Personal Financial Management

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Have you ever sat back to paint your financial picture and realized you didn’t know where to begin? Personal Financial Management (PFM), a user-friendly and intuitive online banking feature, lets you see and understand your money by painting your full financial picture for you.  By safely and securely linking your accounts from other financial institutions, you can leverage PFM’s spending and budgeting tools to show you how you spend, save and live today, so that you can make decisions that are right for your financial future.


 

Overview

Getting Started

Our online banking now offers intuitive budgeting and spending tools to help you stay on top of your finances.

    • See your transactions automatically categorized and graphically displayed in the account summary page.
    • Create and manage budgets based on your spending habits.
    • Add assets and liabilities (e.g. car, home, or even money under the mattress) so you can see a more complete picture of your finances.
    • View your spending and budgets using mobile web and mobile app.

    Note: The video below is our full tutorial video. To learn more about each feature, click on each of the tabs to watch shorter videos.

         

        What does my new Online Banking look like? Expand/Collapse

        Now that our personal financial management feature has been introduced, your home page for online banking now looks similar to this.


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        Spending

        See your spending

        It’s easier to plan when you can see a snapshot of how and where you spend your money. All your transactions are automatically categorized and displayed in easy to understand charts and graphs, updated daily. Assign and re-assign transactions to different categories. Personalize your categories so they make sense to you. It’s easy to do.

         

        Spending at a glance Expand/Collapse

        For a bird’s eye view of your spending, you can choose to view Spending by Category to see the categories where you’ve spent the most. Choose Spending Over Time to see how much you’ve spent in each category over a specified period of time.

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        Budgets

        Better Budgeting

        Budgets help you manage your money better, especially when they reflect your actual spending. A default budget has already been set up. But personalizing it is easy. It could be restaurants: $250/month or coffee: $50/month.

         

        Achieve your financial goals with budgets Expand/Collapse

        From the left column under the My Accounts shortcut, you can click the Manage Budgets shortcut to display the Manage Budgets. At the top of the page under Manage Budgets, the page displays the amounts budgeted spent during the current month. The table below the current month’s spending shows the following budget information:

        • The amount spent for each category or subcategory under Spending
        • The budget for each category or subcategory under Budget
        • The percentage of budget spent under % Spent

        PFM will automatically generate default budgets for each category and subcategory, based on the last five months of spending the across all linked accounts. However, you can replace these budgets for each category by clicking Set a Budget above the table or a category/subcategory within the row.

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        Categorization

        Keeping it simple

        To make things easy, we have done our best to categorize all your transactions for you automatically. If you want to customize these categories, or change the category for a particular transaction, you can do so. You can also apply modifications exclusively to future transactions, or for both future and past transactions.

         

        How do I change my transaction's category? Expand/Collapse

        We have done our best to categorize your transactions, however, if you have a category that is not correct it is simple to select a new category.

        1. Click on the description of the transaction you want to categorize.
        2. From here you can change the description of your transaction as well as change the category.
        3. Once you have selected the new category, click save and you are done.

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        Note: If you want the transaction to be categorized the same way in the future, you can create a rule. Managing categories and rules can be found on the right hand side of your account activity page.

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        Link Accounts

        Get a complete picture of your finances.

        View everything in one place by linking your accounts:

        • held at service partners such as CUETS or Credential
        • held at other financial institutions

        Transactions and account activity from linked accounts become visible in your online banking at Conexus Credit Union, allowing your expenses from these sources to be included in your budgets and spending analysis.

         

        How do I link my Conexus MasterCard®? Expand/Collapse

        In order to link your Conexus CUETS MasterCard® you must have your own userid and password issued through www.choicerewards.ca. You cannot use your spouses / coapplicant userid and password as Online Banking associates the account linking with each cardholder’s unique 16 digit card number.

        • Locate Partner Accounts on the My Accounts page.
        • Click on "Link a partner account"

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        • Click on "CHOICE REWARDS MasterCard" under the Link a Credit Card

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        • Click on "Link an account here"
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        • Read “Terms and Conditions” and click on “I Agree” to accept the terms and conditions
        • Enter “Username” for www.cucardsonline.com
        • Click on “Sign In”
        • Enter “Password”
        • Account linking congratulations message will appear if the MasterCard account successfully links. Follow the directions in the message to view the credit card information and close this window
          • logout of your online banking
          • log back in to your online banking

        How do I link my external accounts? Expand/Collapse

        To link most of your external accounts you will need to provide additional information (e.g. account number, valid userid and password to the applicable online account, etc.).

        • Locate "External Accounts" on the My Accounts page.

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        • Click on "Link an external account"
        • Read and accept the terms and conditions
        • You will be able to search for another financial institute, credit card, rewards, etc by typing in the name or entering the URL.

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        View the FAQs for more information.

        Tips & Tricks

        Complete your picture

        Here are some other features of PFM that can help you with completing your financial picture.

        Do you have multiple accounts? Expand/Collapse

        You can set up a group to see your spending at a glance. Combine all your primary accounts, so you can view what you want to see.

         

        • Click on the "Manage Groups" link in the left hand navigation
        • Click on "Create a new group"
        • Chose a name for your group
        • Select the accounts you want in your group
        • Click "Create a group"

        Do you have other assets and liabilities? Expand/Collapse

        Add assets and liabilities (e.g. car, home, or even money under the mattress) so you can see a more complete picture of your finances.

         

        • Locate "Assets and Liabilities" on the My Accounts page
        • Click on "Add value of house, vehicle or cash"
        • Read and accept the terms and conditions
        • Add your additional assets and liabilities

        Can I see my budgets and spending in the mobile app? Expand/Collapse

        You will be able to stay up to date with your spending and check on your budgets on the go using the Conexus Mobile App or mobile web.

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        FAQs

        Frequently Asked Questions

        What is Personal Financial Management (PFM)?
        Personal Financial Management (PFM) will enable you to see all your accounts and financial information in one place and provides budgeting and spending tools to help you keep track of your finances.

        You will be able to:

        • See your transactions automatically categorized and graphically displayed
        • Change and/or exclude transaction categorization from your spending analysis
        • Create and manage budgets based on your spending habits
        • Link accounts at other financial institutions and have the account information displayed within Online Banking

        What if I don't want to use the PFM feature?
        You can minimize the view of the spending and budgeting features, which makes the format look similar to what you have used in the past. When you use the same device to log in to your online banking, your preference of hiding the new interface will be remembered.

        What information is shared with the PFM Service Provider?
        Transaction activity (debits and credits only) will be shared. No personal information will be shared. This data allows the PFM tool to provide analytics that will help the member with their savings goals, budgeting, etc.

        What is account aggregation?
        You will be able to link your banking information from other participating financial institutions across Canada and the United States. This will allow you to have a full picture of all of your finances.

        Is my personal and banking information safe and secure if I aggregate financial data from my other institutions?

        Yes, our service providers are compliant with Canadian privacy laws and they apply the most current security and industry best practices when it comes to securing member data.

        How is this different from Mint.com and other online personal financial management tools?

        Mint.com is a third party software provider that allows customers to aggregate their banking information. It does not allow users to perform any online banking activities, such as pay bills or transfer money. PFM is fully integrated with our Online Banking platform.

        Why don’t I see six months of history? 
        You are either a new Online Banking user or you have a switched your account to a different account.

        Are my past transactions already categorized?
        Yes. In most cases, we've been able to automatically categorize your transactions for the past six months, and we've created a default budget based on those transactions. That way, you can start tracking your spending right away. You can also change the names of those categories and create sub-categories to suit your needs.

        Why are my transactions not categorized?

        Transactions take a day to be categorized. The data for transactions are updated overnight. Transactions made today will be categorized tomorrow.

        What happens if I change my account to a different product, will I still see my transactions from that account?
        If you change your account to a different product, you will no longer see those transactions in your account activity. If you still need to see those transactions, review your e-Statements.

        I have linked my external accounts, but when I log into Online Banking I see an Account Error. Why do I have re-verify my external account?
        If your FI or credit card company has increased authentication questions, you will be required to re-verify your external account until all of the questions have been answered.  The aggregation tool requires to log into your external account to access and update your account transactions. Once you have answered all of the security questions, the account error will stop appearing. If you change your security questions, you will need to do the process over again.

        Can I split my transactions into different categories?
        In the future, there will be some enhancements that include the ability to split transaction into multiple categories.

        Can I use my mobile app to access PFM?
        Basic spending analysis is available in mobile and allows users to easily see their spending by category