Why is Quicken ending Direct Connect

Nossib

It seems that Quicken is ending Direct Connect so it can charge both users and the banks a fee. Is this correct ? Why else would all of the banks be ending Direct Connect at the same time.

Rocket J Squirrel

Your speculation is incorrect. It is the financial institutions that are driving this change. They paid a fee for Direct Connect and don't want to pay it any more. Quicken is not making money from this transition.

The FIs have a consortium and you can view its web site.

https://financialdataexchange.org/FDX/FDX/About/About-FDX.aspx

https://financialdataexchange.org/FDX/FDX/The-Consortium/Members.aspx

Boatnmaniac

No.  It is not Quicken ending DC.  It is some Financial Institutions that are ending it.  And they are ending it for a number of reasons.  One of those reasons is that EWC+ and EWC cost them nothing but DC costs them a lot...so it is a cost savings initiative. 

And not all banks are ending DC.  Some are but most have not signaled that...at least not yet.  Currently only Schwab, PayPal, Chase and Discover have turned off DC.  Bank of America is in the process of doing so. However, I think we need to be prepared for others to follow suit in the not too distant future.

If you want you can read a little more about it here:  Scheduled payments not showing up on my Chase Checking Account.  Scroll up the thead and near the top is a summary of what is going on and why.

Chris_QPW

You have it backwards, and the wrong company.

Note that Quicken Inc pays Intuit for "Connected Services", which includes Express Web Connect/Express Web Connect +, and support for Direct Connect and Web Connect (QFX files).

I have no idea what Intuit currently charges the financial institutions for Direct Connect/Web Connect.  It was noted in the past they charged a service fee for these.

Intuit has never charged for Express Web Connect or Express Web Connect +.

So, the bottom line is that it has always been Intuit that has got the money for these services.
Quicken Inc pays them, and depending on the connection type and current fees, the financial institution pays them.  Also, it should be noted that if the financial institution supports Direct Connect they have to maintain an OFX server that Quicken would connect to, which of course has cost associated with it too.

MikeGolib

Bank of America has recently dropped Direct Connect, so I'm thinking about switching to another bank that still supports it. Has anyone had success doing this? Will my list of online payees survive the switch, or would I have to start all over?

Chris_QPW

MikeGolib said:

Bank of America has recently dropped Direct Connect, so I'm thinking about switching to another bank that still supports it. Has anyone had success doing this? Will my list of online payees survive the switch, or would I have to start all over?

I remember a post by someone that did this, and they said that their online payees did survive and got synced to the new financial institution.  I personally have never done this though.

Ps56k2

Nossib said: It seems that Quicken is ending Direct Connect ...

Nope - you have it backwards.... and you can read the above links...

Randy 415

When I switched Direct Connect banks a few years ago, all of my payees stayed with me and moved over to my new DC bank. It was wonderful.

Boatnmaniac

MikeGolib said:

Bank of America has recently dropped Direct Connect, so I'm thinking about switching to another bank that still supports it. Has anyone had success doing this? Will my list of online payees survive the switch, or would I have to start all over?

I think it will be kind of hit-and-miss on this.  I've read about some who said that their online payees transferred right over to the new bank.  But for me, when BBVA USA was merged into PNC Bank that did not happen and I needed to set up the online payees all over again for PNC.

FYI:  Switching banks might or might not be a good long term solution to keep DC Bill Pay.  We do know that there are other banks that will be doing what Chase, Cap One and BOA have done and transition to EWC+ but we really don't know which banks will do that nor when those transitions will occur.  At a minimum you will buy yourself some additional time with DC but there's no telling for how long.  At present I still have DC Bank Bill Pay with PNC Bank, Wells Fargo and Midland States Bank....keeping my fingers crossed that nothing will change for a long time.