We’re fans of finance tracking service Pocketbook, and it now has a handy new feature in its web incarnation: automatically scanning your bank statements to find possible deductions.
The scanning service asks you a series of basic questions (such as whether you own an investment property, use a car for your job or work from home). You can then detect expenses in relevant categories, and identify the ones which actually apply to receive
I wouldn’t want to rely on this as the sole means of identifying deductions, but it’s a speedy process and might highlight something you’d forgotten about.
Comments
13 responses to “Pocketbook Scans Your Bank Statements To Identify Possible Deductions”
Just confirming that this is Australian based.
they are and it is they are good too
Looks to be based out of Sydney.
I like it how people complain relentlessly about google’s data collection.. But will happily scan their bank statements into an incredibly unknown site created by two random guys in Sydney, seemingly this year..
https://getpocketbook.com/security
They use encryption, and only the program sees your bank details which shows the data directly to you.
It’s essentially the same as using online banking.
What annoys me more is people giving the app 1 star reviews because it asks for their bank details. I mean come on, that is the whole point of the app!
People freely buy goods off ebay which displays your paypal account, name, address, email address. Also nobody cares that anybody in the post office or off the street can get your mail from your mailbox and see your name/address and even open the letter/package!
But no, anonymous data collected by google is much more insecure, intrusive and dangerous.
Same goes for people (mainly older people) that are against using online banking because they don’t trust it, but then they openly send their credit card details in the mail for anybody to grab and use. (For example, paying a bill).
While I completely agree.. All of this and far more is also true of Google. I don’t think we’re disagreeing though exactly. just that peoples priorities/uneducated security tactics
Haha yeah I guess we do somewhat agree.
Looks good but is totally useless to me as it does not support my bank
Be sure to add a vote for your bank to let them know you want support for your bank:
https://getpocketbook.com/addmybank
What makes people trust this company with their banking details and as result, their personal information. They claim it’s a one-way process to view your banking data. Is this some new banking industry standard they are using, or just them saying “trust us, we’re only reading, not doing” ? As far as I’m concerned if someone has your login details, they have access to act as You.
How do they handle accounts using (genuine) two-factor-authentication ?
How does me knowing and willingly giving my banking login details to a third party affect my liability if/when something nefarious happens in the future. Surely any bank will simply wipe their hands of it and say “Too bad mate, you gave your details to someone else… ”
Lastly… what’s the business model here ? Golden Rule of the internet age is If You’re Not Paying For The Service/Product, Then You ARE The Product. ie: they have to monetise somehow… by selling you’re data, even as aggregated “anonymous” metadata. Same as Google, same as Facebook, Twitter etc etc…
Hi – The man behind Pocketbook has worked in major banks, managing their IT. Security is always an issue. I’ll ask them to comment – Cheers
I’ve been using myprosperity.com.au because it’s free and it uses the same bank feed technology as Xero Personal which means it works with heaps of Australian banks