changing banks

nstevens

My bank is being bought out by another bank. All of my present account numbers are supposed to be migrated into the new banking system. My checking acct numbers are supposed to stay same. What will I have to do in quicken to have my quick pay and check pay payments continue to function properly within quicken from the new bank if all checking account numbers are the same. I realize new bank has a different routing number. Do I have to go to bill manager and just change the routing number for the new bank or is there something else I need to do to be able to use quickpay and billpay in the new bank

RalphC

I think what I would do is create a new banking account for the new bank name/routing number/account number with a zero balance starting transaction. The second transaction would be a transfer of existing balance funds to the new account thereby zeroing out the old bank balance. You would need to set up quickpay and billpay with the new account. This would give you an accurate record of what actually happened. Eventualy, you'll close the old account in Quicken.

[Deleted User]

I wouldn't think you would even need to close the account and create a new account. Just keep the existing account and deactivate the connection when the time comes and then reactivate with the new financial institution.

Boatnmaniac

The suggestions by both @RalphC and @CaliQkn are valid options for how to set up and manage the OSU downloading setups.

But it seems to me that the main question remains unanswered:

What will I have to do in quicken to have my quick pay and check pay payments continue to function properly within quicken from the new bank if all checking account numbers are the same…..Do I have to go to bill manager and just change the routing number for the new bank or is there something else I need to do to be able to use quickpay and billpay in the new bank

First, as mentioned above, you will need to set up a new OSU download connection for your new bank. This setup process will populate the accounts in Quicken with the account numbers and routing numbers that will be used by the new bank. Many banks (but not all) provide steps to take in Quicken to complete this transition. If you have not gotten those instructions you should probably contact the new bank to see if they will be providing you instructions. Many times, those instructions are posted on their website.

Once your current bank connection has been deactivated and/or no longer usable, your QBM Check Pay and Quick Pay with the bank will also stop working. You will then need to set up new QBM Check Pay and Quick Pay connections for the new bank from scratch just like you would if you were to set them up for a some other totally different bank….because as far as Quicken is concerned your new bank is a totally different bank from your current bank.

If you don't mind my asking, is the new bank included on the list of banks in this Support Article?: List of banks that support Bank Bill Pay in Quicken . If so, then you might be able to use Direct Connect Bank Bill Pay instead of QBM. DC Bank Bill Pay tends to be much more reliable and trouble-free than QBM and with some of these banks there is absolutely no cost involved.

[Deleted User]

My experience with bank mergers is that it will take some time before the dust settles. In the meantime they will make sure that the routing number from the "old" bank will be still valid and usable for some time after the merger. There will be straggling payments, checks, and other negotiables that might take time to clear.

I would reiterate that keeping the same account in Quicken and just deactivate and reactivate when the time comes, will make the transition smoother, and by keeping account history in one account, easier down the road.

On the Quicken side through, @Boatnmaniac is correct, once the old bank connection is no longer valid and you switch over to the new bank, Quicken will treat this connection as a new bank, meaning that you will probably need to reset up Quicken Bill Manager.

@Boatnmaniac also brings up another very good point. If the new bank offers Bank Bill Pay through Quicken, I totally agree that that would be the better route to go, for all the reasons he stated.