I’ve discussed Envaulted just once before on this site, when my brother asked if he should sign up for a service that gives 1% cash back on all credit card purchases just for giving them access to your purchase information on certain credit cards.
At the time, I said no because I thought there were a few actions that would have a much bigger effect on his finances. Why try and make about $2 a month when you can make changes that will make you $50 or more?
After signing up for Lending Club and opening an IRA account, he decided to try out Envaulted. Why turn down free money? It’s hard to argue with that logic.
My brother received a cool $100 from Envaulted over the past year, which is pretty sweet. But this past week, the site went down. I won’t even link to Envaulted.com because the site doesn’t even load.
There is no way to request payment anymore, let alone log in. People have connected their bank information, and there is no way to delete it. If I were a customer, I’d be worried. There’s no response from customer service, either. The only public communication was a single tweet from the Envaulted Twitter account, which has elicited plenty of responses, such as this one:
There is also this forum about Envaulted on FatWallet that discusses the issue. Alex, the COO, mentions that information is safe, but doesn’t say anything else to help people out. The mystery continues.
People want to know what happened, if their information is safe, and if there’s any way to get the payments they deserve.
This is just another reminder to choose the companies you do business with wisely, especially when it comes to secure financial information. I think the smart thing to do now is to change the passwords to any financial institutions that you had connected to Envaulted.