Citizens First Bank - The Villages

evilwargs

The downloaded Mortgage transactions from Citizens First Bank are showing under the Charge (Neg transaction) column in my Quicken acct and are increasing my outstanding balance. The account could only be set up as a "Credit Card" type in Quicken. There was no other option in the drop-down box. I believe it should be a Mortgage or Loan type. I've tried to delete the account and re-set it up, which did not work. I've tried to have quicken reps help me and they suggested calling Citizens. Citizens said they couldn't do anything and they did not have a relationship with Quicken. Any suggestions?

Sherlock

I suggest maintaining the mortgage as an offline account.  If you haven't already, you may want to review: FAQ: How do I convert a loan account that automatically downloads transactions, to a manual entry/sc

evilwargs

Thanks. I've got it set up as a manual acct, currently (I deactivated, deleted and re-added it). How do I get Quicken to show the principal and Interest columns? Didn't those choices available under the Register Column Icon.

Sherlock

evilwargs said:

Thanks. I've got it set up as a manual acct, currently (I deactivated, deleted and re-added it). How do I get Quicken to show the principal and Interest columns? Didn't those choices available under the Register Column Icon.

The loan register tracks the principal.  If you're interested in the payment schedule, select View payment schedule on the Payment Details view of the loan account.  Otherwise, you may use a customized Spending by Category report to view the interest payments. For example, select Reports > Spending > Spending by Category, press Alt + C, select the Payees tab, choose Only transactions with selected payees, Clear All, check the mortgage's payee name, select OK, and double on the interest category to view the interest payment entries.

UKR

evilwargs said:

The downloaded Mortgage transactions from Citizens First Bank are showing under the Charge (Neg transaction) column in my Quicken acct and are increasing my outstanding balance. The account could only be set up as a "Credit Card" type in Quicken. There was no other option in the drop-down box. I believe it should be a Mortgage or Loan type. ...

What type of account is this, exactly?

• A Line of Credit account? This should be set up as a Credit Card account due to the fact that you can repeatedly take out money and pay it back.
• A Home Mortgage or Car Loan? This should be set up as Mortgage or Loan type account with all the payment details (number of payments, interest rate, etc.). Offline account preferred for better results. The Scheduled Payment Reminder will have all the details for each monthly payment: principal, interest, etc.

evilwargs

Thanks, UKR. The account is a Mortgage at Citizens First Bank-the Villages. I understand it should be set up as Mortgage, but that's the problem. When Quicken accesses Citizens and the initial info comes back from them, the only choice in the loan type is "Credit Card". I can't change that from the drop down box (Type). I guess I could set it up as a manual account, but it seems like Quicken has a relationship with Citizens. So I'm thinking the information should be able to be accessed properly. This is the 2nd mortgage (Freedom Mortgage is the other one) I've tried Quicken without any success. I'm new to Quicken (just purchased 3 wks ago) and just now setting everything up. I'm getting more and more frustrated as I go....

UKR

Stop fighting that windmill. Set up the account as an offline mortgage account, enter all the required loan details as requested during the account setup process. To make your monthly payment from checking use the scheduled reminder created by the setup process. After setup do NOT attempt to ever connect it for downloading. You get better results keeping it an offline account.

Does the bank, as part of your monthly payment, withhold escrow for taxes and insurance? If so, set up an Escrow account first, before you set up the mortgage account. Make the Escrow account either an offline checking or asset account. During mortgage setup categorize the amount of escrow withholding as transfer to the Escrow account. Payments of taxes or insurance made by the bank need to be recorded as withdrawals from the Escrow account.

evilwargs

Thanks for responding, UKR. I have set it up as a manual account. There is no escrow.