New BMO MoneyLogic Gives Canadians an Immediate Way to Track and Manage Money
BMO MoneyLogic designed to easily view, track and manage multiple accounts
* Leger report shows more than half of Canadians are not staying on budget
* 4 out of 10 are looking for tools to help them track their finances more effectively
* BMO MoneyLogic offers intuitive solution to track spending and set savings goals
TORONTO - BMO Bank of Montreal today launched BMO MoneyLogic, an online personal financial management tool - the first from a major bank that enables customers to set and track savings goals. The new service comes during a period when Canadians’ overall savings are lagging amid rising debt levels.
Frank Techar, president of Canadian personal and commercial banking at BMO, noted that Canadians are currently saving 3.3 per cent of their disposable income, which is down 1 percentage point from a year ago. In addition, many Canadians ramped up their spending during the holidays, so now is a crucial time to have access to more personal finance solutions.
“Banks have a responsibility to help Canadians manage their finances and we know our customers have been waiting for a better way to get a clear picture of where their money is going on a day-to-day basis,” said Mr. Techar. “BMO MoneyLogic is a free tool that provides our customers with immediate insights into their spending and savings habits and will help them take better control of their household finances.”
A poll from Leger Marketing found 40 per cent of Canadians are looking for a tool that will help track their finances more effectively on a day-to-day basis. BMO MoneyLogic is linked to BMO bank accounts, lines of credit and BMO MasterCard accounts, and automatically provides a total view of these accounts, including:
* Transaction Management: Customers can see their spending and saving within categories, such as ‘auto’, ‘grocery’ or ‘home’. Additionally, customers can create their categories that match their own spending habits.
* Saving: Customers can set savings goals and track their own progress. They can even link specific goals to multiple BMO saving accounts.
* Budgeting: Customers can set budget limits and receive notifications when limits have been reached. For instance, a $300 limit can be assigned to ‘monthly entertainment,’ and the customer will receive a notification if the amount is exceeded.
* Reporting: BMO MoneyLogic collects the customer’s spending and saving data and produces easy-to-read charts and graphs, providing a better perspective on day-to-day spending and saving.
“With almost half of our personal banking customers doing their day-to-day banking online, an intuitive, online personal financial management tool such as BMO MoneyLogic will bring clarity to our customers on where their money is going – which is the first step towards setting and achieving both short and long term savings goals whether it’s for your house or your child’s education,” said Lynne Kilpatrick, Senior Vice President, BMO Bank of Montreal.
The launch of BMO MoneyLogic is part of BMO’s ongoing commitment to Making Money Make Sense. Since 2009, BMO has launched BMO SmartSteps, BMO SmartSteps for Business, BMO SmartSteps for Students and BMO SmartSteps for Investing.
Please visit www.bmo.com/moneylogic for more details.
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