Bank of America Introduces New Online Money Management Tools
Bank of America has announced that its Online Banking customers now have access to a "full range of money management tools that help them track expenses and income by category, set budget goals and monitor performance against goal for all of their financial accounts."
The tools are available free through My Portfolio, the bank's account aggregation service, which is integrated into Online Banking. My Portfolio provides customers with a complete view of their Bank of America accounts as well as accounts at other financial institutions or Web sites -- such as credit cards, investments, reward programs -- all in a single, secure location.The new money management features give customers the ability to:
Categories -- such as restaurant, home maintenance, utilities -- are automatically assigned to transactions. Customers also can create guidelines to adjust the way their expenses are categorized and flag items as tax- related, medical, personal or business.
- Use expense categorization and budgeting tools to get more control over spending and help for future savings.
- Sort transactions by account, category or date.
- Search for specific transactions across multiple accounts.
"The combination of My Portfolio and these new money management tools gives consumers a comprehensive picture of their income and expenses at one convenient site," said Sanjay Gupta, e-Commerce executive for Bank of America. "This is a simple and easy way for consumers to get more control over their finances without manually transferring or downloading information to financial management software programs."
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