How bank syncing works in Steddi
One of the most common questions we get is about bank syncing. How does it work? Is it safe? Will it mess with my account? Fair questions, all of them. This post walks through the entire process so you know exactly what is happening when you hit that connect button.
The 30-second version
You click "Connect Bank" in Steddi. A window from Plaid opens up. You search for your bank, log in with your bank credentials (directly with Plaid, not with us), and confirm the connection. Plaid sends us a secure token. We use that token to pull your recent transactions. That is it.
The whole thing takes about 30 seconds. After that, new transactions show up automatically, usually within a few hours of posting to your bank account.
What is Plaid?
Plaid is the company that handles the connection between Steddi and your bank. They work with over 12,000 financial institutions across the US and Canada. Chances are, if you have used Venmo, Robinhood, or any number of other financial apps, you have already used Plaid without realizing it.
They are the middleman, and that is a good thing. It means your bank credentials never touch our servers. Plaid handles the authentication, verifies your identity with your bank, and then gives us read-only access to your transaction data. Nothing more.
Over 12,000 banks supported through Plaid
What data do we get?
Transaction date, amount, merchant name, and category. That is the core of it. We also get your account name and current balance so we can show you an accurate picture of where things stand. We do not get your account number, routing number, or any credentials.
And just to be clear: the access is read-only. We cannot initiate transactions, move money between accounts, or make any changes to your bank account. We can only look at what has already happened.
What if my bank is not supported?
With 12,000+ institutions, most major banks and credit unions are covered. But if yours is not on the list, you still have options. You can download a CSV from your bank's website and import it into Steddi, or you can add transactions manually. Both methods work with all the same budgeting and insights features.
We are not one of those apps that becomes useless without a bank connection. Manual entry is a first-class citizen in Steddi.
Can I disconnect anytime?
Yes. Go to Settings, find the connected account, and click disconnect. We stop pulling new transactions immediately. You can also delete all the synced transaction data if you want a clean slate. No hoops to jump through, no retention dark patterns.
Why bank syncing is a Pro feature
Plaid charges us for every bank connection we maintain. That cost is real and ongoing. Rather than pass it along to all users through ads or data monetization, we include bank syncing in the Pro plan. The free plan covers everything else, including CSV import and manual entry, which cost us nothing extra to provide.
Bank syncing is one of those features that sounds complicated but is actually simple once you understand the pieces. Plaid does the hard work, we display the results, and your bank credentials never leave the building. If you have more questions, we are always at support@steddi.com.
The Steddi Team