Downloaded Chase Loan Balance is Incorrect
After setting up mortgage loan from Chase bank my loan balance is 15,000 higher than the actual mortgage. I logged into Chase website and everything looks correct. Is this a quicken problem? And how can I fix this?
I would suggest not having the loan being a connected, "downloading" loan. Instead, convert the loan to a regular "manual" loan where
https://community.quicken.com/discussion/7164936/faq-how-do-i-convert-a-loan-account-that-automatically-downloads-transactions-to-a-manual-entry-scwill tell you how to do this.With a loan connected to the loan's servicer you have no ability to make changes to the loan, you are entirely dependent on what gets downloaded from the servicer by Quicken and it's not uncommon that this information is simply wrong.Complaints like yours - bad loan information in Quicken associated with downloading loans - are not uncommon in here. Also, the loan information received in this process is entirely oriented to the principal of the loan and this information is "magically" entered into the loan Account, i.e., with no offset to another Account in your file. To offset this bit of magic the principal portion of your loan payment over in the checking Account is posted to a "Category" (Quicken-speak for an income or expense) and so it's entirely possible that the amount Quicken has calculated and posted to the "principal" Category can be completely different to the amount recorded over in the loan Account.0
- Your loan has an accessible register in Quicken that you can edit, if needed, and
- The loan's balance is affected by entries you make (or Quicken makes for you) through your checking Account.