carries inherent risks, even though we take the utmost precautions to securely store and protect your data.
Easy to change: Access is controlled and can be revoked easily if needed.
Efficiency: Our bookkeepers can directly retrieve bank statements, transaction details, and other essential data without needing to request additional information from you (no more texts interrupting your work day, asking you to share authorization codes or download files!)
Cons →
Setup Time: Initially setting up delegate access may require some coordination between you, your bank — and CCE. This can involve several steps, depending on your bank's process —these processes tend to be online banking-based.
Limited Customization: Some banks may have restrictions on the types of tasks delegates can perform, which might limit certain functionalities — it's always worth an email to your branch manager should there be any issues or low functionality.
Your Bank's Delegate Access Program
Peek at our list below to see more details on our client's top banks and their program — with Cole’s notes of important information.
Vancity → Delegate Access
Cost: None
User Access: Initiator status is needed; view accounts and bill payments, initiate transactions.
Bank Access: Detailed transaction history for up to 24 months +.
Credit Card Access: None
Other Perks: None
RBC → Express Platform
Cost: $50 one time set up fee — afterwards a $30 monthly fee
User Access: Able to view balances, transactions, and schedule reports.
Bank Access: From the time of setting up the Express Platform onwards, previous statements require manual access.
Credit Card Access: Combined access is granted.
Other Perks: Foreign exchange transactions at preferred rates and higher limits on payment transactions.
TD → Add User
Cost: None
User Access: Your account manager can support and confirm view access only. Your bookkeeper's full name, address, DOB, and phone number will be required.
Bank Access: Detailed transaction history for up to 18 months.
Credit Card Access: Combined access when the User is added.
Other Perks: None
CIBC → SmartBanking for Business
Cost: No extra cost, third-party software integrations are subject to a monthly fee.
User Access: You can assign access to multiple users; restrict accessible information, and add or remove delegates at any time.
Bank Access: Detailed transaction history for up to 13 months.
Credit Card Access: No
Other Perks: Additional options for sending and receiving payments & transfers (CAD and USD).
Island Savings → Small Business Online Banking (eBOB)
Cost: None
User Access: View account activity and set-up transactions (that must be approved by signers).
Bank Access: Transaction history timeline unknown.
Credit Card Access: None
Other Perks: None
Scotiabank → ScotiaConnect
Cost: A sales representative will offer individual guidance — a rough estimate of a $16 Monthly Maintenance fee and per-transaction fees.
User Access: Able to create and submit payments, and view reports.
Bank Access: Transaction history timeline unknown.
Credit Card Access: None
Other Perks: Access to cross-currency support and multiple payment options.
BMO → Authorized Users
Cost: None
User Access: Many options! View the tutorial above to be walked through them.
Bank Access: Transaction history timeline unknown.
Credit Card Access: Combined access when the User is added.
Other Perks: None
Coast Capital → Delegate Access
Cost: None
User Access: Initiator access is required.
Bank Access: Transaction history timeline unknown.
Credit Card Access: Unknown
Other Perks: None
Credit Card Account Delegate Access Programs (these are rare!):
BMO → Authorized User
Tangerine → Authorized User
The Other Option: Secure Password Access
There are a few reasons as to why you may be seeking another option for giving us secure access → your bank and/or may not offer delegate access, certain platforms may pose a financial barrier, or if we're honest — your not willing to give up those cheerful text messages from the CCE team!
Secure password access involves sharing your bank account and/or credit card login credentials directly with us — via one of the two methods below. This method allows us to log in to your accounts and perform necessary bookkeeping tasks. Don't forget —should this be the access method you choose— CCE will text you each time we require access to your accounts, as we will need authorization codes sent to your phone (Multi-Factor Authorization in action!).
Our suggestions for sharing login credentials safely are:
LastPass → Shares your password without us being able to “view” the password while saving it to our CCE LastPass vault for future use. This is best used if your password is used in multiple places, and you’d like to keep it confidential.
Password.Link → This shares your password with us, and we are then able to view and save the password into CCE’s LastPass vault (for future use). Once you share the link with us, we are only able to access it through that link once.
Pros →
Immediate Access: Once you share the password, our bookkeepers can access your accounts right away without additional setup steps (outside of texting you!).
Direct Control: This method gives us direct control over the bank account’s functionalities, which can be beneficial if specific actions need to be performed regularly.
Cons →
Security Concerns: Cyber security is a real thing and sharing passwords can be less secure and raises potential risks if passwords are not managed properly! It’s crucial to use strong, unique passwords and update them regularly.
Additional Time: Our bookkeepers will need extra time to handle the logistics of managing and securing access, including waiting for your reply (and sending a potential second, third, fourth... authorization code your way).
Need Help Deciding?
At the end of the day — here is the TLDR of your top options:
You are managing a slightly more engaged set-up process, which may involve getting in touch with your bank account manager (delegate access!). That once set up requires very little (perhaps a User update or edit!) of you in the future.
Or you've got a speedy set-up process (with much lower cyber security!), that requires bi-weekly authorization code sharing with our team -- that if not done in the moment, directly impacts your bookkeeping and billing!
We hope that by the end of reading this post, you'll be as sold as us on delegate access for the rigorous and consistent work we offer! If you've got any questions about your specific bank account or credit card access, delegate set-up support, or have curiosities you'd like to share with us → we are always only one email away.
