FinanceWorks is Pen Air’s personal financial management feature within Online Banking. It enables members to access robust online financial management tools that solve important every day financial tasks within Online Banking including: account aggregation, categorization of transactions, graphical spending analysis, budgetary goals, and email alerts, among other features.

FinanceWorks is accessed through Online Banking. Members can click on the ‘Go to FinanceWorks’ link within the Spending Chart widget or Outside Accounts widget on the Home page or access the FinanceWorks sub-navigational button. FinanceWorks will appear in the same frame as online banking, so there is no disruption in activity.

The member will see two FinanceWorks marketing widgets prior to first access to encourage adoption of the feature.

Yes. Pen Air can set a user’s FinanceWorks status as Ineligible. This will remove both widgets from appearing on the Home Page and the FinanceWorks link from appearing in the sub-navigation.

Upon first access to FinanceWorks, members will read and agree to the terms and conditions. Then, all accounts Pen Air will automatically be pulled forward on their behalf with current balances, up to 90 days of categorized transaction history, and suggested budgetary goals. From here, the member can add outside financial institution accounts, choosing from over 20,000 supported financial institutions, re-categorize transactions, edit and add budgetary goals, set up email notifications, etc.

FinanceWorks can aggregate accounts from more than 20,000 financial institutions throughout the United States.

FinanceWorks’ account aggregation capabilities are powered by Intuit’s Customer Central service, which also powers aggregation for Quicken, QuickBooks, and Mint.com.

Call a Pen Air representative at 850.505.3200 ext. 8450 to have the external financial institution added.

Members will input their login credentials for their outside financial institution in order to successfully aggregate the additional accounts. If applicable, the member must pass through multi-factor authentication in order to move forward in the process. All accounts associated with the login credentials supplied will appear; the member can then select which ones to aggregate, as well as nickname and select the account type for ease of use. Up to 90 days of transaction history will automatically be pulled forward for each account.

No. Members will only need to manually aggregate their outside financial institution accounts one time. From that point forward, the system will automatically refresh balance and transaction information nightly. Members can also choose to manually refresh all account information to see real-time data by clicking the Refresh button within the Accounts section of the FinanceWorks Overview screen.

Balance and transaction information is automatically refreshed nightly. Members can also choose to manually refresh all account information to see real-time data by clicking the Refresh button within the Accounts section of the FinanceWorks Overview screen. Availability and timeliness of data may be subject to the policies of the financial institution and host related to the account.

Yes. There are a pre-set number of personal and business categories included in FinanceWorks. However, to make a more relevant and personalized experience for members, additional categories can be added. Once a member adds a category, the member will be able to reference this category throughout the product in trends, transactions, and goals.

Yes. For example, if an end user goes to Target and spends $300, FinanceWorks automatically categorizes the transaction as Household, the end user can edit the transaction to note that $150 should be designated as Groceries, $100 as Clothing and $50 as Household in order to get more granular analysis of spending habits.

Yes. If a member categorizes a transaction as Business, then a new tab will appear within the FinanceWorks menu. This tab includes a breakdown of business income and spending, as well as a year-to-date Business Income/Expense Spending Report that can be used for tax purposes at the end of the year.

Yes. Members can edit the auto-categorized transactions and designate a new category. The system will prompt the end user with a question to determine if they wish to re-categorize all of the past transactions for that particular payee. If they select yes, then all past transactions will be re-categorized automatically. Because the transaction engine has a learning algorithm built into it, the system is intuitive enough to know that any future transactions for that payee should be categorized with the new designation based on the member’s preference, providing a more personalized and relevant experience.

Yes. A member can add a transaction that will be displayed in the Upcoming Transaction section of FinanceWorks and will be calculated in the Projected Balance. For example, if a member writes a check and wants it captured in FinanceWorks so it is reconciled when the check clears, they can manually enter the information if desired.

Recurring Bill Payment transactions will be identified and display in the Upcoming Transactions section of FinanceWorks. These are assumptions based on historical data so the amounts/dates may not reflect the exact current month’s payments. A member can edit/delete these transactions within the Upcoming Transactions to reflect in the Projected Balance if desired.

Check transactions will come into FinanceWorks as Uncategorized and the member will need to designate a category for each check cleared. The member can proactively choose to enter that check into FinanceWorks, where the check will display in the Upcoming Transactions section until it clears the core processor and is reconciled.

Initially, up to 90 days’ worth of transaction information will be pulled forward in FinanceWorks. Going forward, transaction history continues to build up as long as the member continues to aggregate. Members can then have access to their financial history for eighteen months or more, and much longer in some cases. This is very impactful for members as many financial institutions only allow three to six months to access historical account information via Online Banking before a member has to search their Online Statement records. FinanceWorks allows the member to view their history across all of their financial institution relationships, and can access this data easily directly through your Online Banking experience.

Yes. The Spending Chart by will display all categories across all financial institution accounts aggregated and the member can choose the time period for which he wants to view transactions. A member can click on any one of the pie pieces to drill down on their spending to view the associated transactions for a specific category and the total amount spent in that category. In addition, a member can adjust the date range for the Spending Chart or a specific category.

Upon initial access to FinanceWorks, the member will automatically be set up with three budgetary goals. The default budget for all members are set to $100 for Dining, Groceries and Entertainment. The member has the option to add/edit/delete budgetary goals within FinanceWorks to ensure that they reflect his/her individual goals.

As many goals as they desire; there is no limit.

If a member categorizes any debit or credit transaction as a business category, a new tab will appear in the FinanceWorks navigation labeled Business, where all business transactions will appear.

The Business tab displays pie charts for both Income and Expenses designated as business transactions by the member with a year-to-date income and expense total. This is beneficial for members, especially at tax time, as they can identify and capture personal vs. business income and expenses. The member then has an electronic register of their business income and expenses throughout the year and can refer to it at tax time instead of manually tracking this information by another means.

No. Updating an email address within Online Banking’s User Options tab will not update the email address for FinanceWorks’ alerts. In order to update an email address to which FinanceWorks alerts are sent, the member must click on the ‘Alerts & Options’ link from within FinanceWorks and edit the email address.

Email alerts include: Quick and Easy Weekly Highlights, Low Balance, Bill Reminders, Credit Card Spending, Budget Limits and Large Expenses & Deposits. These apply across all host and aggregated accounts.

No. Currently only email alerts are available through FinanceWorks.

No. FinanceWorks alerts are generated during nightly aggregation.

Throughout the year, Tax Watch automatically pulls forward all transactions categorized as Charitable Donations and Childcare/Daycare into a printable report that can be used at tax time instead of manually tracking these transactions. Other tax deductible items can also be found using the tool.

‘What’s Left’ link takes into account the designated primary account’s balance and subtracts any manually-entered transactions that have not yet cleared, along with any recurring bills, and gives an estimate of how much the end user can spend until their next paycheck. The chart is a visual representation of this information.

The Make Payments link provides direct access to Bill Payment from FinanceWorks.

Yes. Each page throughout FinanceWorks includes frequently asked questions specific to the functionality of the screen.

Members will call a Pen Air representative at 850.505.3200 ext. 8450 for any questions related to FinanceWorks.

 

Budgeting with FinanceWorks