RBC Bank USA - Non-Business Account

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Name

22 Apr, 2016 02:20 PM

I can see that Business Accounts are permitted, but I have just a regular chequing account and cannot seem to connect. Can you help with this?

  1. 1 Posted by David Hanley on 22 Apr, 2016 10:02 PM

    David Hanley's Avatar

    Hi,

    Unfortunately, it doesn't appear that RBC Bank supports direct OFX connections, which Moneydance requires in order to talk directly to a bank for any accounts that are not flagged as a business account.  The best way to get your transactions into Moneydance is to use a web browser to download them from your bank'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 bank'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 bank begins to support direct OFX connections in the future, we will be happy to work with them.

    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 Name on 22 Apr, 2016 10:23 PM

    Name's Avatar

    It is my understanding that MoneyDance uses the same OFX connection as Quicken and should be able to connect where ever Quicken can. The attached screenshot states Quicken will work. Is my understanding incorrect?

  3. 3 Posted by David Hanley on 22 Apr, 2016 11:46 PM

    David Hanley's Avatar

    There are two methods that personal finance software can use to access your accounts: direct connect and web connect. With web connect, the software basically connects to your bank's website and downloads and imports OFX, QFX, QIF, and OFC files automatically. Direct connect actually connects to a server at your bank instead of their website and usually requires different login credentials than you would use to log into your banks website. From a user's perspective, these two connections look basically identical. Moneydance only supports automatic connections through direct connect and not web connect. RBC Bank is using web connect with Quicken for non-business accounts.

    Please let me know if I can be of further assistance!

    David Hanley
    Infinite Kind Support

  4. 4 Posted by Name on 23 Apr, 2016 03:53 PM

    Name's Avatar

    Thank you for the explanation, David.

  5. 5 Posted by David Hanley on 24 Apr, 2016 01:30 PM

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    We're currently developing an alternative to Quicken's web connect, we've found that there are some inherent security flaws with the protocol that we cannot expose our users to. To use Express Web Connect you have to give the usernames and passwords you use to log into your bank websites to Quicken (Intuit). Intuit then stores these on their own servers. Intuit has to have your passwords on their servers to be able to connect to the bank on your behalf. For the technically inclined an important piece here is that Intuit cannot just store a hash of your password on their server. They must store your actual password in order to be able to use it. Storing actual passwords on servers, rather than a hash of a password, is considered extremely bad practice from computer security perspective, but in order to provide this service Intuit has no choice. They almost certainly encrypt the passwords at rest but they must have the full password available on their server. I am sure Intuit goes to great lengths to make their servers secure and I can hardly imagine just how incredibly awful it would be if Intuit's servers were hacked and their users bank account passwords stolen.

    David Hanley
    Infinite Kind Support

  6. 6 Posted by dwg on 24 Apr, 2016 09:21 PM

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    FWIW where I am the banks make it a condition that you will not give your passwords or PIN to any third party, if you do so they state that they can refuse to indemnify you for any losses that may occur due to fraudulent use of the password/PIN.

  7. System closed this discussion on 30 Jul, 2016 03:52 AM.

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