Missing Transactions
I've been using Quicken for more than a year now, and I regularly download my transactions manually from BMO. (The automatic sync feature in Quicken Connections is not capable of synchronizing all my accounts, and it even displays my checking account's balance as negative.) However, I've recently discovered that some transactions have been missing since March, particularly deposits from a certain institution, even though they're included in the downloaded file (as I've confirmed by opening it in Excel). Can you help me understand the possible reasons for this issue, and suggest potential solutions?
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After investigating, I found that the issue could be linked to the Financial Institution Transaction ID (FITID) in the .QFX files. For those who may not know, the FITID is a unique identifier for each transaction, provided by the bank. It seems that some of my transactions were assigned the same FITID, which caused Quicken to recognize them as duplicate transactions and subsequently skip their import.
I was able to import all transactions successfully by manually altering the FITIDs in the .QFX files. However, this is a workaround and not a sustainable solution, as it could potentially lead to other issues down the line.
The responsibility of assigning unique FITIDs typically lies with the financial institution (in this case, BMO). If the same FITID is being used for multiple transactions, it could lead to issues like the one I've been facing.
I brought this issue to BMO's attention, and I would recommend anyone facing the same problem do the same. In the meantime, if anyone has experienced a similar issue or has any suggestions for dealing with this, your input would be greatly appreciated.
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I spent the entire morning reaching out to BMO, even making a trip to a local branch. Surprisingly, only a handful of representatives seemed to understand the issue I was highlighting. After an exhaustive discussion, the call centre finally acknowledged that the transaction IDs provided on their website in .qfx differ from the ones in their internal system. Unfortunately, they couldn't replicate the problem since they don't have the capability to generate .qfx files on their end. They've assured me that the matter will be escalated. I'm hopeful for a resolution soon.
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