A Perspective on ongoing Quicken/Vanguard Issues
I've read of all sorts of frustration and irritation about the ongoing Vanguard/Quicken issue. IMO everyone should relax, take a deep breath, and relax- the world has not come to an end and this will get fixed in due time. Meanwhile, accept the fact that:
- Quicken is a service entirely dependent on the cooperation and support of third party financial institutions
- 3rd third party financial institutions have absolutely no obligation to provide and support the interface to Quicken. You will not find these anywhere in their terms and conditions/agreements with you. And if they did, they certainly do not have a Service Level Agreement (SLA) to rectify a Quicken interface issue within a certain amount of time. Their priority is rightfully on their own proprietary interface and web GUI, which of course continues to be available to you and is probably more accurate and rich compared to what you are getting from them via Quicken. If you are dependent solely on Quicken to provide your awareness on your financial accounts, I respectfully say that you are foolish.
- Nonetheless, these companies want to provide a value add Quicken interface their customers will be happy with. At the same time, are hyper-focused on cyber defense and protecting your data. Each company has a proprietary interface that needs to be adapted to Quicken's, and they will take their sweet time to get right, because they can.
All that said, is your historical transaction really lost? Did you set up your account to backup your last X files like quicken recommends so that you resume downloading transactions once this issue is resolved, without losing your historical data? Have you/did you check your backup preferences?
As far as the loss of historical transactions, IMO this is more Quicken’s fault for not having a better and more informative user experience for preserving historical data when there are changes in account types. Further, interoperability is not as easy as it sounds- it takes a lot of cooperation, communication, and thorough test processes. I wonder if Quicken has reliable test harnesses/processes and technical “hand-holders” and the awareness to help 3rd party financial institutions transition to new Quicken interfaces.
You chose Quicken as your aggregator for a reason, and you are naive if you think there aren’t going to be bumps in the road, some larger and longer than others. You also chose Vanguard for a reason, and it wasn’t because of its interface to Quicken. Stay the course, this will get fixed soon.
My two cents. Ready to receive flying rocks.
SRM