Would you like to access all of your financial documents from one place? How about pay all of your bills from one place?
Finovera claims that in just 10 minutes they can help you do just that.
After taking the time to check them out I can report that it is, in fact, very easy to organize your finances through Finovera.
Here’s what they’re all about.
How Finovera Works
Finovera is a free service that allows you to link all of your online bill pay and financial accounts to an account that you create with them. You can link bills such as utilities and cable, your bank accounts, credit cards, and even your investment accounts.
Finovera will download your statements from the past 12 months from each company you link up, whenever possible. They’ll also organize all of your documents for you so that they are easily accessible.
Finovera has a list of common service providers, banks, and other financial institutions. To link your accounts, you simply select your provider and enter your username and password for that particular account. All of your account information will then be stored in Finovera once you complete this process.
You can also enter any offline bills or accounts that you have and manually track your expenses or set up bill payment reminders.
How They Make Money
Finovera’s primary revenue comes from billers who pay them to deliver bills to you (when you sign up for paperless delivery), and from banks and financial institutions who license Finovera’s platform for their bank’s websites.
Unlike Mint, Adaptu, and other PFM services, they derive their revenue from selling to businesses. As such, they claim it will always be a free service.
Bill Pay and Automatic Alerts
For me, the most appealing aspect of Finovera is being able to pay the majority of your bills from one place. And, if you love having your finances organized or are prone to accumulating late fees, this service will be a huge help.
Finovera has a calendar feature that tracks your bill due dates. In addition, your bank balance is also tracked so you can easily check your available funds before paying your bills.
You can sign up for automatic alerts in which Finovera will email you if one of your bills looks unusually high or if your bank account has insufficient funds to pay your bills.
In addition to paying bills and monitoring your banking and investment information, you can also store other financial documents.
Your account will come equipped with an online filing cabinet. You can scan and store insurance documents, receipts, work contracts, or anything else your heart desires. This allows you to upload pretty much every financial document you have, if you choose.
Finovera also uses the same level of security as banks do and claims that all of your financial information is safe.
Are There Any Drawbacks?
There was one drawback for me. My checking account is kept at a small local bank which I was unable to link up with Finovera. Fortunately, Finovera allows you to send requests to add financial institutions to their lists, which I did.
The majority of the other companies I do business with were on Finovera’s list and I was easily able to link them to my account.
I think Finovera offers a great service, and the best part is that it’s 100 percent free. Since this service is still in beta mode, I wasn’t surprised that they didn’t yet have my bank on the list.
Overall, I would say that Finovera is an excellent way to keep your financial information organized and to stay on track with all of your payments.
Have you looked at Finovera yet? What are your thoughts?
Editor’s Note: If you like Finovera, you may also want to check out Personal Capital.
Editor’s Note: The Finovera review “stars” and related information were filled out by the editor based on information provided in the author’s article.
Pros: Finovera offers great features to help users pay their bills, access a variety of financial information in one place, and give users peace of mind.
Cons: Smaller financial institutions may not yet work with the service, and it’s a relatively new service.