Online Financial Management FAQ
Online Financial Management (OFM) FAQ
- OFM allows Online Banking users to view and maintain their financial information for First Bank & Trust accounts as well as any external financial accounts in one easy and convenient location. OFM allows you to track spending behaviors, categorize expenses, set financial goals and create budgets. OFM can give you a total financial picture to better understand your financial activity.
OFM allows you to:
- Track accounts and categorize transactions
- Retain and review account information, transaction activity, budgets and goal history
- Assist in building net worth by tracking progress toward a budget or goal
- Monitor activity through alerts
- OFM allows you to:
- Log in to Online Banking and choose the OFM tab. You will then be guided step-by-step through a set-up process. You will also be asked to agree to an online agreement.
- No, there is no fee to utilize OFM.
- Your First Bank & Trust accounts tied to your Online Banking ID will automatically display. You will not be able to delete any of your First Bank & Trust accounts from view.
You can choose to aggregate in external accounts tied to other financial institutions or companies (e.g., credit cards, investment accounts, other bank accounts). The only stipulation is that those external accounts must be accessible through a website with login credentials.
External accounts not accessible through a website can be manually loaded and updated.
- Yes, you can delete external accounts from view within OFM at any time.
- If you choose to aggregate in an external account, First Bank & Trust will be able to see the account name you assigned, the type of account, the institution and the last date the account was updated in OFM. First Bank & Trust will not be able to see specific information about your account, such as account balance, interest rates or payment amounts. However, we may use this information in the aggregate in order to direct delivery of marketing materials.
The OFM budget feature allows you to:
- Compare monthly expenses to budget amount.
- View transactions by category.
- View income and expenses by category.
- View spending/cash flow summary.
- Create and update a budget.
To fully establish and monitor an effective budget, you may want to upload your external financial accounts, which are outside of First Bank & Trust. This will allow you to see a total financial picture and more accurately establish a budget.
- The OFM budget feature allows you to:
- A budget allows you to monitor income and expenses, while a financial goal is a monetary amount you want to achieve by a certain date, such as saving money for a vacation.
- Yes, OFM allows you to set up alerts for your First Bank & Trust accounts within OFM as well as your external accounts loaded into OFM. Alerts are messages you create to notify you of an event. Notifications are delivered within OFM and can also be delivered to your email.
Please note: OFM alerts are separate from Online Banking alerts.
- Budget Threshold: when an amount or percentage approaches or exceeds either the whole budget or a selected budgetary item.
- Account Threshold: when an account balance is under or over a certain amount.
- Account Credit/Deposit: when a deposit or credit transaction is made to a designated account.
- Account Update Reminder: a periodic reminder to update an account.
- Transaction Merchant: when any transaction is made at a designated merchant.
- Transaction Amount: when a transaction for a designated account exceeds a defined amount.
To disable an OFM alert, go to the Alerts option and click the red ‘x’ next to the alert you wish to disable.
- If these FAQs haven't helped to answer all your questions, please review the OFM User's Guide. Or, if you are already enrolled with OFM, you can access Online Help by selecting the Help menu item within OFM. Help will open in a separate window and will default to the Help Home page where you can select a topic.
- Please see the OFM User's Guide for details about the specific functions and features of OFM as well as how to get started.