Attention: On January 16th, Pegasus Bank will be upgrading FinanceWorks to MX Money Management
We have strategically partnered with MX, a leader in the data-driven money management industry, to feature high quality data and a 6-time Finovate "Best of Show" winning user interface.
What is similar?
Many of the existing FinanceWorks experiences will continue to be available in Money Management, but with a completely redesigned look and feel:
- Money Management access from the Online Banking menu, as well as from the Outside Accounts and Budget widget on your Online Banking home page.
- Outside account aggregation - link your outside bank accounts to your Pegasus Bank Online Banking.
- Significantly improved auto-categorization of transactions, including the ability to split categories, add sub-categories and flag a transaction as personal or business.
- Spending chart
- Budgets, including smart auto-creation of budgets based on spending history
- Email alerts
Is anything changing?
There are a variety of things that are being improved upon or are changing within Money Management, including:
- The Spending widget on the home page is being replaced with an interactive Budgets widget
- Tax Watch is being replaced with broader categorization reporting that includes not only charitable donations and chaild care expenses, but every other category as well
- Coming Soon: Outside Accounts and Budget widgets on the homepage
Are there any new features?
Of course! In addition to the award-winning Money Management user interface, there are a variety of new features:
- Money Management will be available in our Mobile App
- Improved category-level trends
- Debt payoff forecasting
- Detailed Net Worth analysis and tracking
- Expanded goals to include not only Debt Payoff, but Savings and Retirement goals as well
- Cash Flow calendar
- Text alerts in addition to the email alerts
- Auto-categorization significantly improved from ~65% in FinanceWorks to ~90% in Money Management
Is everything migrating from FinanceWorks?
While most account information for both Pegasus Bank accounts and outside accounts will be migrated from FinanceWorks to Money Management, including the names, account types and balances, there are some limitations you should be aware of:
- We will migrate ~18 months of transaction history for all accounts, assuming users have at least that much transaction history in FinanceWorks.
- For security reasons, we are not migrating outside account login credentials. Users will see an error message in Money Management that will walk them through providing their login credentials so that accounts will aggregate successfully from that point forward.
- Transaction categories will not be migrated, instead allowing the Money Management auto-categorization processes to correctly categorize the transactions with more accuracy.
- Budgets will not be migrated, instead allowing users to use the one-click automatic generation of budgets based on the improved transaction categorization.
- Alerts will not be migrated, but users can easily setup both email and SMS test alerts within Money Management.
- Goals will not be migrated, instead users are encouraged to setup not only Debt Payoff goals but Savings and Retirement goals as well.