FAQ - MoneyStrands

FREQUENTLY ASKED QUESTIONS

 

1. How does MoneyStrands work?

 

MoneyStrands, which is an app available for both iOS and Android, allows you to link all your bank and credit card accounts in one place, making it easy to understand and manage your money. Once each account is linked to MoneyStrands, your transaction types will be automatically grouped and categorized into various tags, such as ‘groceries’, ‘insurance’, ‘pharmacy’ and others. Any transactions that haven’t been automatically tagged for you can be tagged by you at any time – quick and easy. Once configured, you are ready to enjoy the many advantages of having your accounts in one place, such as being able to see where you’re spending, where you can save, how close you are to meeting your money goals, and much more.

 

2. How do I add my bank accounts and credit cards to MoneyStrands?

 

After successful registration and after you log in, you will be directed to a page that says “ADD ACCOUNT” where you will see many bank logos. The process is very straightforward: choose your bank, introduce your credentials, and click CONNECT at the bottom of the screen. You will the see a progress wheel saying “Connecting” and soon after, your bank account will finish connecting. At the bottom of the page click DONE. This will then take you to your ACCOUNTS page where you will see the newly added account.

 

3. I’ve forgotten my password. What do I do?

 

Go to the login screen and click on the “Forgot password?” link at the bottom of the page. Submit your email address and we will send you instructions on how to reset your password.

 

4. What do I do if I get an error while linking to my account?

 

Most errors are temporary and trying again will normally prove successful. If you continue to get error messages you can contact us directly at info@moneystrands.com  – we’ll be happy to help!

 

5. I want to start using MoneyStrands, but I’m concerned about giving you my bank details.

 

At MoneyStrands we take security and privacy very seriously. We’re focused on giving you the highest level of security. With fingerprint login, read-only access, 256-bit SSL encryption, and other security features, your information is protected at the same level as your bank. MoneyStrands never exposes your bank account numbers nor credit card numbers.

 

6. Is MoneyStrands available outside of the US?

 

No. MoneyStrands is only available inside the US and works only with US Banks.

 

7. Do you have a desktop version of MoneyStrands?

 

No. MoneyStrands is mobile only, we don’t support desktop. We have both an iOS and Android app.

 

8. Can I use the app on multiple devices?

 

Yes. You can download the app on multiple devices but MoneyStrands doesn’t work simultaneously on multiple devices – meaning that you’ll have to log on to the device you want with your username/password.

 

9. Can I customize existing categories?

 

Yes. In the Analysis you can customize the categories that haven’t been automatically identified, and then use the Filter to select Chart view or Bubbles view, choose date range, accounts, etc.

 

10. Can I change the name of the existing default categories?

 

No. Customized categories need to be added as subcategories. To do that you have to pick a Category first, let’s say Bills&Utilities, and then select “add a subcategory” and add the name you want to use to that subcategory.

 

11. Can I add external payment accounts and virtual wallets from third parties such as Venmo, Transferwise, or PayPal?

 

No. Not at this moment. Our app is read-only and doesn’t support third-party integrations.

 

12. Can I categorize expenses one time so the app can replicate it next month automatically?

 

Yes. You can create rules so that when you categorize a transaction, all the future transactions of that merchant keep the same category.

 

13. Can I load my historical bank transactions into my MoneyStrands account?

 

Yes. When you connect your bank(s) accounts we automatically load your historical transaction data into your Moneystrands account.

 

14. How does MoneyStrands make money?

 

MoneyStrands is a totally free personal finance app that belongs to STRANDS, a company that develops innovative software that enables banks to offer personalized digital banking experiences. We plan to add some optional premium features and services in the future.

 

15. What is multi-factor authentication in MoneyStrands?

 

MoneyStrands introduced security measures designed to help safeguard your data. When you create or sign in to your account you will be asked to verify ownership of the account through multi-factor authentication (MFA). MFA is basically a security system that requires more than one method of authentication from independent categories of credentials to verify your identity.

 

16. How do I get started with MoneyStrands?

 

Just follow these 4 simple steps to quickly set up your account and profile:

  • Connect your bank: Menu → Settings → Manage Accounts → Plus Sign (+)
  • Create your budget: Menu → Planning → Plus Sign (+) in the Budgets Tab → Choose Category, and start grouping your expenses!
  • Set your dream goals: Menu → Planning → Saving Goals Tab → Plus Sign (+)
  • Join the community: Menu → Analysis → People Icon → Filter Sign

 

17. So, who’s behind MoneyStrands?

 

MoneyStrands is powered by STRANDS, which is recognized by the financial industry as “The Fintech Partner for Banks”. Strands serves more than 600 bank implementations with 100 million customers in 36 countries, categorizing and enriching 94 million banking transactions daily.

 

18. How can I update my personal info?

 

Easy-peasy! You can update your profile (photo, password, zip code, and other data) directly from the MoneyStrands app. To update your personal information, go to your Profile, tap the photo icon, and then the pencil icon. This will then allow you to make changes on your profile page.

 

19. What API do you use to connect to US banks?

 

We use Yodlee, a financial technology industry leader, to safely and securely facilitate aggregation of users accounts.

 

20. How can I delete my account?

 

We’re sorry that you want to leave us 😢. If you want to delete your account you can do it by going to: ‘Settings→ About Strands Finance→ Delete User Account’ and then you can delete the App. Check out this video tutorial for more info.

Could you give us some feedback about why do you want to leave us? It would be really helpful for us.

If you have any other questions, please email us at info@moneystrands.com.