Can I transfer money between accounts from within Quicken?

I've never tried it ca ca ca ca cause I'm sca sca scared :o but is it possible to transfer money from one quicken account to another perhaps via bill pay or quick pay?

On perhaps a different topic, one of my banks is getting Zelle which seems to be something vaguely like Venmo but the individual bank(s) have to sign up for it. I'm wondering if this will effect what we can do (eventually) via Quicken.

Best Answer

  • RickO
    RickO SuperUser, Mac Beta Beta
    Accepted Answer
    There are two kinds of transfers between accounts: (1) Transfer transactions entered in Quicken to reflect a transfer that occurred in the real world (outside of Quicken), and (2) Transfers that are initiated inside Quicken that cause an actual transfer to occur in the real world. You can enter the first type between any two account in Quicken (but nothing will happen in the real world). You can only effect the 2nd type between account at the same Financial Institution which are connected to Quicken via Direct Connect and support IntraBank Transfer. If your accounts are set up this way, you will see the following in the Account Settings > Downloads pane:



    Whether it's supported depends totally on the bank.

    Regarding Zelle: It is my personal opinion that I would NEVER EVER use Zelle. The reason is that if your account gets hacked and Zelle is used to transfer money, or if you make a mistake and accidentally transfer money to the wrong person, there is very little chance of getting your money back. There are virtually no consumer protections with Zelle. So, personally, I would only use it if I really, really, really needed the convenience and there was no alternative. I have directed my banks to disable Zelle access on my accounts. JMHO.
    Quicken Mac Subscription; Quicken Mac user since the early 90s

Answers

  • RickO
    RickO SuperUser, Mac Beta Beta
    Accepted Answer
    There are two kinds of transfers between accounts: (1) Transfer transactions entered in Quicken to reflect a transfer that occurred in the real world (outside of Quicken), and (2) Transfers that are initiated inside Quicken that cause an actual transfer to occur in the real world. You can enter the first type between any two account in Quicken (but nothing will happen in the real world). You can only effect the 2nd type between account at the same Financial Institution which are connected to Quicken via Direct Connect and support IntraBank Transfer. If your accounts are set up this way, you will see the following in the Account Settings > Downloads pane:



    Whether it's supported depends totally on the bank.

    Regarding Zelle: It is my personal opinion that I would NEVER EVER use Zelle. The reason is that if your account gets hacked and Zelle is used to transfer money, or if you make a mistake and accidentally transfer money to the wrong person, there is very little chance of getting your money back. There are virtually no consumer protections with Zelle. So, personally, I would only use it if I really, really, really needed the convenience and there was no alternative. I have directed my banks to disable Zelle access on my accounts. JMHO.
    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • Quicken Jared
    Quicken Jared Moderator mod
    edited January 11
    I've never tried it ca ca ca ca cause I'm sca sca scared :o but is it possible to transfer money from one quicken account to another perhaps via bill pay or quick pay?

    On perhaps a different topic, one of my banks is getting Zelle which seems to be something vaguely like Venmo but the individual bank(s) have to sign up for it. I'm wondering if this will effect what we can do (eventually) via Quicken.
    Hello @Perry Smith ,             

    I am sorry for any confusion or intimidation regarding Quicken account transfers. Thank you for reaching out to us about this and discussing the matter here on the Quicken Community. 

    As far as your first question is concerned, online transfers in Quicken would only be offered if both accounts are making use of the Direct Connect method, and if the financial institution offers this particular feature.

    Thanks,

    Quicken Jared 

  • Perry Smith
    Perry Smith Member ✭✭✭