I mean it makes perfect sense, they want to know you have enough money to start transfers.
And the ability to do X doesn’t mean they’re doing X, It sounds like they might be tracking transfers related to Venmo, but their being honest and admitting that same power allows them much more access.
AFAIK they’re using Plaid, and nothing here is an unusual application of Plaid
"The types of information we collect from your financial institutions may include, but are not limited to:
Account information, including financial institution name, account name, account type, and account and routing number;
Information about an account balance, including current and available balance;
Information about credit accounts, including statement due dates and balances owed, payment amounts and dates, transaction history, and interest;
Information about loan accounts, including due dates, balances, payment amounts and dates, interest, loan type, payment plan, and term;
Information about the account owner(s), including name, email address, phone number, and address information.
Information about account transactions, including amount, date, type, and a description of the transaction."
Another part is they’re not going to tailor the terms of service per usecase, they’ll list everything they can do, then narrow it down per application
They don't have to _collect_ it. They can say that we have access to it but will only collect it when you use a related product.
The types of information we collect from your financial institutions _may include_, but are not limited to