Mvelopes Backs Up Its Product

I personally do not use Mvelopes Personal. I've used a combination of Quicken and Excel (for budgeting) for years and it's working well for me. That said, I've had readers rave about Mvelopes Personal and how it's helped them with their budgeting. So I've recommended the product based on their thoughts.

But then there was a negative comment from a reader -- found on my post titled Mvelopes Seems to be a Winner (At Least for Most People). Here's what Martin had to say:

Mvelopes does actually support all of the institutions advertised as supported. It's a concept I had been waiting for, but was severely disappointed when all three of my institutions were not supported in spite of being listed. Customer support actually told me one of the institutions hadn't been available for over a year and likely would never be available. At the end of the trial period I still had no access and was billed for a one year subscription. When challenged with the fact I still had no access for "supported" accounts, I was more or less shown the door.

Great idea, ethically questionable marketing and management.

Oops!

It's when a person has a problem with a company that they find out whether the company is any good or not -- whether it takes care of its customers or if it's only in business for itself. Here's the next comment left on that post:

Martin... I am the CTO of In2M, the makers of Mvelopes. I apologize that you had a bad experience with both the technology and your account.

We use aggregation technology to gather financial transactions data on your behalf and present the data in the Mvelopes application for you to manage. Sometimes that link will break and we need to update it. We typically fix broken links within 2-4 days. If your account links were not fixed in a timely manner, an escalation of your request for refund should have been considered. Please email us at customer.service@mvelopes.com and include "Dispute Resolution" in the header of the email to escalate the request... also, please mention this link in your escalation request.

Wow! Now that's a company I want to do business with -- one that backs up their product. The way things are these days, I'm always surprised when a company does something to make a bad situation right and I'm glad Mvelopes is one of these. It makes me feel better about recommending them.

For those of you interested, here are some links to help you consider their service:

• Get a FREE 30 day trial of Mvelopes Personal

• Compare to Quicken

• Compare to Microsoft Money

• Take a tour of Mvelopes Personal

• Financial Fitness Quiz

• Free Budgeting E-book

• Free Debt Calculator

Comments

[tom]

I actually read that response from the CTO in a different way. It sounds more like a brush off than good customer service. If he really was concerned about the issue and this customer's bad experience instead of passing the buck, he'd act on the problem for the customer.

The CTO taking responsibility is good. Fixing the problem would have been impressive.

[FMF]

Hmmmmm. Interesting point.

[Bill]

Has anybody tried Wesabe.com?

I am curious about their experience of if this site has reviewed it.

Thanks for your help.

[Lynn]

Just wondering about the security of Mvelopes. It asks for ALL financial institutions plus password, which obviously, I understand they need to make this work. But, concerned that my information might get into the wrong hands.

[J B]

Mvelopes is a rip, go to google or epinions and read the said tails.

[bebeloves]

I disagree....I've been using mvelopes for almost a full year and I love it. It has been extremely instrumental in our debt reduction process. I haven't had any problem with security at this point, though I know it's risky. Heck, having our banking online is a big risk and most people do that now. I love the fact that I don't have to worry about overdrafting anymore. Haven't had that problem since I signed up and figured out the system. We have plenty of money in our account at all times. It has fully changed the way I handle and look at our money. To me, it has been revolutionary.