|
Posted by L on February 21, 2007, 10:48 am
Please log in for more thread options > Porter Smith wrote:
>>>BRH <BRH> wrote:
>>>
>>>
>>>>I use Quicken to pay bills online thru Wachovia and occasionally
>>>>transfer funds between accounts. Is that type of activity what they
>>>>mean by "accessing Wachovia Online Banking directly from
>>>>within....Quicken"? Or are they referring to something else?
>>>
>>>While I don't bank with Wachovia, I suspect what they are saying is
>>>that if you use the "One Step Update" button from within Quicken or
>>>Quicken's scheduled download function to download or upload
>>>transactions (ie pay bills or transfer funds), you will be billed the
>>>fee.
>>>On the other hand, if you log into Wachovia's web site and click on
>>>the download button on the web page, they will not charge you - even
>>>if that causes Quicken to automatically start up and import the
>>>transactions.
>>>You might call them and ask if you do sufficient business with
>>>Wachovia to get them to waive the fee, or consider switching to a bank
>>>that does not charge this fee.
>>
>>
>> I am a Wachovia customer and when I received that notice I called them.
>> The previosu poster is correct. Fortunately my account is exempt. I don't
>> remember all the rules, but it's a function of account balance. Since I
>> have HELOC with a $100,000 credit line, I qualify. I also dropped by my
>> branch and told the manager that if they decide to stop offering me
>> direct Quicken access for free, I will close my accounts. There are
>> plenty of banks in my neighborhood.
>
> Welcome to Wachovia!
> I moved an account to Wachovia because they offered this feature. When I
> tried to access it I was told since I was a "new" customer it was not
> available. I knew it was only a matter of time before something like this
> happened.
> I complained to Wachovia, and got nowhere.
> I know write checks and demand they mail me a monthly statement. When and
> if they go back to letting me do everything with Quicken's one step update
> I will stop writing checks and getting a printed statement. I really
> believe if enough people did that, and told Wachovia why things would
> change.
> There is also the choice to move your account. The problem for me is that
> there isn't a bank locally that has totally free access with Quicken.
And the reason is......
Intuit charges the banks for these 'services'. See ALL the information at
http://web.intuit.com/personal/quicken/qif/qif_faqs.html#faq6
Though it lists the 'questions' in a different order, you would do best by
reading from the bottom up.
Q: Why does Intuit charge financial institutions a fee to connect to
Quicken?
A: Intuit charges a fee to financial institutions to connect to Quicken via
Open Financial Exchange (OFX) because Intuit products, like Quicken, are
uniquely positioned to provide financial institutions with a better way to
attract, retain and serve their customers by offering a more valuable
service. This small fee enables Intuit to offset costs, offer connectivity
to more financial institutions, and continue to develop better products and
services using the faster, easier and more accurate OFX method.
Q: Will my Financial Institution charge fees for OFX download?
A: Financial Institutions determine what - if any - fees will be charged for
download into Quicken via OFX. Contact your Financial Institution and ask
them if they charge fees for download into Quicken. When you call, be sure
to explain that you want to download into Quicken and would like to
understand if there are any costs for doing so.
Q: Why move from QIF to OFX download?
Q: Will QIF Data Import be available for any accounts?
Q: What is happening to QIF Import?
A: Beginning with Quicken 2005 for Windows, QIF Import will no longer be
available for most account types. Click here to see which accounts will be
affected by this change.
Online bill-pay through Quicken or Money was at one time less common, and
banks charged fees. I suspect Intuit wanted more of those fee dollars (since
they were not making enough on the upgrades of their software. Let's face
it, older versions work fine, the new 'features' are redundant or cosmetic,
and there is little incentive to 'upgrade'). Intuit started an aggressive
campaign of forced upgrades (the 'sunset' policy). It is not a far-fetched
scenario that they most likely held a gun to the heads of banks. Banks
countered by offering downloads in QIF format.
So, intuit DISABLED QIF format in all versions after 2004.
Banks have countered by offering their OWN bill-pay service via web.
| 
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap