Bank of America - Online Balance Includes Pending Transactions - Not Able to Reconcile!
Answers
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Well, there is hope. Just saw that Quicken posted this:
https://community.quicken.com/discussion/7935352/new-5-26-23-chase-pending-transactions-included-in-online-balance#latest
It specifically mentions Chase, but hopefully they'll realize it's more than just that.0 -
The problem has returned for me, on accounts the previously mentioned procedure seemed to fix. I guess it was fixed briefly, but no longer. Whatever the issue is, it persists, and is clearly not limited to BoA.0
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Same problem here with BofA for the past few weeks or so (with exception of a brief period after moving to Express Web Connect+, it used to work fine before). The reconciliation amount ("Statement Ending Balance") includes Pending transactions, which it should not.
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Fwiw, this problem is not limited to BoA. I am seeing the same issue with other institutions.0
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I noticed this morning that my online BofA balance has not update in days. Likely has been static for a while but I never noticed previously. This is becoming ridiculous. Does anyone have recommendations for an alternate program that actually works?
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I talked to the Office of the President yesterday and voiced my concerns with the BofA pending transactions. I provided logs from my files and screen shots to document the situation.
Quicken confirmed they have no control on the "online balance" as that is passed to them by the FI. Based on my call and documentation, they will be following up with BofA.
Of note, Chase customers are currently experiencing the same issue - that issue has been confirmed by Chase as its problem and is working to rectify. Quicken doesn't post an 'update or 'announcement' until either a) Quicken determines that the root cause of the issue can be fixed by Quicken or b) The FI acknowledges that they own the resolution of the root cause. That is why you can see the Chase update from June 9 but no similar update related to the BofA situation.
Chase and BofA are the two largest FIs that Quicken connects with - not surprising as these are the two biggest banks in the country.
Stay tuned - I think I have the ear of the right people: the Office of the President.
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I too have been using Quicken for MANY years and am VERY frustrated.
I have called into Tech Support with no resolution.
The bottom line —- I am connecting to Bank of America - All other states. Is that correct?The online balance that appears in quicken after I download transactions from Bank of America into Quicken includes PENDING TRANSATIONS in that balance. I am not able to reconcile, because those pending transactions that are in the balance have / had not been downloaded into Quicken yet. They do not download until they clear with BOA. It did not used to do this.
VERY FRUSTRATING!!! Come on Quicken — Get this resolved!!!!
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@ericvon - while I agree that Quicken needs to 'get in the game' and drive the resolution of this issue, the root cause of the issue is at Bank of America - they are passing the wrong balance to Quicken. Tech Support can't resolve it. What is frustrating is that I would have thought that the number of customers that called Tech Support would have created an escalation to someone who would call BofA. Why it took me to call the Office of the President (who did not know about the issue) is beyone me…. I am a 29 year user.
Connecting to Bank of America - all other states is fine - that is not the issue. Just sit tight is all we can do.
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@Mark1104 did office of the president give any timeline for when a fix might be forthcoming?
Quicken user since Q1999. Currently using QW2017.
Questions? Check out the Quicken Windows FAQ list0 -
The 'office of the president' trope is just BS. Got that line multiple time, scheduled phone calls that never happened repeatedly. Both BofA and quicken are evidently clueless. We need another program that actually works. I been using g quicken for more than 20 years and will dump it immediately for a program that works at this point.
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@mshiggins - we talked on Thursday afternoon; and tomorrow is a Bank holiday. I plan to give it until Friday and then re-connect with the OOP.
@JohnGW9 - if you can find another program, let us all know what you find out - that is the dilemma. 29 year user.
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Well as of this morning with the new update there has been some improvement with BofA downloads. The dates of the entered transaction remain as the date entered rather than changing to the date downloaded. There was another correction recorded of just under 5k which offset some of the previous corrections. Still a trainwreck but there's maybe a glimmer of light in the tunnel.
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@johngw9 - by any chance were you entering transactions via the mobile app? and THOSE were being overriden? there was other threads indicating that was an issue. The override only occured if the transaction was entered via mobile, but not overridden if entered via the desktop.
so my question is whether Quicken fixed mobile or you entered the transactions via the desktop?
I only use the desktop and have NEVER had transaction dates overriden upon download
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It was actually a mix with BofA transactions clearing today after the holiday Monday. I've not had any issues with the mobile app transactions entering correctly.
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@mshiggins - after a few rounds of emails with the Office of the president, with supporting documentation indicating the pending transactions are part of the Online Balance, a "ticket" was opened this morning at BofA by Quicken. The root cause of the issue is with BofA, according to Quicken. No ETA yet on resolution.
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@Mark1104 have you read this post?
Quicken user since Q1999. Currently using QW2017.
Questions? Check out the Quicken Windows FAQ list0 -
@Mark1104 additional questions:
Did the office of the president folks have any explanation as to why this issue had not been identified and a ticket opened with BofA before you intiated the conversation? The issue has been reported here by many users for quite some time. I'm thinking quite a few of those users called support and/or reported the problem via the in product method. It was also repeatedly requested in the super user lounge that the moderators pass this issue along to product development.
Did the office of the president folks mention if anything would be done to improve Quicken's processes to identify and resolve issues? For example there is currently a huge issue with auto enter reminders changing to "remind me" and little to no visibility that Quicken is aware of the issue or working on a solution.
Quicken user since Q1999. Currently using QW2017.
Questions? Check out the Quicken Windows FAQ list0 -
The Bank of America download includes transactions still in processing for the reconciliation balance amount, and it negates the usefulness of Quicken reconciliation.
This has occurred since the introduction of Express Web Connect+.
I have Version: R50.13, Build: 27.1.50.13, Windows 10..
I have submitted to problem reports without resolution from Quicken.
Quicken reconciliation is now useless since I must check all processing items define what has been downloaded or not. Some processing items are included in the download and others are not! The balance transmitted for reconciliation sometimes includes all the processing items, and other times only some of the processing items.
If others are having this problem we are not getting our money's worth for this program.
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@mshiggins - I do agree that their failure is they (the OOP) do not monitor these boards closely nor does it appear the Help Desk escalate issue from major FIs. if I were running their operation, I would follow up on every single Chase, BofA, Citi and Wells issue that appears on these boards as that impacts an enourmous amount of users (those 4 banks are by far the largest consumer banks in the country).
I will say that while the OOP is not proactive (don't appear to monitor the call center or community boards), I do find that they are proactive when they receive emails that go directly to them. Their protocol is to contact the initiator by phone and I have found that to be the case each and every time I have contacted them. I have found that something actually occurs if I contact the OOP. I only call the Support desk if I think I am doing something wrong or I can't figure something out.
If I believe it is a process issue (e.g. BofA pending transactions), I contact OOP directly - I have no confidence a call to the Support desk will be escalated.
In their defense, the migration of a multitude of FIs to EWC+ has played havoc with their business model, so a lot of challenges to deal with, many of which are outside the control of Quicken.
As I posted earlier, what I did learn is if there is an issue where the root cause is owned by Quicken, they will normally post something on the announcement board, but if the root cause is owned by the FI, nothing gets posted on the announcment board until the FI agrees they own the issue, which is probably why nothing about BofA has yet to be posted. I was informed earlier today about the 'ticket' raised at BofA by Quicken.
I agree with your comments 100%. You might want to contact the OOP about the auto enter reminders (but please explain that more because I use them without issue if we are talking about the same thing).
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Comment no longer relevant in merged post context.
Quicken user since Q1999. Currently using QW2017.
Questions? Check out the Quicken Windows FAQ list0 -
For what it's worth, this issue is NOT isolated to BoA accounts. I am seeing it with other financial institutions too (e.g. Barclays, and others). So I don't think Quicken is entirely off the hook. OR, there is something "going around" all the major FI's (like a software update from a third-party vendor they all use) that actually contains the bug! (This is total wild conjecture on my part!)
@Mark1104 Thank you for your diligence, efforts, and explanations! Most helpful.
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@mark.granoff - in my conversation with OOP, they acknowledged that the migration to EWC+ by a number of FIs is creating 'havoc'. What is 'going around' is each firm's implementation of the new standards, as if it is not implemented EXACTLY the same way, it creates down stream impacts to companies, such as Quicken, that are consumers of the data. And that assumes that EWC+ itself is bug free. EWC+ is not owned by Quicken; it is a standard newly developed by the financial services industry.
Because most do not understand the industry change that is occuring (EWC+) , most Quicken users would think it is Quicken's fault, when the root cause of these sort of issues are upstream from Quicken. Yet, it does sully the Quicken reputation (something I did discuss with the OOP and the OOP representative did ackknowledge).
Note that on June 9, there was a Quicken Advisory posted about Chase and pending transactions in the balance. This is a Chase issue and not a Quicken issue (according to OOP). I just wanted to note that Quicken is dealing with the two largest banks in America and waiting on them to resolve this common issue. The reason there is no ETA is Quicken is dependent on Chase!
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@Mark1104 That makes sense. Thanks. In this case, the "third party" is the industry itself and its new EWC+ standard. I work in software, so I get it. This is a bad situation all around and patience (on our part) will hopefully be rewarded.
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Thanks @Mark1104 and when a problem arises where a provider isn't the owner of the issue, a consumer expects transparent communications. My challenge with Quicken is they aren't communicating effectively as to what the problem, who owns it and what should we as user expect. I don't think a "Master" thread owned by Quicken has been opened, seems like they want each of us to open tickets implying it's a user issue, etc. Perhaps even a "status" board by FI would be helpful. Quicken needs to step up and improve their communications on behalf of their users…..
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This appears to be a finger pointing issue…. "it's a Bank of America issue"…. It's a Quicken issue".
I do not really care who's issue… I just want it resolved, because Quicken is useless to me until this is resolved!
I also agree that Quicken has not been good regarding communication about this issue, and anticipated resolution timelines!
A NOT HAPPY 20 years Quicken customer!!!!!!!! 😡
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This issue appears to be fixed as of this morning (June 24, 2023). I reconcile my accounts every day and this morning is the first time in weeks that I was able to reconcile correctly without having to enter transactions showing as "Processing" on the Bank of America site. Not sure what was done nor by whom, but hopefully this will continue to work going forward.
Thanks to whoever made the fix, whether it was Quicken or BofA.
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@troyhusker - before we declare 'victory', can you please confirm whether you have 'processing' transactions at the BofA website remaining on your account? I don't have any today, so of course, I have no problems reconciling.
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My account did not reconcile properly at 7 AM EST. Perhaps it's just a delay in the roll out processing the revisions across the various networks.
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I can report the successful reconciliation this morning of all my BoA accounts (multiple checking, multiple savings, credit card), along with accounts from other FIs. I am on the US East Coast.
I am cautiously optimistic about this, but once a pattern does not make.
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