Can I transfer money between banks in Quicken?

Bob.

Cannot seem to find a definitive answer. Would like to transfer from one savings to a checking at a different bank. I would expect this can be done, but not finding how. Please advise and show me the steps necessary. Thanks!

Quicken Alyssa

Hello @Bob.,

Thank you for coming to the Community with your question!

Yes, you can use a transfer category within your account registers. This will create a transaction in the corresponding account.

However, this does not initiate an actual transfer between bank accounts or financial institutions. The transfer category simply records this in Quicken.

Hope this answers your question, do let us know if you have further questions.

Thank you!




Quicken Alyssa

Bob.

Thanks fro the reply. So the real answer is no? If it will not actually take money from one bank and move to another it is just a memorandum of an event done elsewhere. If so, not what I need.

Chris_QPW

Quicken Alyssa said:

However, this does not initiate an actual transfer between bank accounts or financial institutions. 

This isn't 100% accurate.  Given the right setup you can actually transfer between bank accounts of the same financial institution, but it is correct that you can't initiate a transfer to another financial institution, no matter what you have setup.

The "setup" that allows this is if one is using a financial institution with Direct Connect and they allow "bill pay" through Quicken through their system.

For instance, Chase allows this and as such I can initiate a transfer between my checking, savings, and two credit card accounts.

For all other cases you are simply "recording" the transfer (and most likely matching it to a downloaded one).

With this setup, one way to initiate this is to select "Online Transfer" in the check number field.

Bob.

Thanks, Chris.

Anyway to make a bank account a "payee"? So I could send a payment to another financial institution account? Trying to think outside the box.

Chris_QPW

Bob. said:

Thanks, Chris.

Anyway to make a bank account a "payee"? So I could send a payment to another financial institution account? Trying to think outside the box.

I don't think so.  Your account can't be a "payee".  Go into your bank's bill payment system and see if you can setup your other financial institution's account as a payee, I don't think you will be able to do that.
Note that for the most part Quicken bill pay through your financial institution is where Quicken is being the GUI for accessing your financial institution's bill system.  So, whatever you do has to be support by it.

Chris_QPW

It was pointed out to me, that I got the facts a bit wrong.  It is possible for the transfer and the bill pay to be independent of each other.  As in the financial institution might support transfers between accounts, but not bill pay.  And I'm sure it is possible that they might support bill pay without transfers.  But of course, in all cases they have to first support Direct Connect.

Bob.

OK, solved my problem.

Investment account cash positions tied to my checking account at another bank. So I can transfer both directions. Cash account at investment brokerage has debit card free anywhere Visa or Plus. So now I have funds available for ATM.

Might have even been an easier way to do this, but done.

Bob.

Afterthought: How do I get this new Cash Management  account into Quicken? Its not an investment account no checking account? What needs to be done?

Chris_QPW

Bob. said:

Afterthought: How do I get this new Cash Management  account into Quicken? Its not an investment account no checking account? What needs to be done?

If the financial institution/account isn't recognized when doing an Add Account, then do the cash transactions show up in the investment account?  If so, and this is a brokerage account not a retirement account you can use the "Show cash in a checking account" feature.  If none of this applies you will have to use an offline account.

Bob.

Thanks.

Added new account but now ALL investment accounts look like a dashboard instead of a register! How do I get that back? Really want it back

Bob.

OK, found that. Needed to show COMPLETE.

But should I check show cash in a checking account since it is cash management?

And how do I change the color of the register for that account to match other investment accounts?

Thanks.

Bob.

OK, found where to change colors, but not this particular account. Does not match the oher investment registers. And the registers were full height of the window and now only 2/3rd of the window height at best. What did I mess up?

Chris_QPW

Bob. said:

OK, found that. Needed to show COMPLETE.

But should I check show cash in a checking account since it is cash management?

It is a personal preference.  What it does is when cash transactions are downloaded it pushes them to the "checking account".  This allows people to view/use it like they would a checking account instead of an investment account.  Backup before you try it so that you can restore if it isn't to your liking.

Bob. said:

OK, found where to change colors, but not this particular account. Does not match the oher investment registers. And the registers were full height of the window and now only 2/3rd of the window height at best. What did I mess up?

I'm not following what you are saying here.  A screenshot would help.

Bob.

Both issues corrected themselves on closing and reopening Quicken. However:

"It is a personal preference.  What it does is when cash transactions are downloaded it pushes them to the "checking account".  This allows people to view/use it like they would a checking account instead of an investment account.  Backup before you try it so that you can restore if it isn't to your liking."

It is an ivestment account but only cash management. I will use with a debit card and refilling from other bank checking when needed. SO unsure how it would differ as a "checking account".

volvogirl

What is shown at the bottom of the register?   Maybe there is a section for downloads that you can collapse.  There might be a little arrow on the right side to expand and collapse the bottom info.

Bob.

Thanks @volvogirl. I'm aware of that, but this was more odd. Was only filling 2/3rds the screen height for just these investment accounts. Corrected on reboot. Likely something caused by adding a new account and trying out choices with it.

Chris_QPW

Bob. said:

It is an ivestment account but only cash management. I will use with a debit card and refilling from other bank checking when needed. SO unsure how it would differ as a "checking account".

You will have two accounts.  One is the investment account and the other the "checking/cash" account.
The "checking/cash" account will get the "cash transactions" and will look just like any other checking account.  The investment account will get the transactions that aren't cash related, like a buy.  If there aren't any such transactions it should be basically empty.

Bob.

Thanks. That makes sense now. Appreciate the help.