What is similar?
Many of the existing FinanceWorks experiences will continue to be available in Money Management, but with a redesigned look and feel:
- Money Management access from the Online Banking menu, as well as from the Outside Accounts and Budget icons on the home page
- Outside account aggregation
- Significantly improved auto-categorization of transactions, including the ability to split categories, add sub-categories and flag transactions as personal or business
- Spending chart
- Budgets, including smart auto-creation of budgets based on spending history
- E-mail alerts
Is anything changing?
There are many things that are being improved or are changing with Money Management, including:
- The Spending widget on the home page is being replaced with an interactive Budgets widget
- Tax Watch is being replaced with broader categorization reporting that includes not only charitable donations and child care expenses, but every other category as well
Are there any new features?
MX Money Management's award winning user interface, will showcase a variety of new features:
- Improved category-level trends
- Debt payoff forecasting
- Detailed Net Worth analysis and tracking
- Expanded goals to include not only Debt Payoff, but Savings and Retirement goals as well as Cash Flow Calendar
- Text alerts and/or e-mail alerts
- Auto-categorization significantly improved from ~65% in FinanceWorks to ~90% in Money Management
- End user-initiated support requests that go directly to MX for fast, expert responses - guaranteed to provide a human response within one business day
- We will now refresh account details both nightly as is done in FinanceWorks, as well as real-time whenever an end user logs into Money Management (including the Responsive Online Banking home page!)
Will your information transfer from FinanceWorks?
While most account information for both hosted and outside accounts will be able to transfer from FinanceWorks to Money Management, including the names, account types and balances, there may be some inconsistencies:
- 18 months of transaction history will migrate for all accounts, assuming you have at least that much transaction history in FinanceWorks
- For security reasons, we are not migrating outside account login credentials. You will see an error message in Money Management that will walk you through providing your login credentials so that accounts will aggregate successfully from that point forward
- Money Management will look back 90 days for transactions that occurred between the date of your migration and the date you provide your credentials
- Transaction categories will not be migrated, to allow MX auto-categorization processes to correctly categorize the transactions with more accuracy
- Budgets will not be migrated, instead allowing you to use the one-click automatic generation of budgets based on the improved transaction categorization
- Alerts will not be migrated, but you can easily setup both e-mail and SMS text alerts within Money Management
- Goals will not be migrated so you may setup Debt Payoff goals as well as Savings and Retirement goals.