Bank of America Solution

matt eastman's Avatar

matt eastman

02 Oct, 2018 09:15 PM

Hi Bank of America is the only accounts I have that I want to use Money Dance for. I've spent a good amount of time researching and getting MD set up and figured out and now I learn that it won't support BoA? That is horrible as they are a huge institution and I'm sure you have many customers in the same boat. How can we make this work?

Thanks,
Matt

  1. 1 Posted by dwg on 02 Oct, 2018 09:32 PM

    dwg's Avatar

    I'm a fellow user.

    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.

  2. 2 Posted by Matt Eastman on 02 Oct, 2018 09:35 PM

    Matt Eastman's Avatar

    Hi, Thanks! So can I use Bank of America with Money Dance or not, and if
    so, how?

  3. 3 Posted by -Kevin N. on 02 Oct, 2018 09:48 PM

    -Kevin N.'s Avatar

    Hi Matt,

    Take a look at this post from Moneydance support staffer David Hanley...
    http://help.infinitekind.com/discussions/online-banking/3663-bank-o...

    -Kevin N. (not a member of MD support)

  4. 4 Posted by Matt Eastman on 10 Oct, 2018 06:39 PM

    Matt Eastman's Avatar

    Hi Kevin,

    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.

    Thanks again,
    Matt

  5. 5 Posted by -Kevin N. on 10 Oct, 2018 08:46 PM

    -Kevin N.'s Avatar

    Hi Matt,

    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.

    Give that a try first.

    If that doesn't work, then look to this Moneydance KB article explaining in detail, how to manually import your data from B of A.
    http://help.infinitekind.com/kb/online-banking-and-bill-pay/manual-...

    -Kevin N. (not a member of MD support)

  6. 6 Posted by dwg on 10 Oct, 2018 08:50 PM

    dwg's Avatar

    To carry on further from Kevin's advice

    The following article describes the standard setup

    http://help.infinitekind.com/kb/online-banking-and-bill-pay/direct-...

    substitute the advanced setup section in the other post.

    Setting a password - File --> Password from memory allows you to setup a Moneydance password which will also allow Moneydance to remember your online BoA username/password, see:

    http://help.infinitekind.com/kb/customizing-and-preferences/passwords

    The setup is an initial thing only, once done it is only necessary to visit it again if the bank changes something on their end, or you change passwords.

  7. 7 Posted by Matt Eastman on 11 Oct, 2018 12:47 AM

    Matt Eastman's Avatar

    Thanks for responding. I have seen all this information and unfortunately
    nothing new. What I need is to have my Bank of America accounts
    automatically update in Money Dance.

    It is hard for me to believe, shouldn't there be hundreds, thousands of
    Bank of America customers who are having similar issues?

    Thanks again,
    Matt

  8. 8 Posted by -Kevin N. on 11 Oct, 2018 01:20 AM

    -Kevin N.'s Avatar

    Hi Matt,

    The issue of Moneydance no longer being able to connect with B of A via direct-connect was created entirely by B of A.

    Perhaps you should take it up with them.

    -Kevin N. (not a member of MD support)

  9. 9 Posted by Matt Eastman on 11 Oct, 2018 07:51 PM

    Matt Eastman's Avatar

    Thanks, Kevin.

    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:

       1.

       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?

    Thank you very much in advance,
    Matt

  10. 10 Posted by dwg on 11 Oct, 2018 08:46 PM

    dwg's Avatar

    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.

    https://www.bankofamerica.com/onlinebanking/online-financial-manage...

    " Quicken DirectConnect is no longer supported for new users."

    To put it quite bluntly calling it Quicken DirectConnect is an outright lie. It is an open system that anyone can use:

    www.ofx.net

    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.

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