PENFED will not correct errors in QFX downloaded for credit cards

GeneG

I have made multiple complaints to PENFED about an error in the QFX files which they produce for credit cards. They have now informed me that they no longer provide technical support for Quicken and will not make any corrections. Though QFX download and reconciliation processes work properly for at least most account types, reconciliation of a credit card account results in a balance error between the Online Balance, included in the QFX file, and the Ending Balance, calculated by Quicken. This balance discrepancy is exactly 2*(Online Balance) - every time! The error occurs because the Online Balance is being presented by PENFED as a positive number (interpreted by Quicken as a payment to the account) and NOT a negative number (the amount owed to the credit card company}.

It is possible to correct the erroneous QFX file, which is a text file and can be edited. The following simple steps can guide you to make the correction:

1. With any browser, download the credit card QFX for PENFED
2. Open the download folder and find the QFX file, presumably the most recent file in this folder.
3. Modify the QFX file with a text editor. For Windows users, right-click on the file name and open the file in the WordPad or Notepad application.
4. Search to find the first instance of <BALAMT>. (The FIND function in editors is a handy way for quick detection.) The number imbedded between the two BALAMT delimiters is the Online Balance. Verify that it is missing a negative sign. In the following example, 782.04 is the mis-signed Online Balance amount, for the account (a.k.a. the LEDGERBAL).

<LEDGERBAL>
<BALAMT>782.04</BALAMT>

5. Add a negative sign to this amount - which would change the balance in this example to <BALAMT>-782.04</BALAMT>
6. Save the file so it retains the update
7. (Do a Quicken Backup as a precaution)
8. Import the corrected QFX file to Quicken by a double-click on the file name (for Windows users) or by using the Quicken application to perform the steps FILE→FILE IMPORT→WEB CONNECT (.QFX FILE …)
8. Perform a reconciliation for the account

One additional note: PENFED now reports Pending Transactions for credit cards as being "uncleared". Leave these transactions in this state; they are properly represented in your account.

I hope this works for you!

GeneG

My assertion in my original posting needs to be amended. Replace [One additional note: PENFED now reports Pending Transactions for credit cards as being "uncleared". Leave these transactions in this state; they are properly represented in your account.] with [One additional note: PENFED now downloads Pending Transactions for credit cards and marks them as "cleared". These markings will unbalance your reconciliation process. Before completing a Reconciliation, you should change these transactions to "uncleared". You should also delete any duplicated cleared or uncleared transactions when there is an identical, preexisting transaction marked as reconciled. Do these steps before you are Done with a Reconciliation.]

Please be vigilant when downloading credit card transactions. I have known PENFED to make unannounced changes to QFX content. I cannot predict how long my suggestions will be valid. And report any errors or improvements to my suggestions so others may benefit.