MYMONEY247

G'day, I am considering opening an account with MYMONEY247. For the uninitiated, MYMONEY247 is an online financial budget planning tool. 

It achieves this by the subscriber providing their banking, super, investments, expenditure and commitments and other personal financial information; including User ID's and Passwords for all acounts.

I have readup on all the security they provide including the YODLEE  encyrption system which accesses all you account transactions and encrypts them before passsing on the data to MYMONEY.

The result is a comprehensive one-stop-shop providing real-time data about your financial situation.

Sounds great; even looks great. Being old school I have a fundemental issue with coughing up my private banking and other information. I guess I have worked hard for over 55 years and do not want to lose all that I have worked for.

Am I being over cautious? I bank over the internet, pay bills over the internet and think little of it.

Your thoughts would be appreciated.

 

Old Bloke trying cope with Technology

3 comments

If you are being over cautious then I am too. Banks at one time had budgeting tools free and a financial adviser can organise a budgetting system for you without having your information but giving you the tools to complete the process by yourself. This company is probably going to do a lot of work that can be done by any person with a primary school education to justify the costs involved. Remember, a bank manager had learned all of the mathematics needed to do his/her job before entering high school.

Thanks for your reply Old Man. Have everthing on spreadsheet already. Just looking for something more convenient. 

There are other tools that do the same thing that you can download (even for free) and you do not have to give all that personal information and passwords.

Old Man is correct banks do offer a similar service for free. Their tools link to your account with them and can even give you graphic that show you what proportion of your spend goes on bills or discretionary spending etc.

I'd look into other options before going with a paid for service you may not need and who have access to not only your information but also your money.

Thanks KSS. 

You need to talk to your banks to see what happens to your money in the case that this other company gets hacked and someone steals all your money using the passwords you gave away. You may never get any of it back because you aren’t suppose to give your password to anyone including your partner or family. 

If you have so much money that you can’t keep track of it on your own without the help of another company then probably it doesn’t matter if someone steels a few million from you. But if you don’t have much and can’t afford to lose any of it, then why do you need a tool to keep track of it?  

All computer systems get hacked at some stage or other including the Pentagon, Australian Parliment, Banks, Police etc. you just don’t hear about it as they cover it up. 

I do internet banking but only from my own computer using my own network and never from free wifi sites. I keep a check on my accounts and always check each item on my credit card statement. But I still got done by someone who put a $2000 plane ticket on my card. The bank gave me the money back in 2 days because I could state I had never given my account details to anyone. 

Be very careful. The old rule to follow is “if it sounds too good to be true, it probably is”.  

Okay LovetoTravel, I would suggestn you have given your account details to someone, everytime you use your credit card sufficient information is passed over to enable fraud to take place. Fortunately most businesses and people involved are honest.

I too keep track of my spending on an Excel spreadsheet and many months ago found a found an debit for a small amount, a little over $27, which I could not reconcile. I checked the details of the transaction on-line and my wife did not recall making any purchase with the vendor, who was overseas. Knowing I risked a $10 fee if a disputed transaction proved valid I notified my bank. The bank made the transaction 'pending' on my account. I heard nothing for a couple of months until then 'pending' transaction dissappeared from my account, I got a letter from the bank advising me that the transaction was cancelled, without explanation, and I was issued with new cards with a new account number.

I suspect that somebody had 'harvested' my credit card details and made a small transaction which could easily be overlooked if one did not keep track of spending. Do this a thousand times at $27 a time and the fraudster nets $27000 (less bank merchant fees). Easy money.

Thanks Eddy and Love to Travel.

Sage advice.

Cheers

Pete, if you're serious about tracking income and expenses, keeping track of assets etc. Why not use accounting software like Quick Books or the like?

3 comments