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Wells Fargo Rolls Out New PFM Tool

My Money Map, a personal financial management tool from Wells Fargo, aims to help those more sure of their weight than their bank account balance.

Wells Fargo today announced the launch of My Money Map, a free interactive online tool designed to help customers manage their finances and financial future. The bank has posted a video about the new tool on YouTube:

The bank combined several of its existing personal financial management tools to form My Money Map, including its My Spending Report and Budget Watch and My Savings Plan. My Money Map provides a dashboard view of a customer's financial picture using data from a customer's Wells Fargo accounts, including his or her Wells Fargo credit card, debit card, checking and savings accounts, and bill pay purchases. My Money Map's interface has bar charts that show monthly spending by category, current savings and monthly spending versus budget goals. Totals are automatically updated daily.

"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," says Patrick Smith, senior vice president of Wells Fargo's Online Financial Management. "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. We all make financial choices every day, and at the end of the month, those choices, big or small, will have moved us closer to our goals or held us back. My Money Map is a great tool to help people track their spending, create a budget, and manage their savings more effectively by keeping their financial goals front and center. My Money Map gives customers convenience, control, simplicity and organization."

Wells Fargo's existing PFM tools include these:

* My Spending Report and Budget Watch: A patented, free online money management tool that categorizes transactions and enables customers to track their spending by category, so they can find ways to spend less. Also, it helps customers create a budget and monitor their progress throughout the month.

* My Savings Plan: A free online tool that provides Wells Fargo savings account customers a way to save toward a goal and automatically monitor progress.

* Smarter Credit center: An online resource that provides information and services to help customers be smarter about credit -- whether it's establishing credit for the first time, reducing debt, getting more credit, or managing and protecting credit for the long term. An educational video series features Wells Fargo team members providing information ranging from how credits works to what lenders look for when reviewing credit applications.

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