Bank of America online transaction reconciliation

ccondrich

Am i the only one who seems to think that auto reconciliation with Bank of America is constantly out of whack? Why can't Quicken pull the correct Online Balance??

Quicken Kristina

Hello @ccondrich,

Thank you for reaching out to the Community and telling us about this issue.  I'm sorry to hear you're running into this problem. To clarify, the transactions it sees all match, but its seeing an incorrect online balance? How is this balance incorrect (eg: is it "correct", but including pending transactions, is it something that's completely out of left field, or something else?)? When did this first start happening? Is this affecting only your Bank of America account(s) or are accounts with other financial institutions also doing this?

Thank you.

Mark1104

can we please define 'the correct online balance'. it should be the balance you see on the online banking "account screen" in the BofA app. Any pending transaction is not part of the online balance nor should it be reflected in the "online balance" displayed in Quicken.

if there was a BofA problem, these boards would be just flooded with complaints as it is the largest consumer bank in the country.

I am a BofA account holder (and credit cards) and have no issues

mntengineer

I have this same problem and have seen over a dozen threads with this issue. Quicken, please fix this

Quicken Kristina

Hello @mntengineer ,

Thank you for reaching out to the Community and telling us about this issue.  I'm sorry to hear you're running into this problem. To clarify, what exaxtly is happening? How is this balance incorrect (eg: is it "correct", but including pending transactions, are there wrong transactions, did balances change, etc)? When did this first start happening? Is this affecting only your Bank of America account(s) or are accounts with other financial institutions also doing this?

Thank you.

Mark1104

@mntengineer - while there have been a lot of threads in the past, they have died down. Understand this is a community board and not a help desk! Have you called Quicken Support? Otherwise, please post details of what the issue is. "It doesn't work" isn't anywhere enough detail for anyone on these boards to help you.

I have 5 bank accounts and 2 credit cards at BofA and there isn't any problem and hasn't been for quite awhile.

Please be specific and maybe the Community can help.

ccondrich

Let me elaborate. I download my transaction activity daily for all my 8 Bank of America accounts (3-checking/4-savings/1-credit card). When there are reconciliation issues it is not all the accounts but typically it's one or two accounts. The downloaded transactions will be correct however the ONLINE BALANCE posted to Quicken is not correct. And yes, I know that the ONLINE BALANCE does not include pending transactions. This is only happening with my BofA accounts, and i believe started about 3-4 months ago.

Quicken Kristina

Thank you for your reply @ccondrich,

Due to the nature of this issue, it is recommended that you contact Quicken Support directly for further assistance as they can walk you through troubleshooting steps in real-time and escalate the situation as needed.  The Quicken Support phone number can be found through this link here. Phone support is available from 5:00 am PT to 5:00 pm PT, Monday through Friday.

I apologize that I could not be of more assistance!

Mark1104

@ccondrich - when you look online at the BofA website (or on the phone app), do you see the same balance as it being reported as the ONLINE balance in Quicken? is it a specific transaction that is the difference? As you state, what Quicken should be displaying as the ONLINE balance is the same balance as on the website, excluding the pending transactions that are on the website.

If you can isolate the specific transaction(s) that is not included in the ONLINE balance that may be a clue. For example, is it an internal bank transfer item, etc? it could be a timing difference over the course of the day, depending on what you find.

While it should not make a difference, are you downloading in the morning or in the evening?

ccondrich

The next time it occurs I will contact support. Apologies for the rant on this site. I typically download in the morning, however if the balance reported is not as it should be, I have updated numerous times to investigate.

miklk

It is due to the way they are sending and receiving pending transaction. The new EWC+ connection is very often out of sync due to pending transaction. That is why it is only some accounts and sometimes correct and other time wrong. Not anything you can do at this point except wait to reconcile the next day. Eventually, they (Quicken and the Bank) will implement a solution.

Mark1104

@miklk - I have been downloading BofA transactions daily for a very long time. Other than the slight systems 'blip' in early March, 2023, I have not experienced an issue with the Online Balance listed in Quicken to be out of synch with the 'hard post' balance presented on either the BofA website or the app. I have 5 checking accounts and two credit cards - simply no issues.

@ccondrich - when the problem occurs are you able to MANUALLY reconcile the difference between what is presented in Quicken as the "online balance" and the 'hards post' balance at BofA? ('hard post' would exclude the pending transactions, which are 'considered "soft post').

that will confirm if the issue is related to the pending and only the pending transactions.