US Bank doesn't download interest transactions on my loans

I have used Quicken with US Bank for more than 15 years. I have two loans with US Bank. When the transactions download, they show payments only, but not the interest charge. Is this a thing that can be fixed? Or should I just keep entering interest manually. There is a difference in quicken balance and online because of interest charges.

Best Answer

  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭
    Answer ✓
    When banks download loan payments into the checking account, they download only the total amount of the payment.  They do not download split categories for the transaction where the total payment is broken out into principal, interest, etc.
    Is your loan connected to US Bank?  In this situation the lender will simply update the balance each time a payment is made.  The transaction details are not visible because connected loans do not have account registers.  If your bank is connected to the loan then you will need to enter split categories into the payment transaction US Bank downloaded to your checking account.  You'll have to get the details of the principal/interest splits for each payment from US Bank loan statements or your online loan account and then categorize each accordingly....do not transfer them to the Loan account.
    If your loan is set up as a manual account in Quicken, then when you set up the account in Quicken a Loan Reminder with the calculated category splits should have been generated.  In this case, enter the Loan Reminder into your checking account on/before each due date and Quicken will transfer the principal and interest amounts into the Loan account register.  When US Bank downloads the Loan payment into the checking account, Quicken will match it to the Loan Reminder that was entered.
    One method is not "better" than the other.  It is mostly a personal preference as to which is best for you.  If you are a person who doesn't really care to see and track all that detail, then the connected loan method will probably suffice for you.  If you are a detail oriented type of person then the manual loan account will probably better meet your needs.
    Does this answer your question(s)?
    (QW Premier Subscription: R39.23 on Windows 10)

Answers

  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭
    Answer ✓
    When banks download loan payments into the checking account, they download only the total amount of the payment.  They do not download split categories for the transaction where the total payment is broken out into principal, interest, etc.
    Is your loan connected to US Bank?  In this situation the lender will simply update the balance each time a payment is made.  The transaction details are not visible because connected loans do not have account registers.  If your bank is connected to the loan then you will need to enter split categories into the payment transaction US Bank downloaded to your checking account.  You'll have to get the details of the principal/interest splits for each payment from US Bank loan statements or your online loan account and then categorize each accordingly....do not transfer them to the Loan account.
    If your loan is set up as a manual account in Quicken, then when you set up the account in Quicken a Loan Reminder with the calculated category splits should have been generated.  In this case, enter the Loan Reminder into your checking account on/before each due date and Quicken will transfer the principal and interest amounts into the Loan account register.  When US Bank downloads the Loan payment into the checking account, Quicken will match it to the Loan Reminder that was entered.
    One method is not "better" than the other.  It is mostly a personal preference as to which is best for you.  If you are a person who doesn't really care to see and track all that detail, then the connected loan method will probably suffice for you.  If you are a detail oriented type of person then the manual loan account will probably better meet your needs.
    Does this answer your question(s)?
    (QW Premier Subscription: R39.23 on Windows 10)
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