Moneydance+ and Bill Pay
Well, Suntrust is dead and Truist lives on. I had to move to MD+ to even download transactions, but I don't see how Bill Pay will work, which means I have to go online to send a check. I have other reasons to switch from Truist so that will likely happen. The questions are:
1. Does MD+ work with Bill Pay for any bank? If so, who?
2. If I have to not use MD+ to make Bill Pay work with another bank, which ones work well and aren't likely or expected to stop supporting the methods that allow it to work in the near future?
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1 Posted by FJinVA on 22 Feb, 2022 09:17 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. Moneydance+ connects and downloads from the 2 banks I have set up, but this is not the same as being able to pay bills in Moneydance. Help?
2 Posted by dwg on 22 Feb, 2022 09:57 PM
I'm a fellow user.
Bill pay capability in Moneydance is provided through Direct Connect, in other words it is dependent on if your financial institution support bill pay via their Direct Connect service. Moneydance itself does not provide such a service.
Bill pay via Moneydance+ would again be a separate paid for service provided by Plaid, that is how Plaid makes its money by providing paid for services, Bank downloads are one paid for service, Investment downloads a second, bill pay another.
There has been no information on if Moneydance will support Bill paid via this service, the only commitment made to date are for download services.
The alternative would be I think to use Bill Pay through your institutions Internet Banking service rather than through end user software like Moneydance.
3 Posted by FJinVA on 22 Feb, 2022 10:20 PM
Understood and that it what I thought, but was hoping for a more integrated solution. All these years using MD and entering payment information, just to be cut off by a bank merger that no longer connects with MD. I guess I'll start typing everything in to my bank's Bill Pay site, and now pay an additional $2 per month to have them download to MD. Bummer.
4 Posted by dtd on 22 Feb, 2022 10:32 PM
just a user - or find another bank that still supports OFX direct connect and bill pay.
And yes, who knows when that bank will move away from OFX?
5 Posted by sawbonzdo on 22 Feb, 2022 10:35 PM
Dtd
What you are suggesting is what I'm asking.
Karl Leibensperger, DO
6 Posted by dtd on 22 Feb, 2022 10:38 PM
I’ve seen that banks don’t tend to give advance notification to their customers (they SHOULD) that they are moving away from direct connect and bill pay through that.
So, I think my suggestion is your answer? (Just a user)
7 Posted by dwg on 22 Feb, 2022 10:57 PM
Just for a bit of perspective.
Direct Connect is a US thing, I know of no other country that uses it. So in 190 odd countries around the world if you want anything other than manual entry you have had to download and import transaction files, if you are lucky in OFX format otherwise QIF or if you are really unlucky CSV files and in some cases manual entry is all you have.
For electronic bill payment in these countries you have had to use Internet banking or have had to use vendor sites paying via credit card, obviously you have to instigate these, or perhaps you have setup direct debits for recurring payments for an automated approach.
US institution have been showing a tendency to drop Direct Connect support and thus reduce their costs and I expect this trend will continue. The profit motive is far higher up the priority chain than customer satisfaction.
In some countries users will gain the ability to automatically download transactions through Moneydance+ because of Plaid's support for Open Banking, The UK and Europe being notible in this regard and the most advanced, but it will be at a cost.
There are free services that support transaction downloads in many more countries but many of these have real privacy concerns and some openly admit that they mine the data and sell the results. I do not expect Moneydance to partner with such services.
In my case one of my banks supports OFX downloads, the other only goes as far as QIF. The investment house only offers totally useless CSV files, the share registry for directly owned shares only has PDF files, with such a useless combination I do manual entry with reminders for regularly recurring transactions to take care of the bulk of their entry.
8 Posted by sawbonzdo on 22 Feb, 2022 11:28 PM
Dtd,
Yes, except that I'm soliciting specific banks that I can research. I'm aware that tomorrow isn't promised. Thanks.
Karl Leibensperger, DO
9 Posted by FJinVA on 23 Feb, 2022 03:03 AM
I appreciate the insight. I can live with a new routine. Just sorry it is not as easy for me to keep track of all accounts and transactions and initiate transactions in one place. Still a fan of MD.
Maddy closed this discussion on 23 Feb, 2022 03:21 PM.