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Access to Fidelity now through Intuit.. Is this to be trusted?

Derz

I attempted to update my Fidelity account information in Quicken Classic today and was presented with a dialog informing me the connection method has been changed and now goes "Through Intuit.." The details are anything but clear. Prior to this, I assume Quicken Classic on my PC made a secure connection directly to Fidelity, providing my password to obtain my transactions.

WHY IS INTUIT NOW INVOLVED IN THIS!

I declined to proceed and can no longer download transactions. I will not consent without understanding more. Without access to my financial institution, my Quicken subscription is worthless (and is shortly coming up for renewal.)

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Chris_QPW

Intuit is Quicken Inc’s aggregator, Express Web Connect and Express Web Connect + go through Intuit.

Direct Connect and Web Connect/QFX files don’t go through them but they handle the relationships with the financial institutions for these too.

Here are some more details on the different connection types:

https://www.quicken.com/support/how-quicken-connects-your-bank/

Derz

Thank you Chris for this information. There is much to review.

My current connection method to Fidelity is "Direct Connect", and as I read the article referenced, this is indeed a direct connection from my PC to the institution with the application (Quicken/windows) passing my login credentials. I am fine with, and trust, this method. I plan to see if I can continue to use that method.

mshiggins

@Derz with EWC and EWC+ your data will be aggregated by both Intuit and by Quicken Inc. Intuit is a large publicly traded company that has been in business for decades and has long experience securing tax payer data. Quicken Inc is a small privately owned company that was spun off from Intuit as its own company in 2016.

Chris_QPW

https://community.quicken.com/discussion/comment/20514213#Comment_20514213

Fidelity has made it pretty clear that is going to only Express Web Connect +. The only reason they haven’t gotten rid of Direct Connect yet is because of the problems they have been having getting Express Web Connect + working.

And yes, Direct Connect is directly connecting between Quicken (the program) and the financial institution’s server.

But the financial institutions never fully adopted it, and that force companies like Intuit to come up with “aggregation”. Ironically this will happen again with Express Web Connect +, not all of them will adopt it and so there will be one more protocol to add to the mix.

That is the price of “freedom” in the US(and Canada) the government will not insist that the financial institutions follow a standard like they did in the EU.

Derz

I spoke to Fidelity. They are aware of the change Quicken is making. They have not changed anything on their side and continue to support a direct connection. They are aware that some customers have had problems with this new method (Express Web Connect +) including duplicate transactions, and that Quicken is attempting to resolve those problems.

While I have read the materials cited above and also Quicken's "announcement"..
UPDATED 9/25/25 Fidelity Cut-Over Migration — Quicken
I see no way that adding Intuit & Quicken infrastructure and storing my financial transactions on Quicken servers can possibly be more secure than a direct connection to my financial institution. The Quicken material available through these links does not say anything about why they store the information, nor for how long, nor how you can delete it if you choose. A big missing security element.

@Derz , There are many posts about some of your questions that you can search for and this is one example of many. I recognize your hesitation, rightfully so. FWIW know that EWC has been in use for a decade or two, and then EWC+ (which is more secure) was incorporated about 5-6 years ago where many financial institutions have been switching to that.

Chris_QPW

https://community.quicken.com/discussion/comment/20514323#Comment_20514323

The reason they can state that Express Web Connect + is “more secure” is multifaceted.

Compare to Express Web Connect where username and password is stored on the aggregator’s server.
It has no possible option to be “two way” like Direct Connect, so things like transfers can’t happen.
Express Web Connect + uses rotating security tokens between the aggregator and the financial institution. Note Direct Connection uses username and password on a secure connection (SSL), the newest version of the protocol does support rotating security tokens but neither Quicken or any US financial institutions support the last version of the protocol.

Note that Intuit isn’t the only aggregator the financial institutions have to deal with so that is part of the push to this (the actual protocol is called FDX) to get rid of the different systems that have been setup.

As for what Fidelity is actually going to do in the end is complicated by the multiple players communicating what really the policy is, and by the fact that they might change things if they run into too much problems with Express Web Connect +. But one thing I would say is I wouldn’t take what the Fidelity representatives say as “golden” they often don’t know what is going on on the backend.

Derz

Chris,

Thanks for your insights.

Whether Fidelity or Quicken tech support is more trustworthy or "in the know" is mute (I have spoken to both now). The fact is I am unable to download transactions using the Direct connect method, and choose not to use a method I trust less. Unless something changes soon, I will likely end my relationship with Quicken.

NotACPA

https://community.quicken.com/discussion/comment/20514323#Comment_20514323

Re: your 2nd sentence. It's the Financial Institution ALONE (Fido in this case) that determines what download methods to support.

Whoever you spoke to is misinformed. Fido, and Fido alone, is driving this change.

Chris_QPW

https://community.quicken.com/discussion/comment/20514357#Comment_20514357

I always have to wonder how people think Quicken Inc a company of about 200 employees or even Intuit can dictate anything to financial institutions on what to support especially when our federal government doesn’t seem to be able to do that.