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Using Yodlee

Yodlee [3] 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.