Reconciliation not working for Chase accounts after switch to EWC+
gregwd
Quicken Windows Subscription Member ✭✭
Reconciliation is no longer working for Chase bank accounts. This stopped working for the online version of Quicken several weeks ago, and it stopped working on the Windows version of Quicken today after I received the prompt to switch from Express Web Connect to EWC+ for downloading bank transactions. (https://www.quicken.com/support/why-am-i-receiving-message-about-my-chase-accounts)
I added up the value of all of my uncleared transactions at Chase, and it equals, to the penny, the difference between the 'Cleared Balance' and 'Statement Ending Balance' that shows up when you reconcile the account in Quicken for Windows. (When working properly, this should be $0.)
There is something going on where Quicken appears to be using the running balance at Chase, which EXCLUDES uncleared transactions, but is then assuming the uncleared transactions are already reflected in that number. (All of the uncleared transactions on Chase.com have a running balance of "--" next to them, because they aren't counted toward the running balance.)
I spoke with a Quicken representative on chat, and they simply told me to, "...wait for all your records to clear, then reconciliation will work." This person has clearly never had a checking account, since there will almost always be uncleared transactions at any point in time. (i.e., There will seldom be a day where I have no pending transactions at Chase.) I told them this feature worked in Quicken for Windows until TODAY, and they simply told me (again) to wait for all the transactions to clear, then try again. (This went on for a while.)
What can be done to resolve this issue?
I added up the value of all of my uncleared transactions at Chase, and it equals, to the penny, the difference between the 'Cleared Balance' and 'Statement Ending Balance' that shows up when you reconcile the account in Quicken for Windows. (When working properly, this should be $0.)
There is something going on where Quicken appears to be using the running balance at Chase, which EXCLUDES uncleared transactions, but is then assuming the uncleared transactions are already reflected in that number. (All of the uncleared transactions on Chase.com have a running balance of "--" next to them, because they aren't counted toward the running balance.)
I spoke with a Quicken representative on chat, and they simply told me to, "...wait for all your records to clear, then reconciliation will work." This person has clearly never had a checking account, since there will almost always be uncleared transactions at any point in time. (i.e., There will seldom be a day where I have no pending transactions at Chase.) I told them this feature worked in Quicken for Windows until TODAY, and they simply told me (again) to wait for all the transactions to clear, then try again. (This went on for a while.)
What can be done to resolve this issue?
Tagged:
0
Comments
-
I did talk to support, and the guy I got understood the problem. He said they are getting swamped with support tickets on this. It's not just QWin but also QMac. This was broken and should have been tested fully by Quicken. In the meantime the only solution is to reconcile against the online balance and manually clear those transactions that are "pending" on the Chase website. That's the only solution in the short run. So much for automatic recs.3
-
Also, this is a Chase problem, so I have this feeling that any financial package will have the same issues unless they have already addressed the problem. And my experience has always been Quicken and the financial institutions pointing the finger at each other saying it is the other guy's problem. I really don't care - they need to get this fixed ASAP.1
-
Yes, seems like it pulls the online balance with pending charges and holds and tries to reconcile that against what has cleared and it'll never work. I too also have that problem of always having pending transactions and haven't been able to reconcile in a week or two (since the change).0
-
Watch out for it changing the opening balance too, that has been seen also.Signature:
This is my website: http://www.quicknperlwiz.com/1 -
@Chris_QPW - Yep. That happened to some, but weirdly not all, of my Chase accounts in Quicken.0
This discussion has been closed.