I recently
received an email from Quicken indicating that my Bank of America (BofA) connection
was being changed to provide a faster, more reliable one. Since I've not
been having issues with my connection, I didn't understand the need, but figured
that the change would make it even better.
But, in reading the email, I learned that Express
Web Connect (EWC) and Direct Connect services are being discontinued and
replaced with EWC+. As a Q’ user (with Bank of America) since 1994, I can’t
think of another change (except maybe eliminating One Step update) that would have
a greater negative impact
on my use (and I suspect other Direct Connect users) of Quicken, because:
Having a Direct
Connection to the Bank:
- Significantly minimizes the necessity of logging onto the Bank website.
- Allows bill payments to be made directly
in my Q’ date file checking account register by using the “Send” option in
the “Check#” field.
- Once the account is updated, I'm able to confirm the Bank’s receipt of the payment by viewing the Bank
assigned check number (which has replaced “Send”) in the account register Check#
field. I'm also able to view the payment on the Bank's website, if desired.
- I can transfer funds between my various accounts at the Bank, including loans, credit cards, savings and
checking accounts all from the applicable registers in your Q’ data file –
without ever going to the Bank website.
- My Online Payee List, which
contains over 80 entries, is in both my Q’ data file and on the Bank
website. I can modify it in either
location and the changes will automatically show in the other.
- I can use my Q’ data file Online
Payee List at ALL Banks which offer Q’ Direct Connect w/Bill Pay. No modifications are necessary to move
between Banks.
- In moving to Quicken Bill Pay,
per Quicken’s email referenced above, I will have to recreate my 80 +
entry list from scratch. And it won’t
be the same one as on the Bank’s website, which is another problem for me.
- My Direct Connect w/Bill Pay service
at Bank of America is free and has been since the beginning. If I moved to
Quicken Bill Pay, my transactions are limited.
In recent conversations
with Bank of America On-Line Tech support, I was told that they were not aware
of any plans to eliminate Direct Connect, that change could only be coming from
Quicken. Further, the Bank has never
sent any notification of such a change to me.
My daughter, also a Q’
lover and user, called Truist Bank about the status of Direct Connect with
their bank. They indicated that they
have no plans to discontinue Direct Connect as it has a large body of users,
and the group is expanding as Q’ users were moving from other banks to keep their
Direct Connect services.
While I’m an advocate
for continual improvement, I also believe in the adage: “if it ain’t broke, then
don’t fix it.”
I am hoping that other
members of the Quicken Community will share their experiences with Direct
Connect and request that it be retained at Bank of America and remain a
connection option at all Banks.
