SCU Launching MX Money Management

Feb 22, 2018 by SCU

State Credit Union is pleased to announce a new personal finance manager, MX Money Management, will replace Finance Works on February 27, 2018.

Existing vs. New Features

Many of the existing FinanceWorks experiences will continue to be available in MX Money Management.  For example, you'll still see a spending chart and receive email alerts.  And, in addition to the award-winning MX user interface, you'll also see new features including:

  1. Improved category-level trends
  2. Debt payoff forecasting
  3. Detailed Net Worth analysis and tracking
  4. Expanded goals to include not only Debt Payoff, but Savings and Retirement goals as well
  5. Cash Flow calendar
  6. Text alerts (in addition to the email alerts)
  7. Auto-categorization significantly improved from ~65% in FinanceWorks to ~90%
  8. End user-initiated support requests that go directly to MX for fast, expert responses – guaranteed to provide a human response within one business day
  9. Account details that refresh both nightly as we do in FinanceWorks, as well as real-time whenever you log into MX Money Management
  10. And, coming soon: MX on your phone’s mobile web browser.

Is everything migrating from FinanceWorks?

While most account information for both SCU and outside accounts will be migrated from FinanceWorks to MX 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 you have at least that much transaction history in FinanceWorks

For security reasons, we are not migrating outside account login credentials. You will see an error message in MX Money Management that will walk you through providing your login credentials so that accounts will aggregate successfully from that point forward.

MX Money Management will look back 90 days for transactions that occurred between February 27 and the date you provide the credentials

Transaction categories will not be migrated, instead allowing the MX auto-categorization processes to correctly categorize the transactions with more accuracy

Budgets will not be migrated, instead allowing you to use the one-click automatic generation of budgets based on the improved transaction categorization

Alerts will not be migrated, but you can easily setup both email and SMS text alerts within MX Money Management

Goals will not be migrated, instead encouraging you to setup not only Debt Payoff goals but Savings and Retirement goals as well. 

We hope you enjoy this new ​personal finance tool!  If you have any questions about MX Money Management, please call us at 800-868-8740.  We are happy to assist you!

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