Chase update - Clarification on connection Announcement

Don Awalt

Hi all, I had a clarification question on this announcement from Quicken that the Chase online connection was changing, and what to do about it:
https://community.quicken.com/discussion/7915491/important-update-about-chase-online-bills-in-quicken#latest 

I just want to make sure, this only affects users who pay bills through Chase? I have a Chase credit card, and I download transactions from Chase. My understanding is, this announcement will not affect me if my only Chase involvement is downloading credit card transactions. Is that correct?

Thank you!

splasher

Eventually, Chase has announced that they will  be dropping Direct Connect download capability for ALL accounts later this year.

That means that the only download methods available will be Express Web Connect and Web Connect (same applies to Mac version, but nomenclature is different).

Don Awalt

Thanks - but for now, downloads on direct connect will keep working right? That's bad news, I may change credit cards if a solution for Quicken users is not found.

splasher

Don Awalt said:

Thanks - but for now, downloads on direct connect will keep working right? …

Hopefully, but only Chase can provide that answer with any confidence.

Don Awalt

Thanks @splasher. I did send a secure message to Chase and said if they make the ability to download Quicken transactions worse by eliminating Direct Connect or in any other way, that's important enough to me that I will move to another credit card. Web Connect is too unreliable to use long term. Send Chase a secure message through their web site folks if this affects you!

splasher

Don Awalt said:

… Web Connect is too unreliable to use long term. 

I think you have your download/import methods confused.  Web Connect is the user going to the FI's website and doing a download and then importing it.  I do it with 4 FIs routinely without any issues. 
I think you meant Express Web Connect, which is routinely problematic.

Don Awalt

Yes you right!

BK

@Don Awalt

My approach would be to not jump into conclusions and instead wait and see what happens once they clean up any glitches due to the changes.

I recognize that EWC is less reliable and problematic due to the convoluted behind the scenes operations leading to poor user experiences - I totally get it.  However using it for the past 10 years for some of my FIs I have not experienced negative issues.  Therefore I personally have no reason to drop an institution just because they don't support DC.  And who can say that a move to the next DC institution will not change to EWC later on since some FIs are on a similar path.

Don Awalt

@BK good point. We'll see what happens. And, Quicken said they are looking for solutions too.

Chris_QPW

Don Awalt said:

Thanks @splasher. I did send a secure message to Chase and said if they make the ability to download Quicken transactions worse by eliminating Direct Connect or in any other way, that's important enough to me that I will move to another credit card. Web Connect is too unreliable to use long term. Send Chase a secure message through their web site folks if this affects you!

I seriously doubt this will make any difference at all.  Quicken users are a small percentage of any financial institution's users.  At the same time there are a lot of different "aggregators" that want at that same data.  This push that is going on for Express Web Connect + is actually a push for FDX, which is a standard for aggregators to connect to financial institutions.  "Express Web Connect +" is just Intuit's/Quicken Inc's name for their implementation of that part of the flow (the "plus part").  And it is more secure because unlike Express Web Connect/other aggregator systems the usernames and passwords aren't stored on the aggregator's servers, only rotating security tokens are used.

So, financial institutions see this as a way to get the major players (the aggregators) all to use the same API which is more secure.  And at the same time financial institutions that were supporting Direct Connect can drop the expense of supporting it.  The only "major" player that supports Direct Connect (the OFX protocol) is Quicken.  There are other smaller players like open-source programs that have been piggy backing on the fact that Intuit/Quicken Inc have been keeping this available (and using things like Intuit's/Quicken Inc's financial list file to know how to connect) that are going to be the ones that are really hurt by this as each financial institution drops Direct Connect and only going through an aggregator is possible.  Most credit unions dropped Direct Connect long ago because of the expense to maintain it for a very small percentage of their users.

From the financial institution's standpoint, it really doesn't make any sense "not to change over".

Personally, I wish that the US financial institution would have instead standardized on the OFX protocol and not on "aggregators", but this what it is and no amount of Quicken customer complaints is going to change it.

Chris_QPW

P.S.  If you are interested in FDX here is the website of the people maintaining that standard.  Interesting enough they also took over maintaining the OFX standard a few years ago.
Home (financialdataexchange.org)

BK

@Chris_QPW

RE: Quicken users are a small percentage of any financial institution's users

Very correct.  A close friend of mine who is an IT Exec told me that when they hear Quicken they roll their eyes!  And they are doing things to eliminate "this very small subset of customers" because they generate many expensive support calls not worth any benefits - where none of the issues are on the FI's end to deal with.  So they are either simply closing these offending customers' accounts or quickly ending the calls so that the customer leave on their own!  His suggestion was: "If you ever contact our support, don't ever mention Quicken or you may get flagged"!

Chris_QPW

@BK yeah, it seems to me that Quicken users are very "vocal" and have much bigger opinions on their value to the financial institution than what is actually correct.  Some financial institutions are much more "tolerant" than the one your friend is talking about, but still, they have to really wonder if it is worth it.

One of the mysteries I have always had is why the financial institutions support programs like Quicken at all.  It doesn't seem to me to be in their best interest.  I have a feeling a lot of it is more of a culture of "that is how we have always done it" than anything else.  And when they are finally forced to look at it in modern times it doesn't make any sense.

Back when Quicken first allowed connecting to financial institution's the offerings from those financial institutions were pretty weak.  So, I can see how they decided that it was a good idea back then.

But as time has on, the offerings of the financial institutions (website and Apps) have improved drastically and these benefit all their customers, not just a small subset of Quicken users.  They have to be spending quite a bit of money on their websites/App, and they are going to want to maximize the return of expense to customer.  What's more one of the biggest "clubs" that financial institution's for keeping customers is the fact that if you go to another financial institution, you basically lose your history.  With Quicken storing it and consolidating it, this is one less tool the financial institutions have to keep customers.  The result is that Quicken users are much more likely to jump around to different financial institutions and have various services that the normal user might have all had at that one financial institution for connivence, are now spread over several different financial institutions.

One might wonder about "aggregation" but isn't hard to see that supporting that is to the financial institution's benefit.  By allowing the user to come to their website/App and see more of their financial life they have more of a chance of keeping that customer.

BTW I haven't found any of the aggregations by different financial institutions to be any better than Express Web Connect.  They are all unreliable.  Yes, today Mint might not have a problem with XXX financial institution and Quicken does, or Chase might or might have a problem getting data from say Sychrony, but it is all a "whack the mole" kind of problem.

Don Awalt

LOL I got my reply from Chase on my secure message expressing my concern about the possible change in being able to download transactions from Chase, see below. Talk about a non-reply! I’ll lay low at this point. —->

I would like to inform you that this inquiry will require an extensive review of your account, and additional questions to be answered. Please call one of our Online Technical Specialists at the number listed below. Representatives are available 24 hours a day, 7 days a week.

Chris_QPW

Don Awalt said:

LOL I got my reply from Chase on my secure message expressing my concern about the possible change in being able to download transactions from Chase, see below. Talk about a non-reply! I’ll lay low at this point. —->

I would like to inform you that this inquiry will require an extensive review of your account, and additional questions to be answered. Please call one of our Online Technical Specialists at the number listed below. Representatives are available 24 hours a day, 7 days a week.

I The "condensed" reply is:

I have no idea what you are talking about, maybe you should call someone that might have clue.

Don Awalt

LOL! Correct.

akalati

Terrible announcement today by Chase & @Quicken dropping their decades-long integration. Will lead to mass-exodus for both! A real disaster. If execs out there are listening, find a better solution for your loyal customers.

Don Awalt

The email I got today says it is being replaced with a better integration, more news coming within 60 days. As @BK said above, best course is probably to wait and see.

Chris_QPW

akalati said:

Terrible announcement today by Chase & @Quicken dropping their decades-long integration. Will lead to mass-exodus for both! A real disaster. If execs out there are listening, find a better solution for your loyal customers.

This is a decision that isn't going to be changed no matter what the Quicken users say.
Chase is going to Express Web Connect + and there isn't anything the Quicken users, or even Quicken Inc can do about it.  But in fact, Quicken Inc wants the same thing, so they will listen patiently to you, and then ignore your request.

jcoley2

My understanding was Chase was making this move in September but all of sudden this week I can no longer pay my bills through quicken using my Chase checking account.  Did something happen early?

thecreator

Hi @"jcoley2 ,

Switch back to Direct Connect and leave it there. I notice the same thing.

To others, if you have a Chase Line of Credit Account, it works with Direct Connect. When you Deactivate the H.E.L.O.C. Register, you still have access to the Transactions list. When you Set Up Now for Express Web Connect, it causes the Register to show "This Loan is paid off." and you lose access to Loan Details and its Transactions.  ----   This should be checked prior to Quicken switching to the New Protocol.

Ron Varley

Read through all the comments and had an email from quicken on July 14 that said, "Your Chase connection is getting an update.
Quicken has partnered with Chase for a faster, more reliable connection.
We are putting the finishing touches on the new connection now, but when we finish, you can expect fewer download errors and more reliable service—all through a more secure connection.
You don't need to do anything now.
We'll start notifying you within the next 60 days when it's time to make the switch.
Today when I tried downloading transactions for a Chase Credit Card it did not work and I got a message in One Step Update. See attached Screenshot.

Clicking on the 'Reauthorization' button didn't work. I then went to my account at Chase and did a search and came up with this:
"If you’re having trouble finding or downloading your account info to your personal financial management (PFM) software (such as Quicken or QuickBooks), you need to give it permission.

To do this, check your secure messages for an email saying “Action Required for Quicken or QuickBooks Users.” Once you open the email, choose the authentication link to get a 1-time pre-populated passcode and go to the authentication page.

Keep in mind: You’ll need to do this from time to time so we can protect your personal and financial info. If you have more than one account, you may need to do it for each one. For the best experience, use your desktop computer."

There wasn't any message in my secure message box so I left one for Chase. Not quite sure what to do now.

Chris_QPW

For what it is worth I got the "Reauthorization" error this morning when I did a One Step Update.  Note only on the banking accounts not the investment accounts.  I didn't hit the Reauthorize button, I just ran One Step Update again and the error went away (for now).

Chris_QPW

Ron Varley said:

Clicking on the 'Reauthorization' button didn't work.

Was the page blank?

Here is a new announcement if that happens:
https://community.quicken.com/discussion/7917528/new-08-09-22-chase-authorization-blocked-by-pop-up-blockers

Ron Varley

Chris_QPW, no the page was not blank. It just would not do anything. I ran a full update on my accounts yesterday and Chase worked fine. Guessing it had nothing to do with the coming change and still using Direct Connect with Chase.

MintUserNew

I got the E-mail from Chase. I went to Quicken and attempted to Set up Online access. Quicken freezes. Have tried this 4 times, and now it is just been waiting 30 minutes. Nothing.

RamblingTexan

> @MintUserNew said:
> I got the E-mail from Chase. I went to Quicken and attempted to Set up Online access. Quicken freezes. Have tried this 4 times, and now it is just been waiting 30 minutes. Nothing.

Same here

QknF

I've been through the authorization process three times: transferred from Quicken to Chase's website, logging in, giving permission to share data, and even getting a confirmation email from Chase.

Quicken still is unable to download transactions.

SRC1954

I got the change in Simplifi last week, so I set-up their new connection. There was a glitch with Safari so I turned off my popup blocker. Then it connected. Then in Quicken I switched from Direct Connection to Quicken Connect (is this MAC for Express Web Connect?). Anyhow, it went off without a hitch. I just have a credit card so I knew billpay wasn't something I had. I figured I might as well test out the new connection, and it has worked so far without a hitch in both Simplifi and Quicken for Mac.