Downloading credit card transations

Question

Since 1999 I downloaded my Citi card and AM/EX card transactions and left them in the download section.

When the monthly statement came I would check each for agreement then accept to the register.

Recently the Citi card wanted to reauthorize but wouldn’t allow it unless I accepted the transactions.

So I had to go back to QFX files to get the transactions.

Today the same thing happen with my Am/Ex card.

Yes I know I could accept and reauthorise but that's not what I have done for 24+years.

Why is it happening and when will it be returned to the previous way?

Thanks, Bob

q_lurker · Answer

It doesn’t really matter what you have done for 24 years. In recent years many FIs have gone to EWC+ as their transfer protocol. That system allows the FI to require a reauthorization on their terms.

I would not expect a change in the requirement to accept downloaded transactions before the reauthorization step.  There have been problems in the past with unaccepted transactions getting lost when FI connections change.

All that suggests to me that you may need to rely on the QFX files to keep your approach working.

RNeeper · Answer

Hi other users.    Any thoughts on how to get my question to a support group?

My process may not be a customary practice, I always “Trust but Verify” as Ronald Reagan said.

Basically I double check anything possibly affecting my money.

Just because a transactions is shown at a credit card company doesn’t make it real or always accurate.

Over the years I have caught a few double billings, wrong amounts and missed credits that just accepting the download would have been missed.

I save receipts and match them to the CC statement.

Then I pitch them. Saving certain ones if required for tax or other reasons.

When satisfied with the statement, I then accept them in Quicken and assign a category as needed.

This is how I reconcile receipts to statements and to Quicken.

NotACPA · Answer

We're other users … and can't  answer when or why type questions … we don't know either.

BUT,  your process is unusual to say the least.  The customary practice is to accept the downloaded transactions into the register (they're coming from your card company, after all so they're guaranteed to be  on the statement) and then  Reconcile the account to the statement to discover any discrepancies.