HELOC Keeps showing up as paid off Loan
https://community.quicken.com/discussion/7931461/heloc-keeps-showing-up-as-paid-off-loan
i'll copy paste the original post:
My Bank, Liberty Bank of CT, just updgraded their online banking software. I had to reconnect my quicken accounts with them.
My HELOC, which i had set up as a 'credit card', has been working fine until this. Now it is showing up as a "loan" that is paid off. I tried deactivating the online sync, and created a new account and it does the same thing and not only does it keep creating a loan, it's saying it's paid off, which it is not.
Doing some searching this seems like a known bug with other HELOC's at other banks.
Has there been any work on fixing this? Is there an ETA?
This seems like it has been a known issue for a while and the lack of resolution is kind of absurd.
Comments
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If this has been reported to the programmers, all we can do is wait until they get a round tuit and fix the issue.
Meanwhile, to work around this problem, I recommend you maintain this HELOC account as a strictly offline (manual) credit card account. Manually record all transfer transactions in and out of this account as well as the monthly interest charge.
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Not being able to see transaction history for loans with no balance has been a problem since mid-2021 AFAICT. If I understand other discussion threads, this is related to a change made to direct-connect loans where once there is a zero balance, the ledger becomes inaccessible. I have a line-of-credit bank loan that I formerly used for overdraft protection and now the register is hidden from me… it shows only "The Loan is Paid off".
One trick to reveal a 'quasi-register' is to do a 'find' on the name of the account. (Edit/Find/Any Field/Name of the account in question), and the search results are a kind of, sort of, register. I complained abut this issue a couple years back. The purpose of Quicken is to have a record of transactions… if you can't see those records, well, that is unacceptable. It is acceptable for a real-time mobile app, but desktop Quicken is an accounting system in which records should be viewable, IMO. The problem needs to be fixed by Quicken programmers.
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I am having the same issue, as of about a month ago. This is through PNC Bank; it was connected online prior and worked like a register. But the local application made me reauthenticate using two-factor with a phone pin, it looked different than before, and after my HELOC shows The Loan is Paid Off. If I disconnect it from online services a "Payment Details" tab appears and I can access the register to manually add transactions, but this is much more cumbersome.
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If i wanted to manage transactions offline, i'd manage my books with excel. The main reason I pay for quicken is for it to download transactions and put them in 1 pane of glass.
Crickets from Quicken who has known about this issue for multiple years apparently, they can keep releasing new features, but can't be bothered to fix bugs with their product.
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The payment from checking can still be online/downloaded … just not the loan itself, which would only download the principal pmt anyway.
Reconcile the loan acct when get the stmt
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP0 -
"Loan is paid off" from my HELOC recently showed up from my Quicken/PNC download.
A solution I found may be of help to others.
- I deactivated account.
- I performed a validation repair (File/Validate and Repair/Validate file). The validation did not find any errors BUT when I went back to my HELOC the message was gone and it was asking me to input payment details. When I clicked on the tab for inputting - all my previous transactions were there.
- I manually recorded new transactions. We will wait and see if this resolves future error messages.
Since Quicken has opted for an annual subscription for its service - IMO it behooves the company to actively seek resolutions to known issues as promptly as possible. Or compensate us before we go elsewhere.
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I am still experiencing this problem as well. I believe it started when my HELOC balance briefly hit Zero. I tried many experiments to fix it, without success. If the account ISN'T connected to Online Services, then there's a "Payment Details" tab that lets me see the transaction history. But if I activate Online Services, then the "loan paid off" problem resurfaces. It's very unsettling because online services and transaction downloads were working fine for many years … until it stopped!
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