Suntrust Transition to Truist on 2/19/22
I am hoping my Moneydance transition from Suntrust to Truist be as simple as changing my online service thru the Moneydance Online menu when they come online on 2/21?
Looked today to see if it was possible and Truist isn't even listed in the list of online banking institutions. I didn't get a warm & fuzzy feeling from that.
Please say you are on top of it and it will be painless!
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Support Staff 1 Posted by Jenny on 07 Feb, 2022 07:57 AM
Hi,
I have tried to add a new connection for Truist, but I'm afraid that Truist does not support OFX Direct Connect.
Truist only supports Web Connect - we are unable to use this connection type as it is a proprietary method owned and maintained by Quicken/Intuit.
Sorry I don't have better news.
I believe SunTrust and BB&T are merging to create Truist. The SunTrust connection will likely stop functioning in the next few weeks, as the BB&T connection has already been removed at the banks end
I would recommend contacting Truist to request Direct Connect implemented, and to see if they have plans to introduce this service in the future. If they begin to support Direct Connect at any point, we'd be happy to establish a connection with them.
--
Jenny, Infinite Kind Support
2 Posted by mondan on 07 Feb, 2022 03:57 PM
Jenny, thanks. Just spoke with a Suntrust/Truist rep, he insists that NOTHING will change for prior Suntrust customers after the transition. He didn't seem to understand any difference between web-connect, and Direct Connect so I'm not highly confident of his statement.
Here's more info I just received in a letter from Suntrust which states: "The transition includes Direct Connect, the service you use to access your bank account information in Quickbooks or Quicken. After the transition Direct Connect will be part of Truist online banking, so you will need to sign into Truist online banking or create a Truist online banking profile to reestablish the Direct Connect service."
"If you use Direct Connect through Quicken and Quickbooks to pay bills, you MAY LOSE (emphasis mine--MAY LOSE ???) the ability to pay bills through Quicken and Quickbooks with Direct Connect. However there may be other options available. For a full list of Bill Pay options, as well as instructions for how to reenroll in Direct Connect, please go to http://www.truist.com/digital-upgrtade." As of now the link appears to be broken. I've also attached a PDF document "Truist Online Banking Quick Reference Guide for the Direct Connect transition from SunTrust to Truist". Links appear to be broken here too.
Again, thanks for the quick response, guess I'll start looking for a new bank....
Support Staff 3 Posted by Jenny on 07 Feb, 2022 04:13 PM
Hi,
Thanks for the additional information! This is really useful.
As you've said, it's not entirely clear what changes will be made, but the attached document and the statement "The transition includes Direct Connect..." makes me think that perhaps it will be available.
At this time, Truist only provides connections via Web Connect, but that might change or/after 21st Feb when the switchover is fully implemented.
I will keep checking for a new Truist Direct Connect listing, and add this to Moneydance if/when it becomes available. Fingers crossed you won't need to start looking for a new bank just yet!
--
Jenny, Infinite Kind Support
4 Posted by mondan on 07 Feb, 2022 06:25 PM
Thanks.....
5 Posted by Cliff on 11 Feb, 2022 12:17 AM
I have Suntrust (Soon to be Truist). I have always had problems with the Direct connect with Suntrust. I finally went to using QFX download over the last 6 months. I know they say they are not changing things but I have seen a number of things that will be different with the transition. I have already lost some of my bill pay and auto pay accounts within my Bill pay section. There were a couple of vendors that no longer show as well. Maybe it is temporary but I am not sure.
I was ready and had started looking for another bank but then I found the Moneydance +.
I have now started using the new MoneyDance + connection through Plaid for my Suntrust things. It was a snap to set up and has been working great. I just click on the Download all accounts and they are all updated. I have not had any problems with the service yet with Suntrust. When I set it up MoneyDance +, I selected Truist rather than Suntrust
To me it is well worth the $2 a month for the convenience and not have to put up with the Suntrust/Truist stuff. I can still download my UBS financials through the use of the Direct connect so no loss of access to the investment downloads. My Bank of America also works through Direct Connect but also is working great through the MoneyDance +. Just a consideration.
Thanks Cliff
6 Posted by mondan on 11 Feb, 2022 01:55 PM
Cliff:
Thanks for the report on MoneyDance+. I'll see how the transition goes and if it is problematic I'll give MoneyDance+ a try.
Thanks again,
Jim
7 Posted by Doug on 12 Feb, 2022 10:10 PM
Glad to see I'm not the only Suntrust DirectConnecter wondering what the actual status is... I'll be following this discussion!
8 Posted by Doug on 21 Feb, 2022 10:02 PM
I'm attempting to connect, but Truist doesn't appear in the online setup list for Moneydance. I'm tempted to skip the whole DirectConnect thing and go with one of their web-connect options, but nothing I click on takes me anywhere useful...
9 Posted by mondan on 22 Feb, 2022 04:01 PM
Here is Truist's answer to direct Connect:
Support Staff 10 Posted by Maddy on 22 Feb, 2022 04:15 PM
Due to the changes your bank made at their end, it is no longer possible to connect to this financial institution using the OFX service method. In fact, it seems that your bank moved to supporting Express Web Connect to connect directly with Quicken now.
On the other end, you could download and install Moneydance 2022.3 (4063) and consider using Moneydance + to connect with Truist.
This is a premium service that requires a subscription.
After a 14 day free trial, this service will cost $2 monthly. However the subscription is cancelable at any time.
I hope this information is helpful. Please let us know if you have further questions or need more assistance.
--
Maddy, Infinite Kind Support
11 Posted by mondan on 22 Feb, 2022 07:50 PM
Still no online bill pay with Moneydance+/Plaid ? I that coming soon? Or ever?
12 Posted by FJinVA on 22 Feb, 2022 09:09 PM
I am in the same boat. How do I pay my bills? I have many scheduled in Moneydance, and I am not sure which ones have processed already and which ones are not going to be paid. This is a big problem for me.
Support Staff 13 Posted by Maddy on 23 Feb, 2022 11:57 AM
Truist only allows bill pay via Zelle® by signing into Truist Online or Mobile Banking:
https://www.truist.com/small-business/online-banking/zelle
--
Maddy, Infinite Kind Support
14 Posted by Cliff on 24 Feb, 2022 01:03 PM
Maddy, I am not sure of your reference to bill pay and Truist. If one signs on to Truist there is a functionality for bill pay there. I have Truist accounts and I have it set up for my accounts. It does not use Zellie to do those transactions. It is all within Truist. One can use Zellie to do transactions that are outside of Truist. I pay all my utility bills using Truist without the use of Zellie as well as pay my credit cards that are not a part of Truist (BOA Credit card). So one does not have to use Zellie to do bill pay at Truist.
What I cannot do is cause an online transaction to occur using MoneyDance to trigger bill pay within Truist. Sounds like you have lost and/or don't have that capability - even with Moneydance +.
Again, not sure of your point of reference but I wanted to put that out there because I may be misinterpreting what you are saying.
Thanks
Support Staff 15 Posted by Maddy on 24 Feb, 2022 01:27 PM
Online Bill Pay requires Direct Connect and Truist doesn't support this connection method. Truist seems to indicate that bill payment now must be done via Zelle™ and/or the Truist web site,
Moneydance + doesn't support Bill Pay (yet) but according to the development team it might be possible in the future.
--
Maddy, Infinite Kind Support
16 Posted by Doug on 24 Feb, 2022 02:46 PM
Thanks, Maddy.
"...might be possible in the future" - coming from a dev team myself, this usually means 'if all the stars align just right (and they almost never do)'
I'll be looking to switch banks in the near future.
17 Posted by PAP on 24 Feb, 2022 03:29 PM
I think Cliff and Maddy are talking about two different things... Online bill Pay transactions in Moneydance do not connect to the bank (for now)... the Truist Online bill pay is an ACH bank transaction but you have to trigger it at the bank site.
18 Posted by Cliff on 24 Feb, 2022 08:21 PM
I thought that might be the case so thanks for clarifying that.
Cliff
Support Staff 19 Posted by Jenny on 28 Feb, 2022 10:11 AM
Hi everyone,
We've been investigating the Truist connection and although OFX Direct Connect services are not available at this time, we believe Truist have plans to implement this service very soon.
On the Truist website, the bank are currently advertising that OFX Direct Connect services are available. However, they haven't actually enabled this connection method yet.
I've located a few threads on the Quicken forums where customers are experiencing the same problem and cannot use the advertised Direct Connect services. You'll find these threads linked below.
https://community.quicken.com/discussion/7909138/new-2-23-22-truist...
https://community.quicken.com/discussion/7909105/direct-connect-to-...
At this time, when you attempt to connect to Truist within other software like Quicken, the only available connection method is Express Web Connect, which Moneydance does not support.
As soon as Truist OFX Direct Connect becomes available, we will add the connection to Moneydance.
I have flagged this discussion so we can let you know when the Truist Direct Connect listing is available in Moneydance.
Until then, I would advise you to disable Direct Connect access on the Truist website if you have enabled this service. Truist charges their personal customers $7.95/monthly when Direct Connect services are enabled.
For now, the best way to download your transactions is to use a web browser to download files from your bank's website. We recommend you download using the OFX or QFX file format if available. If not, use the QIF file format (these files are sometimes referred to as Quicken or MS Money files). You can import the files to Moneydance using File > Import.
The steps for manually importing your data are outlined in this article from the Knowledge Base.
--
Jenny, Infinite Kind Support
20 Posted by mike on 22 Mar, 2022 10:00 PM
Jenny,
Thank you for summing the situation up. I use Moneydance+ to connect to and download all my Truist transactions and it works very well (as well as for other banks and credit cards including PayPal - thank you). As others have said, I'm stuck on Moneydance bill pay. As you stated it doesn't use Plaid/Moneydance+ and needs OFX direct support like Suntrust PC Banking service did. I just spoke with the Truist help desk and their knowledge is limited to the Quicken integration. So I don't recommend that others call them and expect any information.
-Mike
Support Staff 21 Posted by Jenny on 28 Mar, 2022 06:58 AM
Hi,
We have just added a new connection for Truist.
Can you try to connect using this new listing and let me know if you encounter any problems?
If you see any error messages, please send me a screenshot. You can read instructions for taking a screenshot here - https://www.take-a-screenshot.org/
(If you prefer, you can create a new private discussion here to report any issues.)
Select your account then choose Online > Set Up Online Banking.
If you're using Moneydance 2022 select 'Connect to OFX Service'.
If you're using an older version select 'New Connection'.
Then choose 'Truist Online Banking' from the list and follow the prompts to enter your login credentials and specify which account you want to download transactions from.
Truist requires that you enable Direct Connect before you can download your data from within Moneydance. You can contact the bank directly to do this, or enable Direct Connect services on their site. You can find the steps for enabling Direct Connect via their site on page 6 in the following Truist article -
https://www.truist.com/content/dam/truist/us/en/documents/internal/...
--
Jenny, Infinite Kind Support
22 Posted by mondan on 28 Mar, 2022 12:47 PM
Will this require the $7.95/Month fee for this Truist service?
Support Staff 23 Posted by Jenny on 30 Mar, 2022 07:45 AM
Hi,
Unfortunately, Truist charges their personal account customers $7.95/monthly when Direct Connect services are enabled.
In the following article, you'll find the steps for enabling this service -
https://www.truist.com/content/dam/truist/us/en/documents/internal/...
On page 6 you'll find the steps to enrol in Truist online banking if you haven't already. Then you can follow the steps on page 15 to subscribe to Direct Connect. You should choose the 'Quicken Direct Connect' option.
--
Jenny, Infinite Kind Support
System closed this discussion on 29 Jun, 2022 07:50 AM.