Downloaded Bank Transactions Payee Names

Nancy Keith
Nancy Keith Member ✭✭
I'm experiencing issues related to my downloaded payment transactions emanating from TD Bank. The dates and amounts are correct, but instead of entering the biller's names, the download inserts names such as "Automatic Thank", or "Autopay Rautopay" instead. This then requires me to logon to my bank account to find out which Biller was paid. I am using One Step Update as opposed to downloading directly from the online bank site. I'm using Windows 10 and a desktop computer. Is this a Quicken problem as TD Bank asserts, or is it the Bank's issue?

Answers

  • Quicken_Tyka
    Quicken_Tyka Alumni mod
    Hello @Nancy Keith

    Thank you for taking the time to share the details of your experience and feedback with the Community, although I apologize that you have not yet received a response.

    We'll need a bit more information to be able to assist.

    Please take a moment to review the information available here and post back to let us know what version and release of Quicken you are using.

    Do you use renaming rules for these transactions?

    Last, please Choose the Tools menu in the upper left then select Account List. Click Edit next to your account, then choose the Online Services tab at the top and provide the connection type being used.

    The more information you can provide regarding this issue will help the Community to better understand and assist.

    Thank you,

    -Quicken Tyka

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  • Nancy Keith
    Nancy Keith Member ✭✭
    Quicken_Tyka:

    Quicken Build: 2020, R30.21, 27.1.30.21

    The renaming rules seem to be overridden each time, because the same 'Automatic Thank' or 'Autopay Rautopay' is the same term used for all automatic payments. The downloaded transactions are also confuse the Biller Names on downloaded payments as well.

    TD Bank does not support Express Web Connect (just got off the phone with them), so just the standard connection is being used.

    Thank you for responding so soon!
  • Quicken_Tyka
    Quicken_Tyka Alumni mod
    Hello @Nancy Keith

    Thank you for the response and the additional details.

    As a test, can you please add the Downloaded Payee to the register in Quicken?



    Does this payee match the payee that you are already seeing or does it show something different? 

    -Quicken Tyka
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  • Nancy Keith
    Nancy Keith Member ✭✭
    I added the Downloaded the Downloaded ID, and what displays is a bunch of numbers instead of names. If I check Downloaded Payee, some of the Payee names are just check numbers.
  • Hello @Nancy Keith

    Thank you for the response and the additional details. I have requested the incorrect information from you I apologize. The Downloaded ID is used to help determine the cause of duplicate transactions.

    May I ask that you add the "Downloaded Payee" column. This will provide the Payee that the financial institution is assigning. This can help isolate if the payee is being sent by the financial institution this way or if it is being truncated by the program.

    Please let me know what you find!

    -Quicken Tyka
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  • Nancy Keith
    Nancy Keith Member ✭✭
    In my previous response, I mentioned that the Downloaded Payees were just check numbers. I hope this helps..
  • Hello @Nancy Keith

    Thank you for the response and clarification. As the connection is Direct Connect, this will most likely require an escalation on the bank's end.

    Quicken may only escalate issues happening on Express Web Connect as Quicken has access to this server.

    I would recommend contacting support for a review of the logs to help isolate the issue in the log files. You may also request that support contact TD Bank on a conference call to help escalate the issue.

    https://www.quicken.com/support#contact-support

    Thank you,

    -Quicken Tyka

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  • Sreepen
    Sreepen Member
    quicken TD bank download transactions payee names are incorrect. When there is smaller payee name it downloads fine. when there is long payee name it downloads it as "TRN*1*0015497341*1220999690" ignores the front part of the transaction which is the real payee name. Please see the screen shot. It is nothing to do with renaming rules.
  • tomnj
    tomnj Member ✭✭
    > @Sreepen said:
    > quicken TD bank download transactions payee names are incorrect. When there is smaller payee name it downloads fine. when there is long payee name it downloads it as "TRN*1*0015497341*1220999690" ignores the front part of the transaction which is the real payee name. Please see the screen shot. It is nothing to do with renaming rules.

    It's your bank that screws it up. They should put all that extra crap in payee. It should not be there. I've been fighting with Chase and other banks for ~15 years about this.
    It doesn't help that the QIF standard is 32 characters for payee. Come on Quicken it's not 1984 anymore. Updates this!
  • tomnj
    tomnj Member ✭✭
    Corrected--> They should *NOT* put all that extra crap in payee.
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    tomnj said:

    It's your bank that screws it up. They should put all that extra crap in payee. It should not be there. I've been fighting with Chase and other banks for ~15 years about this.
    It doesn't help that the QIF standard is 32 characters for payee. Come on Quicken it's not 1984 anymore. Updates this!
    First off there isn't a standard for QIF, it was never standardized, but that doesn't matter since Quicken actually uses the OFX standard.  And yes it is restricted to 32 characters, but even if they changed the standard it is highly unlikely that the financial institutions would follow.  The standard is setup to be backwards compatible.  Chase for instance uses the 1.02 version of the standard, when 2.3 is the current version.  The difference between them is at least 10 years.

    As of getting any of the financial institutions to change their ways about what they put in the payee field, I have yet to see anyone that has successfully lobbied their financial institution to change this.

    As for Quicken Inc (or Intuit for that matter) doing anything about it, there isn't anything they can do other that what you can do and ask the financial institution to change it (with the result I just mentioned).  And Quicken can't make up data that isn't sent to it.

    The truth is that Quicken users are a drop in the bucket for these financial institutions and as such I doubt they want to expend much effort for them.

    One thing to check is the Downloaded Memo.  Quicken's renaming rules look at both the payee field and the memo.  If the payee is in the memo field then Quicken's renaming rules should be able to use it to rename the payee.

    I will also point out something about Chase since it was mentioned.  The problem seems to only be in their debit cards.  I don't use the debit card (only have a savings account with them), but I have two Chase credit cards and they don't have this kind of problem.  So one idea might be to change to using a credit card.
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  • UKR
    UKR SuperUser ✭✭✭✭✭
    The OP mentioned Payee Names arriving as 'Automatic Thank' or 'Autopay Rautopay'
    This looks similar to what some of my credit card companies generate for monthly credit card payment transactions. Not exactly helpful information, if Quicken is supposed to guess the true nature of this transaction and you expect it to generate a transfer-from Checking account transaction from this.
    Please read and consider the following ...

    Transaction download problems with matching and adding new transactions correctly

    First please ensure that all optional settings in Quicken pertaining to recall, memorization, automatic categorization and renaming of payee names are enabled. You find those settings in Edit / Preferences / Data Entry & Quickfill and Downloaded Transactions. Additional settings can be found for the detection and processing of transfer transactions in Edit / Preferences / Transfer detection.

    Are you automatically accepting downloaded transactions into your registers?

    If you are relying on Quicken to "automagically" fill your account registers from downloaded transactions, you may run into problems. Despite all efforts by the Quicken programmers, the "Autopilot" (that's my name for the part of the Quicken program which processes downloaded transactions and converts them into new register transactions) is not infallible. For that process to work 100% of the time one would need a crystal ball because the information downloaded from the banks often is just too terse and cryptic.

    You should, at least for a while, turn off the "automatically accept downloaded transactions into registers" setting to gain better control over what is downloaded and what to do with it. Click on and review each downloaded transaction, make changes if necessary (e.g., to get a payee name = "Starbucks" instead of "POS TRANS 070119 STARBU", "POS TRANS 070219 STARBU", "POS TRANS 070319 STARBU" or to assign a category) before you click to accept each transaction.

    Any changes you make to downloaded Payee Names are remembered in Renaming Rules.

    Any other changes you make (add/change Category or Memo text) are remembered in the Memorized Payee List.

    Next time the same transaction for this Payee comes along, Quicken should remember and give you a better new register transaction.

     

    In case you have issues with transfer transactions not being generated correctly:

    For best results manually enter transfer transactions into your register BEFORE you download transactions from the bank which contain the transfer confirmations. For recurring transfers use scheduled reminders and enter them a day or two before the due date. Be sure to use distinct Payee Names for each transfer / credit card payment to avoid confusing Quicken - memorized payee entries.
    That takes the guesswork out of the Autopilot's process. Because a correctly entered transfer transaction already exists in your account registers, the Autopilot should just match the downloaded transfer transaction to the existing one in both accounts.

     

    Where are the "Auto-accept downloaded transaction" settings?

    There are two places where this is controlled in Quicken for Windows:
     - Globally, for all accounts, in Edit / Preferences / Downloaded Transactions
     - For each account individually, the global setting can be overridden from the Edit Account Details screen, Online Services Tab. Look for blue text "Automatic Entry is: ON / OFF". Click the text to change the setting.


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