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Ally reconcile balance incorrect

mototom

My Ally accounts are including pending transactions in the balance to reconcile. Since these are still pending, they don't get checked off as reconciled (correctly) so the account cannot be reconciled without going to the Ally site to determine the correct balance, using the manual statement balance option, and then completing the reconciliation.

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Quicken Jasmine

Hello @mototom,

When did this issue begin to occur? After a recent update? Have you been notified of any changes regarding Quicken by Ally? What is your connection method? You can see the connection method by navigating to Settings > Downloads > Connection Type.

Let me know!

mototom

I recently moved more accounts to Ally, so this is probably the first time I’ve had a lot of pending transactions. So I can’t say with certainty when it started. It’s been like this for the last few days.

No changes from Ally. I don’t have Quicken in front of me but I’m confident that Quicken Connect was the only option I could select. I don’t believe I’m using Direct Connect.

mototom

This has happened before with BoA, where it would start including pending transactions in the current balance. It would persist for a few days or weeks, then get resolved. So this is probably something Quicken needs to address in how they’re ingesting the download from Ally.

Quicken Jasmine

Hello @mototom,

Thank you for providing more information.

First, I suggest calling Ally Bank to see if they have made any recent changes to the information that is available for download in Quicken. This information (transactions, balances, etc.) does come directly from the bank. It is recommended to request to speak to a tier 2 agent or supervisor as they are generally more familiar with third-party applications such as Quicken.

Let us know how it goes!

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.