As of Monday, November 30, some online banking features will no longer be available. These features when bundled together are called Personal Financial Management, or “PFM”, and allow members to track and manage their spending. Our online banking provider recently decided to stop supporting PFM. Removing PFM will change how the main account summary page looks when you log into online banking for all members, regardless of whether or not you use PFM. This includes the following:
Spending Analysis shows your Category and Spent Budget % in a pie chart or table. You will no longer be able to see these charts or categorize your expenses.
Spending & Trends:
You will no longer be able to see your overall spending and how much you’ve spent on specific categories over selected time frames.
Default budgets (for each category) will no longer be created automatically. You will no longer be able to set a budget, or view your budget tracker spending limits (shown as red, yellow, and green bars).
Linking External Accounts:
External Accounts are your accounts at other financial institutions that can be linked to your online banking at Kindred Credit Union. Any External Accounts you currently have linked will no longer be visible, and you will no longer be able to link additional External Accounts. (Links to partner accounts, including Qtrade Advisor, Qtrade Investor, and Qtrade Asset Management, will remain linked in online banking however partner accounts will not remain linked in the mobile app or mobile web.)
This decision was not made lightly, and we apologize for any inconvenience these changes may cause!
Our online banking provider is developing budgeting and other financial management functionality for online banking which Kindred hopes to make available to our members on our Kindred Mobile App and in online banking in the future. Stay tuned as we continue to develop new digital solutions, making it easier to bank with Kindred, wherever you’re at.
Questions and Answers
Q1: What will happen to my favorite features? Will my accounts still be linked?
Functionality such as linking to external accounts with other financial institutions, assets and liabilities, categorizing transactions, spending and trends analysis, and budgeting will no longer be available. Links to partner accounts, including Qtrade Advisor, Qtrade Investor, and Qtrade Asset Management, will remain linked in online banking when PFM is decommissioned (see Q3).
Unfortunately, links to partner accounts, including Qtrade Advisor, Qtrade Investor, and Qtrade Asset Management, will not remain linked in the mobile app or mobile web.
Q2: Do I have to do anything with my account?
A2: No, you will not have to make any changes to your existing online banking or mobile app. However, if you are planning to start using a different personal financial management tool outside of [us], then we recommend recording which accounts, assets, and liabilities you have included before this information is removed on November 30.
Q3: Will the link to Aviso accounts (Qtrade Advisor, Qtrade Investor, and Qtrade Asset Management) in online banking be removed as part of the removal of PFM?
A3: No, if you have set up a partner account link to Qtrade Advisor, Qtrade Investor, or Qtrade Asset Management*, this will remain in place in online banking. Unfortunately, links to partner accounts will not remain linked in the mobile app or mobile web.
* this appears in the Partner Accounts section of the online banking summary you see once logged in.