RISMEDIA, Oct. 31, 2008-Wells Fargo & Company announced the release of the Wells Fargo Online® My Spending Report with Budget Watch, an expansion of the bank’s free, patent-pending online tool that gives customers a consolidated overview of their personal spending. The enhanced tool helps customers create a budget in as few as two clicks and monitor their progress toward meeting it, providing even more control over their finances.
“Budgeting is a high priority for many of our customers in today’s economic environment,” said Teddy De Rivera, head of Online Banking and Investments in Wells Fargo’s Internet Services Group. “My Spending Report with Budget Watch takes the work out of budgeting, providing a simple and easy way for customers to create a budget, manage to it and put money saved to work for them.”
Javelin Strategy & Research calculated that the present market size of U.S. online households who would currently be likely to use online banking personal financial management if it were available and marketed today is 15.6 million, or 26% of the 61 million households that make up the U.S. online banking population.
My Spending Report with Budget Watch allows customers to:
– Watch where their money goes – every dollar a customer spends from Wells Fargo credit card, check card and online bill pay transactions is automatically sorted into familiar categories (e.g. groceries, gas, restaurants, healthcare). There are no receipts to save, no spending to key in. Current month-to-date, prior two months and 12-month spending averages are available.
– Track their income and deposits – the tool automatically tracks customers’ deposits.
– Set and monitor budget goals for key spending categories – monthly spending goals can be created. Differences between a goal and actual spending are automatically calculated and displayed by category each business day. Customers can quickly identify savings opportunities and update their original budgets to reflect new allocations. Budget alerts provide status throughout the month. Easy-to-read charts and graphs offer customers a snapshot view of their progress.
– See “What’s Left” each month – a customer’s Budget Summary is updated each business day, showing the difference between his/her deposits and spending. Wells Fargo’s My Savings PlanSM and online transfers make it easy for customers to put “What’s Left” to work for them.
“The amount customers have listed as ‘What’s Left’ can be a valuable indicator of their current financial situation,” said Betty Hoople, head of Credit Card Marketing for Wells Fargo. “This expanded service can help our customers meet their financial goals.”
According to the company, customers can contact Wells Fargo to learn about the ways in which they can start paying down debt or building their savings. Also, customers can receive budget alerts on their mobile device. Whether on the bus or in the line at the retail store, customers can receive alerts, check the balances of their checking account, credit card, or home equity line, and make a transfer while on the go.
For more information, visit www.wellsfargo.com.