Friday, November 14, 2008

Yodlee Account Errors

I mentioned before that I use Yodlee to keep tabs on many of my bank and brokerage accounts. Usually, Yodlee works reasonably well, and I haven't had many technical issues. However, in the last month, I have received more than a dozen Email messages with the following subject: "Your Yodlee MoneyCenter Alert: Account Error".

It seems that the main culprits are Countrywide Bank, Smith Barney, and Citibank. Yodlee tells me that either my login credentials (user name and/or password) are invalid, my account type is not found, or there is some other technical issue with the financial institution's website. This is the case, even though I didn't change my login information.

However, I do not encounter any technical problems if I log into the financial institution's website manually. All of my accounts are all accessible. Sometimes (but not always), if I manually update my accounts in Yodlee, the errors go away. These are intermittent solutions since the problem usually comes back in a day or two. In other words, Yodlee has become unreliable. Has anybody experienced similar technical problems with Yodlee lately?


Monday, November 10, 2008

Net Worth IQ Increasing

In a previous post, I mentioned how readers are innately curious about comparing their net worth to others in a similar income range or age group. I talked about three tools that help people figure out where they stand in relation to others. One of PFStock's readers wondered if personal finance (PF) bloggers had higher than average net worth. Another reader stated that such networth figures are not representative because people with a high net worth would be over-represented due to self-selection.

These are good insights, and in this post I want to talk more about the NetworthIQ website. As I mentioned, this site has compiled a set of Net Worth Statistics based on what its members have reported. To review, for the case of a 40 year olds, the median net worth was $462,658. And for for those making $100,000 a year, the median net worth was $260,828. I mentioned that these data were current as of 1/26/2008.

The latest data that Networth IQ has compiled are current as of 6/3/2008. For 40 year old the median net worth is now $491,100. For those making $100,000 a year, the median net worth is now $267,042. While these number are greater than the previous data point (from January), they do not include the effects of the latest downturn. It would be interesting to know if NetworthIQ's median net worth is still increasing after that.

In addition to age and income, NetworthIQ allows you can compare net worth based on education, occupation, and state of residence. In short, it is a treasure trove for those who are intent on comparing their net worth to others.

See also: Net Worth Update


Saturday, November 1, 2008

FDIC Update

When I wrote my recent post about FDIC Insurance, I cautioned readers that information they read about the FDIC may go out of date. For a period of nearly ten years, few people would have noticed an erroneous article about FDIC insurance. After several bank failures in the last few months, there is much greater scrutiny of the accuracy of FDIC information published by news sources.

Some of the information in my post has already gone out of date. Specifically, last month the FDIC temporarily raised the basic limit on federal deposit insurance coverage from $100,000 to $250,000 per depositor. The temporary increase in deposit insurance coverage is in effect until December 31, 2009. After this date, the deposit insurance limit is scheduled to return to $100,000.

Many other information sources have updated their information as well. updated the article that I mentioned in my previous post, after I contacted their editor about their erroneous information. However, Bankrate did not acknowledge PFStock in their updated article. And they did not respond to an Email message that I sent them, pointing out their error. That's gratitude for you!