Bank of America

Received several emails saying the connection with Bank of America is going to change in the near future. What it boils down to is the only thing you're going to be able to do is download transactions. Transferring between accounts and bank bill pay will be gone from within Quicken. What do you think about that?

Comments

  • aldabe
    aldabe Member
    edited August 30
    [Removed - Rant]
  • tjones600
    tjones600 Member
    Will I be able to download cleared transactions from BofA? If not, since I don't use Quicker to manage brokerage accounts, etc., why have Quicken? I can easily create an Excel spreadsheet to manually record cleared transactions.
  • BrianBD
    BrianBD Member ✭✭
    This is a major loss of functionality. Will similar problems arise with other banks like Chase? Other than finding a new app, what's the easiest work-around?
  • WHIII
    WHIII Member
    I called CHase to see if I could switch from Bank America and Quicken's updates connections will no longer allow chase to process quicken-based bill payments via direct connect. What gives quicken? is this functionality lost now? Is it available via quick books?
  • Tom H
    Tom H Member
    edited August 30
    [Removed - Speculation] I have not seen a response clarifying if bank transactions would continue to be downloaded or not.
  • JSS
    JSS Member ✭✭
    I received this email as well. is it Spam??
  • Okayish
    Okayish Member ✭✭
    I create bills-to-be-paid, and recurring bills-to-be-paid, in "Bills", and have the splits, if any, and accounts to be credited, already set up. Now, I'm not going to be able to send those to BofA. What good is "Bills" in quicken now if you can't send payments to BofA? You are going to have to go to the bank's website and enter payments (cant do splits with BofA!!!), or you are going to let INTUIT, process them along with Check Pay. Of course Quicken is going to charge you for that after Sept 30, 2023, (some freebies, 12, until then, and even now if you need more than 12, you'll be charged.
  • BrianBD
    BrianBD Member ✭✭
    Looks to me like if you stay with Quicken, you are going to have a 2 step process. Go out to your bank's site & pay the bills. Then go into Quicken & re-enter the transaction(s) charging the appropriate expense(s). This cries out for a re-thinking.
  • Quicken Kathryn
    Quicken Kathryn Administrator admin

    Hi all,

    Just a clarifying note, as there have been a lot of questions about connectivity changes and Bill Pay in this thread and in our other Care channels.  Your transactions will continue to download with the new EWC+ connection type, however, you will not be able to pay bills with Direct Connect Bill Pay.  

    Please understand that these connectivity changes were not initiated by Quicken Inc., and that we do not benefit financially (nor are we harmed financially) by these changes.  Our continuing focus has been on providing reliable, secure connectivity and integrated Bill Pay capabilities to our users. 

    For more information on these changes, please see the FAQ here.
    Quicken Kathryn
    Community Administrator
  • dnelson
    dnelson Member ✭✭
    Can you transfer money between Bank of America Accounts?
  • EJSieber
    EJSieber Member
    Quicken Kathryn, I just went through the BofA "change" today;

    "> @"Quicken Kathryn" said:

    > Your transactions will continue to download with the new EWC+ connection type, however, you will not be able to pay bills with Direct Connect Bill Pay.  

    I just underwent the "change" today with BofA. What does "the NEW EWC +" mean to us old people. Using Quicken since c1995, the BIG thing I see today is that Quicken won't even download scheduled payments made at BofA. So my "register/Balance" in Quicken doesn't even show scheduled payments upcoming?!? What use is that?

    Unless ya'll fix THAT problem, I see no reason to renew Quicken. Please advise if this will be rectified.
  • William Toperzer
    William Toperzer Member ✭✭✭
    EJSieber said:
    Quicken Kathryn, I just went through the BofA "change" today;

    "> @Quicken Kathryn said:

    > Your transactions will continue to download with the new EWC+ connection type, however, you will not be able to pay bills with Direct Connect Bill Pay.  

    I just underwent the "change" today with BofA. What does "the NEW EWC +" mean to us old people. Using Quicken since c1995, the BIG thing I see today is that Quicken won't even download scheduled payments made at BofA. So my "register/Balance" in Quicken doesn't even show scheduled payments upcoming?!? What use is that?

    Unless ya'll fix THAT problem, I see no reason to renew Quicken. Please advise if this will be rectified.
    This Quicken article explains the three ways banking information moves from your bank into Quicken.
    https://www.quicken.com/support/how-quicken-connects-your-bank

    EWC+ (Express Web Connect Plus) is a new variation of EWC that modifies the credentials used between bank and Quicken explained here https://community.quicken.com/discussion/7901624/what-is-express-web-connect#:~:text=✭✭✭-,November 2021 edited November 2021,institution when you successfully authenticated.

    With Direct Connect, as the name implies, your Quicken program session was directly connected to your bank allowing the bill paying, etc.  With EWC, information passes to / trough Quicken.com and then to you Quicken program which apparently does not support bill paying, etc.  As noted above, you will need to go to BofA to trigger the activities and then see the results downloaded into Quicken.  Same for Schwab and many others, so this is not unique.

    In separate note, we did the BofA Reauthorization process today.  It went smoothly as it moved back and forth between Quicken, BofA and back to Quicken as we 'followed the bouncing ball.'