One Year On And CIBC Bank Connections Are Still Broken

JimHJimH Member Posts: 23

A year since Wave was taken over and connections to my bank are still broken every single time I log on. Put in the credentials, get a code, wait for something to happen. Then repeat the next day. It's worked briefly four times in the last six months, and even then it didn't bring in all my transactions. I no longer bother connecting to my bank. There isn't any point. Until I can switch to something else, I manually import them. Even then I have to fix all the deposits incorrectly classed as withdrawals. I have never seen such a chronically screwed up piece of software - and I'm in IT for over 30 years.

You want to know why Wave has so many bank connection issues and why they never go away? PLAID, the aggregator they use to "connect" to banks.

Wikipedia Quote: "The company uses the controversial practice of "phishing" user's bank login details by creating lookalike bank account login pages. The company has faced controversy for scraping user data, impersonating bank login screens, and not properly disclosing the privacy risks associated with the service. TD Bank filed a lawsuit against Plaid in 2020 accusing the company of trying to "dupe" its users."

No wonder many of us can't connect to secure banking sites. These practices would trigger constant lockouts in any decently secured banking system (like ours in Canada). Why on earth would Wave hold on to these people? Must have a cheap deal. They certainly don't seem to care about us.

Comments

  • JulianPJulianP Administrator Posts: 1,002 admin

    Hey @JimH !

    I'm sorry to hear that you are experiencing issues with your CIBC bank integration for automatic transaction imports. For some context, CIBC and Plaid have been experiencing some integration issues lately that have been affecting a large amount of users like yourself. Typically what happens is that your bank may make some major updates to their website or their back end API. When this happens, Plaid loses the connection and may need to establish a new one. You can imagine with thousands of banks making these updates Plaid can have a bit of a difficult time keeping up.

    We have already escalated this issue to Plaid, and are waiting on this to be fixed. At this present time I apologize I don't have an ETA for when that will be, but you should know that their team is working diligently to get this connection sorted out. Thanks so much for your patience.

    Here is a screenshot for reference:

    In the meantime, Wave offers a few options to import and upload your transactions manually. You can learn more about these below:

    Regarding Plaid's reputation, they work directly with leading companies in the industry. If you'd like to learn more about their business practices and infrastructure, I encourage you to check out their website or contact them directly for more information. I hope this helps!

    edited March 1, 2021
  • MattCMattC Member Posts: 1

    The solutions Wave offers to this problem are bunk. When you manually import your CSV from your bank account it's the monthly statement according to CIBC's reporting period, and won't be consistent with the last time Wave imported stuff on its own. So you either get a big gap, which you have to fill in manually, or you get all sorts of overlap and have to go back through and delete the double ups. It's extremely time consuming. Hard to complain about a free service on the one hand, but on the other this is enough to make me switch to paying for Quickbooks. This problem is making Wave not worth it. For anyone from Wave reading this, that means you won't get to collect any fees on my credit card billing anymore, and I won't be purchasing any more services from you as my business grows. Wave, you should highly consider moving on from Plaid.

  • AETAET Member Posts: 1

    I do pay for Wave Services and cannot integrate with CIBC. It is really problematic and can be time consuming. If anyone is with CIBC I would consider another service as it has been so long since I've been able to connect Wave with CIBC. Since they moved to PLAID it has not worked properly. I wish Wave would get this fixed. I am also looking closely at another service.

  • ImpiraniImpirani Member Posts: 10

    I've been experiencing the same issues with integration with CIBC for the better part of the last 12 months. None of my transactions as of March 1st 2021 have flowed through Wave. As a result my books are off, and there is a big gap in my numbers. I've gone through the 'reconnecting steps' with CIBC & Wave, and have entered in dozens of MFA from CIBC to establish a 'reconnection' but nothing has worked. This has been a very bump ride for me and my business.

    edited April 25, 2021
  • Jordan1459Jordan1459 Member Posts: 1

    I was just hoping that there has been some resolution this whole issue? I am getting by but it's incredibly frustrating, and really 1 of 2 reasons that I chose Wave in the first place.

    Is there any end in sight for the integration issues with Plaid?

  • theMikeDtheMikeD Member Posts: 5

    Still broken. Pathetic.

  • missil9missil9 Member Posts: 1

    Still broken. Can we please get this fixed? Otherwise people like myself will start shopping elsewhere. It shouldn't take this long to write to an API...

  • yushyush Member Posts: 1

    I feel better that its not just me, but this is very frustrating. Is it okay that we should accept this mediocrity if we don't pay for this software? Maybe Wave can just build their own screen scraper to do the job?

  • StephPorterStephPorter Member Posts: 3

    I am incredibly frustrated with this myself. It is not only CIBC but Tangerine and Motive Financial. If the issue is Plaid, is there not another option to use instead of? I'm seriously considering moving to another platform.

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