Some people think that using Mint.com is crazy because of the security risk of handing over all your banking user names and passwords. FiLife asks them some tough questions about their security procedures and gets straight answers, like:

Let’s say you get hacked. Banks normally would protect me if they get hacked, but do I lose my protection if I’m using Mint to access the bank but the breach happens through your systems? You’re legally protected for $0 liability on credit cards and $50 on bank accounts if fraud is reported within two days. These rights are not voided by using Mint, Yodlee, Quicken, Microsoft Money or similar programs.

They also say all user names and passwords are kept on Yodlee’s servers, not anyone else’s. Every lock can be picked, but we’re more concerned about identity theft resulting from our local big box retailer’s lax security procedures than from Mint.com.

[FiLife]

Want more consumer news? Visit our parent organization, Consumer Reports, for the latest on scams, recalls, and other consumer issues.