Bank not providing correct balance?

I've been successfully using Quicken Premier to download my bank transactions a few times per week for perfect, painless reconciliations. Recently this quit working.

The bank totals no longer match Quicken's totals. Since I almost never make manual entries, this is very puzzling to me.

For example, a few days ago I tried to reconcile, but found that the bank thought I had $232.81 more than Quicken thought I did. I wasn't able to find the source of the discrepancy so I let Quicken add the amount in as an "adjustment". Weird, but there you go.

Today, I tried reconciling again. Quicken downloaded 6 transactions from my bank. With a calculator, I manually subtracted each one from my previous Quicken balance, and the results matched with what Quicken says.

But my bank-- Bank of America-- says I have $109.11 less than Quicken does.

In other words, every reconciliation, even one made with few transactions _after_ an adjustment was made for the previous reconciliation, now fails.

Since I've done the math on my side and Quicken is correct-- that is, the (adjusted) amount of the last reconciliation minus the subsequent transactions matches the current amount Quicken shows, it seems as though my bank is providing an incorrect total.

Again, this is occurring on _every_ reconciliation, for the last 3 reconciliations.

This Quicken file has been in use for years. About the only thing I can think of at this point is to start anew. But before I do that, does anyone have any ideas?

Comments

  • RickO
    RickO SuperUser, Mac Beta Beta
    If the connection is via Quicken Connect, I have seen instance where the download of transactions lags a day even though the online balance that's downloaded is correct (or vice versa). Could this be the issue? Does the balance shown on BofA's website match the Online Balance shown in Quicken.

    Also possible: there was a discrepancy that has since corrected itself, but the adjustment you made is messing things up currently.
    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • jacobs
    jacobs SuperUser, Mac Beta Beta
    Yes, some banks (incorrectly) tell Quicken your balance including pending transactions which have not yet posted, while the actual transactions are only those which have posted. This can create a discrepancy simply due to mis-matched timing. (Banks should not transmit the pending balance, only the posted balance.) To make things more confusing, if you log into your bank's website, what you see may contain transactions which just recently posted but have not yet been provided to Quicken (which typically happens once a night with Quicken Connect).

    And because financial institutions are always making changes in their systems and websites, this may have worked flawlessly for many years and suddenly not be working correctly.

    You should not need to abandon your longstanding Quicken data file.
    Quicken Mac Subscription • Quicken user since 1993
  • davidr418
    davidr418 Member ✭✭
    > @jacobs said:
    > Yes, some banks (incorrectly) tell Quicken your balance including pending transactions which have not yet posted, while the actual transactions are only those which have posted. This can create a discrepancy simply due to mis-matched timing. (Banks should not transmit the pending balance, only the posted balance.) To make things more confusing, if you log into your bank's website, what you see may contain transactions which just recently posted but have not yet been provided to Quicken (which typically happens once a night with Quicken Connect).
    >
    > And because financial institutions are always making changes in their systems and websites, this may have worked flawlessly for many years and suddenly not be working correctly.
    >
    > You should not need to abandon your longstanding Quicken data file.

    So, I guess the only solution is to return to manual reconciliation?
  • jacobs
    jacobs SuperUser, Mac Beta Beta
    davidr418 said:
    So, I guess the only solution is to return to manual reconciliation?
    Well, the first thing I'd do is contact BOA about what they're doing. Hopefully if others contact them, they'll have someone look at it and correct it.

    Meanwhile, you can still use Quicken to reconcile to your monthly BOA statement. The statement they generate is consistent with transactions and the balance it shows. Use the balance on the statement rather than the online balance which may include pending transactions. If there is a discrepancy of a day between the transaction dates on the BOA statement and what they download to Quicken, you can enter an ending date for your reconciliation one or two days past the date on the statement.
    Quicken Mac Subscription • Quicken user since 1993
  • davidr418
    davidr418 Member ✭✭
    Found it: BOA has started reported the current account balance, taking into account transactions that are still "processing". Quicken only downloads cleared transactions, not processing transactions, so the balance will always be off by the total of the non-cleared transactions.

    BOA must have changed this in the last month or so, sigh.
  • davidr418
    davidr418 Member ✭✭
    And here's the (hack) solution:

    1. Reconcile account and note the "disagreement" amount.
    2. Log into bank account and total "Processing" transactions. Ensure that this matches the amount in Step 1.
    3. Reconcile account with "adjustment".
    4. Delete the adjustment.

    Sigh...