Cannot connect to financial institution

Rick Lewis's Avatar

Rick Lewis

08 May, 2019 05:08 PM

I cannot connect to my financial institution. I have been using Quicken for many, many years and just migrated to MoneyDance. My financial institution is Bank of America.

  1. 1 Posted by dwg on 08 May, 2019 09:25 PM

    dwg's Avatar

    There are two methods used by Financial Software to automatically connect and download transactions. One of these is the open standard Direct Connect (Open Financial Exchange - www.ofx.net) and the other is Quicken's proprietary Web Connect System. Direct connect is usually implemented as a separate system while Web connect is layered on top of a Bank's Internet Banking system.

    Bank of America dropped their support for new customers for their direct OFX connection service some time ago (https://www.bankofamerica.com/onlinebanking/online-financial-manage...) . Moneydance requires this service in order to talk directly to a bank.

    However, if your account was activated for direct connect before they turned off support, you should still be able to connect in Moneydance. There is no knowing how long this will continue to work, but you can try connecting with these settings:

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

    You can enter these by going the Online->"Setup Online Banking" menu item and then clicking on the Advanced Setting button. Again, this will only work if your account has already been activated for direct connections.

    If you haven't enabled direct connect with Bank of America previously, the best way to get your transactions into Moneydance will be 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.

  2. 2 Posted by WR Lewis on 08 May, 2019 09:52 PM

    WR Lewis's Avatar

    Thx, but tried your suggested fix and no luck. Guess I bought the software
    for nothing.

  3. 3 Posted by sth on 11 May, 2019 06:22 PM

    sth's Avatar

    Well the key takeaway is not the software but "Bank of America dropped their support for new customers for their direct OFX connection service some time ago".

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