Thursday, April 8, 2010

Updates Coming to Money Management Tools

Members are loving Money Management Tools and we are just on version 1.0. As you'd expect, we have plans to continue to enhance the system over the course of this year and beyond.

Here is a summary of just some of the things we are working on. Most of these will be available over the course of the next 2-6 months.
  1. Pending debit transactions--we'll show debit card purchases you've made but haven't cleared your account in your history so you'll have a better sense of your real balance.
  2. Splitting transactions into multiple categories--we realize that for many stores, you buy groceries, household items, automotive items, etc. all in one transaction. We'll allow you to break up the purchase into multiple sub transactions so you can assign individual categories to each type of spending.
  3. More flexible category customization options--you'll be able to add (and hide!) top level categories as well as subcategories. You'll be able to customize as much as you want to fit your needs (keep in mind that for auto-categorization to work well, you should try to use as many standard categories as possible).
  4. Budgets and goals--all the data is great, but today you have to do most of the work to take that data and make it actionable. You'll be able to set savings goals and spending budgets to keep better track of areas you want to monitor.
We'll have more details on these specific features as they become available.


  1. will I be able to put in transactions long before they are through your system: for example, if I have written a check, that money is already spent. I'd like to put that into my account history before it clears to give me "a better sense of my real balance"

    Without this feature, I will switch banks when you drop quicken downloads

  2. Yes, pending (not yet cleared) items you enter will also be an option. We'll also provide the option of showing other types of pending items like upcoming transfers, Web Payments, etc. The goal is to show you a balance as close to "real" (or how much money do I really have) as possible. This will all be optional.

    I'll also mention, that while we have said we may discontinue support for direct downloads via Quicken, we have no definite or firm plans to do this. So it is still more of an if than a when.

    Thanks for the feedback.

  3. I am really finding the money management tools & reports to be very helpful so far. Each of the upcoming improvements you've listed is something I've wondered about (especially splitting up transactions into subcategories!), so thank you for the work you're doing!!

  4. Thirty years we belonged to a bank, but just joined UW credit Union. For years we manually entered transactions from our paper statements, when Quicken was offered it was a blessing, no more transposing of numbers, assigning categories and quicker balancing check book balancing. In addition we pay almost exclusively via bill-pay and the transactions better identify who we paid. It takes about a two months to switch and I hope we will not be put in the position of returning back to the old bank that will continue offering the conveniences we are accustomed.

  5. It's good to hear that dropping Quicken is in the "if" stage. Just to add my "vote", dropping Quicken will also make me look around.

    The concept of having all my records "off site" - in other words on your server rather than in my home - is not how I like to store my documents and puts too much in one basket. After all, I never sent my paper documentation from all of my other financial institutions to my main financial institution...why would I do that electronically?

    That said you are doing a nice job with your tools...

  6. I also want Quicken to continue--I have years of data in it, and the thought of switching to a new system fills me with dread...

  7. I too like the quicken feature and would be be upset if it was gone.

  8. I agree, dropping Quicken downloads would cause me to look elsewhere. I purchase 90% of my transactions with a non UWCU credit card so I do not get any spending data with the tools provided ny UWCU. Not to mention all of the investing/retirement data that is as much or more important then budgeting.

  9. Keep Quicken Downloads! Please.

  10. An update since it has been over a year since I posted my Quicken comment above--we still don't have plans to discontinue Quicken direct downloads. Again, it may happen at some point, but we are able to continue to support it at this time.

  11. I just started using Quicken solely because of UWCU. It seems useful but far inferior to Quickbooks. I'd like it if exporting or automatic downloads was supported. In the meantime at least keep Quicken.


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