With bill syncing, Monarch can now provide statement balances and due dates for your credit cards and loans. This is done in partnership with Spinwheel, who is provided this information from credit bureau Equifax.
Once you’ve mapped the liability accounts detected by Spinwheel to your current connected accounts in Monarch, your credit card and loan bills will appear in the new “Accounts” section on the Recurring page.
Initial bill syncing will need to be done via the web app in a desktop browser, but once you have everything connected, you will also be able to view it in the mobile app.
To set up bill syncing, go to the Recurring page > click “Manage recurring” at the top right corner > choose “Manage your synced accounts”.
You will be prompted to connect your credit report via Spinwheel and will then be shown a list of the liability bills (credit cards and loans) in your name. To learn more about Spinwheel, the data they provide, and the safety and security of your information, see this page.
After you've successfully connected to Spinwheel, you’ll map the accounts as detected from Spinwheel to your current connected accounts in Monarch.
If you don’t already have an existing account in Monarch for a Spinwheel-detected account, select the “Add Account” option from the dropdown in the Monarch Account column to add it. Upon successful connection, the account mapping screen will refresh and the newly added account will be available to map.
You can return to the account mapping flow at any time by going to Recurring page > Manage recurring > Manage synced accounts.
If Spinwheel did not return a due date for an account, you will need to manually select one. In order for an account to be successfully mapped and have a recurring bill associated with it, you must have a due date selected.
You can also update the default due day of the month if it pulls into Monarch incorrectly. Note, if you set a custom due date, that will be the due date reflected each month until you choose to change it.
Each person must connect to Spinwheel through their own Monarch account in order to pull information from their credit report into Monarch.
If the same credit card or loan account appears on multiple household members’ credit reports, you only need to map it to the correct account once in Monarch, the first time it’s pulled in. You will see an error if you attempt to map the same Spinwheel-detected liability account mutliple times to the same Monarch-connected account.
Note: If you have invited a financial advisor to your household, they will be able to view any accounts you have connected through Spinwheel — but will not be able to connect to Spinwheel on your behalf.
Once connected, you can see all recurring accounts and merchants in a single view on the Recurring page, as a list or on a calendar. Visit this page at any time to plan ahead for your expenses, manage your cash flow, and be sure you never miss a payment.