Wells Offers Budget Tracking to Consumers
Wells Fargo & Co. has launched a new online service designed to provide an overview of all the spending activity of an account holder by tracking all financial venues they use: credit cards, debit cards, online bill payment, checking accounts, etc.
Wells Fargo's "My Spending Report" provides an all-around view of one's budget, day-to-day expenses, transactions and debt - free of charge.
It helps users see more clearly the impact of higher prices on their budget, or rising interest rates on adjustable-rate mortgages, while avoiding data gaps in their expenditure reports and ultimately an accurate picture of consumers' personal spending patterns.
"It can be especially helpful for young adults who are learning how to operate on a budget, couples trying to better understand each others' spending habits and those who are pressed for time," said Demos vice president, Pearl Kolling. "This offering is a very useful tool for anyone looking to improve the way they organize their expenditures and plan for the future."
The bank said the report should be considered as a great way to introduce "to the art of financial responsibility" children and young adults out on their own for the first time because it provides a window into their finances 24 hours a day, seven days a week. Through the report customers receive paper or electronic statements showing all their transactions. Automated data are completely integrated with checking accounts, bill-pay reporting and alerts, and can be securely accessed 24/7.
The report includes debit and credit card spending, checking and bill paying in one place, and organizes transactions by familiar categories like gas/automotive, groceries, ATM withdrawals, etc. The data are automatically updated daily. Wells Fargo customers can also save and print the report, as well as link it to other financial planning tools on wellsfargo.com.
Because purchases and payments are grouped under separate categories the report allows customers to spot spending patterns - an important tool for individuals or families seeking to organize household spending.
According to a hands-on survey, almost two out of every three consumers said they were interested in using the report.
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