Personal Financial Manager (PFM) FAQ s

Transcription

1 and Present Personal Financial Manager (PFM) FAQ s Watch a Money Desktop Video at Q: What is PFM? A: Enhanced Online Banking. PFM is an easy way to track spending, set budgets, and more. Q: Can PFM be used by Commercial banking customers? A: The PFM tool is specifically designed for consumer use and not for the level of data or transaction volumes typically associated with larger commercial accounts. Q: How does the account aggregation work? A: Aggregation is the process of bringing all the authorized user accounts into one location. At the time of enrollment, we will automatically enroll your accounts from ebanking. If you have other accounts you can manage them by adding one or more accounts so your financial picture is complete. Q: The applications (Views) don't fit on my screen. A: We support industry standard screen sizes and resolutions. However some users may experience some problems viewing the applications. These issues can usually be resolved by: 1. Putting the browser in full-screen. (try hitting F11) 2. Removing unused toolbars from your browser. 3. Increasing the resolution on the monitor. Q: Why do I get a blank page when I click on the PFM tab? A: You may be using an unsupported browser. IE9 and IE10 as well as current versions of Firefox, Chrome, and Safari are supported. Older versions may work, however support will not be provided for them.

2 Q: Why would I be presented a login page when accessing PFM? A: This issue most commonly occurs for users with Safari as their browser. If this occurs please make sure that all cookies are enabled for a 3rd party and/or you clear your cookies. Q: Why do I have to verify my address? A: This is to ensure that the correct address was provided at enrollment and that you are able to receive notifications. Verification of the is not required but having an is. You can change your at any time from Settings. Q: How can I manage credit card points or miles within the tool? A: Points or miles are not currently supported. Q: What will happen to all the custom categories I created in Online Banking? A: Only certain custom categories can be passed to PFM based on what was determined to be the most widely used. All of the standard categories will be passed. In addition to this, not all categories will have the same name in the PFM tool as in OLB. They were matched as closely to the existing categories as possible. Once you enroll in PFM you will no longer have access to the check register feature in Internet Banking because all future transactions are categorized in the new service. If you decide to unenroll later, you will lose all category edits and updates made within the PFM product and the check register feature will be made available to you again in Internet Banking. Q: How does the automatic categorization work? A: When transactions are imported they are auto-categorized based on previous categorizations of similar transactions as well as those of other authorized users. The process is an estimate based on trends and characteristics of the transaction. The authorized user also has the option to review and recategorize where needed. When you change a transaction category, PFM will remember your preference for next time. Q: Can I still create custom categories? A: Yes. The tool offers the user the opportunity to create custom categories in PFM if you do not find one that best fits a type of transaction.

3 Q: Help, the delete button doesn't appear on certain accounts! A: If the delete option does not appear this means that the account is a CSB account. These accounts cannot be deleted, however they can be excluded. Excluding an account hides that account, its transactions, and its balance from your view in the software apps. This essentially "deletes" the account with the option to re-include it in the future if it ever becomes necessary. Q: How do I delete an account? A: You may create a manual account that is no longer needed or an account may automatically sync that you don t want to factor into your financial picture. Either way, you re in control and can remove it. *Note: Deleting the account is different than deleting an institution connection. If you delete the account, only that account will disappear and the connection will persist. If you delete the institution connection however, it will delete all of the accounts beneath that connection. The steps for deleting the connection are also included below. Deleting an Account 1. Select Accounts from the top navigation bar. 2. Select the account you want to delete from the page. 3. Click on the trash can icon at the bottom right hand corner of the account detail box. 4. The Delete This Account window will pop up. 5. Click on Delete. Deleting an Institution 1. Click on Manage Institutions in the top right of the screen. 2. Select the Institution you wish to remove. 3. Click on Delete on the bottom right hand side. 4. Select Delete This Institution. *Note: You will not have the option to delete a CSB account. Removing accounts that I don t want factored into my budgets/income. 1. Some institutions choose to send all of the accounts that you are associated with in the data feed when your accounts are initially linked. This is a great benefit to allow you to see everything in one spot but it may be more than what you want. You may be associated with an account for your child, spouse, or business that you don t want to show in your personal budgets. The Exclude Account button will help you keep track of totals and view transactions but the transactions aren t calculated into any of your other views. This will help you to see exactly what you want to see!

4 Q: What do I do if I have duplicate accounts? A: If a user has duplicate accounts, they can mark an account as duplicate from the account details view and merge it with another account. Merging an Account 1. Select Accounts from the top navigation bar. 2. Select the account you want to merge from the page. 3. Click on "Mark as Duplicate" on the top right of the account detail box. 4. The Merge window will pop up. 5. Type in the word 'MERGE' at the bottom, then click "MERGE" to complete the process. *Note: Only accounts within the same connected institution can be merged. Q: I can t find my bank, credit card or financial institution. A: The following steps may help: 1. Try searching for the URL instead of the name. (e.g Make sure you are entering the name correctly. (I.e. Wells Fargo not Wellsfargo) 3. Instead of searching for the generic term 'Master Card', search for the issuer listed on the back of the card. Q: The software says my financial institution is supported but I can t add it. A: Please try again later if you can't add your institution at first. If problems persist, submit a request with the information below. 1. Name of institution. 2. The URL you use to login to your bank (i.e The specific error messages you receive trying to add the account. 4. Information about extra security requirements your institution requires to login, such as image verification, incorrect forms, etc. 5. Whether or not you can successfully login to your institutions online platform

5 Q: What should I do if my institution is not supported? A: If you are unable to locate your institution, select the Help (?) icon located in the top menu. From there you can submit a request by clicking on the "Submit a Support Request" option at the bottom. Please submit the name you searched with, the complete institution name, their URL and any other additional details you can provide. There are many types of online banking accounts, and not all are compatible with common aggregation methods. When an unsupported institution is encountered, a manual account can be created in the Accounts widget. Due to factors outside our control, including approval of the financial institutions themselves, we cannot guarantee that your institution will be supported, but we will do our best. We add support for more banks and credit unions all the time. Q: Can I create manual accounts or transactions? A: Yes. You can keep track of unaccounted expenses or institutions easily from within the software. You can also incorporate cash transactions or manual account balances into your personal finance calculations by categorizing them just like other transactions. How to add a manual transaction: 1. Select Transactions from the top navigation bar. 2. Click on + Add Transactions from the sub navigation bar. 3. Select the Manual Account that you want to add the transaction to. 4. Enter the Payee (transaction description). 5. Enter the Amount. 6. Select the Date. 7. Select the Transaction Type. 8. Select the category for the transaction. 9. Add a memo, a tag or flag the transaction for later searching. (optional) 10. Click on Save. Q: How do I add a manual account? A: How to set up a manual account: 1. Select Accounts from the top navigation bar. 2. Click on + Add an Account from the sub navigation bar. 3. Click on Add a Manual Account at the bottom.

6 4. Enter the current balance for the account. 5. Enter an account name. 6. Select the account type. 7. Click on Create This Account *Note: You will also need to add transactions manually to any accounts that you have manually added. Q: I'm having problems with the security challenge questions when adding an account. A: Here are a few tips that might help: 1. Answer as many questions as you put on file when you registered with the institution. 2. The number of questions you need to answer may be less than the number of form fields displayed on the page. 3. For some financial institutions, the questions and answers need to be in the exact same order as they are listed on your banking site. 4. If you've forgotten the questions, you can try logging into the online banking at your institutions website or calling their online banking support, to retrieve them. 5. Answers to these questions may be case-sensitive. i.e. 'Cat' will work, while 'cat' will not. Q: How do I fix an account that is broken? A: From the Accounts View, broken accounts will be displayed with an exclamation point in red over the top right corner of the account card. Click on the broken account to open the account detail view, and then click on the red warning message in the Link Status section. You may be required to re-enter your login credentials. A notification will also appear on the Manage Institutions icon in the navigation bar. If the account continues to fail: 1. Login to your financial institution s online banking site to verify your login credentials are correct and that there are no holds on the account preventing you from signing in. 2. Re-enter the login credentials into the account in PFM. 3. Add the account again, and pay special attention to the URL to make sure you are attempting to add the correct financial institution. Many institutions have similar names and websites. 4. Submit a support request through the Help (?) feature.

7 Q: How do I categorize loan payments and transfers? A: There is a special category called Transfer for loan payments and transfers that will exclude those transactions from Spending and Budgets. A word on loan payments All loan payments have two transactions: the negative transaction of money leaving your bank account, and the positive transaction of money paid towards the debt, decreasing what you owe. (Note: This is not the case with credit cards. Keep reading to see more on credit cards.) The negative transaction should be categorized as the expense, so your budget will reflect your spending on that category. The positive transaction should be categorized as a transfer, so it does not void the expense of the loan payment. For example: The negative transaction of a mortgage payment would be categorized as Home: Mortgage & Rent and the positive transaction would be categorized as Transfer: Mortgage Payment. You can create custom subcategories for all of your loan payments if you wish. A loan payment essentially is a transfer. The money leaves your bank account, but you then own that much more of the asset associated with the debt, like a home or car. Credit cards are different, because there is no asset associated with the debt. A credit card payment is repayment for money borrowed, on transactions already accounted for in your budget. If you actively use your credit card, payments on that card should be categorized as Transfer: Credit Card Payment. If you are paying off your credit card, and would like to track your progress in Spending and Budgets, see How do I budget for paying off debt? Q: How do I budget for paying off debt? A: We recommend that you create a custom subcategory to track your progress, such as Bills & Utilities: Credit Card Payoff. This will allow you to see in Spending and Budgets how much you have spent towards paying down that debt. If you must use your credit card while you are paying it off, you can split the transaction between Transfers: Credit Card Payment for the portion that pays back what you spent, and Bills & Utilities: Credit Card Payoff for the amount that will be applied to the previous balance. If you also want to track separately how much of your credit card payment is applied to interest vs. what you owe, see How do I account for interest paid on a loan? Q: How do I account for interest paid on a loan? A: Some institutions send a separate transaction for principal paid and interest paid on a loan, but some institutions only send a single transaction for the total amount paid. If your institution sends a single transaction for principal + interest paid, you can split the transaction. Click on the transaction to open the detail view, and click on + Split This Transaction at the bottom. Use the Fees and Charges category to track your interest paid. You can add a custom subcategory for all your loan payments if you wish. You will need to obtain the amount spent on interest vs. principal from your financial institution. Note: The debt account balance will always be accurate, as the institution sends us the remaining balance regardless of how the transaction is displayed.

8 Q: How do I use the spending wheel? A: The Spending Wheel displays your spending across all categories for the time period selected. Use the date range selector to specify what date ranges you would like to view. You can click on a category from the list, or in the wheel, to view your subcategory spending. Then click the center of the wheel or from the list to view the specific transactions in the selected subcategory. Note: Your transactions must be categorized for the Spending Wheel to show actual spending. If your spending in a given category looks wrong, review your transactions for inaccuracies. Q: How do I use budgets? A: Budgets can help you track and control your spending in select budget categories. You can use budgets to track all of your regular household expenses, or just specific categories that you want to monitor more closely. Budgets are useful for setting and working towards financial goals, or simply being more aware of your spending habits. Q: I m missing a category from my Spending Wheel or Budgets. I know I have transactions in this category, but it s not appearing. How do I fix this? A: Review your transactions to make sure they are categorized correctly. A missing category is caused by a large income transaction that has been categorized inappropriately. Q: Is my financial data secure? A: Absolutely. We use industry leading encryption technology and security protocols to make sure your private information is always secure. The PFM provider places your privacy and security as its highest priority. The PFM applications are as secure as your online banking. Q: How will I be contacted when I submit a support request? A: You will be contacted through the address listed in your Profile. Q: How long will the transactions remain in the PFM tool? How much history will the consumer be able to see with internal accounts and external accounts? A: When accounts are initially added to a PFM account, an initial request of 90 days of history will be made. After the initial account setup, PFM will pull new transactions from the last 30 days, so you must sign in at least once every 30 days to avoid creating a gap in your data. When the consumer accesses the account each day the account will be updated with the recent transactions for the account. Currently there is no limit to archival history.

9 Q: What type of reporting and/or download capabilities is available within the Personal Financial Manager? A: There is a CSV Export feature within the transaction view that allows you to export your transactions and their details as a CSV formatted file. Q: Will the Personal Financial Manager tool be accessible from a mobile device? A: Mobile access to view the application is available with iphone, ipad and Android today through the use of the Money Mobile app. Q: How will the consumer be able to access the smart phone application? A: From the App Store. The end user will need to follow the below steps in order to activate their mobile device: 1. Click "Generate Access Code" inside the PFM application within Online Banking by accessing Settings from the top navigation bar and then clicking on the Mobile Devices tab. 2. Write down or copy the code that was generated. This code will only be active for 10 minutes. 3. Download the Money Mobile app from the App Store for iphone and ipad or Google Play for Android users 4. Login using the access code that was generated. If the end user has multiple devices, each device will need its own "Access Code" generated and paired with their Money Mobile account. Q: Will that application be branded for the financial institution? A: No, it will be a generic Money Mobile application on the App Store. Q: What devices are supported with the Mobile application? A: Currently the iphone, ipad and Android are available. Q: Why can t I see the Mobile Devices tab? A: Please check your browser settings to ensure that all 3rd party cookies are allowed.