Bank of America DirectConnect confusion

Rob's Avatar

Rob

20 Oct, 2015 06:22 PM

Hello Jerome,

In another thread, you told me that Bank of America has discontinued DirectConnect for Quicken. I just spoke with their technical support department and, according to them, this isn't entirely true. They are no longer signing up new DirectConnect accounts, but existing users are grandfathered in. I asked if/when this will expire and the support agent told me there are no plans to discontinue the service for existing users.

I have 8 accounts with Bank of America. There's no way I'm going to download WebConnect files every day for 8 accounts. The point of being able to connect directly is having up to date info at the touch of a button. Quicken still works with Bank of America via DirectConnect, so there's absolutely no reason for me to use your software if I can't do the same thing.

So I'm confused. If Quicken can still connect and Bank of America says there's no problem with existing DirectConnect users, why can't Moneydance connect?

Thanks!

  1. 1 Posted by Jerome on 20 Oct, 2015 06:30 PM

    Jerome's Avatar

    Hi Rob,

    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. The latter is somewhat more secure. From a user's perspective, these two connections look basically identical. Moneydance only supports automatic connections through direct connect and not web connect. Bank of America is using web connect with Quicken.

    Bank of America's decision to discontinue supporting direct connect service to new customers is out of our control. We are, however, looking at developing and implementing alternative connection protocols. Unfortunately, I can not provide a timeline to when additional functionality will be available.

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

    Jerome
    Infinite Kind Support

  2. Jerome closed this discussion on 20 Oct, 2015 06:30 PM.

  3. Rob re-opened this discussion on 20 Oct, 2015 06:34 PM

  4. 2 Posted by Rob on 20 Oct, 2015 06:34 PM

    Rob's Avatar

    Thanks for the explanation Jerome. This stuff is confusing. According to Bank of America, I am signed up for Direct Connect. They had to enable that connection for me when I first started using it a few years ago. I confirmed with them that I am using Direct Connect.

    For what it's worth, I'm able to connect to Bank of America with SEE Finance without any problems. I really want to switch from Quicken for Windows (in a VM) to a native Mac app. I like Moneydance the best, but the inability to connect to Bank of America is, sadly, the deal breaker for me.

  5. Support Staff 3 Posted by Ian L on 20 Oct, 2015 06:39 PM

    Ian L's Avatar

    Hi Rob,

    If you are already using Direct Connect with BoA, you can set it up in Moneydance. You'll need to enter the connection information using the Advanced settings button when creating the connection. Here is the information you need to enter:

    OFX Server URL: https://eftx.bankofamerica.com/eftxweb/access.ofx
    FI OG: HAN
    FI ID: 5959

    That should allow you to connect. Please let us know if you have any trouble.

    Ian
    Infinite Kind Support

  6. 4 Posted by Rob on 20 Oct, 2015 06:45 PM

    Rob's Avatar

    Thanks Ian! I'll give that a try and let you know how it goes.

  7. 5 Posted by Rob on 20 Oct, 2015 07:41 PM

    Rob's Avatar

    Other than Moneydance downloading a bunch of transactions that were already in the account (when I imported the QIF file), I was able to connect! Thanks for the help! Now I can give Moneydance a serious trial.

  8. 6 Posted by Jerome on 20 Oct, 2015 07:43 PM

    Jerome's Avatar

    Hi Rob,

    I'm glad that we could be of service. Please let us know if we can be of further assistance!

    Jerome
    Infinite Kind Support

  9. Jerome closed this discussion on 20 Oct, 2015 07:43 PM.

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