Problem with balances for reconciliation

Matt Comer

Long time Quicken user and SunTrust (now Truist) customer. I've used Quicken with my SunTrust banking for many years and now am suffering through the Truist migration. I just reconnected my accounts and am unfortunately now using WebConnect - so I lose bank bill pay.

The problem at hand though is with reconciliation, and I don't know if this is Quicken or Truist being dumb. The BALANCE which Quicken is picking up on for reconciliation appears to be the PENDING balance, e.g. it includes transactions which haven't cleared yet and which have not downloaded. Accordingly, there is a perpetual difference between cleared transactions and balance, I can't reconcile without creating constant phantom adjustments.

Matt Comer

And BTW, just to be clear, I am not speculating about the balance which Quicken is using - I have verified it. The balance being shown in the reconcile window is DEFINITELY the balance including pending items which have not yet cleared or downloaded. If I look at the POSTED balance (on Truist web), that of course DOES match the balance in Quicken.

jacobs

Quicken only displays what the bank is sending, so I'd say this is a problem with Truist. They should not be sending the pending balance including unposted transactions. 

Matt Comer

@jacobs I am not sure that is 100% correct since we're talking "Quicken Connect" here, e.g. express web connect.

jacobs

@Matt Comer I'm not sure I understand your post: what does Quicken Connect (EWC) have to do with it? A Quicken aggregations server logs into Truist as you once each night and downloads whatever transactions and balance Truist provides. If Truist is providing a balance including pending items, it shouldn't be. 

Matt Comer

I suspect I am about to embark on the classic "bank says it's not their problem, contact Quicken", "Quicken says it's not their problem, contact the bank" journey.

jacobs

@Matt Comer While you're right that Truist might point a finger at Quicken, common sense tells us that Truist is pushing the wrong balance -- the balance which includes the pending transactions -- to Quicken. I don't see how Quicken could resolve this; the program is displaying what the bank is sending. 

LotusBlossom

I think this is a Truist issue. Their balances which Quicken views as the "Online Balance" says: "Your available balance is the money currently available to make purchases, withdrawals, and payments. This balance is updated throughout the day with the transactions you make, including pending transactions and holds. It does not include bill paychecks or checks you’ve written or deposited that have not yet posted. This balance is used in making payment decisions and triggering returned item or overdraft fees."

The real question is, how do we get Truist to quit including pending transactions in the balance? SunTrust didn't do that. It's causing me to have to do a balance adjustment every time I reconcile, but it's adjusting to a fake balance. Or I guess I could go to their website to see what items are "pending" and click them off as cleared. That will make it balance, but [Removed - Language]. It sort of defeats having the web connect feature, which saved having to go to the bank's website to download.

LotusBlossom

Just spent 35 minutes on hold with Truist. They said it would be 25 minutes, but never picked up. I already hate them.

Matt Comer

> @LotusBlossom said:
> Just spent 35 minutes on hold with Truist. They said it would be 25 minutes, but never picked up. I already hate them.

I tried their online chat but same problem, never got connected to anyone. [Removed - Speculation]