Chase online balance includes pending transactions

Kyle Roberts

I have noticed that Chase accounts are including pending transactions making it impossible to reconcile. I have seen previous posts, but it appears this is still an issue.

Is it just me, or is anyone else still having the same issue? Is there a fix for it?

splasher

Th only way around it that I know of is to not have Quicken reconcile to the Online Balance. Do your reconciles to the Paper Statement.

You don't have to wait for the real statement, all you need is a balance from the website and that day's date, the charges and payments are entered as zero (they have no affect on the reconcile) and mark the transactions up to the last non-pending transaction on the website.

Chris_QPW

The Chase problem is very specific. Chase will include pending transactions in the online balance in checking and savings accounts, but only on weekends and holidays. We don't have a lot of activity in my checking account, so my workaround is to just delay the reconcile to the next workday.

This doesn't affect the credit cards or even the investment accounts. Given that most of our activity is in the credit cards, this doesn't affect us very much.

Chris_QPW

Note also there is another problem affecting Chase accounts and other financial institutions. Some transactions are not being downloaded. It seems like most of the reports of this are for transactions that have the same amount as another transaction recently downloaded.

Ed Mahoney

I have been using Quicken since 1997. Since I had to stop using Direct Connect with my bank (in this case KeyBank) and switch to web connect, I too had to track down a problem with why my reconciliation after the download was often out of balance (using reconcile to online balance). The reason for this is simple - the bank is including pending transactions in the online balance it hands off to Quicken, however, there is a rule that the bank may not download pending transactions to Quicken. When seeing this mismatch Quicken reconciliation offers to make an adjustment but that is the wrong action to allow because the next day's download will include those transactions (because they won't be pending anymore) so now you're even more out of balance.

The easy solution is just to click the "finish later" button after a download is out of balance. When you download tomorrow you will balance. If you want, you can log into the bank and confirm that drift is caused by pending transactions the bank can't give to Quicken.

A possible future fix to Quicken and working with the banks is to update the download so that there is an Online balance "with pending transactions" and another Online balance "without pending transactions" then let us choose which online balance to use. But I'm ok with "finish later" because it truly resolves the problem for me.