Your banking login details are requested for one sole purpose: to fetch read-only copies of your transaction history, direct from your banking sites.
It is impossible for Tic:Toc to transfer, move or do anything else with your bank accounts aside from receiving a copy of your transactions and loan statuses. We only see the information we need to approve your loan application – the same information you would supply us if you were submitting the documents manually (once you find them, print them, scan them, email them). It’s just much faster this way.
We think our way of digitally validating your financials is far safer than sending financial statements via email.
When you enter your online banking details, no human will ever see your credentials. Your password isn’t retained. It’s encrypted and hashed all the way back through the hardware.
Your data is secured by our world-leading encrypted technology partner, Envestnet Yodlee (Yodlee). We chose them because they’re the best in the business, and they’ve been at the forefront of financial technology security for over 20 years.
We know it sounds odd asking for your banking login details, but rest assured that nobody (not even Yodlee) sees them. As soon as your details have been entered and validated in the approval stage of your home loan application, they are encrypted, separated, and securely stored. Once your financial validation has been completed they are completely obliterated, never to be seen again.
Don't want to enter your bank details? That's okay too.
You can simply upload copies of your transaction statements and any other documents we may need to verify your financial position (check our manual validation checklist). Just be aware that this will mean a Tic:Toc team member will be required to review them, so the application process will take a little longer.
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