Credit, Personal Finance, Retirement 

Using Yodlee

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Yodlee OnCenter (Click on the personal finance link on their homepage) offers some pretty fantastic services if you’re willing to trust a lot of sensitive financial details with a third party organization. I actually registered for Yodlee when it was first offered but didn’t have the guts to link up any of my accounts because I was concerned about security. A year later, after no incidents and a little time for them to add more types of accounts, I decided that it would be the best way for me to keep track of my finances. The service is free, it’s very good, and I feel comfortable recommending it.

Through Yodlee you can add every single account you can imagine – Banking, Credit Cards, Brokerage, Retirement, Rewards, etc. After you add your accounts, linked in through the use of your online login and password (and some other information based on the account), you can update them all with a click on the button.

I think one of the strengths is their Expense Manager which shows you a list of all the transactions on each account in the last week. If you have credit cards and are concerned about incorrect charges, scan this list every few days to see if anything seems fishy (like a bungalow in the Cayman Islands when you’re not). Another perk is the Auto-Login feature for each of your accounts. Since they have all your credentials, with a click you can login to all of your accounts. Very convenient.

The plus is you get all that information, updated as often as you’d like and a lot of really nice features like the auto-login at the cost of giving Yodlee all your login credentials.

{ 4 comments, please add your thoughts now! }

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4 Responses to “Using Yodlee”

  1. Herb says:

    My problem with this type of thing is that you’re betting on the security and reliability of one company. What happens when they “lose” your data or get cracked? All of a sudden, every acct you have is at risk.

    And unless it affects California customers (unlikely, but still…), they don’t even have to tell you when a security breach happened or if it affected you. I’d much rather store everything in Quicken and my local PC. My security measures probably aren’t as good, but neither is the payoff of breaking into my computer so I think I have better odds of protecting my data than a company does.

  2. Jordan says:

    If you’re interesting is using Yodlee to avoid fraud, you can setup various alerts. I love this feature. Like, on all the credit card details page I can put, “alert me whenever there is a transaction above $200.” I can also have, “Notify me when my payment excess $….” and this is great!

  3. Cap says:

    the majority of major banks use Yodlee’s technology for online banking anyway, so I don’t really lose any sleep over this. Same w/ recent Quicken or MS Money, they use Yodlee to aggregate & link the online banking accounts. Same deal with Yahoo Finance’s old feature.

    so if you don’t really like Yodlee.. you shouldn’t use Quicken or MS Money’s account linking features. as mentioned I like the many features available.. and it’s easy for me to login, click on update and do a quick scan of my various accounts.

  4. My only complaint about Yodlee is that it double reports one of our joint accounts… My wife and I both have retirement accounts at Vanguard, and we also have a joint account. This latter account is accessible through both of our logins, and it gets pulled into the OnCenter twice (or at least is used to — I haven’t used it in awhile). I wrote to them about this and neever heard back, but it seems like it should be easy enough to allow users to manually exclude a duplicate account of this sort. The thing I really liked about Yodlee when I was checking it out was that it allows you to track all of your frequent flyer, etc. accounts all in one place, in addition to your finances.

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