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Schwab......again

egldvrbags

I received the following email from Schwab yesterday. It appears that on Oct 22nd I will not be able to use Direct Connect with my Schwab retirement account. Any ideas?

A change to how you download your retirement transaction history with Quicken Direct Connect.

According to our records, you currently utilize Quicken Direct Connect to automatically download activity from your Schwab retirement plan.

We’re writing to let you know that this automated connection will no longer be supported within your retirement plan at Schwab after October 22, 2025.

What this means to you.

If you would like to continue downloading your retirement plan transaction history for use in Quicken or another financial management software, you have a few available options.

Directly from your online account.
You can access and download your transaction history directly from your online account.

1.	Log in to your retirement account at workplace.schwab.com.

2.	Click on History & Statements.

3.	Click on Quicken Web Connect Download or CSV Files to download your transaction history.

From your Schwab brokerage account.
If you have a Schwab brokerage account, you may be able to access and download your retirement plan transaction history using the Quicken Express Web Connect Plus method. Here’s how to set it up.

1.	Open Quicken or another external provider’s website.

2.	Follow the on-line process to establish a link to your retirement plan account.

After adding your account, transactions will automatically download. Each time you log in after that, only new or updated transactions will be downloaded.

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Comments

Quicken Kristina

Hello @egldvrbags,

Thank you for sharing! It looks like they're giving you a heads up that they plan to migrate the connection you're currently using to Express Web Connect + in the future. When it gets closer to the time to migrate accounts you should receive further guidance and/or a prompt in Quicken to reauthorize your accounts.

Thank you!

egldvrbags

https://community.quicken.com/discussion/comment/20512746#Comment_20512746

Thank you. I read this differently. It is stating that the Schwab Retirement Plan account will no longer have quicken access after Oct 22nd. Then it says that if you have a Schwab Brokerage account, you may be able to access your Schwab Retirement Plan account through that brokerage account. But, if you do not have a Schwab Brokerage account, you will not have access to your Schwab Retirement Plan after Oct 22nd.

Quicken Kristina

Thank you for your reply,

The wording they used is a bit interesting. It looks like the automatic downloading into Quicken may be reliant on having a Schwab Brokerage account, but you will have access to Web Connect (downloading a file from Schwab and uploading that information into Quicken) by following the directions in their email.

Thank you!

GIWalt

As of this morning (October 22nd), Quicken is not syncing to my Schwab retirement account and I get the following message: "Connectivity for this financial institution has been disabled. Please contact your Financial Institution customer support center for additional information." This seems consistent with the above regarding the October 22nd date.

egldvrbags

Yes, Schwab turned off Quicken access to Retirement Plans. This does not affect any brokerage accounts, just Retirement Plan accounts such as those sponsored by the employee's company.

I do have a Schwab individual brokerage account and was able to add the Retirement Plan account via that route. But, it's not pulling the transactions correctly.

The other option is to go to the Schwab Retirement Plan website and download the quicken file and then upload this into Quicken. To me, this is the reason I have Quicken so I wouldn't have to do anything manually.

I may just ditch Quicken all together and download my own files into Excel. This way I'm not wasting my time or money.

GIWalt

Yes my other Schwab accounts are working fine. Only the retirement one is no longer working. I look forward to someone from Quicken chiming in here to see it this is permanent or if a solution is in the works.

boolittlek

https://community.quicken.com/discussion/comment/20517063#Comment_20517063

Seriously, if I have to manually login into Schwab, download a file, and import it into Quicken—all on a daily basis—then there doesn't seem to be much point in keeping Quicken.

racer0692

I'm having the same issue, quicken is not syncing any more with an error of OL-295-A.

I only have a retirement account through schwab but it's not like I have a choice in where this account is held.

Not sure why I pay a subscription for this.

Quicken Kristina

Hello @racer0692,

Thank you for reaching out! Unfortunately, Schwab decided to discontinue support for that connection option. See this Community Alert for more details:

https://community.quicken.com/discussion/7967485/new-10-25-25-charles-schwab-bank-web-connect-bid-discontinued

If they offer the option to download QFX files, you should be able to update your account by importing QFX files.

I hope this helps!

(Ticket #12017921)

Eric Perrone

FYI On Quicken Mac it fails with OFX Error 16503. The only option I can see is to logon to the website and download manually. Hopefully Schwab Retirement Plan Services will enable the same connections as Schwab Brokerage.