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Money Minders
Frequently Asked Questions

Q: In a nutshell, what does Money Minders do?
A:
We are a personal bookkeeping service that handles mundane financial tasks like paying the bills and balancing the checkbook so you don’t have to. Our service is currently available in the Chicago area but we plan to expand nationally in the next few years.

Q: How does the process work?
A:
See the page entitled How It Works.

Q: Who would be a good client for Money Minders?
A:
Money Minders is for everyone who understands the importance of good fiscal habits but who lacks the time or desire to keep up with their personal finances. We provide a valuable service for senior citizens, working parents, busy singles, those who travel a lot and people coping with extended illnesses. Money Minders is for anyone who has better things to do in life than wrestle with a checkbook.

Q: Does Money Minders do bookkeeping for small businesses?
A:
No. We only do household finances.

Q: Does Money Minders provide investment advice or manage portfolios?
A:
No. We are not licensed as financial advisors or money managers. Think of us as the family bookkeeper not the household CFO.

Q: How much does Money Minders cost?
A:
The set-up fee is $199 and the monthly service charge is $49. The set-up fee covers the cost of doing a Financial Health Assessment (FHA), opening new bank accounts and automating deposits and the bill-paying process. Sign up now and get the first month free. And, you can earn one free month of service for every friend you help become a Money Minders’ client.

Q: Does Money Minders require an extended service contract or have penalties for cancellation?
A:
There is no extended service contract to sign with Money Minders. You can stop using our service any time without penalty. And, you get to keep the new bank accounts, budget reports and other benefits we have created for you.

Q: What is a Financial Health Assessment?
A:
A Financial Health Assessment (FHA) is a simple questionnaire that gives Money Minders the background information needed to understand a client’s financial situation. It covers things like banking history, credit card usage, debt ratios, spending habits, FICO score, home and auto loans, investments, insurance coverage and retirement plans.

Q: Why does Money Minders need a limited Power of Attorney?
A:
Money Minders needs a limited power of attorney to set up new bank accounts, arrange for direct deposits and automate the bill-paying process. This document is very specific in scope and does not give us wholesale access to your financial affairs.

Q: Can clients get personal help with their financial questions?
A:
Yes. You can reach the Money Minders’ staff during normal business hours in the Chicago area at 630.702.9469. They can help you with any issues related to our services.

Q: What steps does Money Minders take to safeguard client data?
A:
All information is stored on dual virtual servers that provide redundancy, load-sharing, and 100% system recovery. Data storage is handled by a RAID array providing hot swapping of storage drives and redundancy of file storage across multiple units. Our network runs over hardwired Ethernet connections that cannot be accessed from outside our building. Client data never leaves our facility, with the exception of encrypted backups sent daily to a secure off-site location.

If your question isn’t addressed here, please email or call us at 630.702.9469.