Trouble setting up Farm Credit accounts - should be "loans" not Credit Cards

sscase

I am trying to add three Farm Credit accounts accounts to Quicken. Two are fixed payment and the other is home equity. When I add the accounts the only option for account type is credit card. I called Quicken, the agent told me the problem was with Farm Credit, I called Farm Credit and have not received an answer after several months. I am caught between the two with idea what to do next. Any help would be appreciated.

Thanks

Quicken Jared

sscase said:

I am trying to add three Farm Credit accounts accounts to Quicken. Two are fixed payment and the other is home equity. When I add the accounts the only option for account type is credit card. I called Quicken, the agent told me the problem was with Farm Credit, I called Farm Credit and have not received an answer after several months. I am caught between the two with idea what to do next. Any help would be appreciated.

Thanks

Hello @sscase,  

I am sorry to hear about these difficulties with adding accounts to online banking services. Thank you for reaching out to us about this matter here on the Quicken Community.

In order to assist you further, I do have some questions for you about what is happening. What error messages - if any - do you notice when trying to add or link these accounts in Quicken? Also, what connection method are you using in order to add these accounts? You can check this anytime by clicking on the Advanced Options menu item when you are selecting your bank or credit union in Quicken. Lastly, what 'instance' or bank name are you selecting from the financial institution list in the Add Account window?

I look forward to hearing your responses.

Thank you,

Quicken Jared 

sscase

Jared, the connection method is Express Web Connect. The bank name is correct, Farm Credit MidAmerica. The add account process finds all the accounts using my user name and password. After finding the accounts I can add them and download transactions, but since the type of account is credit card the transactions are the wrong type and the balance goes up with each transaction. The balance is not red to show a debit or liability it is black. I have three bank accounts, three credit card accounts and an auto loan that are correct. I have been using Quicken since 1994.

Quicken Jared

sscase said:

Jared, the connection method is Express Web Connect. The bank name is correct, Farm Credit MidAmerica. The add account process finds all the accounts using my user name and password. After finding the accounts I can add them and download transactions, but since the type of account is credit card the transactions are the wrong type and the balance goes up with each transaction. The balance is not red to show a debit or liability it is black. I have three bank accounts, three credit card accounts and an auto loan that are correct. I have been using Quicken since 1994.

@sscase, 

Thank you for continuing to speak with me about this issue, and for answering my earlier questions regarding the problem. I am sorry that these difficulties are ongoing.

I recommend that you open a new, 'test' file by going to File > New Quicken File... in the upper menu at the top of the screen. Next, select New Quicken File and click OK. Finally, choose a location on your computer and save the file by clicking Save. Try adding only your non-credit card Farm Credit MidAmerica accounts by going to the Add Account button denoted by the '+' symbol in the upper left-hand corner of the screen, and enter your credentials as prompted. I am eager to hear whether or not the issue can be replicated in this test file. 

I look forward to hearing about your results. 

Thank you,

Quicken Jared 

sscase

Jared

I set up the test file and got the same results, the accounts were type credit and the balances were rising not dropping. I deleted those accounts then added the property and tried to add the accounts through that dialog box. Quicken found the institution but did not find any loans.

Quicken Jared

sscase said:

Jared

I set up the test file and got the same results, the accounts were type credit and the balances were rising not dropping. I deleted those accounts then added the property and tried to add the accounts through that dialog box. Quicken found the institution but did not find any loans.

@sscase

Thank you for reaching out once again and providing me with more information about what is happening. 

This appears to be beginning with the information provided by the financial institution over the online banking connections. At this stage, I recommend you speak with Farm Credit support regarding these issues. It is often helpful to request to speak with 'Tier 2' support or an escalations team, as these personnel are more likely to be familiar with third-party software, like Quicken. 

Feel free to bring any additional questions or concerns to the Quicken Community. 

Thank you,

Quicken Jared 

Ps56k2

sscase said: The bank name is correct, Farm Credit MidAmerica.  I can add them and download transactions, but since the type of account is credit card the transactions are the wrong type and the balance goes up with each transaction.

Well...  what type of accounts are these - are they "loans" -
Two are fixed payment and the other is home equity
Here is the Quicken config entry -

67097    67097    67097    Farm Credit Mid America    https://e-farmcredit.com/
https://onlinebanking.e-farmcredit.com/SignIn.aspx    ACTIVE
BANKING,CREDIT&WEB-CONNECT
BANKING,ACCOUNTINFO,CREDIT&EXP-WEB-CONNECT

Ps56k2

Some fyi … 
https://community.quicken.com/discussion/7164936/faq-how-do-i-convert-a-loan-account-that-automatically-downloads-transactions-to-a-manual-entry-sc#latest

NotACPA

Please describe the 2 "fixed payment loans".

Because a Home Equity Loan (or a HELOC) is setup in Q as if it were a credit card because you can take additional draws against the credit line after the original draw, unlike a typical loan.

UKR

Just my 2cents' worth ... I would not bother attempting to activate any loan or mortgage account for downloading. I would just simply set them up as "offline" (manual) loan accounts.
(Not discussing LOC or HELOC accounts here. They should be set up like credit card accounts)

At least in Quicken for Windows, an online-connected loan or mortgage account does NOT have a transaction register. All data shown in the account come from whatever information the bank downloads to you ... if this process works at all.

As a result of being connected, the scheduled payment transaction reminder cannot transfer the amount of principal paid into the (non existent) account register and must use a category, usually something like Loan:Principal, instead. The category seems to vary with the Loan Type you selected when creating the loan account in Quicken.

Effective with Quicken Windows 2018+
you can deactivate an online-connected loan account and regain full control over your transaction register.  However, you should still review the Scheduled Reminder (or Memorized Payee List entry) associated with the monthly loan payments to ensure they now transfer Principal to the loan account register and not to a Category.

If you're a Q Mac user, you should be able to do something similar about setting up and maintaining an offline mortgage account together with a correctly calculated Scheduled Transaction Reminder for the monthly payments from your checking account.