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  • Mint: A Great Way to Know How Much Money You Don't Have

    I'm both bad with bookkeeping and a fan of apps that live-track my personal data, so I'm a sucker for things like Nike+ and Mint. Recently acquired by Intuit (a development savaged by 37signals's Jason Fried in an essay piquantly titled The Next Generation Bends Over"), Mint is a personal finance webapp that can be accessed via browser and on your iPhone. It tracks your expenses and payments, and provides alerts for important events like due dates for bills or low balances in your accounts (ahem).

    They just released version 3.0 of the iPhone app, and improved the user interface as well as adding important functionality. You can now configure push notifications for certain alerts, and perhaps most impressively, can now edit transactions using the app.

    Mint is able to deduce expense categories for most transactions, but for better reporting you can now use the app to correct, or define, which expense was for what category, and add notes for tracking purposes.

    Finally, the new release adds passcode protection for your personal data, and will automatically log you out if you receive a call or a text while using Mint. The company offers industry-standard security, which should only improve as they come under the Intuit umbrella. Further, they note that Mint is a "read only" service: you cannot initiate any transactions using the app. Be that as it may, Mint does store your online access credentials, and in an age of data theft, one should always be vigilant about any account that can be managed online.

    Mint is a free download from the iTunes App Store.
    This article was originally published in forum thread: Mint: A Great Way to Know How Much Money You Don't Have started by Paul Daniel Ash View original post
    Comments 24 Comments
    1. FoneWeasel's Avatar
      FoneWeasel -
      Quote Originally Posted by Happy Noodle Boy View Post
      It hasn't been hacked. In fact, it's been doing so well it was recently purchased/integreated into Intiut, makers of Quicken.
      They've had some security issues in the past and also internal issues with employee security. Regardless of if you believe it's safe, you're still giving your personal information over to another company that like any other, has employees that may do something unethical with your information. It happens all the time with various sites (Facebook being a recent one), why can't it happen on Mint.com?

      =Happy Noodle Boy]It's no different than you yourself logging in to your bank website. All mint does is take that information and puts it in one place (mint themselves don't see/store your passwords)
      This is simply untrue. Employees at Mint.com have access to your account information if they want. Additionally it's not as safe as logging into your banks website. You're trusting them to make a secure connection to the banks site and if anything happens to your money, they aren't responsible for a thing, unlike logging into your banks site yourself.
    1. Happy Noodle Boy's Avatar
      Happy Noodle Boy -
      Did you even bothered to read how Mint works or are you just ranting from your tin-foil covered basement using a HAM radio while leeching off a public library and swapping IP addresses every 5 minutes? From Mint's own FAQ:

      Do you store my bank login information on your servers?
      Your bank login credentials are stored securely in a separate database using multi-layered hardware and software encryption. We only store the information needed to save you the trouble of updating, syncing or uploading financial information manually.

      Am I at greater risk of someone stealing my identity by using your service?
      No, as Mint does not require any personally identifiable information for you to create an account. Mint only asks for the following:

      * Email Address
      * Zip Code
      * Password

      At no time do we ask you for information that would be required for a hacker to steal your identity, such as your full name, bank account numbers, credit card numbers, billing address.

      Can Mint employees view my bank account numbers or credit card numbers?

      Your bank account and credit card numbers are not sent to or stored by Mint.com. So this information can’t be seen by Mint employees.

      If someone does manage to steal my Mint log in information, can they access my bank accounts and credit cards to make any transactions?

      No, as Mint provides a strictly “read only” view of your transaction information. Your online banking user names and passwords are never displayed after you enter them during your first session.

      So worst-care scenario that Mint is breached, people will know just how little money you actually have! Oh no! If anything, it'll mean they'll stop bothering you since we're all broke in this economy anyways.

      Seriously, stop reading 1984 and embrace the information movement. Just keep a strong password (mine's 12345) and use common sense and you'll never have a problem with services like this.

      PS: Mint can only read bank account information, it can't make transfers/withdrawals/deposits.
    1. .:MirrorminD:.'s Avatar
      .:MirrorminD:. -
      Great app, been using it since it first came out in the App store
    1. mdc929's Avatar
      mdc929 -
      hah im actually scared of what this app would tell me
      ignorance is bliss