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Subject Author Date
Wachovia - New Monthly Fee for Using Quicken? BRH 02-17-2007
Posted by John Pollard on February 22, 2007, 9:25 am
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 L wrote:
>> 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.

Maybe I'm misunderstanding you, but Intuit's sunset policy has
nothing to do with QIF files, and QIF files have nothing to do
with online billpay.

The sunsetting policy relates to downloads controlled by
Quicken; the restrictions on QIF file imports were a separate,
permanent operational change to Quicken.

Online billpay via Quicken requires the "upload" of billpay
instructions to the billpayer. QIF files have no capability for
billpay instructions ... and I've never heard of any financial
institution that "received" QIF files from customers.

--
John Pollard
First initial underscore Last name at mchsi dot com
Please reply to newsgroup




Posted by Alan on February 17, 2007, 4:51 pm
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 I called wachovia - downloading from within quicken is free - regardless of
account balance. Only if you use the bill pay feature within quicken is
there a fee (certain checking accounts are exempt). You can log on their
site and get bill pay for free.

Alan


> My recent account statement from Wachovia included an insert that states
> the following:
>
> "Beginning 4/1/07, a monthly fee of $5.95 will be assessed if you access
> Wachovia Online Banking directly from within your personal financial
> management software such as Quicken..... This monthly fee does not apply
> if you download your personal account information from wachovia.com into
> personal financial management software or if you have <....certain types
> of accounts....>"
>
> 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?
>
> Thanks!



Posted by sharx35 on February 17, 2007, 10:22 pm
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>I called wachovia - downloading from within quicken is free - regardless
>of account balance. Only if you use the bill pay feature within quicken
>is there a fee (certain checking accounts are exempt). You can log on
>their site and get bill pay for free.
>
> Alan
>
>
> <BRH> wrote in message
>> My recent account statement from Wachovia included an insert that states
>> the following:
>>
>> "Beginning 4/1/07, a monthly fee of $5.95 will be assessed if you access
>> Wachovia Online Banking directly from within your personal financial
>> management software such as Quicken..... This monthly fee does not
>> apply if you download your personal account information from wachovia.com
>> into personal financial management software or if you have <....certain
>> types of accounts....>"
>>
>> 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?
>>
>> Thanks!

I have several investment accounts and laugh when I see all the grief that
many of you have with downloads. I simply enter the stuff manually. That
way, very few mistakes. The odd mistake is caught when I reconcile the
account. I NEVER pay ANY service charges for ANYTHING at my bank, and I
receive monthly statements with check images--the few checks that I still
write. 90% of current account transactions are electronic, done
automatically. It's the 21st century and I will NOT pay anyone anything for
downloads.




>
>



Posted by Porter Smith on February 18, 2007, 10:52 am
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> I have several investment accounts and laugh when I see all the grief
> that many of you have with downloads. I simply enter the stuff
> manually. That way, very few mistakes. The odd mistake is caught when
> I reconcile the account. I NEVER pay ANY service charges for ANYTHING
> at my bank, and I receive monthly statements with check images--the
> few checks that I still write. 90% of current account transactions
> are electronic, done automatically. It's the 21st century and I will
> NOT pay anyone anything for downloads.

I enter every transaction I make to every account manually, and download
every day. That way I know right away if (a) I made a mistake entering a
transaction (b) the institution/payee made a mistake processing it or (c)
there is a bogus transaction. I have experienced all of these conditions
and it's a lot easier fixing a mistake that happened two days ago than
one that happened 3 weeks ago.

Currently I have only one account, a 401(k), that doesn't support direct
downloads. It's royal PITA as I get paid every other Tuesday but the
transactions aren't processed in my account for several days. So I have
to remember to logon to the institution's web site and go through several
steps to see if our payroll manager finally got around to making the
deposits, and didn't screw up (someting he does on a regular basis).


Posted by Jim Henry on February 18, 2007, 12:43 pm
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Porter Smith wrote:

> I enter every transaction I make to every account manually, and download
> every day.

I used to do it that way, as I transitioned from manually entering the
transactions. After months of doing it, I found very few errors. I
decided that I was just wasting my time doing the manual entries. I now
download everything, and examine each transaction as they are accepted.
I've been doing it this way for the past few years, and had no problems.



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