Transfers

kingjay01

Please I am new to quicken so I want to know , when you make transfers from quicken does it really move the money from one account to the other ?

RickO

It can, but only in very limited circumstances.

When it can: Quicken can only trigger an actual transfer of funds between accounts at the same bank and only if the following conditions are met:

1. The bank must be connected via Direct Connect (see the Downloads tab in Account Settings)
2. Bank Bill Pay must be enabled (see the Bill Pay tab in Account Settings)
3. Intra-bank Transfer must be "available" (see the Downloads tab in Account Settings)

To accomplish an intra-bank transfer, you must enter the destination account in the Transfer column (or in the square brackets following "Transfer:" in the Category column. And, you must enter "Transfer" in the Check Number column and then send the transaction to the bank. If you fail to enter Transfer in the Check Number column, the transfer will be recorded in Quicken but NOT sent to the bank and therefore nothing will happen at the bank's end.

When it cannot:  Any transfer you enter other than those described above will not result in any action occurring in the real world. Those transfers must be accomplished via the financial institution's website. by a call to their customer support, or some other means external to Quicken.

EDIT: According to one of the other SuperUsers (@splasher) there are some financial institutions for which you can have intra bank transfers enabled without having bank bill pay enabled. Therefore, my #2 above is not always true.