Quicken Community is moving to Single Sign On! Starting 1/22/21, you'll sign in to the community with your Quicken ID. For more information: http://bit.ly/CommunitySSO

Quicken download from bank for recurring payments

Recently I created an auto pay at my bank to execute on the 28th of each month beginning on February 28th. On my update download from the 24th, I received a transaction (my band said was a pending transaction) for 2/28. A little early but ok. The next day when I updated I received the transaction for March 28th. This causes problems for me since both transactions were place in my check book which shows these two payments which affects my balance. My bank indicated to me that somehow Quicken is downloading scheduled transaction, not the actual transaction. In a perfect world I should not receive this transaction until the bank actually credits my account. Now, for February, the bank credited my checking account on the 24th which is the day they mail the payment. This is acceptable. But, I do not understand why Quicken downloaded the scheduled payment for the next month at the same time.

What makes things more confusing is that I have bill reminder set up for these recurring transactions as well. I suppose that, now, I should ignore my bill reminders for the subsequent month since the transaction is now posted to my checking account.

Comments

  • JustMeHere
    JustMeHere Member ✭✭✭✭
    Are you set up for paying bills through Quicken (either Direct Connect to your financial institution or Quicken Bill Pay)?

    If not then is a perfect example of why the financial institution isn't suppose to send pending transactions to Quicken.  Quicken has no system to deal with pending transactions.   As there isn't anything that would allow it to remove that pending transaction if it didn't go through, and also Quicken depends on each transaction having the same unique Id.  Clearly these two "duplicate transactions" are getting a different unique Id and as such Quicken doesn't consider them the same one.

    If you turn on the Downloaded ID column in the register you can see the unique Ids assigned to the two transactions.
    Using Quicken Subscription Premier (and have a copy of Starter to test things on)
  • TomM
    TomM Member ✭✭
    Yes, I am set up direct connect. I don't use Quicken Bill Pay because somehow only this portion of Quicken does no longer recognize my bank ID and password. So, I log on directly to the bank and make those payments.

    I suppose that I can deal with the issue I wrote about. I cancelled the recurring payments at the bank and will manually pay them each month. I'll wait to see what happens.

    But, now I am getting the attached messages when I want to exit Quicken. If I click "Remove Instructions", I get the next screen. I click "No". It says in the first screen that if I continue, that Quicken will remove the transaction from the send list. Yet, that does not happen. I continue to get this message every time I exit. If I click "Yes" to send then I get the third screen and I have no idea what to do with that. No canceled or unusual transactions appear on this screen. Only processed screens.
This discussion has been closed.