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Loan Not Found at Bank

imccoy

I have a loan from a credit union that Quicken can't find to do web connect & download transactions. It does find it if I set it up as a regular account, but when it calculates the downloaded transactions, it reduces the loan by the entire amount. It looks to me as if the credit union just created the account as a regular account with a negative balance for the loan amount. Is there a way to enter the transactions so only the principal amount is used to reduce the loan amount? Or will I have to create a loan that doesn't use web connect and enter everything manually?

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Comments

Tom Young

I'm not sure I understand the "set up as a regular account" statement. Are you referring to a loan account that downloads via EWC or EWC+?

I have to admit that I've never understood the attraction of setting up a loan as a downloading loan. The only information coming down to that account is the loan principal reduction, not anything about interest or escrow amounts, and ALL of that information is really originating from YOU when you make and record a payment. Downloading loans as far as I know all rely on one or the other flavors of EWC, not a particularly reliable process as it requires perfect communication from the loan servicer of any internal changes they're making in their computer systems to the aggregator (Intuit) so that incorrect or wrong information doesn't get downloaded, and that communication frequently doesn't take place. That may be your problem here.

Quicken's loan "wizard" is perfectly capable of setting up a regular amortizing loan (if that's what your loan is) and once a month check on your part that the loan amount (and any escrow balance) in Quicken agrees to the lender's balances is pretty easy.

If that "regular account" statement is referring to EWC/EWC+ downloading then it would seem that the aggregator is picking up a wrong number off the servicer's files and that's a problem that needs to be communicated to Official Quicken Support so that Quicken can inform Intuit of the problem.

imccoy

Thanks for the reply. By "regular" I mean a savings or checking account. Quicken is not seeing it as a loan of any type. I'll post in Quicken support. Thanks for the link.