Bank of America CD balances don't update

aardvarker

I have three CDs with Bank of America linked to my account in Quicken Classic Deluxe on macOS (version 7.5.2). All of the balances are showing their original amounts and never update to include the accruing interest.

I tried updating the connection, and when I do, Quicken shows the correct amounts in the dialog that asks which accounts to link to. But then the amounts are still not updated.

Quicken Jasmine

Hello @aardvarker,

What is your connection method with Bank of America? You can see the connection method by navigating to Settings > Downloads > Connection Type. When did this issue begin to occur? Which instance are you using (see screenshot below)? Are you receiving any error codes or messages?

Let me know!

aardvarker

Hi,

I'm using Quicken Connect

No error codes are generated. When I opened the CDs, I updated my account to link them in Quicken. But even though the balance in the CDs goes up with interest every month, the balance in Quicken never updates past the initial opening CD amount.

Pedro504

My Bank Of America CDs update the online balance (online balance displays at the bottom line of the register) once a month. There is no transaction downloaded reflecting the accrued interest. The bank does not issue a transaction for the accrued interest so there is nothing to download (my guess here).

To update a CD, I manually add a transaction to the register that reflects the increase in value or accrued interest. I repeat this process monthly until the CD reaches maturity. Upon maturity I transfer the money to the appropriate account and close the CD account in Quicken. I've been doing this for years and it works for me. if there's another way I'd sure like to hear about it.

QuickUserPSP

@aardvarker - I think @Pedro504 has your answer. I will add that it is very important that you know exactly when the interest posts and the payment frequency. If you miss the date that the online balance updates, there is no transaction to tell you. With the exact interest date and frequency, you can set up automatic interest payment reminders. I've seen several banks that do this with CD's - the balance updates periodically, but there are no transactions that get downloaded. US Bank handles their CDs this way as well as BOA.

aardvarker

Thanks @Pedro504 and @QuickUserPSP. I guess that's the best I can do, though I wish Quicken was able to just get an updated balance.

QuickUserPSP

@aardvarker you are welcome. But I do want to point out that not the fault of Quicken or anything that Quicken can correct. BOA is not sending accrued Interest payment transactions in their update file. They are only updating the Online Balance to reflect the accumulation of accrued interest.