American Express for Schwab

So in the new agreement one has to agree to, to be to able to continuing to download Amex into Quicken, WHO are the third party companies the user is giving access to ? Also, why would they need copies of the user Amex statements?


  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    edited February 2023
    This Card is issued by American Express National Bank so it's part and parcel of American Express' abandonment of the Direct Connect downloading method.
    As was the case when Schwab abandoned Direct Connect Intuit is the aggregator so they need access to collect the information.  Not sure about the "statement" issue but if you're using Schwab Bank to pay AMEX bills and have an autopay situation set up with Schwab they'd need those statements.
  • SmokeyToo
    SmokeyToo Member ✭✭
    So who are the “third parties” my information is getting shared with? Also, what is “a parcel” ? I don’t use Schwab bank or upload my info to quicken or use auto pay. See attached.
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    edited February 2023
    Tom already mentioned that Intuit is Quicken Inc's aggregator so they certainly would have access to the transactions, and so would the Quicken servers.
    Express Web Connect and Express Web Connect + transaction downloading has this flow:
    Quicken (the program) -> Quicken Cloud dataset/Quicken server -> Intuit server, -> Financial institution.

    How what is the exact policy of how long to keep those transactions on the Quicken/Intuit servers has never been disclosed.
    Looking at the privacy policies of both these companies, they both basically state that they can pass that information on to third parties as long as no personal information is disclosed.  Whether they actually do that, or if it is just for the lawyers, no one can tell.  But it is basically the same disclosure that you might find on a service like Mint.

    EDIT: My arrows are actually backwards in the flow.  Or maybe even more properly it goes in both directions depending on exactly what kind of data you are talking about.
    This is my website:
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