Back in 2016 BoA apparently decided they would not let customers sign up for their direct connect service, if you already were signed up it seems it has continued to work, and Moneydance can work with it.
At the moment Direct Connect is the only open freely usable standard available for the automatic downloading of transactions, Web Connect, the other commonly used method, is proprietary and owned by Quicken.
Moneydance can easily import downloaded transactions files in the most commonly used formats so this options is still available.
First, thank you. I have seen that which you reference. However, it still
leaves a lot of unanswered questions such as how do I *actually* get MD to
work with my BoA accounts?
For instance, will I have to do some complicated or tedious manual thing
each time I want to update? I would like to have MD update frequently so I
can always see a current snapshot of my financial situation. Can MD do
this? I think Mint and Personal Finance are good products but they don't
let you enter transactions older than 90 days which is one of the main
things I want this software to do.
Per David Hanley's post, in order for you to be able to use direct-connect to connect with B of A using Moneydance you have to have been 'grandfathered in' at B of A.
Q. Were you grandfathered in? Did you use direct-connect to connect to B of A using some other program before using Moneydance?
Your answer of these questions will determine if you can use direct-connect with Moneydance or if you need to manually download your data from B of A and import it into Moneydance. The latter is more involved but not extremely complicated or difficult to set up.
David Hanley has already explained in his post how to enter the requisite data to see if you can use direct-connect.
I called B of A and spoke to a person for 3rd party software. He actually
said to contact MD's customer support because B of A doesn't have any info
or knowledge base on MD unless they provide it to them. Therefore they are
"at a loss".
I'm still just having such a hard time understanding how Money Dance
doesn't have a viable solution for interacting with the 2nd largest bank in
the United States. It just blows my mind. There must be many other MD users
having a similar issue.
2 Questions regarding MD's capabilities: 1, can MD import historical
transactions, for instance B o A has online statements available for
download going back 18 months, and 2, does MD work like many of it's
competitors with being able to connect with respective banks and have
real-time updates? For instance, when one is out and about is a scenario
when it would be most beneficial, especially when using the mobile app.
Unfortunately, while I have done a lot of reading, learning and trying to
understand if MD will work for me, given I only have B o A accounts it's
been only vague at best, with still no real experience as I can't figure
out how to integrate or import any data transactions.
Finally one more thing, from Mint's website, regarding B of A integration,
they have the following:
What’s new about Mint’s connection to my bank?
The short answer is, it’s faster and more reliable, which means fewer sync
errors for you.
The long answer is, Mint now signs in to select banks using OAuth (open
standard for authentication) to more easily access your financial accounts.
If you’ve ever signed in to an app using your Google or Facebook account,
you’ve used OAuth before. It means that you no longer have to give us your
bank username and password. Instead, you tell your bank, “Hey, I want Mint
to access my account!” They send us a special key (called a token) that we
use to access your account. After that, we can still securely access your
account even if you change your password.
So, would OAuth be a viable option for MD?
For financial software to be able to automatically download transactions from your bank, the bank has to have suitable infrastructure, for example you could not use your browser to do Internet Banking if the bank did not provide the web site providing such services.
Moneydance supports the Open Financial Exchange system to download transactions. This is an open standard available to all financial institutions and software vendors. Your bank has decided to stop supporting this system for new customers.
The should be calling the remaining system Quicken Web Connect however as that system is proprietary to Quicken, in other words Moneydance cannot make use of it.
OAuth makes no difference, it is about the method used to authorize access not about the underlying method used to access and transfer data.
BoA are basically saying you want to use automatic downloads then you have to use Quicken. My response to this is what relationship do they have with Quicken, is Quicken providing financial or other incentives for you to only support the use of their software.
The only other alternative is to download transactions files and import these into Moneydance, Moneydance support the major formats used.