Why does quicken download my recurring bank transactions early

Sandy

I have a recurring payment set up through my bank account for one particular bill. I have set it it up occur weekly. However, Quicken downloads my transaction several days early, not on the date I have scheduled in my bank account. How do I make it stop?

Tom Young

It's not uncommon for "bill payers" to immediately deduct the payment from your bank account when the check is mailed, not when the check actually clears the bank.  Any chance that's what's happening here?  If you go to the Chase site after that download appears in Quicken, has the money actually been removed from the account?

Sandy

> @Tom Young said:
> "But the transaction for it was downloaded by Quicken several days ago."Another way of saying this - and the more correct way, really - is "Chase sent this transaction to Quicken several days ago."  Quicken doesn't go out to your account with JP Morgan Chase Bank and decide what transactions to download... 

Thank you! I assumed Quicken would distinguish between past and future dates and only download past. I’ll check with my bank.

Sherlock

Please provide the full name of the financial institution and the connection method being used: open the register, press Ctrl + Shift + E and select the Online Services tab.

Sandy

My bank is JP Morgan Chase Bank. I’m using Direct Connect as my connection method. (Also I’m using Quicken Deluxe, Version R32.12, Build 27.1.32.12.)

Tom Young

It's not uncommon for "bill payers" to immediately deduct the payment from your bank account when the check is mailed, not when the check actually clears the bank.  Any chance that's what's happening here?  If you go to the Chase site after that download appears in Quicken, has the money actually been removed from the account?

Sandy

Thank you, but that doesn't seem to be the case here. My check is to be mailed today and is pending today. But the transaction for it was downloaded by Quicken several days ago.

Tom Young

"But the transaction for it was downloaded by Quicken several days ago."

Another way of saying this - and the more correct way, really - is "Chase sent this transaction to Quicken several days ago."  Quicken doesn't go out to your account with JP Morgan Chase Bank and decide what transactions to download.  With Direct Connect the bank assembles a file of transactions to send to Quicken.

Since this is a weekly payment you should be able to easily identify this transaction and then ask JP Morgan Chase Bank why this is happening.  If you're using One Step Update to download transactions I'd suggest you update your OSU settings and uncheck JP Morgan Chase Bank.  Then, each day, do your OSU first (with the bank omitted) and then go to the Account in Quicken and click on "Update now."  That will put the JP Morgan Chase Bank download at the very bottom of the OFX log, making it very easy to find without having to scroll through a long list of transactions.

The day that the weekly transaction shows up in the download, go to Help > Log Files > OFX Log and scroll down to the bottom.  That transaction should show up there, I would think looking like this:

<STMTTRN>
  <TRNTYPE>PAYMENT
  <DTPOSTED>20210507120000
  <TRNAMT>-280.34              <FITID>00000440000770472202105071200005905
  <CORRECTACTION>REPLACE
  <NAME>XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
  <MEMO>XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
</STMTTRN>

(I masked the NAME and MEMO information)

volvogirl

I don't know anything about or use bill pay and don't download anything so I don't know what I'm talking about but just a thought......could the early download really be for the last one coming through and not the current one?  Maybe it's always behind?

Sandy

> @volvogirl said:
>......could the early download really be for the last one coming through and not the current one?  Maybe it's always behind?

Thank you, but it actually has the correct (future) date on it.

Sandy

> @Tom Young said:
> "But the transaction for it was downloaded by Quicken several days ago."Another way of saying this - and the more correct way, really - is "Chase sent this transaction to Quicken several days ago."  Quicken doesn't go out to your account with JP Morgan Chase Bank and decide what transactions to download... 

Thank you! I assumed Quicken would distinguish between past and future dates and only download past. I’ll check with my bank.

Sandy

> @Tom Young said:
> It's not uncommon for "bill payers" to immediately deduct the payment from your bank account when the check is mailed, not when the check actually clears the bank.  Any chance that's what's happening here?  If you go to the Chase site after that download appears in Quicken, has the money actually been removed from the account?

It turns out you were right. I called my bank. Since this is a weekly check, the one pending today (being mailed 5 business days or 7 actual days in advance) IS the one that showed up as the future - next week’s transaction. Since it’s weekly, it falls EXACTLY a week ahead. That’s why I was so confused. Thank you!