The Envelopes system - How does it work?

[Mathew Green]

Originally Posted by boefixepa

I know there are a few people on here who simply cringe that Mvelopes charges a monthly fee, but it's soooo worth it IMHO. It's made a HUGE difference for me. The mvelope system electronically pulles all transactions, from savings, checking, CC, MM, everywhere! You simply drop the transaction into the 'cyper envelope' and you can split a transaction if needed. It comes with free on-line bill pay, so you can pay all your bills and get e-bill for most major CC, utilities, and mortages.

I don't exactly cringe at paying a monthly fee, though I personally would never do it, but I do CRINGE at the thought of entrusting all my account information to any third party and trusting them to make my payments on time. Nobody gets my passwords except me! And I pay all bills by dealing directly with the company that's going to get the money so I'll have a confirmation number as proof of when the payment or deposit was made. YMMV but I'm perfectly happy cringing and keeping control of my own money. KWIM?

[Fidu.Ciary]

I am trying out mvelopes currently and do like it. But following on the preceeding post, how secure is mVelopes?

Have any mVelopers have had any concerns at all, regarding the safety and security of sharing important, secure information with a 'Third Party'??

[LuxLiving]

Fidu.Ciary, love your name!!

[Fidu.Ciary]

LOL!
Thank you Lux.

[boefixepa]

I have never had, nor heard of anyone who has had problems. The company is based here in Utah and a personal friend of mine (one of the self made millionaries I know) is a big financial backer of Mvelopes. He's the one that suggested it to me a few years back. Everytime I talk to him he askes me how it's going and I give him my honest assesment of the system and he tells how they are doing and what their furture plans are. I've never had one of my bills not paid on time and I get confirmation numbers for each bill I schedule. So I guess each has to decide their comfort level and it took a few months for me to trust the system completely. Little by little I added things until eveything was on there. So to each their own. All I know is when I was trying to do it 'my way' it was a lost cause. Their way has worked WONDERS for me!

[Fidu.Ciary]

boefixepa,

Thank you for that. It is indeed reassuring to read your post.
I am quite tech orientated and would mostly lean towards any system that would allow me to work on the computer!! (I hand-write so less now, that I can't even recognise my own writing!!!) and hence was attracted to mVelopes as a good, simple, ONLINE (computer) based finance control system.

I will see how mVelopes fares in my 30 day trial.

[boefixepa]

Don't be afraid to click on that on line chat link and ask questions. They are really helpful teaching you how to do things. I messed it all up big time once, and they were very patient helping me figure it all out.

A common on is when you make a payment on a CC. You have to a transfer from checking to the CC and then match the transactions. I kept trying to drop the transaction from my bank into the CC envelope, the system wouldn't let me They have them set up to transfer, little things like that just take a little getting use to. I love not having to worry about bills and when things get paid and such. If you like computers you will love this system. Just check it every day or two, depending on how much/how often, you spend and you'll do fine.

[Mathew Green]

Originally Posted by boefixepa

I have never had, nor heard of anyone who has had problems.

Just for the record: I know nothing about that company and have not heard anything pro or con about them except what has been said in these forums.

When I said, "I cringe at the thought of entrusting all my account information to any third party and trusting them to make my payments on time," I'm speaking on general principles and from painful personal experience with my former bank's bill-paying service, which cost me over $70 in late fees by not making my payments till a week after the specified date. Never again will I let any third party pay a bill for me. And as a general security belief I trust no one with my passwords or account information except on a strict need-to-know basis. YMMV and probably does.

Far as "never had or heard of".... I do business with a financial company I trust explicity. Never had any problems or concerns about them. A few months back, their customer email list was somehow compromised by spammers and all of us got a bunch of spam. Lesson: Never say 'never'. Errors, malfunctions, and intrusions can happen with even the best of companies.