Cannot connect to Truist Mortgage account

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AlS
AlS Member ✭✭
I have my mortgage account setup in Quicken (R45.13 B27.1.45.13) and have been using it for about a year (We will call it M1). I also had, by accident, another mortgage account that was hidden but was for the same mortgage. This was not being used and I have since closed and deleted in Quicken (We will call it M2). Before deleting it, I removed the financial institution and account number.

I went to try and setup online connect with Truist for my M1 Mortgage via Add Account. After selecting loan account instead of banking and then logging into Truist, the Add Account window shows me my mortgage at Truist but the Nickname in Quicken is for the M2 mortgage what was hidden and closed. The Action available is either Add to Quicken or Don't Add to Quicken. There is no option to link it to my actual M1 Mortgage account. I don't want to add it because I already have M1 all setup with a year of payments.

It appears the Quicken online setup is not seeing that M2 is deleted. If I view the Account Details of M1, there is no tab for Online Services.

How can I connect M1 to the Mortgage account at Truist.

Comments

  • Quicken Jasmine
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    Hello @AlS,

    Thank you for reaching out to the Quicken Community with this question. 

    This is bringing in your new account when you go to add an account. The old name that you are seeing is due to Quicken pulling historical memory, however, you can add it as a new account and then change the nickname within the same screen before continuing. 

    I hope this helps!

    -Quicken Jasmine

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  • AlS
    AlS Member ✭✭
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    I already have the account added in Quicken. I am just trying to link it to the Truist account so I can download the information. If I add it as a new account, I now have two mortgage accounts. The new one which is linked and the old one which already has my registry.
  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭✭
    edited December 2022 Answer ✓
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    There is no way that I know of to change a manual loan into a connected loan.  If you want a connected loan, it needs to be initially set up as a connected loan.  Trying to set up download connection for an already established manual loan will do exactly as you observed:  It will instead want to set up a new loan account for it instead of linking to the manual loan. 
    Connected loans are really not much more than a simple account showing the account balance.  There is no Account Register for them and no way to link payments made from your checking account via transfers to the loan account. You can still have a Loan Reminder set up for it but it needs to be set up as a categorized transaction and not as a transfer transaction. 
    A manual loan account will have an Account Register and will set up a Loan Reminder that connects the payment account to the Loan Account via a transfer transaction.  Quicken will then automatically adjust the mix of dollars between the principal and interest in the split each month a payment is made.  It won't be perfect but it is reasonably accurate.  Then every once in a while you can enter an adjustment to the Loan Account register if/when needed.  And you will have visibility to all of the transaction details and payments information, something you will not have with a connected loan.
    It's a personal choice as to which type of loan one should set up.  I, and I think you will find that many of the other SU's, recommend manual loans but, then, we tend to be very addicted to transaction details and the ability to manually adjust data and being able to track movement of funds between accounts and for this a manual account is required.
    Since you have already closed your connected mortgage account, you might want to add a new connected mortgage account.  Then closely compare the data/info you can see in that to the data/info you can see in the manual mortgage.  Perhaps that will help you to decide which type of mortgage account you wish to retain in Quicken.  After you decide which one you want to keep you can then either close or delete the other.

    Quicken Classic Premier (US) Subscription: R57.16 on Windows 11

  • AlS
    AlS Member ✭✭
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    Boatmaniac, Thanks for this explanation. Very helpful.
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