Wall Street banks are starting to throttle personal finance startups
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.
