Any plans to allow downloading transactions from Northrop Grumman Federal Credit Union

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13 Mar, 2016 03:43 PM

Any plans to allow downloading transactions from Northrop Grumman Federal Credit Union

  1. 1 Posted by David Hanley on 13 Mar, 2016 05:57 PM

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    Hi Jeff,

    Unfortunately, it doesn't appear that Northrop Grumman FCU supports direct OFX connections, which Moneydance requires in order to talk directly to a financial institution.  The best way to get your transactions into Moneydance is to use a web browser to download them from your credit union's web site.  You can download into QFX, QIF, OFX or OFC files (sometimes referred to as Quicken or MS Money files), any of which will import cleanly into Moneydance.   You can also open your credit union's download page directly (after entering the appropriate address in the Account->Edit Account menu) by going to the menu bar and selecting Online->Open Account Website.

    If your credit union begins to support direct OFX connections in the future, we will be happy to work with them.

    Here's a small snippet from the NGFCU website regarding direct connect:

    Why don't you support Direct Connect? Quicken charges a high fee to offer Direct Connect. We would need to pass this cost on to our members as a monthly fee. We have chosen to provide Web Connect as a free service to our members.

    Why don't you support Express Web Connect and One Step Update? Express Web Connect and One Step Update are unable to handle the security we have chosen to implement. Our random code and challenge questions are designed to protect against various hacker attacks. Unfortunately, the way that Express Web Connect accesses websites of financial institutions uses one of the methods that we are protecting against: access by a computer without human intervention.

    Please let me know if I can be of further assistance, and thank you for your interest in Moneydance.

    David Hanley
    Infinite Kind Support

  2. 2 Posted by misc2 on 04 Apr, 2016 08:31 PM

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    Is that true that they have to pay a fee to Quicken to use OFX? If that was the case, I would think many institutions would not be going that route or dropping the service to save money. They already have implemented/increased fees to the enduser. Thanks.

  3. Support Staff 3 Posted by Jenny on 05 Apr, 2016 12:04 PM

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    Some banks will charge a small fee for enabling Direct Connect access within your accounts, however many do not. It all depends on the financial institution.

    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.

    Supporting web connect is something that we are actively working on. It's no small task, though, and we've explored a number of options that ended up being dead ends. Web connect is basically scrapping the webpages of each bank. As you can imagine, the web pages themselves are not at all standard, and so scrapping them all involves either a lot of time or a lot of money. We hope to have something available in the near future, but I can't give a timeline for this feature release quite yet. I'm very sorry for any inconvenience caused.

    Infinite Kind Support

  4. 4 Posted by misc2 on 05 Apr, 2016 02:49 PM

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    Do bank/financial institutions really have to pay Quicken or anyone to use OFX? Is NGFCU's statement accurate.

  5. Support Staff 5 Posted by Jenny on 05 Apr, 2016 03:21 PM

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    Many banks do actually have to pay Intuit to "approve" their Direct Connect setups. However, its not really something that we can provide a reliable answer to, as this will vary with each financial institution. If your bank has stated this on their website, its very unlikely to be incorrect. Sorry I can't provide more information!

    Infinite Kind Support

  6. System closed this discussion on 05 Jul, 2016 03:30 PM.

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