Line Of Credit Account Reflect "This Loan is Paid Off".

Quicken reflect the LOC account is paid off. Though my bank, I transferred money out of this account. Unfortunately when downloading currently balance for LOC account, Quicken will not update the account because of the "This Loan is Paid Off" designation. What is the process of clearing the "This Loan is Paid Off" designation?

Best Answer

  • UKR
    UKR SuperUser ✭✭✭✭✭
    Accepted Answer
    Thanks for showing us a picture of your Bellco LOC account.
    Based on the image, this account was created as a Loan/Mortgage account and not as a credit card account. Loan accounts can be paid down to $0.00 only once. LOC accounts, set up as credit card accounts, do not have this limitation and can be used repeatedly ... take money out, pay it back, repeat.
    I recommend you deactivate the account from downloading.
    Rename the account (add "OLD" to the name)
    Next, create a new account:
    Add account, offline account, credit card. Give the account a name and an opening balance (0.00) on 12/31/20 or whenever you originally started the account.
    After the account has been created, you can try to activate the account and see if you can link it to the LOC at the bank.

Answers

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited February 24
    There is no process to clear that .... because the message came from your bank.
    Is it possible that they sold the loan?  Or they closed that account and opened another?
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • UKR
    UKR SuperUser ✭✭✭✭✭
    As what type of account did you create this LOC account? Loan/mortgage or Credit Card?
    I've always treated LOC accounts as if they were credit card accounts because you can repeatedly take money out of the account and pay it back.
    My (many years old) LOC account with a local credit union is set up this way and can even be connected for downloading.
    Not talking about HELOCs here, because they're their own account type in Quicken and a different can of worms.
  • ChrisD
    ChrisD Member
    The LOC is like a credit card and is noted like that in Quicken. What needs done to remove the "This Loan is Paid Off"
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Again, can't be done as that's a message from your bank that Q is merely displaying
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • UKR
    UKR SuperUser ✭✭✭✭✭
    ChrisD said:
    The LOC is like a credit card and is noted like that in Quicken. What needs done to remove the "This Loan is Paid Off"

    Where, exactly, do you see this message?

    Can you please capture one or more images of the parts of your Quicken window showing the issue, sensitive information blacked out as necessary to protect your privacy but annotated to describe the situation, and attach the image(s) here?
    https://community.quicken.com/discussion/7867159/faq-how-do-i-post-a-screenshot-in-the-community-from-windows

    https://community.quicken.com/discussion/7663259/faq-how-do-i-post-a-screenshot-in-the-community-from-a-mac

    Please save images to files of file type PNG, JPG, or GIF only. They're easier to work with than PDF files.

  • ChrisD
    ChrisD Member
    I've included an image of the LOC information from Quicken.
  • ChrisD
    ChrisD Member
    Incorrect response to message received at 4:06. Still working with the Quicken team to figure out a solution,
  • UKR
    UKR SuperUser ✭✭✭✭✭
    Accepted Answer
    Thanks for showing us a picture of your Bellco LOC account.
    Based on the image, this account was created as a Loan/Mortgage account and not as a credit card account. Loan accounts can be paid down to $0.00 only once. LOC accounts, set up as credit card accounts, do not have this limitation and can be used repeatedly ... take money out, pay it back, repeat.
    I recommend you deactivate the account from downloading.
    Rename the account (add "OLD" to the name)
    Next, create a new account:
    Add account, offline account, credit card. Give the account a name and an opening balance (0.00) on 12/31/20 or whenever you originally started the account.
    After the account has been created, you can try to activate the account and see if you can link it to the LOC at the bank.
  • Lainie
    Lainie Member
    edited March 11
    I have been having this issue for both my HELOC and Line of credit at my credit union. The last few days my bank has been rejecting Quicken's request for one of my logins which happens to have these two accounts. My other login hasn't had issues. I deactivated and reactivated my online services and then the LOC and HELOC showed as Loan is paid Off. What a pain in the [removed - profanity] to try to get these accounts to show properly. I tried the above suggestion for the regular Line of Credit but when I try to link accounts it only shows the accounts as Loans which then wants the opening balance, monthly payment amounts, etc. I CANNOT get Lines of Credit to show up as credit card style accounts and now I don't have either account in Quicken.
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