In another industry first, Wells Fargo & Company (NYSE: WFC) announces "My Spending Report," an innovative personal financial management tool delivered with the power of the Internet.
This free online tool gives customers a daily, consolidated overview of their personal spending that they can access anytime, anywhere.
The report, which has a patent pending, combines spending transactions from a customer's cheque card, credit card, chequeing account and bill pay in one convenient place, accessed through a secured, online banking session and updated automatically each day. Electronic and bill payment transactions are organised by familiar categories such as gas/automotive, groceries, ATM withdrawals, etc. Wells Fargo customers can also save and print the report.
"My Spending Report is an important tool for anyone looking to improve how they manage spending, organise finances and plan for the future," said Pearl Kolling, vice president and product manager for My Spending Report. "It can be especially helpful for individuals and families trying to better manage their spending or track their expenses or for young adults learning to operate on a budget. It's one more way that Wells Fargo helps customers succeed financially."
By automatically organising purchases and payments into categories, My Spending Report lets customers know exactly where their money goes each day, quickly allowing them to spot spending patterns within their Wells Fargo accounts. The report also allows customers to view their current month spending along with two prior months of transactions and an average of their last two months' spending.
In a hands-on survey, two out of three consumers said they were interested in using My Spending Report. They said they feel it is an easy tool for tracking personal spending since it includes information for Wells Fargo accounts, categorised in one place.
"My Spending Report is simple to use and the benefits are significant," said Jim Smith, executive vice president of Wells Fargo's Consumer Internet Products. "You get the advantages of complex personal finance software without having to enter the information yourself, saving time and money."
The report is automatically available to Wells Fargo customers at no cost, updated daily and available 24 hours a day, seven days a week.