What is the best way to change the financial institution for a 401(k)

Question

My company changed providers, the holding were directly moved to the new provider (same funds). How can I change my Online Services to the new provider? I have found some instructions they say to deactivate the account and reactivate. Doing so cause Quicken to setup a new account from scratch. I won't allow me to use the existing account name. Is there a way to change the financial institution and connection method on the existing account w/o creating a new one?

Frankx · Accepted Answer

Hi @sgsims,

Here are the steps you should take to switch the account to the new FI:

1) First you need to "deactivate" online service(s) for any (and all) accounts with the old financial institution.  You can do this by opening each account register > click on the "Gear" icon in the upper right > select "Edit account details" > click on the online services tab and click the "Deactivate" button.  Once that is completed check to make sure that each of the accounts has the "Set up Now..." button showing in the "Online Services" tab.

2) Next, for each account, switch to the "General Tab" and delete all data in:  the "Financial institution" name field,  the "Account Number" field and the "Customer ID" field.

3) Once you've completed the above, go to "Tools > "Add Account" then type in the name of the New Financial Institution.  If more than one possible "match" shows up, make sure you select the correct entity > then click "Next".  Follow the prompts to sign in to your account(s) and you should then see a listing of all the accounts you have at that financial institution > you should then "Link" each account displayed with the appropriate Quicken account.

Let me know how that goes or if you have any followups.

Frankx