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"No loan accounts were found at Keesler Federal Credit Union"

Keesler Federal Credit Union (KFCU) has updated their website a couple of times over the last year. It hasn't gone well each time. Now, when trying to add an auto loan "debt" account in Quicken, Quicken returns the error no loan accounts were found using that username (bank login username and password). Quicken did find my savings account and the auto loan account when adding a banking account but it classifies the auto loan account as a "line of credit". The line of credit type cannot be changed. Of course, KFCU blames in on Quicken and Quicken blames it on KFCU. Any help would be appreciated.

Comments

  • UKRUKR SuperUser ✭✭✭✭✭

    For whatever it's worth ... I would not bother attempting to activate any loan or mortgage account for downloading.  (Not discussing LOC or HELOC accounts here)

    An online-connected loan or mortgage account does NOT have a transaction register. All data shown in the account come from whatever information the bank downloads to you ... if this process works at all.

    As a result of being connected, the scheduled payment transaction reminder cannot transfer the amount of principal paid into the (non existent) account register and must use a category, usually something like Loan:Principal, instead.

    • Effective with Quicken Windows 2018+
      you can deactivate an online-connected loan account and regain full control over your transaction register.  However, you should still review the Scheduled Reminder (or Memorized Payee List entry) associated with the monthly loan payments to ensure they now transfer Principal to the loan account register and not a Category.
    • Users of Quicken 2017 and older:
      If you want to have full control over both the loan account register and the payment transactions you need to set up your loan account as a "manual loan account" and use the Scheduled Reminder created by the setup process to record your payment transaction on or before the due date.
      If you have already established a connected loan account and are having problems with it please take a look at this:
      How to convert back to a manual loan
      https://community.quicken.com/discussion/7164936/faq-how-do-i-convert-a-loan-account-that-automatically-downloads-transactions-to-a-manual-entry-sc

     

    Since you're attempting to set up a loan account, create a "manual" loan account that is not connected to the bank for downloading. When you start the Add Account process select the account type and on the next screen click the "manual loan account" text link at the bottom of the screen. Perform the loan setup as of the next payment due and set up to use a Scheduled Reminder for the monthly payment from your Checking account. It will correctly transfer the amount of principal (and optional additional principal) from Checking to your loan account register in Quicken.

    Does the monthly payment include "Escrow Withholdings" (taxes, insurance) withheld and paid for by the mortgage company? If so, before you begin to set up the loan, set up an "Escrow" account (as Asset type account), so that the Scheduled Reminder can include the escrow amount as transfer to the Escrow account register.

    Now all you have to worry about is to make the monthly payment on time. I recommend authorizing the mortgage company to withdraw payment plus escrow automatically from your checking account every month, on the Due Date.


  • jondrichjondrich Member
    Thank you for this detailed response. I agree with you in regards to the lack of an account register and the ability to alter the transactions. Maybe Quicken is hearing this and will fix this. A "manual" loan account is probably the best alternative. Although a "connected" account with downloads is an attractive feature in Quicken, it needs to work correctly and have user friendly attributes.
  • Chris_QPWChris_QPW Member ✭✭✭✭
    jondrich said:
    Maybe Quicken is hearing this and will fix this.

    It has been like this since the feature to download loan accounts came out years ago, it is highly unlikely they will ever change it, and it is also highly unlikely that your comment will get anywhere near the ears of the developer managers/developers (I doubt that the moderators scan all the comments looking for ones like this and pass them on.).

    BTW for what is worth they did have reasons for doing it this way.
    When it was first suggested that loan accounts should allow for downloading of transactions I'm sure most people thought they would work like all the other accounts as in downloading the net amount and using the existing loan wizard to fill in the details of the loan transaction.

    But Intuit (yes it is that old this was put in when Intuit it owned Quicken) saw it as an opportunity to kill two birds with one stone.  People were constantly complaining that the loan wizard didn't handle this or that kind of loans.  For instance the one where they are compounded daily and Quicken can't know what day you credited to pay on.  Or some of the other crazy schedules that the loan companies come out with.

    Instead of trying to change the loan wizard to address those complaints they came up with the idea that "the loan company can provide the details and Quicken should just believe what they send". As such by downloading the details Quicken doesn't manage the details of the loan transaction it comes from the financial institution. But that also means that Quicken has to "believe" the financial institution, and as such they felt that if they let the user change anything they would just cause more problems.
    (I'm using the latest Quicken subscription version)
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