Truist Confirms Quicken Direct Connect Option - but there's a problem

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Comments

  • KennyDu
    KennyDu Member ✭✭
    > @kapinossa said:
    >
    > For me, my credentials now don't 't work even though I can look into my web Truist page and status my accounts.
    >
    > It helps knowing what you have done and it is much appreciated!

    @kapinossa Sorry you are still having issues. I literally had to do nothing. I was getting the 306-A error like so many others when connected to BB&T Online Banking. I came back from a trip, hit the Send/Receive process in Quicken and it all worked magically. [I will note that I had a "SEND Payment" that was about a month out in my queue the entire time so that every Send/Receive attempted to process this payment.] It just all started working, and I notice the bank name changed to Truist Online Banking. The only thing I can think to check is to make sure the Routing number in your account setup matches what Truist expects for your account. For me, the bank routing number in Quicken is NOT the same number that is on my checks. I do not know why or how that number got to be what it is; I suppose it self-selected at setup?

    I will not have final confirmation of the check / funds distribution until the first week in April when all my sent payments start to process, but I don't see any issues at the moment.

    Currently, my biggest complaint is that Truist reports to Quicken the "Available Balance" instead of reporting the "Cleared Balance" that Quicken expects in my accounts. This is really annoying in my business account where I receive EFT payments from external vendors almost daily. Quicken can never reconcile unless there is a day where there are no pending payments posted. UGGH.

    Annoying, but I can live with it. It is just too much work to change a business account out and have to reset all the numbers with vendors...that would be even more annoying.

    Good luck.
  • gsundel
    gsundel Member ✭✭
    @kapinossa so you can use credentials to get into the truist.com site, but those same credentials on a direct connect setup in quicken don't work (same userid/password)? ie, no download of truist transactions to quicken? what's the error message? don't know if you've tried the truist online/banking support 888-228-6654 - they've been pretty good at that part in the past (better than the general number).
  • kapinossa
    kapinossa Member ✭✭
    @gsundel You are correct. I will try your support number to see if I can move forward.
    Thanks again
  • kapinossa
    kapinossa Member ✭✭
    @kennyDu Appreciate the feedback on your success. It helps knowing how everyone has moved forward and I will try as soon as I return home tonight.
  • titanrx
    titanrx Member ✭✭
    > @skydivetom said:
    >
    >
    > First though, I feel like I'm now between a rock and a hard place. Why?
    >
    > I guess that's Murphy's Law again. This whole process did NOT work for nearly 5 weeks, and now I have 2 banks (TRUIST and PNC) that allow me to issue bill payments via Quicken.
    >
    > So, why "rock and a hard place"??? I'm on the fence whether or not I should now give up TRUIST given PNC's much superior customer service. I'll check w/ my employer to see how easy/difficult it is to switch my paycheck deposit.
    >
    > Sorry, didn't mean to be "soapy" here, but this TRUIST migration has been really using up my time AND negative impact my credit score (both new banks -- 1st Advantage FCU & PNC issued me credit/debit cards but had to run a hard credit check).
    >
    > Urgh!

    Perhaps the fact that Truist is going to charge between $8 - $10/month for Direct Connect with Bill Payment through Quicken vs PNC charging $0/month will additionally sway your final decision.

    Personally, I have no loyalty to Truist even though I was a loyal customer of SunTrust for 29 years as of next Friday. I never paid for SunTrust bill payment and neither Truist corporate nor the local branch have any means of grandfathering the no-cost capability.

    I started my IT career in the mid '70s as a programmer/analyst with a major NY bank. Anyone who "lost" a transaction or even a tiny fraction of $0.01 would have been fired instantly. Truist managed to lose scheduled payments that I have bonafide check number in my register as well as the contemporaneous logs that I keep and over a month later they're not even bothering to analyze how they disappeared. That's not a bank I choose to continue to do business with. As posted previously, conversion to PNC went smoothly with the only delay being the 7 days it took for my Direct Connect credentials to arrive by US mail.
  • gsundel
    gsundel Member ✭✭
    on the good news side, my test Truist direct connect check arrived at my house - so since my 306 error went away and it said SENT - it did arrive. Although, it arrived a day after it was supposed to be delivered (took 9 days). Another test check next week.

    Odd: it arrived in an envelop that says "Payment Enclosed" across the top, would think that's a fraud signal?

    it's got it's own check number 0000985001 - so i'm left wondering if checks will be sequential or not (not a big deal). Also, the check register still says SENT - I assume that won't change until the check is cashed and then perhaps the check number will appear. A bit hard if you want to prove to a vendor that you sent them check #xxxxx that hasn't arrived at their place yet - but I can live with that.

    Bad: i did get hit with a $7.95 charge in one of my Truist accounts. Oddly, it just picked one as I never would have agreed to charging the one it did. Given I'm an Asset Management Account customer, I believe they'll waive it and figure out how to stop charging it. I went to the branch to discuss on Saturday - but alas, they had a line of 2 people before me and 2 more after me waiting, and they had the audacity to tell the people in there BEFORE closing time that they wouldn't be able to take all of them (ie, kicked them out). That's pretty poor customer service.

    but check processing does seem to be happening.
  • kapinossa
    kapinossa Member ✭✭
    @gsundel Great news and hoping that your sending continues being successful.
  • skydivetom
    skydivetom Member ✭✭
    @titanrx - thank you for your comments. You made some convincing arguments. I should receive test payments (mailed to myself) from both PNC and TRUIST within the next 2 business days.

    And, as you pointed out by @gsundel, the idea that envelope reads "Payment Enclosed" is concerning.

    Again, thank you all for contributing to this forum and providing solid feedback in this forum.
  • cwpomeroy
    cwpomeroy Member ✭✭
    So I set my direct connect to BB&T a few weeks ago and it's working. Should I now go in and replace it with Truist??
  • kapinossa
    kapinossa Member ✭✭
    @cwpomeroy You do not change the financial institution. My changed automatically one day. When I do an update, it automatically connects to Truist Online Banking not BB&T now.
  • kapinossa
    kapinossa Member ✭✭
    After many hours of wasteful telephone calls and NO results, on Monday my original Quicken data that I register on the first day of transition allowed me to send my first payment.

    I still have to wait until Monday to receive the test payment but all indications are in line with the process described by others on this forum.

    Also, I did receive my paper statement with a monthly charge starting at the end of February, which should be criminal. Now I have to waste more phone time trying to recover my money!
  • kapinossa
    kapinossa Member ✭✭
    Just a quick update. First test payment arrived a day late (8 calendar days). Second test maybe arrives Wednesday (9 or 10 days).
    Just as other members have stated: No check numbers only "SENT" in the register. Instead of 4 business days to send a payment, my minimum is 7 calendar days (Monday to Monday) even for an electronic payment. A real step backwards but now waiting to see if a vendor electronic payment clears 7 plus calendar days from sending.
  • skydivetom
    skydivetom Member ✭✭
    Hello:

    Quick background first:
    - I have been using SunTrust (now TRUIST) as my default accounts for "Direct Connect" bill pay.
    - Upon opening Quicken, my startup/default view was set to the following tabs: HOME (main tab) | BILLS (subtab)
    - Now, I recently switched banks from TRUIST to PNC and set up all PNC accounts for "Direct Connect".
    - Finally, as of this morning, I actually *deleted* all of my TRUIST accounts ("bye bye TRUIST!!").

    Existing issue:
    - Given the deletion of the TRUIST account, my default view -- again, HOME (main tab) | BILLS (subtab) -- now only shows a single bill/income reminder for each month.
    - It is only when I click/open my PNC account and then return to HOME (main tab) | BILLS (subtab) that all of my scheduled bill/income reminders (20+) for each month are shown.

    My question:
    - Where/how do I update the settings in Quicken so that I immediately display all 20+ bill/income reminders for each month for the new PNC bank (without first having to click on the PNC account)?

    Thank you,
    Tom
  • skydivetom
    skydivetom Member ✭✭
    edited April 2022
    Quick update... the issue resolved itself.

    Given my recent transition from TRUIST to PNC, all of my scheduled DirectConnect bill payments had been scheduled to start in May (nothing in April).

    Upon starting Quicken now, the bill reminders are automatically shown in tab HOME | BILLS.

    Thank you,
    Tom
  • puck1
    puck1 Member ✭✭
    Like so many others, I've was a SunTrust Customer for years using Bill Pay with no charge. Truist did not handle the transition well. I am also surprised that Truist uses our money to make money yet is now charging a $7.95/mo fee for Bill Pay. I'm looking for other alternatives such as another bank. Or, as a 2nd option, has anyone upgraded to Quicken Premier which includes Bill Pay capability. Looks to be about a $26/yr cost increase (from Deluxe) which is still far less than Truist. What other banks have others switched over to who may have free Bill Pay.
  • Rick Staveley
    Rick Staveley Member ✭✭✭
    > @puck1 said:
    > Like so many others, I've was a SunTrust Customer for years using Bill Pay with no charge. Truist did not handle the transition well. I am also surprised that Truist uses our money to make money yet is now charging a $7.95/mo fee for Bill Pay. I'm looking for other alternatives such as another bank. Or, as a 2nd option, has anyone upgraded to Quicken Premier which includes Bill Pay capability. Looks to be about a $26/yr cost increase (from Deluxe) which is still far less than Truist. What other banks have others switched over to who may have free Bill Pay.

    I switched to Wells Fargo and they are not charging me for Bill Pay.
  • REJones
    REJones Member ✭✭
    > @puck1 said:
    ...I'm looking for other alternatives such as another bank. Or, as a 2nd option, has anyone upgraded to Quicken Premier which includes Bill Pay capability...

    After the SunTrust-to-Truist frustrating fiasco, I went all-in with PNC w/Direct Connect & Bill Pay. It works smooth and easy just like SunTrust did for many years.
  • gsundel
    gsundel Member ✭✭
    yes, this conversation has been very frustrating
    For what it's worth, i determined that Truist says they will not charge the 7.95 if you have an Asset Management Account - which I did (note, this is an investment account with Truist Investments that is linked to the bank account - have to keep a minimum of 25k between the bank and investments I believe). But seems after 2 months, they finally figured out that my bank account was not linked to the the investment account any more. So i'll see if now that they've fixed it i can get out of the 7.95 charge.

    but i believe I've used PNC direct connect and bill pay in the past without a problem.
  • JayBugs
    JayBugs Member ✭✭✭✭
    Anyone know if Truist with Direct Connect does the detailed option for their brokerage. Like everyone here, I've used SunTrust for decades and never paid a cent for direct connect or anything else, in this case because my checking was linked to my SunTrust brokerage. But no more...direct connect was showing a zero balance and no transactions or funds so I switched to Express Web Connect with no improvement.

    Before I go through the work of making Truist link my checking to get free Direct Connect, is there any value to Direct Connect from a brokerage standpoint instead of just Express Web Connect? (I do my bill pay through Quicken itself already.)
    -Jay
  • gsundel
    gsundel Member ✭✭
    @JayBugs what are you seeing? After their conversion, my linked investment account dropped so i was being charged for direct connect - took them a while to figure out they had to link the account which stopped the charge. I don't like the fact that the sweep goes into the investment account each night - was thinking of asking if they had a way to turn that off (stop the sweep). For now, i just delete the sweep transaction from Quicken so my balance in quicken checking shows up right. I haven't traded in the investment account so don't know what detail is shows. Ironically, in the Truist online app it seems to show me the checking balance in the checking account.
  • JayBugs
    JayBugs Member ✭✭✭✭
    @gsundel Well, just to start, Truist chat support insists that there is no way to get out of the $8 (or so) for Direct Connect no matter what...even with my linked brokerage account that has above the amount needed for free checking accounts. (Not that I'm clear the specific kind of brokerage account assuming Truist has more than one kind. The website/app just say: Account type Individual, Institution Truist Investment Services, Inc.)

    Until recently (a week? Two? who knows) my brokerage was working fine and providing transactions, holdings, and balance. For checking I've used Direct Connect until now.

    A day or two ago I noticed that there was a zero balance and when clicking on the account it shows no transactions and no holdings. (But of course the Trusit app/website show the holdings are still there.)

    I've tried both the "Truist Bank" and the "Truist Online Banking" financial institutions to link and download my accounts, but neither is showing anything in the brokerage account and zero balance. In fact now that I've switched between them no even all the checking accounts (there are 2) or HELOC are working and give "There is a problem downloading transactions for this account." in the Account Status window. Strangely, one of the checking accounts says it connected fine and shows balance and transactions correctly still as it always has.

    So, key questions in this too long reply...

    1. Which financial institution is the correct/current one for each of checking, HELOC, and brokerage for Truist accounts?

    2. Any idea if Express Web Connect (Quicken Connect) should be working?

    3. Is there anyplace on the Truist website or app where your brokerage account actually says, "Asset Management Account"? I'm wondering if I can push them to free Direct Connect in order to get detailed downloads including transactions. (Are you getting actual transactions not just holdings totals and balance? Truist support insists that both Express Web Connect and Direct Connect download brokerage transactions even though in the connection setup process in Quicken it said only the simple option was supported by Truist.)

    One point is I found this thread by search and just now realized it is for Windows...when I'm on Quicken Macintosh, but that shouldn't make a difference for these kinds of questions at least at this point/level.

    Thanks in advance for any help.
    -Jay
  • gsundel
    gsundel Member ✭✭
    @JayBugs i feel the frustration too. let me give you my "wisdom" in case it helps. First, I would call the Truist Investments help line - much more helpful than the banking side in this case. First - I didn't get charged the $8 fee this month and had in prior months - so perhaps this works. I had a Suntrust Asset Management Account (so checking account linked to investment side) and in old days if balance across both was greater than 25k, i think there was no charge. Crappy Truist conversion, apparently didn't maintain that link and banking side had no clue until my local branch manager said i needed to call Investment side and tell them to link the checking account. Which I did - investment side said the account wasn't looking like and AMA and sent me an electronic form to make it an AMA which included the fee waiver.

    In truist mobile app if you click on your checking account - below the available balance is a line that says "Linked Account: Investments xxxx" which shows you that it's linked to the investment account. In mobile app, In the investment account, below the balance is a line with "Linked Account: <name of checking>"

    So that's the setup and if the Investment side says they made it an AMA account, that should waive the fee automagically.

    Now on the transaction side - In quicken I use the Direct Connect method for the checking account using Truist Online Banking as the financial institution. I'm a little confused on this sweep transactions as it seems to make the checking balance $0 in quicken - but in the mobile app it has the real checking balance. I've been deleting the daily sweep transaction from the quicken import (manually) until i figure it out. You might ask the Investments side if there is a way to stop the daily sweep - i just haven't gotten to that yet :-).

    Frankly i don't trade out of that account - it's just to have the balance high enough to waive the fees. I see in Quicken I had it set up to Express Connect on the investment side and never download any transactions. I just changed it to Direct Connect (through the advanced setup on the financial institution) and the investment account doesn't show up in the list of Truist account for me to associate with the quicken account - so that's a problem I'll have to do some research on (but you should ask the investment side and they may have a quick answer for us). I tried the find banking account and also the loan accounts, the investment account didn't show up in either.

    i'll have to do more research on the investment account (as when i try to change the method back to express connect it gives me an error message that i already have a direct connection, so it can't make this one an express). Let me know what you find out please.
  • gsundel
    gsundel Member ✭✭
    @JayBugs FYI - i called the investments side by dialing 888 516 5247 which was on my Truist brokerage statement. Spoke to someone i believe named Kareleinny
  • HelpMeQkn
    HelpMeQkn Member ✭✭
    Am I the only one who has this experience: Quicken will "send" payments to Truist but there are no check numbers associated with the transactions (which used to happen in SunTrust). And when the transactions do clear, they are not automatically associated in the register and have to be manually matched.

    I find this very annoying and a loss in functionality compared to what SunTrust offered. We should not have to pay a monthly fee to get inferior service!!!! I just want to make sure I am not the only one out here.
  • gsundel
    gsundel Member ✭✭
    @JayBugs i don't see any quicken connection for Truist that seems to bring up my investment account to link it to Quicken? I think it used to show up. Now Truist seems to have either bank accounts or loan accounts, but doesn't seem to return an account that is an investment account. It shows up on their website (as a different account type than Bank or Loan), but doesn't show up in Quicken to connect to. Grrr - let me know if you solve this.
  • JayBugs
    JayBugs Member ✭✭✭✭
    @gsundel I've done a little more testing and am using the Truist Online Banking FI and it does show me all of my accounts, 2 checking, a HELOC, and a brokerage. I'll try the brokerage contact number, which is different for me in the Truist app at 800-710-8208. Also, neither of my checking or brokerage (investment) accounts say they are linked...but chat support says they are. I'll ask about that as well. More when I find more.

    -Jay
  • puck1
    puck1 Member ✭✭
    I'm switching banks. Working with Truist shouldn't be this hard or so expensive. These new Truist charges ($96/yr now) are on top of Quicken annual fee. Any banks to recommend besides Wells Fargo or PNC? What about BOA? Any others?
  • JayBugs
    JayBugs Member ✭✭✭✭
    Adding an update...got it working. For your checking, savings, HELOC type accounts use Truist Online Banking as people have listed here. For your Truist Brokerage account you need to select 'National Financial Services - inves' and not anything that has the word Truist in it. (Also do not select the 'National Financial - mystreetscape' option.)

    For me it is connecting and downloading the balance and the shares. It only does the simple tracking so it won't be downloading actual transactions, which kind of sucks, but this is the new Truist.

    A few more sources continue to confirm that Truist has no way to get free Direct Connect anymore, so if you want to actually download your specific transactions (which they claim does happen with Direct Connect) you have to pay monthly...or switch banks. Major fail Truist.
    -Jay
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