Why does Intuit need to collect my Chase bank transaction info?

ingridl999

It looks like Quicken now requires me to allow Intuit to collect my Chase bank transactions info if I want to upload my transactions to Quicken. This was never needed before and it's not needed for my other transaction uploads. This is very disturbing to me. There is no reason why they should force this upon users who are already paying an annual fee for the software.

Unknown

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mshiggins

Intuit is the former owner of Quicken Inc. Intuit has been and continues to provide account/transaction aggregation services to Quicken Inc. What has changed with the new connection method EWC+, is instead of the aggregation servers storing your bank username and password, it stores a token. The marketing states EWC+ is more secure than previous connection methods.

The aggregation server logs into your financial institution each night and stores your account/transaction data. When you use One Step Update, it is connecting to the aggregation server and downloading your transactions to your Quicken file. It is unknown how long your data is stored on the aggregation server.

If you have been using Web Connect, that method does not use an aggregation server.

If you have been using Direct Connect, that method does not use an aggregation server.

If you have been using EWC, your data has been on aggregation servers at Intuit.

if you are now using EWC+, your data is on aggregation servers at both Intuit and Quicken Inc.

Your options are unfortunately limited if you want to avoid using aggregation. You can use a method that does not use aggregation if available from your financial institution or you can use QIF import or manual input.