Open Banking

Premier Credit Union is excited to announce a new option for streamlining the sharing of financial information through open banking.

By connecting your bank account to Plaid, you can provide us with a point-in-time snapshot of your financial information, making the loan application process quicker and hassle-free.

Our partnership with Plaid allows for a secure and efficient exchange of data, eliminating the need for printing, photocopying, or emailing bank statements

1. What is open banking?

Open banking is a secure method of sharing financial information with trusted financial providers. Introduced in the European Union in 2018, it empowers consumers by giving them more control over their financial data. With Premier Credit Union, you have full control over what information you share and for how long.

2. Who is Plaid?

Plaid is Premier Credit Union's official open banking partner. They facilitate the connection between your bank account and our systems, making it seamless to share financial information securely. Plaid adheres to EU regulations and employs robust security measures, including encryption protocols and multi-factor authentication, to safeguard your data.

3. Is open banking safe with Premier Credit Union?

Yes, open banking with Premier Credit Union is very safe. Our processes adhere to the Payment Services Directive (PSD2) regulations, ensuring strict standards for data security. For more information on Plaid's safety measures, please visit [Plaid's safety page] (

4. What personal information is shared with Plaid?

Your data is never shared without your explicit consent, and you have full control over what information is shared. When you connect to Plaid, only a point-in-time snapshot of your financial information is shared with Premier Credit Union for the loan application process.


5. What financial information can I share?

You can choose to share information from any payment account accessible through online banking, including current accounts, credit cards, and certain deposit and e-money accounts.

6. Can I revoke my consent?

Yes, you can revoke your consent at any time. Your data is accessible to Premier Credit Union for a period of 90 days solely for the loan application process. If you wish to revoke access during this period, you can do so by contacting Plaid or your bank.

7. What are the steps?

After granting consent, sharing your financial information through Plaid involves a few simple steps. Plaid will never ask for additional security information; it only requires you to sign into your online banking account.

We're committed to making the loan application process as convenient and secure as possible for our members. If you have any further questions or concerns, please don't hesitate to reach out to us directly:

Phone: 0504-91700