What's going on?

kbrin

In the past week, on Quicken for Windows, release R62.16, both Target and Merrill Lynch won't update automatically:

—Target requires TFA to download—EVERY time;

—Merrill Lynch requires logging onto their website for download approval—and that lasts for only 10 minutes.

So far these are the only two, but can we have an update from Quicken about what the future plans for updates are? Will the passwords we store in the Vault be sufficient? Or can we expect to need to go through the above processes at least daily for multiple financial institutions? Is the problem Quicken or the financial institutions themselves (in which case we can lobby them to provide the previous easy update service)?

Quicken Jasmine

Hello @kbrin,

Thanks for your question!

The requirements you're seeing from Target and Merrill Lynch—such as repeated two-factor authentication and short login approval windows—are set by the financial institutions themselves. These are enforced on their servers, and Quicken does not have the ability to override or bypass them.

I hope this clears things up!

kbrin

Thank you—will communicate dissatisfaction with them!

However, it would be really helpful if Quicken staff were to update the community on issues like this. Was the Quicken staff aware of this? If so, why hasn't there been any communication to us subscribers? If not, don't you monitor the OL-301A error codes, etc.?

CaliQkn

@kbrin I will jump in here to add my 2 cents and hopefully @Quicken Jasmine won't mind.

Financial institutions are constantly being attacked by hackers that want access to your account. That is why we are seeing more and more financial institutions bar access to third party applications such as Quicken. This third party access is another avenue for hackers to obtain access to your account. But when online services are shut off or limited, Quicken users complain loudly. But the financial institution can't afford the liability of jeopardizing the security and safety of their customers' accounts by allowing third party access.

As a compromise, rather than barring third party access totally, the financial institutions implement security measures such as 2FA and login approval windows. When an FI implements or updates the security of their systems I am sure that notifying Quicken is not top on their list, or even on their list.

I think Quicken is working very hard to maintain online access for their users. But a lot of times, the decisions or security measures that an FI takes is totally out of Quicken's control.

So bottom line, one would always need to determine what is important to them. The security and safety of their accounts at their financial institution, or ease of downloading transactions to Quicken.

Quicken Jasmine

https://community.quicken.com/discussion/comment/20486923#Comment_20486923

Thanks for sharing!

eeciii

I also am disappointed that Quicken did not send an alert to its subscribers on this issue.

NotACPA

AND, exactly why is you disappointment directed at Q … and not your FI which is the source of the issue???

thomas.wagoner

I too find Target's insistence on MFA/2FA annoying. It seems to me that read only access, such as Quicken OSU, would require a lower level of security than full access. Read only access does not allow any changes to be made, no transactions would be possible, no revealing of items purchased, no bank info, no personal information. MFA seems a bit drastic for transaction read only. At most one could see how much and when items are purchased and only the totals - no itemization. Vanguard has my life savings and they seem comfortable with OSU. Let me know if I'm wrong about this.

Barry

https://community.quicken.com/discussion/comment/20487727#Comment_20487727

I agree. While the issue is in this case a Target change issue a email to subscribers would have been in order even if "quicken is aware and working with the… bank/credit card to fix the issue."