Schwab Retirement Account disabled Quicken Direct Connect

Hello @Eric Perrone,

Thanks for taking the time to reach out! I’ve moved your post to the correct category since you mentioned you’re using Quicken for Mac (U.S.).

Regarding your question—you’re right that Schwab no longer supports Direct Connect. They transitioned to Express Web Connect+ (called Quicken Connect in Quicken Classic for Mac) a couple of years ago, around 2021, to meet updated security and verification standards. Express Web Connect+ connects directly through Schwab’s secure login system and supports Multi-Factor Authentication (MFA), which is now required by many financial institutions.

So yes, that’s likely what Schwab was referring to. It’s not exactly a new regulation, but rather part of an industry-wide move toward more secure connection methods. Many other banks are making the same change, so this is something we’re seeing more frequently across Quicken.

Can you confirm whether your account is currently connected using Quicken Connect? If not, I can guide you through setting that up.

Thank you!

Hello @Chris_QPW,

Thanks for your detailed explanation! Just to clarify, when I mentioned “regulation,” I wasn’t referring to government mandates—that was shorthand for the industry and institutional requirements Schwab put in place for security and MFA compliance. My intent was simply to explain that Schwab moved from Direct Connect to Express Web Connect+ (Quicken Connect) a couple of years ago, and that MFA is now part of their updated connection process. I apologize for any confusion my wording may have caused.

I didn’t intend to imply any government requirement; the goal was just to explain the industry-wide move toward more secure connection methods, which many other financial institutions are also adopting.

Thanks for providing the additional context you shared about the protocols and differences between Direct Connect/OFX and Express Web Connect+/FDX—that’s helpful for anyone trying to understand the underlying systems.

Thank you!

Hello @Eric Perrone & @SteveBoone—thanks for the updates and for the details you’ve shared.

After doing some further digging, I have the following information below to share with you:

• Charles Schwab & Co., Inc. has migrated most consumer accounts to Express Web Connect+ (Quicken Connect). However, Schwab Retirement Plan Services (the retirement plan/administrator side) has not been migrated to Express Web Connect+/Quicken Connect. That is likely why you’re seeing limited connection options (Direct Connect and Web Connect only).
• As for the errors you are receiving while connecting via Direct Connect—this is a known issue and it is being caused by Charles Schwab shutting down the Retirement Services (DC) Direct Connect server.

What you can do now:

• For the latest information and updates on this, please follow this Community Alert
• Additionally, there is also this related Windows thread where another user has posted Schwab’s notice regarding this.
• If you need transactions right away, continue downloading QFX files from the Schwab website (manual Web Connect) and importing them into Quicken.
• We recommend that you do not attempt to connect using a different Schwab instance in the bank list, as this may result in duplicate transaction history being downloaded.

I know this situation is inconvenient—thank you both for your patience and for the detailed information you’ve provided. I hope this helps clarify what’s happening.

Thank you!

@Eric Perrone You’re welcome!

Thanks again for sharing your updates, and I hope your workflow continues as smoothly as possible despite this limitation.

You're welcome!