Bank of America

Jack Spicer's Avatar

Jack Spicer

15 Jul, 2021 06:12 PM

When I try to get online with this bank the drop down says Not Accepting New Connections. I called the bank and they said Moneydance has not been "approved" by BoA. Is there any way around this? If not why is this not disclosed somewhere before I made the purchase? Can I get my money back?

  1. 1 Posted by dwg on 15 Jul, 2021 09:06 PM

    dwg's Avatar

    I'm a fellow user.

    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-management-faqs.go). Moneydance requires this service in order to be able to automatically download transaction data from your 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 Connection.

    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.

    In more recent times another user reported the following:

    I was having issue connecting to BofA via Direct connect. Read through all of the pertinent KB articles. The closest I found to my issue was someone mentioning they were getting error 2000 when trying to connect. I was about to give up but decided to login to my web account at BofA to see if there was any info there. Right after logging in I was presented with a banner stating if I wanted to continue using Direct Connect with Quicken I had to hit the 'Accept' button and then Direct Connect from Quicken within 10 minutes. I hit 'Accept', went into Moneydance and was finally able to successfully connect!

    There are in excess of 7,000 Financial Institutions supporting OFX, the ones that Moneydance is aware of and they have the connection information for can be found at:

    https://infinitekind.com/fi

    Staff from The Infinite Kind will have to respond to your request for a refund.

  2. System closed this discussion on 14 Oct, 2021 09:10 PM.

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