Urgently looking for a solution - Bank no longer supporting OFX

Simon's Avatar

Simon

21 Feb, 2020 10:46 PM

I bank with SECU of North Carolina and have successfully downloaded my bank transaction to MoneyDance on my Mac for several years. As of last week, SECU stopped supporting and OFX connection because of severe security risks that they have discovered. Apparently, if you use Quicken they have a mechanism called "scraping" where the software connects to a third party system and then that third party logs into your accounts and downloads balances and transactions.

How is MoneyDance going to solver this problem because from what I understand many more banks are going to be dropping the OFX protocols

  1. Support Staff 1 Posted by Ethan on 21 Feb, 2020 10:58 PM

    Ethan's Avatar

    Hi Simon,

    We're working on the SECU connection. There's a thread where people have been discussing it here in case you haven't seen it yet: https://infinitekind.tenderapp.com/discussions/online-banking/15273.

    Have they told you what these "severe security risks" are? This is still the most secure way to connect to banks through personal finance software, and we would discontinue it if we thought it was unsecure. The scraping method that programs like Quicken use is far less secure, and requires you trusting those companies with your personal banking login information. As such, Moneydance will never support those systems with such a huge security risk.

    The main problem with SECU that we've been able to figure out (beyond their potential dropping of direct connect) is that they only offer manual downloads in the very difficult to use CSV format. Almost every other bank will offer some other file types that are compatible with personal finance software, and are easy to import.

    We are working on a way to automate parts of the download process for compatible files (but in a much more secure way than Quicken's Express Web Connect), but this is still in its early stages. It would also require your financial institutions to have a file format that is more useful with personal finance software than the CSV format.

    Ethan
    Infinite Kind Support

  2. Support Staff 2 Posted by Ethan on 22 Feb, 2020 11:25 PM

    Ethan's Avatar

    Hello Simon,

    On the main public thread about NCSECU (https://infinitekind.tenderapp.com/discussions/online-banking/15273...), other customers are reporting that they've managed to convince the credit union to turn direct connections back on. Many are reporting their connections are working again. Can you give it a try and let us know if it's working for you again? If not, you may need to disable and reenable your banking connection with them in Moneydance. If that still doesn't work, please let us know the full error message you are receiving.

    Ethan
    Infinite Kind Support

  3. 3 Posted by Simon Lock on 25 Feb, 2020 01:42 AM

    Simon Lock's Avatar

    Hi Ethan:

    I am pleased to say that whatever was happening the problem has been
    resolved for the moment - I think.

    After I kept on getting the error messages that I reported to you I
    deleted the login sequences for my SECU accounts. Per your suggestion I
    have just completed reinstating the login sequences and today I was able
    to go all the way through to finding the relevant account and selecting
    it. This was definitely not happening when I contacted you.

    What I don't know yet is whether the transactions are going to download
    at all or correctly. I had gone through and updated all the accounts
    either totally manually or by downloading a CVS file  and then importing
    it and going back into edit each transaction. At the end of the day all
    my totals were correct before managing to reconnect electronically so I
    can't say with 100% certainty that everything is working. BUT I am
    presently not getting any error messages and that is an enormous step
    forward.

    Thank you for your assistance in getting to this point.

    Simon

    Simon Lock
    252-626-7716

    A mile of road will take you nowhere but a mile of runway will take you
    anywhere

  4. System closed this discussion on 26 May, 2020 01:50 AM.

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