Lake Michigan Credit Union to offer budgeting tool to members

Lake Michigan Credit Union in Grand Rapids, Mich., is offering a digital budgeting tool to its members.

The money management tool from fintech firm MX allows members to combine their accounts from other financial institutions so that they can see the big picture of their personal finances in one place, according to a press release on Thursday. Members also can track and categorize their spending, create budgets and manage debt.

DREW DAVIS

More credit unions are selecting white label products for personal finance management tools from banking providers instead of developing their own in house or having customers use one from another brand.

The product will be offered to the $6 billion-asset credit union’s more than 420,000 members free of charge through online and mobile banking.

"Our members now have relevant, visible and timely advice and control of their finances, and the best part about it – it's free," Don Bratt, chief marketing officer of Lake Michigan, said in a statement. "It's just one more way we're delivering on our credit union's mission to deliver value and make our members happy."