Maddy on 08 Oct, 2021 02:19 PM
Firstly, it seems that the issue is affecting all of our customers who are attempting to connect to Charles Schwab using the OFX method. Please find detailed information on this public thread where our lead developer shared an update in post 10.
Secondly, we will be posting further information about Moneydance 2022 and Moneydance + on our blog as soon as Moneydance 2022 will be announced as the new major release. For the time being, Moneydance 2022 (4045) is available as a preview and it includes: Moneydance + a premium service for downloading accounts and transactions from thousands of banks .
If you wish to try out the new connection method, please let us know and we will provide the relevant steps. Please note: Investment accounts are not included (yet!)
Finally, I thought it may be interesting for you to read through Sean's statement on post 3 of the thread mentioned above, where he provides a truly honest and complete overview of the main factors that led him to make this forceful decision. Please find the same below:
"Multiple major banks have contacted us to indicate that they are moving away from OFX and will eventually stop running their servers. We have met with many of them about alternative methods of connecting and even joined as full members of the Financial Data Exchange (FDX: https://financialdataexchange.org). We were clear that our preference is for Moneydance, on your computer, to connect directly to their services, avoiding any "middle men" or aggregators, as they are called. I was shocked to hear from the banks that they wanted us to use the aggregators and that if we wanted to connect directly to them then there would be an indeterminate delay on being allowed to do so. Many months later, we're still waiting. That's another thing about the newer protocols like FDX or the EU and UK's Open Banking initiatives - they are more secure, but clients usually need to be registered and authorised to connect, so we would need explicit approval from each bank and it was clear that that approval was not going to be easy to get. I don't really blame the banks, as it is so much easier for them to deal with a few major aggregators rather than hundreds or thousands of different software vendors. We will still push for and implement direct connections to as many banks as possible, and we will never drop support for direct connections as long as even a single bank runs an OFX server, but if Moneydance customers want to download their transactions, it's clear that this is the only way to provide that option for the vast majority of banks.
I'll be honest: using an aggregator does have privacy implications in that customer transaction data (descriptions amounts, and sometimes additional metadata) goes through the aggregators' servers. On the other hand, the security is often much better than with OFX in that for many banks you will authenticate directly with the bank, including using 2-factor authentication. The aggregators and Moneydance are granted a token that provides access for a certain period of time. In those cases neither Moneydance nor the aggregator will have your password and often not even your username. For connections through Plaid, even Moneydance has no idea of your name, password, or other login credentials.
I will reiterate that we will never force anyone to use the aggregation. We will never require a subscription to use Moneydance and the current direct OFX connections. We will continue to look for and implement more direct ways to connect to banks while preserving your privacy."
Please let us know if you require further assistance.