Archive for June, 2010

Wesabe is discontinuing its Accounts tab as of July 31st

June 30, 2010

Dear Wesabeans,

I am deeply unhappy to have to announce that Wesabe will be discontinuing our Accounts tab, and all of the related personal finance tools we offer, as of July 31st, 2010. The Groups tab, which hosts discussions on personal finance topics, will remain online indefinitely. A FAQ about this shutdown is available below.

You will be able to download all of your data from now until July 31st by visiting our export page. After that date, we will delete all data and all credentials we hold for security and privacy reasons. If you prefer, you may delete your membership immediately or at any time before July 31st.

We are planning to offer additional tools for export and use of your data. Future blog posts will go into more detail as we have it ready.

In recent months Wesabe has been operating on a shoestring budget, with support from some of the developers and operations people who made up our core team. While the site has remained online and we continue to hear from people who find it helpful, we have not been able to provide the support people need to use it for something so central as financial management. I’ve felt especially terrible that some members have a good initial experience but then hit a problem, often after investing many hours, and aren’t able to get help with it. That’s obviously a bad experience, and not what we want to offer. Also, because Wesabe stores such highly sensitive data, continuing to operate the service with shoestring operations and security staff is not acceptable, and we do not want to continue accepting new accounts if we cannot guarantee the security level we believe our service requires.

Wesabe Groups is easier to host on a low-cost basis, and one of our customers has agreed to fund its continued service. I have always been amazed by how fantastic the conversations in Groups are — supportive, constructive, and unique. While many or all of the features of our Accounts tab are now available on other sites, our competitors have either dismissed the value of community, or have not been able to create a community as rich as Wesabe Groups, so I’m very happy we are able to keep that part of the service going.

I have had a wonderful time working on Wesabe and have been gratified by the many messages we get from members telling us how helpful it has been. The past five years have been an amazing ride. Of course I wish things had turned out differently and I would not have needed to write this post, but I’ve enjoyed my job for these years more than anything before it. The people we worked with, the people who supported us, the reward of helping even some people have better financial lives, all of that is irreplaceable. Thanks to everyone who has made Wesabe possible.

We will answer as many questions as possible about the planned shutdown in this Groups thread and update the FAQ as needed.

Marc Hedlund, CEO, Wesabe

FAQ

  • What is being shut down?

    On July 31st, 2010 (at 10pm Pacific time), we will turn off access to the Accounts and Dashboard tabs, as well as the iPhone application, Firefox extension, Desktop Uploader, Mac and Vista Desktop Widgets, and Twitter integration. Only the Groups tab will remain online.

  • What will happen to my financial data?

    Between now and July 31st, if you want to keep a copy of the data you have uploaded to Wesabe, you MUST DOWNLOAD YOUR DATA from the site (see our export page for instructions). After July 31st, we will delete all financial data from our database, delete all backup copies of that data, and destroy the hard drives on which that data was stored.

  • What will happen to my financial institution credentials?

    All users’ financial institution credentials will be deleted as of July 31st.

  • Will you sell or give my financial data or credentials to anyone but me before you close the Accounts tab?

    No, absolutely not, nor have we ever done so.

  • What can I do with the data I export?

    Any spreadsheet program, such as Excel, Google Spreadsheet, or Numbers, can read the CSV export files we offer. In addition, we are working on an added export option and an open source package that would allow you to read and use your own data from Wesabe. More details will be posted on our blog when available.

  • What if I need help with my accounts before I download them?

    Realistically we are not able to offer individual support. If you have a problem with export, please post about it in this Groups thread, and we will work to fix any wide-spread problems.

  • What if I have questions not answered here?

    Please post questions in this Groups thread.