No Valid Bank Connection
Hi, I am a Quicken user testing out a trial version of MoneyDance. I was able to import QIF data fine. However, when I try to set up online banking ( for Bank Of America, N.A.) I get the following (see attached image snip) indicating "Bank of America!!not accepting new connections. Recommendations?
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Support Staff 1 Posted by Maddy on 09 Mar, 2020 04:52 PM
Hi Dave,
Moneydance only supports automatic downloads using Direct Connect, and you can view a list of financial institutions that support this feature here.
Bank of America are listed, but you'll see "!Not Accepting New Connections!!" next to the connection name. This is because Bank of America have recently discontinued their support for new Direct Connect activations.
If your account was activated for Direct Connect before they turned off support, you should still be able to connect in Moneydance.
Open Moneydance and choose Online --> Set Up Online Banking. Then select 'New Connection' and choose your financial institution from the list.
This will only work if your account was already enabled for 'Direct Connect' and not another connection method (Web Connect or Express Web Connect). If your account isn't enabled for Direct Connect, you'll see an error when you try to connect.
Moneydance does not support Web Connect or Express Web Connect - this is for your security.
By only using Direct Connect, we can guarantee that your username, password and financial data only ever exists with your bank or on your own personal computer, and at no point are your details stored on another server.
You can read more about why we only support this connection type in our blog and also in this article.
If your accounts aren't enabled for Direct Connect, you are still able to easily import your data into the program. The best way to get your transactions into Moneydance is to use a web browser to download files from your bank's web site.
We'd recommend you download into the QFX or OFX file format if either of these are available. If not, use the QIF file format. These files can be imported to Moneydance using File --> Import. You can find the steps for manually importing your data in this article.
I hope this information is helpful. Please let me know if you have further questions or need any assistance.
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Maddy, Infinite Kind Support
System closed this discussion on 08 Jun, 2020 05:00 PM.