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Subject Author Date
BofA Charge for Using Quicken AlanW 09-19-2008
Posted by AlanW on September 19, 2008, 7:02 am
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My Bank of America Account was charged $9.95 for "Electronic Banking".
When I called the bank, they said that Quicken charges them for
downloading transactions and that they were passing the costs on to
me. The Bank suggested a workaround - download from their site into
Quicken at no charge. Does Quicken charge the banks? I would
appreciate any insights on this.

Thanks,
Alan

Posted by Porter Smith on September 19, 2008, 8:13 am
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4ax.com:

> My Bank of America Account was charged $9.95 for "Electronic Banking".
> When I called the bank, they said that Quicken charges them for
> downloading transactions and that they were passing the costs on to
> me. The Bank suggested a workaround - download from their site into
> Quicken at no charge. Does Quicken charge the banks? I would
> appreciate any insights on this.
>
> Thanks,
> Alan
>



Yes. Intuit, the company that sells (and pretends to support) Quicken,
charges banks a fee. Some pass it on to their customers, some absorb it.
Mine, Wachovia, eats the fee for customers like me who have been around for
a while and maintaine a certian minimum balance.

I guess BoA decided they want you to help pay for that purchase of Merrill
Lynch.:)

You might shop around for a different bank, although based on how often
this question comes up, the number of free banks is dwindling.

Posted by Andrew on September 19, 2008, 4:50 pm
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Porter Smith wrote:
> ....
> You might shop around for a different bank, although based on how
> often this question comes up, the number of free banks is dwindling.

Or, perhaps better yet, a **Credit Union** that is owned by it's members for
their benefit, not a large commercial bank that is in business to make money
for disinterested (in terms of servicing its customers) third parties
(sometimes called share holders).

--
-------------------------------------------------------------
Regards -

- Andrew



Posted by Laura on September 19, 2008, 9:21 am
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> My Bank of America Account was charged $9.95 for "Electronic Banking".
> When I called the bank, they said that Quicken charges them for
> downloading transactions and that they were passing the costs on to
> me. The Bank suggested a workaround - download from their site into
> Quicken at no charge. Does Quicken charge the banks? I would
> appreciate any insights on this.

Check and see if there are still other conditions that qualifies you for
free electronic banking with BoA. Ours is free but we have bundled our
accounts plus mom's account so that we always have a high enough balance to
qualify. At one point in time direct deposit of your pay or pension checks
also qualified you. You have to ask in order to get the freebie but they do
exist. They charged us and when I said not only did we qualify based on
balance we also were not using Quicken for bill paying. The BoA bill paying
feature is free. When I told the agent that it was enough to convince her to
give it to us for free plus refunded several months of the charges.

BTW, the BoA website into Quicken is not a bad workaround. I do that for
several of my clients and it works fine. One account actually automatically
set itself up for direct connect after importing the file.


Posted by Dave Martin on September 24, 2008, 7:34 am
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AlanW wrote:
> My Bank of America Account was charged $9.95 for "Electronic Banking".
> When I called the bank, they said that Quicken charges them for
> downloading transactions and that they were passing the costs on to
> me. The Bank suggested a workaround - download from their site into
> Quicken at no charge. Does Quicken charge the banks? I would
> appreciate any insights on this.
>
> Thanks,
> Alan


I use Quicken to download directly from the BOA website without charge
and works fine- had to get a user name and password on the site but once
set up, no issue. Been doing it this way for years and over at least 3
Quicken releases, good luck.

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