Navy Federal Credit Union - Line of Credit Account Type

Question

Historically, NFCU Line of Credit has always been downloaded as a account type of Credit and appear in the Banking section of Quicken.  After all the issues Quicken has had with NFCU, the Line of Credit is now showing up as a Loan and the only options are to Add to Quicken or Ignore.

There are 2 problems with this issue -

* I would prefer having the LOC appear as it used to in the Banking section as a Credit account because it is revolving.  The Property & Debt section, to me, is for loans that are attached to real property or chattels.  A unsecured LOC is revolving more like a credit card and I don't need to see Loan Details or Projected Payoff Dates.  I just need to reconcile it like a bank account when I receive my statement.

* This item having the only option of adding to Quicken or ignoring creates an issue.  When Quicken has issues with a Financial Institution and you have to disconnect and reconnect your accounts, there will be no way to link the Line of Credit to the existing Quicken Account.  So if I have problems like this 3x a year lets say, then I need to add 3 new Quicken Accounts, journal existing balances or move transactions?  This seems cumbersome and unnecessary when it would be just easier / more efficient to allow linking to the existing Quicken Account.

In summary, can Quicken allow this to be classed as a credit account like it has been for years, then life can go on simple and easy.  I spoke with Navy Federal and they stated that this is not a classification that they provide to Quicken, so it is completely a Quicken side decision.

Your thoughtful consideration in correcting this issue and reverting back to the older way of allowing this to be a credit type account would be greatly appreciated.

John

Quicken Home, Business & Rental Property

Version R50.14 - Build 27.1.50.14

jmclagan · Answer

@Boatnmaniac My account type on the general tab and account intent on the display options are both set to credit.  And yes @UKR, that is the current offline setup I have from the legacy account from when the functionality worked properly.  For someone that uses their LOC alot, they could allow the transactions to download into the Property & Debt section, then highlight all the transactions and move them to the offline account.  But I use mine very rarely and keeping my account in offline mode is the approach that I chose.  I just can't wait for Quicken to resolve the Financial Institution issues so we can be enjoying more beach time and less technical futzing.

Cheers,

John

Boatnmaniac · Answer

Another option:  If you have a backup file from before your attempt to set up the connection resulted in the changed Account Type, you could restore that file so you do not need to create a new account for it.

Or, if you do not have that backup file or it is from too long ago, you could do as @UKR suggested and add a new offline LOC account.  Then you can move the transactions from your current LOC account into the new offline account after which you can then delete the current LOC account.  Then before each time you try to set up a new online connection for it be sure to backup your data file so if the account Type gets changed again you can simply restore the backup file and everything will then be just as it was before you tried to do the online setup process.

BTW, the Display Options tab in Account Details does not show the Account Type.  It shows the Account Intent which will change where the account shows up in Account List and in the Account Sidebar.  The account Type is shown on the General tab of Account Details.

UKR · Answer

If you can't wait for Quicken + Intuit + NFCU to get the problem solved, I recommend you add the account as an OFFLINE account of type Credit Card and maintain it offline for the time being.

Be sure to correctly record any transfers between LOC and Checking as linked transfers. And don't forget to record any interest and fee transactions when you know they occurred.

You can try to activate this account and see if you can link it to the appropriate account at the bank … might not work now, but should work after any reported issues with the modified NFCU website have been ironed out.