How to transfer $ between checking & money market accounts (QMac)

user60999

In the (very) old Quicken I just clicked "Transfer" and it happened, both at the bank and in my registers. I searched the help file for "Transferring money between accounts" and found a discussion of "Transfer category" and "Linked Transfer," which I don't understand. Neither one appears to initiate a transaction at the bank.

Is this no longer possible? Must I do it on the bank's web site and then tell Quicken about it? Or is there some magic incantation that I haven't discovered?

RickO

Yes, it is still possible. 

Long way:

1. Start a new transaction
2. Click the Edit Details blue button
3. Click the Bill Pay tab
4. Change the Payment/Transfer popup menu to "Intra-bank Transfer"
5. Fill in the rest of the fields.
6. Click Save (to send later) or Pay Now

Short way:

1. Make sure the Transfer and Check Number columns are in view (menu View > Columns)
2. Start a new transaction in the source account
3. Enter "Transfer" in the Check Number column
4. Enter the amount as a negative number
5. Enter the destination account in the Transfer column
6. Save the transaction; it will be sent on the next update

 For both methods, the other columns (eg. Payee, Memo, etc) can be whatever you want.

For this to work, the word Available in green must show next to Intra-Bank Transfer under the Downloads tab in the Account's Settings.

user60999

The long way: "Intra-bank Transfer" is grayed out
The short way: the Transfer column says "no matching accounts"
So apparently my checking and money market accounts are not enabled for transfers, or perhaps Citizens Bank doesn't support transfers.
Please advise ...

RickO

I have done intrabank transfers with Citizens in the past, but not for a long while. Does the word Available in green must show next to Intra-Bank Transfer under the Downloads tab in the Account's Setting? Are both accounts connected via direct connect? If so, it should work. If you don't have the green Available, Citizens may need to enable it on their end.

user60999

Looks OK - see screen shot.

RickO

Interesting. It does say Intra-Bank Transfer is available. However, it shows the connection type as Quicken Connect (not Direct Connect). AFAIK, intra-bank transfers initiated from Quicken require Direct Connect. I think that's a bug that it displays "available" for a QC connection. You may want to contact Quicken Support to report this.

You could change the connection type to Direct Connect, however, Citizens charges $10/month for this feature for all except the their very highest account tier. This is one of several reasons I quit Citizens and moved all my accounts over to Salem Five Bank.

Quicken Sarah

Hello @user60999

Thank you for taking the time to share this question with the community, although I apologize for any confusion or frustration experienced.

The "Intra-Bank Transfer" feature is only available when using the Direct Connect connection method and should show as a grayed out "Unavailable" as seen in the below screenshot.



I've reported this bug to our teams for further investigation and resolution and will be back to share any updates and/or a resolution as one is received.

Thank you again,

Sarah

(CTP-2401)

RickO

@user60999 So, just as I thought. To get this feature with Citizens, you will need to enable Direct Connect for these accounts. To do this, it has to be enabled on Citizens' end for which you must contact them. If you are not in their highest account tier, there will a $10/mo fee. Or you can change banks as I did. That's a painful time consuming transition for a couple months, but I'm glad I did.

user60999

I can't find the popup that Sarah pasted in above but I did find Accounts/Settings/Downloads where it says Intra-bank transfer is available and has a button for "Change Connection Type" (see screen shot). I sent email to Citizens Bank asking if they intend to charge me $120/year for that privilege. If not, I'll try clicking the button; if so I'll consider RickO's suggestion that I change banks.

UKR

If I need to transfer money between my brokerage account and my local Credit Union checking account, I've never been able to use Quicken to initiate the transfer.
However, my brokerage supports Intra-bank Inter-bank Transfers both ways, from brokerage to CU and also from CU to the brokerage.
So, I always get on the brokerage's website and execute a one-time transfer. Or, in one case, I have set up a recurring transaction to make monthly automatic transfers.
After that, in Quicken, I manually record this transfer or make sure the scheduled monthly reminder has executed BEFORE I download transactions from bank and brokerage that may contain transfer confirmations.

RickO

UKR said:

If I need to transfer money between my brokerage account and my local Credit Union checking account, I've never been able to use Quicken to initiate the transfer.
However, my brokerage supports Intra-bank Transfers both ways, from brokerage to CU and also from CU to the brokerage.

Assuming that the brokerage and CU are different financial institutions, that would be an inter-bank transfer, not an intra-bank transfer. Quicken has never supported initiating inter-bank transfers TMK.

RickO

user60999 said:

I can't find the popup that Sarah pasted in above but I did find Accounts/Settings/Downloads where it says Intra-bank transfer is available and has a button for "Change Connection Type" (see screen shot). I sent email to Citizens Bank asking if they intend to charge me $120/year for that privilege. If not, I'll try clicking the button; if so I'll consider RickO's suggestion that I change banks.

If you change the connection to D/C it may look like it changed, but will not work unless your account is coded for that feature on Citizens end. Maybe you'll luck out and it will have been mistakenly coded for D/C. 

In my case, I used to be in the highest account tier (used to be call Circle Gold) and had D/C for free. I later dropped to a lower tier (not wanting to leave $20k in their essentially zero interest savings account to qualify). My D/C continued to work for months until one day they audited and started charging. That's when I abandoned ship.

Here's their fee schedule: https://www.citizensbank.com/apps/personaldeposits/legal/Personal_Fees.pdf

See pg. 21. I recalled the fee incorrectly. Apparently it's $8.95 per month for Online Bill Pay. Higher up in the document, you can see that it's waived for certain account types. If you want intra-bank transfer, you need Online Bill Pay (not the cheaper Online Banking).

UKR

RickO said:

UKR said:

If I need to transfer money between my brokerage account and my local Credit Union checking account, I've never been able to use Quicken to initiate the transfer.
However, my brokerage supports Intra-bank Transfers both ways, from brokerage to CU and also from CU to the brokerage.

Assuming that the brokerage and CU are different financial institutions, that would be an inter-bank transfer, not an intra-bank transfer. Quicken has never supported initiating inter-bank transfers TMK.

Oops, sorry. I always confuse Inter and Intra ...
I corrected my earlier comment. Thanks for pointing that out.