Wells Fargo & Co. recently announced the launched of My Money Map, a free service that will allow its customers to manage their checking, debit card, bill pay and savings accounts for free online. The program features four separate tools that will give account holders a snapshot of their finances and ultimately aid them in setting and achieving their financial goals.

My Money Map will incorporate spending and budget tools already available through Wells Fargo with some extras. The full package includes:

  • My Spending Report, which allows customers to track their spending on any Wells Fargo accounts or credit line, and view their monthly spending on interactive charts
  • Budget Watch, which allows customers to create budgets and monitor them with graphs
  • My Savings Plan, which allows customers to create savings plans and track their progress
  • Resource Library, which offers customers additional resources for managing their finance

PFM Tools Growing in Need

In addition to offering these tools, Wells Fargo also provides its customers with credit education, mobile banking and security and fraud prevention services. Wells Fargo’s senior vice president of Online Financial Management Patrick Smith said in a statement that the bank rolled out the new personal finance management tool to fill what he believed to be a need by its customers for such services.

“In a recent survey by Kelton Research, 72 percent of consumers say they are more likely to know their weight at any given moment than how much money they have in the bank” said Smith of the new service. “At Wells Fargo, we’d like to change that. We all know how important it is to set financial goals – we also know that sticking to them is the hard part. My Money Map will help Wells Fargo customers not only set goals, but achieve them.”

Wells Fargo wasn’t the only bank to launch a new PFM tool this week. BMO, Bank of Montreal also announced the introduction of its new tool MoneyLogic, which will allow the bank’s customers to set and track savings goals. Canadians save just 3.3% of their disposable income, down from 4.3% last year, the bank noted.

Here’s a link to a video demonstration by Wells Fargo of My Money Map.

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