Merrill Lynch - OFX 16503 (QMAC)
Answers
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You are referring to a huge bank, lol. BofA has 200,000 employees. BofA is very siloed. I now know the Technical Operations Manager and the Software Development Manager. I told them I would be happy to work on their team on an internal transfer. Of course, this isn't only for quicken. It is data distribution.
Me, as a long time developer and architect, distributing financial market data, and most recently anti-money laundering, KYC (WLF and CDD), and real time fraud, the text you get when your card is declined or venmo or wires. I know something about software. I am a AWS Solution Architect. Let's get real and not think we can yell and some huge organization is going to fix such a tiny issue. They didn't even know. They added missing monitoring. Its a tough life.
I have an interesting issue to share. When you download your dividends and you have automatic reinvestment with Merrill Lynch, you get three transactions, the dividend payment, a withdrawal to buy the shares (a cash reduction only), and an Add Shares transaction. That doesn't seem right! Fidelity does it in one transaction. I spoke to the team. This is legacy and how Merrill Lynch built this 30 years ago. Seriously. That will not be fixed any time soon.
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@Nobody special I probably should have worded this differently:
I don't think anyone thought they could fix it, but they thought that these people should have been able to forward the request to fix it to people like you that do know how to fix such things. That might be pretty naive. 😉
I'm not one of these naive people. 🤣
I have dealt with big organizations too, and I know exactly what you mean. And I have said it many times that Quicken users seem to have a "big ego", much bigger than their true "value/impact" is to any given financial institution. What is a major problem to them, is usually a minor issue to the financial institution.
And what seems simple "get this request to the right people" is in fact quite difficult. People do this all the time. "My job/my time is super important, and yours is trivial, get it fixed." Even when they have no idea that the "trivial problem" might in fact be a major change either from a technical standpoint or from a business/financial one.
I have an interesting issue to share. When you download your dividends and you have automatic reinvestment with Merrill Lynch, you get three transactions, the dividend payment, a withdrawal to buy the shares (a cash reduction only), and an Add Shares transaction. That doesn't seem right! Fidelity does it in one transaction. I spoke to the team. This is legacy and how Merrill Lynch built this 30 years ago. Seriously. That will not be fixed any time soon.
I agree, it is wrong. I also agree that it probably isn't going to get fixed any time soon.
I have worked on "legacy" code for quite a few years. As well, as just being a programmer for a very long time.
And the word "soft" has nothing to do with the reality of how this kind of thing build up over time, and what can and can't be changed easily. Software is just as ridge in some as a building. You can't just willy nilly change its infrastructure. And the same "feature rich" comes back to bite you because you don't have the time and other resources to maintain it.
From the users' perspective they are always "What can it hurt to put more flexibility as an option? Add my feature request!" As a developer, I look at each request as something that might push up the complexity not only now, but into the future.
Quicken Windows certainly suffers from the same kind problems of why we agree that problem with reinvesting the dividend is there.
Anyone that wants to have a personal finances program that "just works" without any input from them, should certainly not be using Quicken Windows, especially not for investing.
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Same issue for Morgan Stanley account. What's the work around? Just installed new Mac Business and Personal ver.
Where do we report issues to Quicken for Mac?Thank you
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