Union bank accounts transferring to US Bank

goodswak

I have my year plotted out for my current union bank accounts. All accounts to be transferred to US Bank and will have new account numbers. how do I move all my data to the new US bank account numbers in quicken as I do not want to lose the historical reconciled balances

Boatnmaniac

There are 2 paths to consider:

1. When the merger is completed, do Add Account and set up new accounts in Quicken for your new US Bank accounts. You can then transfer the account ending balances from the Union Bank accounts to the Opening Balance transactions in the new US Bank accounts. Then when the Union Bank accounts are fully reconciled with no further activity you can close (do not delete) the Union Bank accounts. You will not lose any of the historical data for your Union Bank accounts and they will continue to be available for all the Reports and Planning tools.
2. The other option is to deactivate the current Union Bank accounts when the merger is completed, remove all of the Financial Institution Information from the General tab of Account Details and then do Set Up Now or Add Account to link these now manual accounts to your US Bank accounts. Many people like the continuity of having everything past, present and future in one account but a big con with doing this, from my perspective, is that all your historical Union Bank transactions will then look like they were US Bank transactions. (There is another method for accomplishing this objective but this is perhaps the easiest method.)

#1 retains all reference back to the acquired bank names so you always know who the bank was for each transaction. #2 retains all transaction history but it will look like all transactions were done with US Bank (not Union Bank) but you will have a more simplified historical view because you will have fewer accounts in Quicken to manage and work with.

There is no right or wrong option. It is a personal choice. If you would clarify which path you want to take, I can provide more details of which steps to take.

Mr.Bill

I followed the first path, but I now realize that could cause issues with reconcillation against the monthly bank statement. Especially if the statement date ranges change between those used by Union Bank and US Bank.

When I set up the US Bank accounts in Quicken, they downloaded transaction back to March 1, 2023. So it will be interesting to see what happens with the statements.

SunnySmooth

What a PAIN

Opting for #2 but can't even login to setup. I am thinking of just canceling this account.

"Sorry, our system is currently unavailable. Please try again."

jwyoung

I just talked to US Bank technical support and they have to set up "Quicken Direct Connect with bill pay" for you, assuming you want to use their bill pay service. Call 800-987-7237 and select option 2. This information is contained in a later from them dated April 28, 2023.