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Posted by 123go on August 28, 2006, 7:19 pm
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>
> 123go wrote:
> > What exactly does Q download from financial institutions? If I enter my
> > data daily throughout the month, would Q download redundant data? Sorry
if
> > this is a simple question, but a friend asked, and I never bothered with
> > downloads myself.
> >
> A) Yes, it would download redundant data and "match" it with what you
> had previously input ... so that you wouldn't double-post transactions.
>
> Note, however, that the match is dependent upon the data and amount
> criteria that you have previously enterred. SO, if you input a
> transaction as $123.45 with a date of 8/27 and your FI downloaded a
> transaction of $123.45 a/o 8/28 they'd match ... but if you input
> $543.21 as of 8/27 they wouldn't. Other variations can result in a
> "Near Match".
>
> B) It will ALSO download transactions that you forgot to input, FI
> initiated transactions (such as user fees or interest payments) AND ...
> erroneous/fraudulent transactions posted to your account.
> A couple of years back, my wife didn't realize that she'd lost a credit
> card and the "finder" began to use it fraudulently. I was able to
> detect the unauthorized usage the next time I downloaded from the FI .
> I notified the FI, and was able to stop the crooks after they'd run up
> about $500 in charges. If I'd waited longer, there's no telling what
> the loss (to the merchant's) would have been. THIS is why I download
> every day (my CC compandy DOES post every day).
>
> db
>
thank you. "transactions I forgot to input" - don't be silly!
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