Intuit buys Mint.com

Intuit has announced that they intend to buy Mint.com.

This announcement makes me sad. While I'm not a Mint.com user, they were innovating in a space where Intuit was coasting. Mint.com was forcing Intuit to look at innovation (do you think they would have created a free online product otherwise?); this acquisition takes some of the pressure off.

Other reaction from 37signals, fastcompany.

Review of Quicken Online

We've been waiting (and waiting...) for the new version of Quicken for the Mac. In the meantime, the folks at Intuit have been plugging Quicken Online as "a great way to get started", and as an alternative solution for those who can't wait for the next desktop version of Quicken for the Mac. And hey, it's free! I've taken a look at Quicken Online for a while now, and while there are certainly some neat features in Quicken Online, there are also some glaring omissions.

Quicken Online is designed to automatically download transaction information from your bank's online access. Setting up your accounts is straightforward -- you provide your financial institution and your login details, and Quicken Online finds the available accounts (checking, savings) and downloads the last 90 days worth of transactions.

What's Good

Automatic Categorization of Transactions

One of the neat features that Quicken Online does is it automatically tries to assign a category to each of your transactions. When I set it up with my checking account, it correctly guessed that Safeway transactions should be assigned to the Groceries category, that the AT&T bill should go into Utilities, and that Starbucks should be dining. There were transactions that it couldn't categorize, and it was fairly straightforward to assign a category. As you continue to use Quicken Online, it learns about the categories that you assign to transactions, so it can use the same category in the future.

Quicken Online comes with a starter set of categories:

You can add categories and rename the ones from the starter set. For example, the starter set has a category called "Childcare/Daycare", which I renamed "Daycare". I also added a category called "Cell Phone". User-defined categories are in blue.

Automatic Detection of Recurring Transactions

Another neat feature of Quicken Online is that, when it loads up the last 90 days worth of transactions, it examines them for recurring transactions, putting them in a section called "Upcoming Transactions". I found that it made mostly sensible entries into this list, including things like utility bills and my mortgage, but excluding transactions that repeat irregularly, like groceries and dining out. There were a couple of things it got wrong (for example, I have some bills that come once every 2 or 3 months, but it guessed that they were monthly).

Basic Tracking of Expenses

In addition to downloading transactions from your financial institution, Quicken Online allows you to enter transactions on your own. This is, of course, important, since you need to deduct that amount from the available balance in your account if you're going to avoid overdrafts. Quicken Online also has reminders for your upcoming transactions.

Quicken Online comes with a "Trends" section, allowing you to see how well your income and your expenses match up across different time periods (one month, three months, etc.). It also has a "Goals" section, where you can establish budgetary goals for different categories and track how closely your actual expenditures for the month.

What's Missing

Customization of Categories Lacking

While you can rename any of the starter set of categories and create categories of your own, there are some issues.

The most glaring omission is the lack of sub-categories. For example, while one of the starter categories is Utilities, there is no way to subdivide that further into types of utilities, like electric, phone, or water. Desktop versions of Quicken have had this ability for many many years. Sub-categories are very useful in grouping like types of categories together. In addition to utilities, typical categories that can get subdivided are Auto (fuel, service, registration) and Taxes (local, state, federal, property).

Also, one odd thing is that you cannot delete any of the starter set of categories. You can rename them, but you cannot delete them, even if you have no intention of ever using them. While most people could use most of the categories, I'm sure that anyone using Quicken Online would be able to find categories that they would just as soon delete.

No Split Transactions

This is possibly the most glaring omission in Quicken Online. I've been using desktop versions of Quicken since the mid-90's, and one of the features they've had for all this time is the ability to split the amount of a transaction into two or more categories. An obvious example in today's world would be going to the grocery store, buying some groceries, using a debit card, and getting $20 cash back. If the total bill came to $120, you'd want to split that into two categories -- $100 for groceries, and $20 for cash. Quicken Online doesn't let you do that. Each transaction is only allowed to have one category.

And, of course, the obvious

It probably goes without saying, but Quicken Online doesn't allow you to do our favorite kind of budgeting, envelope budgeting. (See here about why it's our favorite kind).

Final thoughts

Overall, Quicken Online has some features that are probably a little better than just looking at your account at your financial institution's web site. Being able to enter transactions and predict future expenses is a fundamental part of preventing overdraft. If Quicken Online supported split transactions and sub-categories, it would probably do about 90% of what I would want to be able to do with my desktop Quicken.

A final thought on security

As I mentioned at the top of the post, Quicken Online asks you to enter the login information you use to access your accounts at your financial institution. While Intuit is a corporation that has been around for a while, and they obviously have some security-minded people working for them, when I was handing over this information there was a little voice in the back of my head going "are you sure you want to hand this over?"

Mac Quicken 2010 will support migration of data from Windows Quicken

There's a new blog posting on the Quicken site about our favorite vaporware, the new version of Quicken for the Mac. The big news on this posting is that the new version of Quicken will support importing data from Quicken for Windows. This seems to be a much requested feature out there - there are a lot of PC-to-Mac switchers out there who are keeping an old PC around or running VMware so that they can keep running Quicken under Windows.

I think the bigger reason many people are still running Quicken under Windows is that Quicken for the Mac is a big ball of hurt. It remains to be seen whether the new Quicken for the Mac has the bugs worked out and key features of our Windows counterpart, or if the development team is still focusing on fully integrating cover flow into the Quicken interface.

Update 4/12/2010:
Stumble here from Google? Be sure to check out our ongoing blow-by-blow review of Quicken Essentials for Mac.

Update 4/25/2010:
I've taken a look at the Quicken File Exchange Utility, the separate application that's used to convert data files for use in Quicken Essentials for Mac. Read all about it!

Why not just use Quicken's budgeting, part 2

In my previous post I wrote about how envelope budgeting does a good job of preparing for large, periodic expenses, like property tax or car repairs. Today I'm going to argue that using Quicken can fool you into thinking that you're taking charge of your money, when you really are just tracking your money after it's already spent.

I first started using Quicken back when I was young, dumb, and single. I was making good money, I didn't have much in the way of expenses, and I frankly didn't balance my checkbook terribly often. Quicken was a huge leap forward for me. It was super easy to enter in transactions, it felt really good to assign categories to expenses, and that happy alert box you got congratulating you for balancing your checkbook was very validating. I geeked out for a while, creating an elaborate taxonomy of expense cateogories, and there was even a brief period where I was keeping track of my cash expenses down to the penny. (I had a lot of time on my hands).

Fast forward a few years, and things are more complicated - I'm married, I have kids, a mortgage, and some much more significant expenses. I still dutifully entered all of my transactions into Quicken, categorizing away, balancing monthly, but it was just arranging the deck chairs on the Titanic. We were falling into debt, and quickly.

How could this happen? Wasn't balancing my checkbook keeping us in control? Well, no. Sure, I could run a report and tell you how much we were overspending, and it what areas. In fact, I would do that from time to time. My wife loved it, as I'd run this sort of report, reality would come crashing down, and I'd be just a delight to be around for the next couple of days. "We can't go on like this! How could we spending all of this money?"

Using Quicken to enter and categorize transactions was giving me the illusion of control, but there was no control. Sure, I could do some forensic accounting, and I could tell you to the penny how far in the red we were, but on a day to day basis it was not helping us manage our expenses.

In order to have control of your money you need to know what you're doing with it before you spend it. At the time that you're spending some of your money, you need to know that it's not going to mess up the rest of your month. Envelope budgeting does this for you. Relying on Quicken's built-in reports is like getting in your car and driving for a while, and then using your GPS to figure out just how lost you are.

What Quicken Gets Right - Keyboard Shortcuts

Last week I mentioned that there are some things that Quicken does get right. Looking at the things that Quicken does right is helpful, in that it can be the basis for evaluating Quicken alternatives.

Keeping your finances in order isn't something that many of us enjoy doing. One of the things that makes Quicken successful is that there are some features built-in that make data entry quicker. QuickFill transactions, mentioned last week, are helpful in that they automate redundant data entry, like the grocery store or the gas station -- something you wouldn't necessarily make a scheduled transaction, but which come up frequently enough.

I'm a big fan of keyboard shortcuts, and Quicken has a few I use all of the time:

Check numbers. Use the plus key (actually, you can use the equals -- no need to use shift) to get the next check number in sequence. You can also use the minus key to go back one number in sequence. This gets a little out of whack if you've wound up entering any checks out of order, but is generally very useful. In fact, what it's sometimes most useful for is finding those times when you've written a check but forgotten to enter it -- the sequence number doesn't match, alerting you to a missed entry.

Dates. Hit the letter 't' to change the date to today's date. As with check numbers, you can use the plus (really, equals) and minus key to go up and down dates. If you're entering a date manually you can usually leave off the year. The only time this doesn't work well is if it's early January and you're entering a transaction from late December -- it'll assume December of the new year, not the one that just ended (boy, that'd be a nice little fix). There are other shortcuts for beginning or end of week, month, or year, but I don't use those nearly as often as jumping to today.

QuickFill. As I mentioned last week, if QuickFill has matched an entry that's close but not quite there, you can use the up and down arrow keys to cycle through other entries that match the letters you've typed in so far.

Categories. The up and down arrow key trick that works for QuickFill also works when entering categories. If you've got sub-categories, once you've got the main category matched, enter a colon to bring up the first subcategory. You can either start typing to match the sub-category or again use up and down arrows to cycle through.

Forgetting changes. If you're in the middle of entering a transaction and you realize it's all a big mistake, before hitting return to record the transaction, hit escape and all is forgotten.

Math. I'd be remiss if I didn't mention Quicken's ability to do math when entering a dollar amount. For example, if you've got a few numbers to add up for an amount field, type in the first one, then hit plus -- a little adding-machine-like tape pops up and you can do math. When you've got the figure you need, hit return and it will be entered. This feature came out with Quicken quite a number of years ago, and I used it all the time when it first came out, but I must admit I don't use it very much anymore.

Those are my favorites -- any more out there?

What Quicken Gets Right - QuickFill Transactions

Quicken for the Mac sucks, but I'd be lying if I didn't say that there are some things that it does get right. Looking at the things that Quicken does right is helpful, in that it can be the basis for evaluating Quicken alternatives.

The first thing Quicken gets right that comes to my mind is QuickFill transactions. Next to doing the math for you, QuickFill transactions was one of the first features of Quicken, and it can significantly reduce the drudgery of entering transactions. Reducing this drudgery was key to my early adoption of Quicken in the 90's -- entering transactions was easy enough to do that I wanted to do it. It's very nice being able to type in "saf", and having it fill in "Safeway", with the category of "Groceries" already filled in. Just tab over, enter the amount, and I'm done. Very handy.

There are a couple of improvements that Quicken could do to QuickFill transactions. When I first started using Quicken, it asked me if I wanted to automatically add transactions to my QuickFill list, and I said yes. While that's great for starting out, what it does is it winds up adding every single transaction to your QuickFill list. If you're not careful, you could soon wind up with a QuickFill list that has hundreds of transactions. Worse, since QuickFill searches alphabetically, it's very easy to wind up with some random transaction that winds up coming up first instead of your desired transaction. (I had that problem with "Safeway" when Quicken had memorized "Safest Way Driving School"). Perhaps changing the threshold for adding items to the QuickFill list -- maybe three entries in a month -- would be better.

The other improvement that Quicken could do to QuickFill transactions is document what it means for a QuickFill transaction to be locked. When editing a QuickFill transaction, there's a "Locked" checkbox, but it's not at all apparent what it means. Locked QuickFill transactions can still be edited and deleted, and when using a locked QuickFill transaction you can still change the amount and the category. Locking seems fairly useless.

Here's some tips for working with QuickFill transactions:

1. If Quicken has filled in something from your QuickFill list that's very close, but not quite what you want, you can use the up and down arrow keys to cycle through the items on your QuickFill list that match the letters you've typed in so far.

2. If your QuickFill list has gotten cluttered, use Lists > QuickFill Transactions to bring up the list. Use shift-click to select multiple items to delete.

3. To keep Quicken from automatically adding items to your QuickFill list, go to Preferences > Customization > Registers, and unclick the box labelled "Add new transactions to the QuickFill list". You can also turn off QuickFill altogether:

4. If you have "Add new transactions to the QuickFill list" checked, you can keep a new item from getting added to the QuickFill list by holding down the option key when recording the transaction.

Why not just use Quicken's budgeting, part 1

If you're new to envelope budgeting, but used to traditional budgeting, you may wonder what all the fuss is. Quicken's got a budgeting tool -- why not just use it? Let me answer this question in two parts.

For me, the most important reason is because not everything is a monthly expense. Yes, much of our money is spent on things every month -- mortgage, rent, bills, groceries -- but there are occasional expenses as well. It's these occasonal expenses -- property tax, car repairs -- that can get you reaching for that credit card if you're not prepared.

Rather than letting these big expenses surprise you, the best defense is to save up a little bit of money every paycheck. If you know you're going to spent maybe $2000/year on car repairs, and you get paid twice a month, then you should be setting aside a little more than $83 per paycheck into your car repair envelope.

Setting this up in a traditional Quicken budget just doesn't make sense. Most months you're on well on the positive side, and then when you actually go out and spend the money, it shows significantly negative. As an extreme example, check out this budget graph for my property taxes:

There's no way that I can tell how well I did from such a graph, nor would I be able to know, mid-year, that I'm on track.

To be sure, I'm isolating just one category of expense in the graph above, and you could argue that what I should be looking at is my overall expenses across all categories. Even then, traditional budgeting tools fail -- the highs and lows might be trimmed down a little, but it's still going to show big up and down swings when you have major expenses. Worse yet, you can fool yourself into thinking that you're staying on budget if you see numbers that are matched up on a monthly basis across categories, but if you're not saving up for those big expenses (actually showing a surplus in many months), you'll be caught flat-footed when those big bills come.

That's it for part 1 of why Quicken's budgeting tools don't lead you on the road to financial freedom. In part 2 I'll talk about planning vs. forensic budgeting, and how Quicken makes you feel like you're in control when you may not be.

Quick Review of NeoBudget

A few days ago I ran across NeoBudget.com, a very low-cost online system for envelope budgeting. I've given it a quick tour, and there are a number of promising elements, but I don't think it's at a point yet where I could use it for day-to-day budgeting. Your mileage may vary -- read on!

Overview

NeoBudget.com has many of the basic elements of envelope budgeting figured out. It was very simple to set up a checking and a savings account, enter in current balances, set up envelopes, and assign amounts to envelopes. Entering transactions was fairly straightforward as well. When entering a transaction into an account you are presented with your list of envelopes and their current holdings, and you can enter which envelope (or envelopes) the money for that transaction should come from. Splitting a transaction between envelopes is simple as well -- there's a handy "remainder" section that tells you how much is left between the total amount of the transaction and the amount(s) identified in the envelopes so far.

NeoBudget also has something that's fairly standard in envelope budgeting - the ability to save allocation amounts for your paychecks. You can identify an income source, a frequency (every two weeks, twice a month, monthly, etc.), an income amount, and an allocation of that income into your different envelopes. When payday comes around you can pick your saved allocations and NeoBudget does the allocation for you.

The Good

Security. Unlike many other online services, NeoBudget does not require you to provide it with your personal banking details. It is possible for you to upload online banking information, but NeoBudget requires you to download the information yourself, which you then upload into NeoBudget. This made me feel more secure -- I'm nervous about providing this sort of personal information.

Low Cost. NeoBudget costs a mere $2.50 per month (less if you do six- or twelve-month subscriptions). Even better, you can try it out without providing *any* payment information, so you don't have to worry about missing the end of your trial period and being on the hook.

Easy Setup. I've been at this envelope budgeting for a while now. I've got a big spreadsheet tracking how much I've got in each envelope. You would think that the one thing envelope budgeting systems would have down is an ability to start up, enter in information about all of your envelopes, with an initial balance for each. You'd be wrong. Fortunately for NeoBudget, this setup is very simple.

Active Developer. The latest update to NeoBudget came just a few days ago, with the launch of a mobile version. From what I can tell, NeoBudget is a one-man show, but he's an active developer.

The Less than Good

No Resolution. While the ability to be able to upload transactions is nice, I take the time to enter transactions manually, so that I don't have to worry about the lag time between buying something and having it show up online, so that I can enter payee information that makes sense, and so that my wife and I are on the same page. What I use online transactions for is to verify that I've entered transactions correctly, and to verify that I didn't miss anything.

I tried this with NeoBudget -- entering a couple of transactions, and then uploading information about those and a couple of others -- but there's no facility for matching the uploaded transactions with the ones that I entered manually. I wound up with duplicate transactions. Bummer.

No Recurring Transactions. Again, I like to plan ahead, so having my bills in a schedule is nice. I didn't see that feature in NeoBudget.

No "Frequently Added" Transactions. While NeoBudget does automate the allocation of income into envelopes, when entering transactions you've got just some text boxes. Again, I like to be able to enter transactions manually, so it would be nice if I could just type in "Unocal" (even better, just "uno" and it would figure out "cal"), and perhaps even remember that the amount should come out of the "Gas" envelope.

Dream List

NeoBudget allows you to have multiple accounts (e.g., checking, savings), and a different set of envelopes for each. For occasional expenses, like property tax or car repairs, I like being able to save the money in savings, and then move the money over to checking when I need to use it. This way I can make at least a couple of bucks on the money. It would be awesome if NeoBudget simplified the accounting of envelopes across accounts.

Overall

NeoBudget is easy to set up and is super low cost. If you're new to budgeting and you already rely on online banking to keep your checkbook for you, then it might be just the thing you need to get started taking control of your finances. The addition of a few key features would make NeoBudget truly great.

What's Envelope Budgeting?

Someone was asking me recently what I thought of mint.com, and I said that I wished it supported envelope budgeting. "What's envelope budgeting?", she asked. I've mentioned it here on a few occasions -- here's what I wrote to her:

In a nutshell, envelope budgeting means that you have cash on hand before spending money. In the old days you would cash your paycheck into actual cash, and then divvy up the cash into envelopes marked "rent" or "gas" or "clothes" or what have you. When it came time to buy something or pay a bill, you could only spend the money that you had in that envelope. There's nothing keeping you from moving money from one envelope to another, but the assumption is that you're wise and you're not going to take all of the money out of "rent" to go buy stuff.

Obviously we don't use cash and envelopes anymore, but the theory is still there. A financial management system that supports envelope budgeting wouldn't show you what your checking account balance is as much as how much money you've got in your set of virtual envelopes.

This is different than what Quicken or mint.com or a bunch of other financial management tools do. Sure, Quicken lets you categorize your expenses, but it's more forensic accounting ("where did my money go?") than a planning/saving tool. The power of envelope budgeting is that you're giving each dollar a name and a purpose, putting you in control of your money. Envelope budgeting is also much better than traditional budgets for more occasional expenses (property taxes, car repairs). I know I've got to pay property taxes in October, and I'm putting a little money in that envelope now with each paycheck, so that when that big bill comes along, I'm all set. It also works very well for those with irregular incomes -- you can prioritize your expenses, funding the most important envelopes first.

There are a variety of online services and dedicated programs that support the envelope method. I tried out mvelopes.com a while back, but it's expensive and they want to know your banking login information, which I'm a little creeped out about.

I'm taking a look at neobudget.com now -- look for a post in the next week or so.

Quicken slips again!

It's been a while since I've checked in... Decided I'd stop by Intuit's site and see if there's any news about our favorite vaporware, and there's this note on their site (posted 7/13/09):

We anticipate releasing our next version of Quicken for Mac (formerly Quicken Financial Life for Mac) in February 2010.

This same page says that pre-orders will start in October 2009.

Let's review the history here:

• The latest version of Quicken for the Mac is Quicken 2007. Like car model years and Madden football, the '2007' in the title means that it was released in late 2006.
• January 2008: at MacWorld Expo, Intuit announces the next version of Quicken, titled "Quicken Financial Life for Mac".
• The public beta started in September 2008, and at the time they anticipated a ship date of "this winter" (meaning, presumably, sometime between December 2008 and March 2009).
• We got our hands on the beta around December 2008 (after Intuit had initially said that public response to the beta was "overwhelming"). In December 2008 they announced that QFLM would be released in Summer 2009.
• Now here we are in the dog days of summer '09, and the word from Intuit is that the product (no longer called QFLM) will ship in March 2010.

Assuming that the March 2010 deadline sticks (and there's really no reason to believe this, but let's pretend), this will mean that almost four years will have passed between versions of Quicken for the Mac.

The folks at Intuit have a blog posting discussing this latest slip/ship date; the comments on it are fairly scathing.

Truth be told, I'm not surprised that the date has slipped once again. I didn't post anything about the QFLM beta we got our hands on because there was so little to talk about -- huge gigantic features were just not there (but, boy, was there cover flow!). Calling it beta was generous at best.

Game Over - the Ultimate Suckage

I've been getting OL-249 messages from my bank in Quicken 2006 for about the last week. I called the bank's technical support, and they say that Quicken had end-of-lifed Quicken 2006 for Mac.

Normally, that might be OK (where "OK" includes having a gun jabbed in your ribs like in a Bogart movie), but the current situation is double-extra screwed. Quicken Financial Life for Mac is still in beta, and the last I looked it was lacking several features that are show-stoppers for me (e.g., reporting and budgeting). Quicken for Mac 2007 is a dead man walking - it will be EOLed as soon as QFLM comes out.

So, I can't use my existing Quicken. The new Quicken is still not ready for prime-time. Therefore, my bank is effectively inaccessible from Quicken.

Update: as pointed out by a reader, there is a fix from Quicken - https://quicken.custhelp.com/cgi-bin/quicken.cfg/php/enduser/std_adp.php?p_faqid=7368. It's a little weird, but it works.

Moneywell impressions, part 2 - square pegs and round holes

Continuing with my posts on Moneywell...

One of the complications I have with my envelope system is based on the fact that I get bi-weekly paychecks.  (There was an effort a few years ago to move to paychecks on the 1st and 15th of every month, but the union membership shot it down. It seems obvious to me that nobody in the union budgeted their money -- twice-monthly paychecks work sooooo much better).

This bi-weekly paycheck thing complicates my budgeting. Moneywell has a very nifty little spending plan setup to help automate the allocation of salary into buckets, but it doesn't work well for us bi-weekly check folks working in a monthly billing universe.  A small example will demonstrate this:

Let's say you've got a bill that runs $100/month.  Over a year, you're spending $1200.  Us bi-weekly payday folks get 26 paychecks a year.  In theory, I should be setting aside $1200/26 = $46.15 per paycheck to pay this bill. (That is, in fact, what Moneywell will say).

But here's where theory comes crashing into reality.  Let's say I get paid on January 6th and 20th, and the bill's due on January 27th. If I put away my $46.15 after Jan 6 and 20, I only have $92.30 set aside for my $100 bill -- I'm $7.70 short when the bill comes due.  Sure, it'll all work out eventually, but here in the short term I'm hosed.

Moneywell impressions, part 1 - buckets are not categories

As I mentioned a few weeks ago, I gave Moneywell a whirl.  Overall, I don't think Moneywell is going to work well for me, but your mileage may vary.

Moneywell supports the envelope theory of budget management. In Moneywell, every time you get some cash in, it turns into an inflow, which you can then allocate to different areas. Traditional envelope theory has you cashing your paycheck and getting paper envelopes; Moneywell uses the idea of buckets.

I guess my big problem with Moneywell's bucket implementation is the difference between buckets and categories.  Take, for example, my insurance bill. I've got life, auto, and home insurance with the same company.  The bill is monthly and fairly regular (maybe adjusting once every six months as a new auto premium is calculated), and there's just one bill that combines all three. From a bucket-budget planning standpoint, I just want to have one bucket -- "insurance" -- that money moves into and comes out from.

But, every once in a while, I want to be able to look back and get more granularity.  If I was shopping around for a different auto insurer, I might want to look back and see how much I had been spending on auto insurance. 

There's the rub with Moneywell -- if you want granularity, you need more buckets -- one per grain, so to speak.  But...the more buckets you've got, the more complicated every payday gets, and most of the time, you don't need that much detail.

iBudget?

Any real alternative to Quicken has to support individual budgets for individual months. For example, my power bill ebbs and flows with the season. Likewise the water bill - no need to water during winter in the Pacific Northwest. Property taxes are due once a year - sure, I save up all year long, but I only pay it out in November. In the words of Dave Ramsey, we're not working with "the perfect budget from heaven," but rather where is this month's money really going?

So far, the programs that I've looked at both start with 'i' - iBank (downloaded) and iCash (just looked at manual). And, both of them assume monthly budget amounts - i.e., the same for all months of the year. That makes them both non-starters. Boo!

And I found a blog post that says the iBank has very limited online data downloading. Again, boo.

iBank has a cool domain name

Google just served up an ad for iBank using this domain name - www.thequickenkiller.com. Cool.

I too am looking to evaluate an alternative to Quicken. Totally unrelated to this domain name, however, I think while Tom's checking out MoneyWell, I'll check out iBank. More news when it happens...