Initiate online transfers between bank accounts?

bilnog

I have two PNC bank accounts, one checking and one savings. I have successfully transitioned from BBVA, where I can download my bank transactions and reconcile to my online account balances. As part of my downloading process I want to make an online transfer (Oxfr) from my savings account to my checking account, but when I enter the transaction I receive the message that one of the accounts is not set up for online transfers. How do I fix this? Please and thank you for your help with this!

GeoffG

Verify both accounts (checking and savings) are setup for Direct Connect with PNC.

bilnog

Thank you for your reply. Sorry, is this a phone call to PNC question, or some other method to determine if they are set up for Direct Connect with PNC? Thank you again!

GeoffG

You can perform this function directly in Quicken from the Account List.



Both accounts should also be setup for online bill pay. With both set to yes, you should have no issue with performing the Oxfr transfer.

Do note that when doing this in Quicken, just like with bill pay initiated through Quicken, there is no visibility from PNC, only Quicken. Also note that banks are not "real time", so the transfer takes place during nightly settlement and will not download to Quicken until the following day.

bilnog

I know you are leading me in the right direction...thank you! First, I do not use Online Bill Pay. Second, the only way I could get my transactions to download online after the transition from BBVA to PNC was using "Express Web Connect". Should I transition from "Express Web Connect" to "Direct Connect"? If so, do I simply "edit" my two accounts or do I need to deactivate and start over? And finally, will I still be able to download my online transactions after transitioning to "Direct Connect"? Again, thank you so much for all of your help!

GeoffG

Point of clarification - there are different product offerings for bill payment. One is the offering from Quicken Inc. that allows users to connect to a third-party service to facilitate payments from within Quicken. The other type, relevant to this topic is the ability from within Quicken to send payment data (or transfer) directly to the member bank. Confusing? Yah I know. To date, only two banks offer this service Chase and PNC for free. There are other banks that provide this, but they typically charge ~$10/mo. You need to establish Direct Connect for this to work. I've seen a number of conversion issues from BBVA bank to PNC and that may be an obstacle, but the DC method should be available. From the Account List for PNC bank, do you see "improve this connection"? This would indicate the option is available, just need to be "turned on". If not, can you provide a screen shot of your Account list?

Here is a recap of connection methods:
Connection Types in Quicken

ChetOrSteve

I'm also wanting to initiate a xfer in Quicken between my Business Checking Plus and my Business Premium Money Market savings at PNC Bank. My Account list looks like your picture above except my two accounts each read "YES (Express Web Connect)" and not Direct Connect like your picture. Also I only set up Online Bill Pay for one of those accounts, the Checking, since I only pay Bills with that acct.

What else do I need to do to intiate the xfer btween those accounts? And how specifically do i do it? Note that I know how to enter a TXFER transaction in the register. I just need to send that instruction to the bank within Quicken? Will I need "Direct Connect" and if so how do I change from Express Web to Direct Connect?