How do I do a transfer?

Don Awalt

HI I am hoping you can help me - on the Windows version of Quicken I regularly moved money between two bank accounts at the bank I have bill pay with. I went to Online Center, hit the transfer tab, filled in the info and did an update now.

I read the Help, but it did not seem to work - I added a transaction in my savings register to transfer to checking, I got a little lost when the Help said press the Send Now button, I don't see that. I hit the circle to update accounts, but from what I can tell this did not send an instruction to my bank, as on the Windows side it shows up right away in my online transactions as seen from logging in thru my browser. What am I doing wrong, to just do an ad-hoc transfer? Thanks!

RickO

Long way:

1. Start a new transaction
2. Click the Edit Details blue button
3. Click the Online Payment tab
4. Click the Online Payment checkbox (don't ask me why that's necessary)
5. Click the Transfer button under the calendar
6. Enter the Transfer To account
7. Enter the amount
8. Click Pay Now

Short way:

1. Make sure the Transfer and Check Number columns are in view (menu View > Columns)
2. Start a new transaction in Savings account (source account)
3. Enter "Transfer" in the Check Number column
4. Enter the amount as a negative number
5. Enter the destination account (Checking) in the Transfer column
6. Save the transaction; it will be sent on the next update

 For both methods, the other columns (eg. Payee, Memo, etc) can be whatever you want.

Snowman

I believe you can only initiate a transfer in the way that you have described on the banks website.  I do this all the time moving money from checking to savings and back again.  I sign on to the bank's website, create the transfer and log out.  The next time I do a one step update Quicken downloads the transfer and enters it into Quicken.  In order for this to work you have to have the bank account(s) in question set for online access in Quicken.  NOTE:  all of my bank connections are direct connect.

Don Awalt

Thanks @Snowman, my accounts are Direct Connect as well. And I understand that will work, do a transaction online and then the transaction will download. But the Mac help says you can so a transfer with a bank set up to do Bill Pay, which mine is - and this is what I do on the Windows side. 

If you search Quicken Help in the Mac version, typing 'transfer', you see this, which I had trouble following near the end with 'Send Now', etc.:

You can use your Quicken accounts (checking and savings) that are enabled for Bank Bill Pay to transfer funds to other accounts from the same financial institution -- all from within your Quicken register.

Many financial institutions that support Bank Bill Pay also support intra-bank fund transfer. For example, you can transfer funds from a checking account to a savings or a credit card account. However, you cannot transfer funds from a credit card account to a checking or a savings account.

To initiate intra-bank fund transfer: etc. etc...

Don Awalt

If you go to settings, you can see if you are allowed to do intra-bank fund transfer, which I am - there is a setting just above Direct Connect status for it. Can anyone help with how this works?

RickO

Long way:

1. Start a new transaction
2. Click the Edit Details blue button
3. Click the Online Payment tab
4. Click the Online Payment checkbox (don't ask me why that's necessary)
5. Click the Transfer button under the calendar
6. Enter the Transfer To account
7. Enter the amount
8. Click Pay Now

Short way:

1. Make sure the Transfer and Check Number columns are in view (menu View > Columns)
2. Start a new transaction in Savings account (source account)
3. Enter "Transfer" in the Check Number column
4. Enter the amount as a negative number
5. Enter the destination account (Checking) in the Transfer column
6. Save the transaction; it will be sent on the next update

 For both methods, the other columns (eg. Payee, Memo, etc) can be whatever you want.

Don Awalt

Thank you @RickO!!!