How to ACCURATELY assign financial institution to new account

I have a Bank of America savings account which is owned by my revocable trust, which I'm in the process of revoking. I wanted to "simply" change the account owner's name at the bank, but they closed the trust account and opened a new account in my name. New routing# & acct#; else I would keep using the existing Quicken account.

I'm using Q2007. I know it's old, but so am I. The logic should be the same.

Old account (overview tab) shows the financial institution as "Bank of America". First question when creating a new Q account is "What is the financial institution for this account?" BoA choices are: BoA Community Bank, BoA Military Bank, BoA Fork & BoA-Wealth Management. There is no "plain vanilla" Bank of America.

Another of my Q savings accounts shows "Bank of America - All other states".

Do I have to pick "This account is not held at a financial institution." Is there a way manually enter whatever I want?

Maybe this is an exercise in frustration. I don't use any of the online Quicken features (transaction download, bill pay, etc), but I would prefer accuracy and consistency among my accounts.
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Best Answer

  • GeoffG
    GeoffG SuperUser ✭✭✭✭✭
    Accepted Answer
    As you do not use any online features, you don't need nor want the names listed for online access (of which Q2007 cannot). Simply create a manual savings account and name it what ever you want. I cannot quite tell if this is still a trust account, but you could name it on the order of Bank of America Trust. You already know it's savings by the account type.
    Also, you should always match Quicken to real world activity. So when BoA closes an account and opens a new one, you should do the same in Quicken.
    The one exception is for a credit card account number change.
    user since '92 | Quicken Windows Premier - Subscription | Windows 10 Pro version 21H1

Answers

  • GeoffG
    GeoffG SuperUser ✭✭✭✭✭
    Accepted Answer
    As you do not use any online features, you don't need nor want the names listed for online access (of which Q2007 cannot). Simply create a manual savings account and name it what ever you want. I cannot quite tell if this is still a trust account, but you could name it on the order of Bank of America Trust. You already know it's savings by the account type.
    Also, you should always match Quicken to real world activity. So when BoA closes an account and opens a new one, you should do the same in Quicken.
    The one exception is for a credit card account number change.
    user since '92 | Quicken Windows Premier - Subscription | Windows 10 Pro version 21H1
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