Who is using DirectConnect

denmarfl

Opening this discussion for Quicken users who are using DirectConnect no matter what bank and any comments those users would care to Post here outlining their experience.  Looking for a new bank that offers Quicken DirectConnect...and it is always a good way to select a new Bank based on users experiences  

splasher

My DC financial institutions have shrunk to only Edward Jones.  I thought about moving to either PNC or WesBanco, but after Discover followed Chase in jumping the DC ship, it appears that most all of the FIs will follow because it doesn't cost them as much.

So, my advice would be to stay where you are, making the move is a big hassle and replacement may switch soon too. 

I have decided to go with Web Connect .QFX downloads and .QIF where that is not possible (Discover is one of them).

splasher

I'll also refer you to this October 2022 Community Meetup by Quicken Janean.

https://community.quicken.com/discussion/7921514/the-community-meetup-october-2022-edition

She even mentions that more will be switching in 2023.

The fact that Schwabb, an investment institution changed over signifies that even the investment groups which have always been considered to have to be DC is not absolute.

Chris_QPW

splasher said:

The fact that Schwabb, an investment institution changed over signifies that even the investment groups which have always been considered to have to be DC is not absolute.

Chase/JP Morgan is now switched to Express Web Connect + too.  I haven’t heard if the Bank of America investment wing/accounts have changed over yet, and I don’t have accounts with to know one way or another.   But I’m sure they will get around to it sooner or later.  Personally, I hate the fact that the financial institutions are standardizing on “aggregators” no matter what the protocol is between the aggregator and financial institution.  It just rubs me the wrong way.

Another thing that isn’t “absolute” is Direct Connect itself.  One thing I have noticed over the last few years is that the financial institutions are getting worse at maintaining Direct Connect.  For instance, USAA had Direct Connect for something like 25+ years and then a could of years ago they “change their security” and Direct Connect with them went from super reliable to one that has a lot of complaints.

As for me I’m done chasing the “accounts that work with Quicken” boat.  My data file has 132 accounts in it, and a lot of that is for this very reason.  My solution is good for me, but most likely not for most people, I have simplified my finances, by consolidating accounts at Chase, along with being retired, and having a very simple portfolio, and have almost all of my bills paid automatically from the biller’s website.  So, I have stopped using Quicken and just use the financial institutions websites.

In my data file that I have basically abandoned I’m down to one Costco Credit card that is Direct Connect with Citi Cards as the financial institution.  But it has very few transactions in it a month.

It felt extremely strange not going into Quicken everyday since and downloading the transactions, and it even felt like I was “blind” not seeing every transaction the next day after they happen, but that is more habit than need.