Power Wallet is one of the personal financial apps that is new to the industry. It features a good number of benefits such as the ability to make and track your budget, manage all of your bills for the month, and even save money on coupons and local deals. What makes all of this fairly unique is that it provides it all in a single glance. Even though the platform is new, it is quickly growing and gaining attention. The tools appeal to many people because they are easy enough for everyone to understand.
Power Wallet Intro and Background
It was only in 2012 that Power Wallet even came into being. The platform is the co-creation of two individuals, Howard Dvorkin and Bob Sullivan. Howard's concern that families were suffering from the shattered economy in the Great Recession led him to design a simple to utilize app that could help them to get a handle on their finances and live within their means. He drew on decades of experience and expertise in the financial industry and combined his efforts with a technical financial guru Bob Sullivan to make Power Wallet.
The company refers to itself with the description of a personal financial planning application that is invaluable. This is a system designed to assist regular working individuals with reconstructing and solidifying their personal finances in good times and bad times for many years in the future. With this company, the two creators have built one platform that allows you to manage all of your various financial holdings and obligations, including investment accounts, bank accounts, cash flow, expenses, and budgets.
Power Wallet Tools and Features
- Budgets – design personally tailored budgets with transaction categorization. Use this to properly sort out your finances so that you can live on what you can afford using their customizable spending limit alerts.
- Financial plan – Besides the spending alerts for exceeding your budget, the platform provides a tool that gives you sensible recommendations to help you stay on track with your whole financial plan.
- Financial Overview – a snapshot of your present financial condition in which you view all of your financial accounts and bills rendered together.
- Multiple Accounts Possible – You are able to set up investment, bank, cash, and credit accounts.
- Bill Pay Alerts – keep track of and manage all of your bills.
- Calendar –we like this additional feature that combines your daily activities with timely reminders of upcoming bills it is time for you to pay.
- Discounts – the system does not just spit out random offers to you. It tailors your discounts according to your spending habits and interests to give you product offers that are tailored to your particular financial needs. These come in the forms of financial promos, coupons, special offers, and daily deals. These are mostly printable coupons, though some come with codes to use online.
- Mobile Applications – Already provides a smartphone browser version, along with a new app for both Android and iPhone.
- Power Blog– We love the name of this feature. Power blog delivers a continuous streaming display of articles that are relevant to your finances. The articles may not pertain to Power Wallet and its program directly, but they do offer topics that will help to teach you more about the intricacies of successful personal finance.
Power Wallet Interface Screenshots
Power Wallet Fees
Perhaps the thing we love best about this platform is that there are no costs to use it whatsoever. The founders set out to make a personal financial app to help everyday regular working people, and they have carried their vision out by not charging you for the use of it. It would be better if the site made it more clear about this lack of charges, as it is not easy to learn that it is free.
Power Wallet Safety and Security
We can appreciate how seriously Power Wallet takes your safety and security to heart. They start with security providers VeriSign, McAfee, and TRUSTe, the exact companies which the majority of banks and financial companies utilize to protect all of their critical data infrastructure and customer information as well. Besides this, Power Wallet undergoes every day tests of their site to be certain that the information and data remains protected and safe.
This is good, but Power Wallet does one better. They ensure that their site is a read-only service which does not maintain any of your personal information or financial data. They employ the best industry standard 256 bit SSL encryption protection. No individual is able to remove or transfer any funds. In short, their system provides the greatest available protection against the many Internet dangers like viruses, information and identity theft, and spyware bugs. On a personal policy note, we were impressed with their statement and credo from Power Wallet that they will never distribute nor sell any of your confidential or individual data or info “at any time, for any reason.”
Power Wallet Ratings & Complaints
Power Wallet has an astonishingly good rating and complaint record. They boast an A+ rating from the Better Business Bureau and have no registered complaints in either the last three years or last 12 months. It does not get any better than this.
Final Words on Power Wallet
Power Wallet boasts of a lot to recommend it as a totally free service using the much lauded freemium model. The site's layout is clean, well-rendered, and both simple to utilize and navigate. It actually works well, meaning that it does not go the way of the error messages all the time as with some personal financial app sites that have trouble synchronizing with banks and financial companies. For anyone on the lookout for a safe and easy to use budgeting and money service, this could be your optimal choice. It does not do as much with investments as some of the rival services out there, but for simple tracking of your investments and management of your finances and budget, it is a great contribution to the ever-expanding industry of personal financial management players.
Pros of Power Wallet
- Simple to navigate and easy to work with platform.
- More or less a one-stop shop for your various financial oversight needs.
- Dashboard layout appears effectively organized and extremely neat.
- One platform access to accounts and transactions, budget, cash flow, calendar, and power savers discounts.
- Easy view of an entire month's worth of finances at once via the cash flow tab.
Cons of Power Wallet
- Platform is only a year old, so it lacks the test of time. Glitches may surface with time.
- While the site is simple and easy to use, the simplicity also means you can not obtain all of the information you might require to make sound financial, budgeting, and investment decisions.
- Investment section does not offer any advice or recommendations that we have seen.
Power Wallet Summary
Power Wallet is good at what it advertises itself to be--- a personal financial overview and management tool that also provides you with useful discounts and a calendar for your events and bills. It does not provide any investment advice for your portfolio management needs.