Tuesday, March 01, 2005

Do you Yodlee?

I recently re-discovered Yodlee which is a site that consolidates all of your personal account data providing an aggregated view of your personal finances. I had signed up with them back in 2001 or so and have used their service off and on.

Their business appears to be based on providing this aggregation service to financial institutions (you can access a branded version of Yodlee at Chase and Citi for example) but you can register for their free OnCenter service directly. You add all the accounts you want to track (banks, credit cards, investments...) and login information.

Not every institution can exchange data with Yodlee, so they offer a "custom account" for which you can manually update balances periodically. And you would be surprised at what is available and what isn't...my small regional bank can exchange data directly with Yodlee, but even though there are a few versions of Scudder Investments that apparently work with Yodlee, I cannot directly access my 401(k) held there. Go figure.

What makes Yodlee a really useful service to me is the fact that I can aggregate ALL of our financial accounts in one place for a comprehensive view of our finances as a couple. I track my own accounts in Quicken, but LaLa's retirement savings are no longer a mystery to me and vice versa. It's all gathered in once view, accessible by either of us at any time.

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