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BOA Downloaded Transfer transactions are going into a 'closed' account

I have several Bank of America checking accounts and I use the Direct Connect method. A few accounts are closed. Most times a transfer from savings to checking that is downloaded has the category (transfer to account) as a closed account. I noticed the Downloaded payee name seems to be truncated.
Online it has
"Online Banking transfer to CHK 1928"
Quicken has
"Online Banking transfer to CHK 1" as the Downloaded payee and
"Online Banking transfer from C" as the renamed payee.
I'm wondering if there is some rule somewhere that the online payee is the closed account. I'm not sure if fixing it will help if Quicken does not download the full payee name since the last 4 numbers are the account identifier.

Best Answer

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    Accepted Answer
    I would never rely on Quicken to guess the offsetting Account for a transfer, it's simply not that intelligent.  The bullet-proof way to get a transfer properly recorded in your file is to manually enter the transfer in the file when you initiate the transfer.  That way the downloaded information coming from the account from which the payment was made will most likely find the correct entry and the download coming from the account to which the payment was directed will find the correct entry.
    Unfortunately "Closed" Accounts in Quicken can still accept transactions.
    You might also comb through your Memorized Payee List to see if Quicken is getting its erroneous information as to the offset Account in there, and delete those entries.

Answers

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    Accepted Answer
    I would never rely on Quicken to guess the offsetting Account for a transfer, it's simply not that intelligent.  The bullet-proof way to get a transfer properly recorded in your file is to manually enter the transfer in the file when you initiate the transfer.  That way the downloaded information coming from the account from which the payment was made will most likely find the correct entry and the download coming from the account to which the payment was directed will find the correct entry.
    Unfortunately "Closed" Accounts in Quicken can still accept transactions.
    You might also comb through your Memorized Payee List to see if Quicken is getting its erroneous information as to the offset Account in there, and delete those entries.
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