How to set a required minimum balance for a checking account (MAC version)

SylvainL

A number of my checking accounts require minimum account balances, (all different), otherwise a charge for the service I use is made.

How or where do I set this?

Quicken Francisco

Hello @SylvainL

Thank you for reaching out to the Community regarding your issue. Could we get more details about what exactly you mean by minimum balances? If so Quicken will only tracks the data within your accounts unless you have it setup to do otherwise. I'd suggest in order to fill in your balances to use your banks website for now until we're able to get more details about what exactly you're looking for.

Once you get a chance please let us know more about what you would like to do and we'll see what steps we can take to do so.

Thanks,

Quicken Francisco

SylvainL

Hello Francisco,
Thank you for the fast reply.
I'll try to be clearer using an example:
1) I have a checking account with CIBC setup in Quicken (CAN) for Mac. The monthly fees from CIBC for maintaining this account is 29.95$ unless my daily running balance is 6,000$ or more. I would like Quicken to alert me (message, colour or any other way) if this account projected balance is going to under the 6,000$ so I can transfer money from my CIBC saving account in my CIBC checking account in order to save the 29.95$ monthly fees. CIBC checking account is WebConnect.
2) I also have a checking account with TD setup in Quicken (CAN) for Mac. The monthly fees from TD for maintaining this account is 16.95$ unless my daily running balance is 4,000$ or more. I would like Quicken to alert me (message, colour or any other way) if this account projected balance is going to under the 4,000$ so I can transfer money from my TD saving account in my TD checking account in order to save the 16.95$ monthly fees. TD checking account is Quicken Connect.
3) The same with other checking account in other banks

I found an item in Quicken (CAN) for Mac, under Preferences/Mobile, Web & Alerts/Alerts: Low Balance. But it's not per bank account, so if I setup it for 4,000$, then it's not working for CIBC (minimum 6,000$) and if I setup it for 6,000$ then it's working for CIBC but I keep getting "false" alerts for TD (minimum 4,000$).

How or where do I set a a minimum balance per account?

I hope that it's clearer.

Thanks,

SylvainL

John_in_NC

Hi SylvainL:

I know exactly what you want, but unfortunately Quicken for Mac is not set up to track a minimum required balance for account(s) held at a financial institution to avoid fees/keep perks/etc.. I realize this is not the answer you wish to hear.

I don't know if this is a viable workaround, but most bank's online portals allow you to setup alerts similar to what Quicken Mobile does. Could you set account specific low balance warnings from CIBC and Toronto Dominion themselves? 

SylvainL

Hello John,

Thank you for your answer.

Unfortunately, CIBC does not allow this kind of alert (although several others are available). I did not check with TD.

Anyway, a bank warning will be based on "Today's balance" and not on what I need: "Projected balance".
That's why I need it in Quicken (I am doing it manually currently, but I could make a mistake or forgot).

It's unfortunate that Quicken doesn't have this feature. Maybe in a future update?

Regards,

John_in_NC

I have heard of some brainstorming regarding future Quicken keeping track of extra details that banks/personal finance software typically don't track. (CC expiration dates, etc.)

This would fall into that category, and I will suggest adding to that list (if it isn't already on it.) 

nikduvall

Hi John,

I have a similar situation with a credit union only they take it a step further in their Online Banking portal - the available balance is reduced by the minimum balance required and not available for transfer to another account.

In Quicken, I wanted the balance to reflect this so that I also don't incur the monthly fee, so I created an Asset Account called 'CU Min Bal Reserves' and added a transfer from the checking account to the 'CU Min Bal Reserves' account. I have to leave the transaction uncleared so that Reconciliation works properly in the checking. This also allows me to keep my Net Worth in balance.

I know this doesn't solve your problem, but maybe it sparks some ideas of things to try that might lead you to a solution.