American Express Banking not connecting - CC-502 (QWIN)
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I've tried downloading my transactions and it doesn't work properly it lists everything as a deposit has anyone else experienced this problem?
I may have to cancel my Quicken subscription since AMEX is my main bank.
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To date, and after reading all of the posts on this subject, I have NOT seen a formal comment from Quicken which a response IS expected if they have any loyalty to their customer base. Without them, we are merely speculating as to what might work. There seems to be differ opinions depending on the type of Amex account is held. It appears if you have a credit card and bank account it might work but with the added trouble of providing 2FA. If you have only an Amex bank account, then it appears only downloading transactions is an option. I speak from experience as I have 2 files with each scenario.
If Amex downloads are no longer an option due to Amex decision then Quicken needs to remove those download options when attempting to set-up online connections. It should be Quicken's role to take ownership and contact Amex in order to put this issue to rest. I am extremely frustrated with the lack of communication with Quicken and guessing this post will be removed.
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As has been mentioned by several people (and I just reconfirmed myself), it is possible to download Amex Savings accounts into Quicken, despite what Amex support says. I think that continuing to quote the obviously incorrect information from Amex is likely not productive. We know that it is not accurate.
There are still issues for some, and the rest of us still require 2FA due to the use of EWC connections. But the idea that they no longer support this is patently false.
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Quicken's last update on this issue was yesterday (posted here) which reads:
This issue remains ongoing and our teams continue to work toward a solution. No ETA or further details are available at this time, and this Alert will be updated once more information, updates, etc become available.
We apologize for any inconvenience and appreciate your patience.
Thank you!
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I absolutely agree. I download, but also get 2FA every time. How many people that you speak with at AMEX have actually even heard of Quicken? And as mentioned, their "help" page is several years old and we know that "issues" are recent.
Their HYSA savings are usually high dollar accounts. There are options at similar or higher interest. A few start to close accounts and it might make a bigger dent in their attention.
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Indeed. We have a Fidelity account earning north of 5%. As a result, our HYSA has about $17 in it now. :)
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Discover Bank currently pays the same 4.25% and no Quicken issues. If this goes on much longer Amex savings gets moved to Discover.
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I agree. There are many comparable online accounts!
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I'd be better off opening a 4.6% savings account with Vanguard and transferring the money there, given Vanguard works. It's amazing how inept Quicken is with responding with actual, valid information.
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@brpqkn Care to mention which Fiodelity Money Market account you are using? There appears to be several.
Also would love to know if others have similar 5% savings accounts they are happy wtih. I'm giving AMEX a week to get this right or moving my money and at least abadoning my AMEX CC as I only really used it for Ticket Presales where Amex had a jump on tickets.
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This is FZDXX.
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FZDXX
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Thanks. Just checked and I am on SPAXX with about a quarter point less. I could meet the $100K deposit requirement for FZDXX. Sent a note to Fidelity to see if my existing cash management account could change and requirements, etc.
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Follow-up on my experience with Discover Bank. Regular savings is 4 25%, no minimum. Have 5.20% 24 month CD with no minimum & has the option to have CD interest deposited in Discover savings. Also 100% U.S. based support. Always friendly & gets things done.
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The problem is that if Quicken doesn't work this out with AMEX there's nothing stopping other financial institutions from cutting the connection. It's a lot of work to change financial institutions.
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I opened a Vanguard Cash Plus account (4.6%) as I already have my retirement/brokerage accounts there and there's no issue with Quicken connecting. I'm going to keep my Amex HY open for a couple of months more but I was only using it for my mortgage and school tuition so it'll be super easy to close it down. I've also been annoyed by the whole 2FA on the account that none of my other accounts have - wish there had been a way to suppress that for Quicken.
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Discover looks about the same a AMEX savings. It cold be up today!
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I have this same problem with Amex since I got a prompt to upgrade .. But in addition at the same moment capital one stopped transferring new transactions. No errors or changes to my connection to capital one .. it just does not transfer anything.
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Well not only is the new download method broken, going to AMEX, downloading a QFX file and opening that in Quicken doesn't work either. Every path, other than manual entry, is now broken for me. I get the error "Quicken is unable to complete your request. [OL-220-A]". There is "[OL-220-B]" appearing at the bottom of the dialog. According to Quicken, this means the QFX file format I am downloading is invalid.
I cannot even begin to guess why this does not work (but Quicken's article points a finger at AMEX). I would not be surprised if this was a part of the entire Quicken/AMEX problem we've all been seeing.
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Following. I have been having this same error for over 2 weeks. I finally disconnected all my AMEX accounts and tried to start from scratch. It allows me ot log in, then sends me 2 FA code and then tells me the AMEX server is not connecting. Ugh.
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All a bit different for me and changed again last few days.
HYSA: Must verify every OSU or daily to access balance. But no other errors. Not tolerable so I no longer check. If in one week not fixed, I am moving my account elsewhere.
Credit Card: Just started send email in the middle of the night with "my requested authorization code". Need I say I did not request a code? This is Quicken doing something behind the scenes in the cloud that causes the request.
I DO login and reauthorize and no further error. But another pain in the ASCII that WILL cause me to discontinue use of the card until and unless the very rare AMEX ticket presale of interest for me.
So, I will vote with my wallet and wish there was an easy way to let AMEX know why I am almost out the door.
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I called American Express Savings this evening and informed them that if they had not restored access to my Quicken and Quickbooks accounts by 22 August I would close my accounts. After she got done telling me again and again that they would not restore access she finally agreed to note in my largest account that I intend to close it due to them choosing to stop supporting applications that use Intuit as a data aggregator. I don't expect me moving will matter even the tiniest little bit to them, but I've done what I can to convey my dissatisfaction.
Now I have to find a new bank that supports Quicken and ACH transfers. That does not seem to be Discover or Fidelity, but might be UFB Direct (suggested by Bankrate.com). At least I don't have as many automatic transactions to find/cancel/reconnect as I would with my checking account, so there's that.
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Papoon, I have Discover Bank savings, money market & CD accounts that work fine with Quicken at this time. I have a Discover IT card throughh Discover Bank that does not work well with Quicken. However I also have a older Discover Card through Discover Card that works fine at this time. I also plan to close my AMEX account & most likely move it to Discover Bank. The interest rates are the same now. Also Discover has 100% U.S. based customer service.
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I checked Discover Savings, and they say you can no longer login from Quicken. Also have been searching for Quicken with other bank savings accounts and I have found no compatible banks. I may move my AmEx Savings to Marcus because they are paying more interest, which I found out when looking for a Quicken compatible bank, not because they will work with Quicken.
Quicken needs to wake up. They are facing an existential threat. The banks are putting them out of business.
I had 9 accounts in Quicken that worked with 'Direct Connect' about a year ago. I now have 4 and 3 are with the same bank. The other 5 are 1 way Web Express which are download only and one is AmEx Savings which can't do anything.
If I end up having to go to a bank's web site to pay bills and retrieve transactions, then Quicken has little use to me.
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I don't see any financial incentive for AmEx and others to refuse Quicken access. What would it be? That leads me to believe that the banks perceive some threat from unauthorized users who get into the accounts via Quicken. Personally I'd rather deal with the inconvenience of not doing downloads than losing hundred of thousands of dollars, so I'm actually thinking of moving more money to AmEx because of this, contrary to what others are saying here. Security trumps convenience any day of the week.
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GP, I learned when I asked my state's 529 Plan why they don't support Quicken, that it's because they would have to pay Quicken (probably Intuit) a fee to allow people like me to access their data. So apparently there is a financial disincentive to allowing access from Quicken. Not the direction I would have expected the incentives to run, but that is what I was told and it made sense. In AmEx's case I doubt it is material, but there is a transaction cost.
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Thanks for the explanation.
It's interesting that users like yourself provide better information than the mods, who seem mostly engaged in tamping down our irritation with vague promises and requests for us to file "reports" which are of course useless, since Quicken knows the source of the problem quite well already.
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@Quicken Anja Just when I thought I was going to be posting a thank you to Quicken for fixing this problem, it just turned into a different problem this morning. Here is the new situation. I ran the Reauthorization this morning and after supplying my 2FA authentication code received by SMS, I did NOT get a CC-502 error. Instead I got the familiar screen of being able to connect my Amex account to an existing Quicken account and I thought the problem was solved.
Instead, my Amex Savings account in Quicken showed up with a red circle with a slash through it.
And this
I clicked Cancel Update and then clicked on the red slashed circle icon which brought up the familiar Sign in to connect your accounts to Quicken screen. I entered my Amex User ID and Password and clicked Connect. I then got the box to pick how I wanted to receive my 2FA code and I picked SMS like always. The difference this time is that I did not receive an SMS code and Quicken immediately displayed a CC-501 message
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@Quicken Anja I also tried a 2nd test using a blank QDF and tried adding my Amex Savings account. It added but with the red slashed circle. I clicked the red slashed circle, provided user ID and password, requested a 2FA code via SMS and ended up with the exact same CC-501. So this is not related to my actual data file since it happened in a new, empty file.
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Quicken please provide a detail update explaining what the issue is, what are you doing to resolve it and what are the chances that you will be successful.
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