Bank changed names - create new acct OR modify current acct properties?

Jim's Avatar

Jim

10 Mar, 2020 01:04 AM

My credit union changed thier name. Now the connection for "Download All Transactions" does not work. So, I guess I will need to update the bank connection properties. My username and password for the credit union website are still the same. They did not require new credentials when the name changed.

So,should I create a new account in the account list? This will leave the current data I have "dead-ended" as if I left that bank. I would remove the prior credit union account from the "Download All Accounts" list.

OR, do I just modify the properties of the current account in MD and keep updating it. This is the way the credit union is treating. The accounts (savings & checking) are continuous from before. No change in account number (so far). I am not sure if the routing number changed for reordering checks.

Does anyone have "best-practices" advice here. Maybe a previous experience with this?

  1. 1 Posted by dwg on 10 Mar, 2020 08:13 PM

    dwg's Avatar

    I'm a fellow user.

    With only a name change I would tend to continue to use the same account in Moneydance and just modify any details as necessary. So I tend to mimic how the institution is handling any change.

    My bank switched from using Mastercard to Visa which meant issuing new cards with new account numbers and in that instance I created a new account.

  2. Support Staff 2 Posted by Ethan on 11 Mar, 2020 10:23 PM

    Ethan's Avatar

    I think this may depend a lot on what exactly your bank has changed with the connection, if anything. I've both seen this process be seamless, and also have seen it result in all transactions being duplicated. This comes down to how the new bank is sending information. If it is really just a name change and they were keeping their existing connection settings, I would say just set it up in this account, because they're probably not changing anything behind the scenes. But a new connection like you describe could include any number of changes, including loss of identical unique transaction IDs (which would prevent Moneydance from being able to ignore transactions it has seen before), or changes to the syntax of things like the description and memo fields, which can also interfere with things like merging transactions.

    If you haven't tried it already, I think I'd recommend making a backup of your data file, and then trying to recreate this connection within the same account, and just see what happens. If it works, great. If something goes wrong, you have a backup to return to. We may then try to figure out what makes most sense based on what exactly seems to be going wrong.

    Ethan
    Infinite Kind Support

  3. System closed this discussion on 10 Jun, 2020 10:30 PM.

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