December 1, 2004 12:41 PM
Account Aggregation: All-In-One Convenience
Excerpt: Many banks offer aggregation on their Web sites. But if your bank or credit union doesn't have a Web site, you can sign up directly for My Yodlee service with Yodlee, the company that provides the technology to most banks. News Source
You have a checking account and a credit card from one bank, charge cards from two other banks, and a portfolio at an online brokerage. On top of that, you belong to two frequent-flier clubs.
Congrats. You're doing well.
There's another piece of good news: All of these accounts can be monitored on the Web, so you can look at your checking balance, see when your next payment is due, and swoon at your portfolio's performance. But who remembers all those log-in names and passwords?
Account aggregation lets you collect all that information onto one Web page. You log onto a Web site, enter a user name and password, and see information from several sites, each with its own user name and password. The data are collected and displayed in a format that you can use.
Many banks offer aggregation on their Web sites. But if your bank or credit union doesn't have a Web site, you can sign up directly for My Yodlee service with Yodlee, the company that provides the technology to most banks.
Thriftiness
Banks seldom, if ever, charge to provide account aggregation. The service isn't free to your bank, but banks offer aggregation to stay competitive. When you sign up directly with Yodlee, that's free, too.
That may change in the future, but for now, enjoy the free ride!
Convenience
If your idea of convenience is starting your computer, logging onto the Internet, opening up a Web browser, and typing your user name and password to open a Web page -- all to find your credit card balances -- aggregation works like a charm.
Indeed, aggregation is convenient if you want to check up on your finances from the office computer or from the road. And when you want to see how much you charged on your cards since you got your statements in the mail, aggregation is nice.
Safety, security and privacy
Yodlee is the dominant player in this industry, and the company says it is fanatical about security. All data are encrypted and stored on computers in a building at an undisclosed address. To get into the data center, employees have to go through several identity checks, including a hand scan.
Yodlee promises that it won't share personally identifiable information with third parties. On the other hand, if you sign up for aggregation service through your bank's Web site, Yodlee says it can't control what the bank does with any information it gleans. You'll have to check your bank's privacy policy.
A Life Fulfilled - Nov 30, 2004
A Seal Of Good Giving - Nov 28, 2004
More Are Saying It With Plastic: Gift Cards The Holiday Present Of Choice - Nov 26, 2004
Use Open Enrollment To Review Health-Insurance Plan - Nov 25, 2004
The Pitfalls of VOIP - Nov 23, 2004
Business Airfares, Down 11%, Might Be Lowest Ever - Nov 22, 2004
International Lottery Scams - Nov 22, 2004
Work-at-Home Schemes - Nov 22, 2004
Medical Billing Opportunities: Worth a Second Opinion - Nov 22, 2004
The Lowdown on Chain Letters - Nov 22, 2004
The Bottom Line About Multilevel Marketing Plans - Nov 22, 2004
Get-Rich-Quick & Self-Employment Schemes - Nov 22, 2004
Could 'Biz Opp' Offers Be Out For Your Coffers? - Nov 22, 2004
Costly Coupon Scams - Nov 22, 2004
8 Lottery Winners Who Lost Their Millions - Nov 22, 2004
Ranks of U.S. Millionaires Surge - Nov 16, 2004
What Wal-Mart Knows About Customers' Habits - Nov 14, 2004
How Much Are You Really Worth? - Nov 06, 2004
What the Bush Victory Means for Consumers - Nov 03, 2004
