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Posted by L on March 6, 2007, 2:00 pm
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>
>> I noticed last month that my Bank of America (BofA) credit card
>> transactions that had cleared for the current month were not
>> downloading into the register. These are not pending transactions, but
>> charges that have cleared based on looking at the bank's website. BofA
>> appears to have started updating only when a statement period closes.
>> (ie, data current only up to the end of last month) The BofA tech
>> support said they were having issues with credit card data, but a post
>> on the Quicken forum says they have changed their policy and we should
>> "write a letter". I do not know who to believe.
>>
>> Anyone else having credit card data issue as I describe? Quicken
>> Premier 2005 R6
>>
>
> It doesn't matter which version of Quicken you use. It's happening for all
> of us.
>
> I have the same problem with my BofA CC. BofA merged with MBNA, so under
> the hood your credit card is now a MBNA credit card, and it changes quite
> a few things in the BofA information systems.
Actually, it was the other way around. I still have an MBNA card or two
under the old system.
> Have you noticed the changes in the website, between your checking and
> your credit card?
>
> I have two accounts: a checking and a credit card. The checking account is
> still handled by bank of america, so no doubt, this is still working like
> clockwork. The credit card is another story. They integrated with MBNA's
> credit card system, and there are many things you just can't do anymore.
> Just to name a few: you can't search your credit card online statement for
> transactions the way you can search your checking account; and used to
> search your CC account. Worse, to all of us Quicken users, the download to
> Quicken has been broken for credit cards, and it's not going to come back
> up anytime soon.
The download is NOT broken. It's just that you can only download at the end
of a statement period.
You can see cleared and pending transactions, as always. If, however, you
want your Quicken accounts to match your online data, you may enter each
transaction as you see it online, or a summary line that you delete when you
get around to downloading.
It isn't just the merge. FIA card services is the institution handling the
credit cards for BofA, MBNA, Sears, and many other accounts. All these now
have download available on a monthly only basis.
<snipped>
> Anyway, the reality is: we're back to pencil and paper reconciliations,
> and it's a nightmare :(
I don't do pencil and paper. I simply wait for the end of the month.
>
> The question is: do you keep the credit card, or do you open one somewhere
> else? Well, my own choice is to keep the card, because I have a stellar
> credit history on it.
Keep it, but either don't use it or be sure to pay it in full every month.
BofA just changed their card agreements (well, at least the business ones)
in such a way as to really limit your rights if there is a dispute.
> So, to those in my situation, I say: suck it up. To the others who just
> opened a BofA card, I say: there are plenty of other financial
> institutions > out there and in 2007 you shouldn't bother opening a card
> with a FI that > doesn't allow download to Quicken.
>
I'm afraid they are getting fewer. Fact is, Intuit has been charging banks
for integration with Quicken. It has become a bigger issue, for some
reason - more and more banks are not integrating, or charging for
integration.
Intuit is forcing the issue by disabling QIF imports for checking accounts
and credit cards - and by 'sunsetting' older versions of Quicken that
allowed it.
The banks are fighting back by limiting how often you can access data
from/to your Quicken program.
I'm no psychic, but I suspect Intuit fee structures are to blame.
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