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
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.