Principal Funds not working with Plaid
Hi
I just tried connecting and downloading transactions from the Principal Funds. I got my accounts linked to the proper PF accounts using MD+, but I am getting error 0 message. The console log is showing below:
it took 0.045 seconds to build a plaid client
downloading from Principal Roth IRA, with starting date Wed Dec 31 00:01:00 CST 1969
Received error from Plaid request: Response{protocol=h2, code=500, message=, url=https://mdplus.infinitekind.com/plaid/investments/transactions/get}
parsed error: ErrorResponse{displayMessage='null', errorCode='INTERNAL_SERVER_ERROR', errorMessage='an unexpected error occurred', errorType='API_ERROR', requestId='6IdcIKJrjhnI2aA'}
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Support Staff 1 Posted by Maddy on 07 Jan, 2025 06:06 PM
Hi,
Thank you for contacting Moneydance support.
Generally, when a financial institution supports Direct Connect, we recommend using the OFX service method. Firstly because it is free, secondly because the downloads are immediate as these do not require the intervention of an aggregator as it happens with Moneydance +, thirdly as you can use ‘Bill Pay’(if required).
So, since Principal Funds supports the OFX method, we would recommend disconnecting it from Moneydance + and re-creating the OFX Connection as outlined here.
In order to achieve this, you should navigate to Online menu-> Set up Moneydance+ and where it reads "Connected" on the right, click and select disconnect in the popup. Finally, restart Moneydance.
Your bank might require you to enable your accounts for application-based online banking and you can accomplish this by asking them to set up your account for direct connections from Quicken. Moneydance uses exactly the same OFX server connection protocol as Quicken but your bank representative may not know this and mistakenly believe that you can not connect in Moneydance.
Calling up your bank and stating precisely the following should get you started:
"Please enable direct connect on my account such that I can connect to your servers directly with Quicken. Also give me the login credentials I need to connect Quicken to this service."
Application-based online banking often requires a different login/PIN than the ones that are used for ATM or web-based banking. When you enable your account for access from Moneydance or Quicken, your financial institution should let you know what customer ID/login and PIN to use.
If you prefer continuing with Moneydance +, in order to remove the error you have reported, you should clear the current connection information for your bank in Moneydance to stop the OFX method to take over Moneydance + and allow your transactions to download as expected.
To achieve this, please navigate to Extensions->Manage Extensions and install the Toolbox (v.1066)
Launch the Toolbox and select the Update Mode
Then, navigate to Menu: Online Banking (OFX) Tools
In the resulting window, under Update Functions you should select :
Delete OFX Banking Service / Logon profile (remove_one_service.py)
Finally, restart Moneydance and recreate the connection as outlined here.
I hope this information is helpful. Please let us know if you have further questions or need more assistance.
--
Maddy, Infinite Kind Support
2 Posted by buffo on 08 Jan, 2025 03:54 PM
Hi Maddy,
Thanks for the quick reply. I now get transactions, but only non - security transactions. ??
I did try OFX several years ago. The problem with OFX was the transactions were download like each security needed it's own MD investment account. This is not correct from my stand point. If MD allowed grouping of sub-accts for investments, I could live with this method.
Will MD+ ever download all transactions for me?
Thanks
Support Staff 3 Posted by Maddy on 08 Jan, 2025 04:01 PM
Did you set up the local account as outlined here?
Additionally, you should navigate to the bank's website to check that your accounts are individually enabled for third party access and they do not require a one-time authorization password, for instance.
Some financial institutions allow certain accounts and not others.
You should also ensure that your accounts are assigned as described in this article.
--
Maddy, Infinite Kind Support
4 Posted by buffo on 08 Jan, 2025 05:02 PM
Yes, I followed all the instructions for using OFX with Principal. I just talked to their tech support person and he stated that indeed PF treats each IRA security as a separate acct. Acct No = Fundid+IRAacct This means that if I use OFX with PF I will have to have 5 separate MD investment accts (in my case). Now if I could trick MD into download (or linking) all the PF accts to one MD acct it may work as I want. But I don't think MD will allow this.
The tech also said that it looks like only Principal Finance group is working with Plaid, but not Principal Funds, which is where my accts are held. ??
I think I will just do things manually until this is all sorted out with Plaid support.
Thanks again for your help
5 Posted by dtd on 08 Jan, 2025 05:15 PM
It doesn't sound like "Plaid support" has anything to sort out. If Principal Funds is not working with Plaid, it sounds like Principal knows it, and isn't working on it (so Plaid can't do anything)... Fidelity won't work with Plaid either, because Fidelity doesn't WANT to - Fidelity wants you to use Akoya.
And of course Plaid has nothing to do with OFX downloads, so isn't even involved in that.
6 Posted by buffo on 08 Jan, 2025 08:48 PM
Thanks dtd for your comments. I agree, but my wording of my above comment was intended to say "PF's support of using Plaid". The issue is indeed in PF's hand.