Navy Federal Credit Union - Line of Credit Account Type

jmclagan

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 -

1. 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.
   
2. 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

Boatnmaniac

When you try to set up the LOC account, does the TYPE during the setup process show up correctly? If so, then go to Account Details and on the DISPLAY TAB change the INTENT from "Liability" to "Credit"?

If during the account setup process the TYPE is incorrect, is the incorrect TYPE shaded? If so, it should be editable by clicking on it.

jmclagan

@Boatnmaniac

Prior to making the connection attempt, the type is set to Credit on the DISPLAY OPTIONS TAB. This is how it has always been set when the connection to NFCU worked correctly. Now, when I attempt to reconnect that account, the "Type" listed options in the Add Account window are -

Mortgage
Loan
Auto Loan
Consumer Loan
Student Loan
Military Loan
Business Loan
Construction Loan
Home Equity Loan

Credit is not listed as an option and there is no ability to add it. Also, there is no option to link it to an existing account. The only option is to Add to Quicken or Ignore, as I have previously stated.

I have spoken to NFCU regarding this and they tell me that the linking issue is a Quicken side issue. The account shows as a Line of Credit on the NFCU side, not a loan. Thank you for your input, but this is a bug that needs to be fixed by Quicken to read the account type correctly and allow it to be linked to an existing credit account.

Cheers,

John

UKR

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.

Boatnmaniac

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.

jmclagan

@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