instead of signing into each of your financial accounts separately, you can try account aggregation: a service that consolidates information from many financial accounts in one convenient place. for example, knowing how much is in your checking account while at the same time seeing that you have an upcoming credit card bill or loan payment due means you’ll be able to account for that payment without overdrawing your account. the benefit of account aggregation is that you don’t have to log in to several accounts to see an overview of your finances. chances are that you are already using account aggregation if you use online or desktop financial software that pulls in or downloads data from multiple accounts. when deciding between financial aggregation services, it’s important that your chosen software can access a wide range of financial institutions so that all your accounts are included.
to set up account aggregation, you first need to have online banking relationships with the financial institutions that hold each of your accounts. when you sign in to your software with your password, it uses the aggregation service to securely present login information and passwords to all of the individual financial institutions that hold your accounts. account aggregation services only give the software permission to view your account balances and transactions, not make transactions. however, you should always take extreme care in providing your financial data to a third party, even one with top notch security credentials. finra, the financial regulatory authority, warns consumers to be mindful of the risks of divulging personal and financial data to financial aggregators, and cautions people to understand the privacy terms and conditions of any service provider they may use. nonetheless, many people who take an active role in their own financial management look to aggregation account services for their convenience, ease of use, and security features.
while personal capital is my favorite financial tool, it’s not the only alternative. personal capital keeps track of everything from the $4 latte you bought last thursday to the reinvested dividend a mutual fund paid out in your ira. for example, not even personal capital has the login credentials to the accounts users link to its financial dashboard. beyond just the numbers, however, personal capital also analyzes the data and presents it in a number of ways. they can select the time period, and they can also select which accounts to view. this information is then displayed in a graph and chart (see image above) to make it easy to track spending by category throughout the month.
i like to think of it as the ultimate financial scoreboard. personal capital’s retirement fee analyzer is an innovative tool designed to show the effects of investment fees on a portfolio over time. it brings in automatically the fees paid on the investments linked to personal capital. users can then plan to add a set amount to their emergency fund savings each month until their goal is reached. one-time expenses, such as a trip around the world, can also be added to the tracker. personal capital makes it easy, and i would say even fun, to track multiple accounts.
account aggregation is a software that collects financial data from various sources, including banks, credit cards, and investment accounts, account aggregation services only give the software permission to view your account balances and transactions, not make transactions. if you actually want to in this piece, we list all the financial data aggregators in the united states, including mx, quovo, yodlee, plaid, finicity, and cashedge., best financial account aggregators, best financial account aggregators, account aggregation app, account aggregation software for financial advisors, account aggregation providers.
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