RIP Wesabe [Personal Finance Arsenal]

Wesabe, a previously mentioned Mint.com alternative and member of the personal finance arsenal, has announced it will be closing its doors on July 31st.  At that point, the community feature will remain but all finance tools and records will be purged.

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.

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.

I liked that Wesabe was the main player in the personal finance aggregator world that did not require you enter your bank’s user-name and password.  However, you were required to manually download your bank data and upload it to Wesabe.  I had an account for a short while, but closed it in favor of Mint due to the time consuming, multi-step process.

It was a great site for many people, and will be missed.  If you have never tried a personal finance aggregation tool, you should check out my always up-to-date list of free money management tools.