We’re excited to let you know that on February 21 industry leading MX Money Management will replace FinanceWorks as your financial management and budgeting tool within online banking. Money Management offers an updated look and user experience, with higher levels of accuracy in spending analysis and trending.
This upcoming change will correspond with a visual update to online banking. You’ll find the same great features with an updated look and feel, including a new design that allows the page to adjust to the size and shape of the computer screen or mobile device you are using.
New Money Management Features
In addition to the services available through FinanceWorks, Money Management will give online and mobile banking users the ability to:
- Access financial management services on the MVSB Mobile App in addition to online banking.
- Connect to even more of your financial accounts, giving you a full picture of your finances all in one place.
- Experience the best auto-categorization for spending available, including a broader range of spending categories to help better refine your budget.
- Set a budget or let Money Management develop a budget based on normal spending patterns. View your budget at-a-glance via a visual bubble chart.
- View detailed net worth analysis and tracking.
- Set savings, retirement and debt payoff goals and monitor your progress.
- Receive text and mobile alerts in addition to email.
- View a personalized cash flow calendar.
Click here for a video overview of Money Management
FinanceWorks Users: What to Expect
If you currently use FinanceWorks, here are a few things you should know about this transition:
- The upgrade will take place on Wednesday, February 21. As of this date, FinanceWorks will no longer be available.
- Your outside accounts should carry over from FinanceWorks to Money Management; however, for security reasons, your login credentials will not be transferred. You will need to re-enter your login credentials for outside accounts when you begin using Money Management. Money Management will look back 90 days for transactions that occurred since the migration, so we recommend reentering your login credentials within 90 days.
- The upgrade will migrate up to 18 months of your FinanceWorks data to the new system.
- The spending widget that currently appears on the online banking home page is being replaced with an interactive budgets widget. You will still have the ability to access spending trends within Money Management.
- Tax watch is being replaced with enhanced categorization and reporting, including charitable donations, childcare expenses, and more. You can even ask the system to continue to categorize similar items in the same manner – meaning fewer items you need to manually adjust in the future.
- FinanceWorks transaction categorization will not be migrated. This will allow Money Management’s auto-categorization tool to categorize transactions more accurately with an expanded list of category options.
- Alerts, budgets and goals will not be migrated, but Money Management does offer these same features in a more robust format with additional options.
We know quick and convenient access to financial information is a priority for our customers and we hope this new, complimentary service makes managing your finances even simpler. We offer the latest online and mobile banking tools to ensure you can access your account information whenever and wherever you need to.
If you ever have any questions about these services or if you need a hand getting started, please give us a call at 800.922.6872 or stop by any of our branch offices.
