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What banks DO support direct connect for free?

Doris's Avatar

Doris

14 Sep, 2010 02:07 PM

I do not want to go back to Quicken. What national banks out there DO support free direct connect? I want the program to be able to automatically download my transactions. Too many operator errors (me) are occurring for me with double transaction downloads. Especially when some transactions take so long to clear and I have to go back and manually download stuff for the last three weeks to pick up a few slow-clearing transactions. I don't suppose there is a way to download only newly cleared transactions? I am tired of Chase and actually willing to switch banks over this. Doris

  1. 2 Posted by -Kevin N. on 14 Sep, 2010 03:27 PM

    -Kevin N.'s Avatar

    Hi Doris,
    The financial institutions that are supported by Moneydance are listed here:
    http://moneydance.com/fi
    In today's banking environment, I think it would be impossible to maitain an accurate record of whether or not these institutions continue to offer free direct connect.
    Some FI's along with direct connect offer web connect which often allow the user to select a specific date range to limit the amount of data retreived.
    Your best bet is to check the websites of the National banks that are in your area to see what they offer. (and for how much $)
    HTH -Kevin N.

  2. 3 Posted by Doris on 14 Sep, 2010 03:40 PM

    Doris's Avatar

    Thanks, Kevin. From the looking I have done, it looks like "free" doesn't happen unless you are a Quicken user or go with a smaller, local bank that offers it. Once again, it's the Chase/Quicken versus Moneydance scenario. Maybe one day banks will quit charging outlandish fees to retrieve our own information easily. Have a great day!

  3. 4 Posted by -Kevin N. on 14 Sep, 2010 03:53 PM

    -Kevin N.'s Avatar

    Hi Doris,
    Moneydance and Quicken use the same protocols to download data from FI's.
    If a bank that you're interested in supports Quicken then Moneydance shold also be supported.
    Most FI's have not yet heard of Moneydance and if you inquire about it they will most likely tell you that they don't provide direct connect support for Moneydance. It's best to tell them you're using Quicken.
    Some FI's will waive the monthly fee for direct connect if a certain minimum balance is maintained.
    HTH -Kevin N.

  4. Support Staff 5 Posted by Angie Rauscher on 14 Sep, 2010 06:05 PM

    Angie Rauscher's Avatar

    Doris,

    Kevin is correct in his answers. Some banks will also waive the direct connection fee if you hold a premium account, or if your mortgage is help by this (this is sometimes the case for Bank of America). Please so let us know if you find a bank which meets these criteria, and I and many other Moneydance users would be excited to know about it.

    Thanks for using Moneydance, and do let me know if I can be of further assistance,

    Angie Rauscher
    Moneydance Support

  5. 6 Posted by Doris on 14 Sep, 2010 06:36 PM

    Doris's Avatar

    Kevin, I cannot download for free from Chase. I even tried the "I am using Quicken" line. Angie tells me on this thread that I have to pay:

    http://help.infinitekind.com/discussions/financial-institution-dire...

    I guess I will call and ask what I need to have the fee waived. I am now torn between the Quicken route and MD.

    Thanks,
    Doris

  6. Support Staff 7 Posted by Angie Rauscher on 14 Sep, 2010 06:57 PM

    Angie Rauscher's Avatar

    Doris,

    One additional piece of the puzzle is that the account downloading which Quicken permits for free is not actually a direct OFX connection. Quicken and MS Money support two methods of accessing your accounts: direct connect and web connect. With web connect, they basically connect to your bank's website and download and import OFX, QFX, QIF, and OFC files. Direct connect actually connects to a server at your bank instead of their website and usually requires different login credentials than you would use to log into your banks website. Moneydance only supports automatic connections through direct connect and not web connect.

    We are looking into the possibility of offering web connect but its all a bit of a daunting process, especially determining a method that meets our high standards of quality and security. We have a tentative plan and rough timeline, and hope to be able to implement this service in the next year or so. We will keep the Moneydance community updated about new developments in web connect for Moneydance.

    One piece which might be helpful for you to know is that when downloading and importing files from Chase's website it is FAR better to do the download OFX format files (as opposed to QIF or other file formats), as it will help you to avoid some of the transaction duplicate issues due to the superior format of the file.

    I hope you will still consider using Moneydance, and I can also understand if the prospect of manual downloads or paying for a direct connection through Moneydance make the alternative a better choice for you. Good luck in choosing the program which will best meet your needs!

    Angie Rauscher
    Moneydance Support

  7. 8 Posted by Doris on 14 Sep, 2010 07:05 PM

    Doris's Avatar

    Thanks for the explanation, Angie. I tried OFX in the beginning and it didn't work for me for some reason. I will try it again. I can't right now because Chase Onine is down, lol. I will let you know how it works. It's those blasted duplicates that are making life difficult. I also cannot figure out how to do manual merges. I can't find anything in the documentation. Thanks for all the help.

    Doris

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