Setting up
Carl
How do I link to my bank account?
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1 Posted by Ian O on Aug 31, 2016 @ 02:11 PM
Hi Carl,
You can view a list of our supported financial institutions here - http://infinitekind.com/fi
If your bank is listed, means they support direct OFX connections. You can get up online banking with these banks within Online --> Set Up Online Banking. Then select 'New Connection' and choose your financial institution from the list.
Many financial institutions will require you to enable your accounts for application-based online banking. You can accomplish this by asking your bank to set up your account for direct connections from Quicken. Moneydance uses exactly the same OFX server connection protocol as Quicken but your bank representative may not know this and mistakenly believe that you can not connect in Moneydance. Calling up your bank and stating precisely the following should get you started. "Please enable direct connect on my account such that I can connect to your servers directly with Quicken. Also give me the login credentials I need to connect Quicken to this service."
If your bank is not listed, unfortunately your bank does not support this feature, which Moneydance requires in order to talk directly to a bank. If your banks decides to use Direct Connect in the future we will be happy to assist in setting up a connection.
Without Direct Connect, the best way to get your files into Moneydance is to use a web browser to download them from your bank's web site. You can download into QFX, OFX or OFC files (aka 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, which makes the download process easier.
I hope this information is helpful, please let me know if I can be of further assistance.
Ian O
Infinite Kind Support
2 Posted by kbass on Sep 05, 2016 @ 01:54 PM
I am really confused about this answer. I currently use Quicken Bill Pay with my bank. I do not believe I ever had to have a bank which supported OFX connections for bill payment. Rather Quicken Bill Pay (which used to be Checkfree - maybe they use Metavante now) is the intermediary that handles all the transactions. Is this similar service not available with Moneydance? My bank is not listed on the supported banks link you gave above.I do believe my bank uses neteller for their system, but I have never signed up for the online banking feature since I use Quicken Bill Pay - I have no idea what protocols they use.
Support Staff 3 Posted by Jenny on Sep 05, 2016 @ 01:59 PM
Hi Ken,
There are two methods that personal finance software can use to access your accounts: Direct Connect and Web Connect.
With Web Connect, the software basically connects to your bank's website and downloads and imports OFX, QFX, QIF, and OFC files automatically. This is likely what you were using with Quicken.
Direct Connect actually connects to a server at your bank instead of their website and usually requires different login credentials than you would use to log into your banks website.
Moneydance only supports automatic connections through Direct Connect and not Web Connect. Unfortunately if your bank do not support this service, then you will be unable to use the Bill Pay feature within Moneydance.
Jenny
Infinite Kind Support
4 Posted by kbass on Sep 05, 2016 @ 02:12 PM
Thank you Jenny,
I don't know which service my bank uses because I signed up for bill pay
via Quicken Bill Pay over 15 years ago, not via the bank.
However, when I goto the Intuit website and look up my bank on the
supported institution list, it shows Web Connect. And if I compare to
your supported list, your list matches banks listed as Direct Connect
(just as you said below). This is unfortunate. Will Moneydance ever
support Web Connect? Or does Quicken lock you out of this?
I will ask my bank, which uses Jack Henry and Associates 'netteller'
platform if they support Direct Connect, but there is no mention of any
technology or protocols listed on my local bank.
Support Staff 5 Posted by Jenny on Sep 05, 2016 @ 02:33 PM
Hi Ken,
Quicken can use two connection types that Moneydance does not support - Web Connect and Express Web Connect.
To use Express Web Connect you have to give the usernames and passwords you use to log into your bank websites to Intuit. Intuit then stores these on their own servers. Intuit has to have your passwords on their servers to be able to connect to the bank on your behalf. By only using Direct Connect, we can guarantee that your username, password and financial data only ever exists with your bank or on your own personal computer, and at no point are your details stored on another server.
Regarding Web Connect, this is something that we are actively working on. It's no small task, though, and we've explored a number of options that ended up being dead ends. Web Connect is basically scrapping the webpages of each bank. As you can imagine, the web pages themselves are not at all standard, and so scrapping them all involves either a lot of time or a lot of money. We hope to have something available in the future, but I can't give a timeline for this feature release quite yet.
Our most recent blog post was actually regarding this topic, titled 'Online Banking Privacy and Security'. You can view this article here.
Jenny
Infinite Kind Support
6 Posted by kbass on Sep 05, 2016 @ 02:44 PM
I do understand what you are saying, but consider this... I only use
Quicken bill pay service to allow me to pay bills from inside Quicken. I
do not download transactions from my bank and have never setup online
payments with my bank. That is what is confusing me. Whatever connection
is established is with the Quicken Bill Pay servers and bill payments
are translated to ACH transactions. So the only username/password that
Intuit might be storing is for Quicken Bill Pay service (used to be
Checkfree a long time ago), not my bank since I do not even have bill
pay with my bank enabled. So I think we might be talking about a
different service here. I am referring to bill payment only, not account
access. I was hoping you had a similar option as Quicken Bill Pay which
is pretty much bank independent.
Support Staff 7 Posted by Jenny on Sep 05, 2016 @ 02:47 PM
Hi Ken,
Apologies for the confusion. No, I'm afraid we do not have such an option - the Bill Pay feature we have available is only accessible if your bank supports Direct Connect. This is the only connection type supported in Moneydance, for both Bill Pay and automatic download purposes. I'm sorry if this does not suit your needs.
Jenny
Infinite Kind Support
8 Posted by kbass on Sep 05, 2016 @ 02:57 PM
Ok thank you. I do share the security concerns you mention in that blog
article. I don't understand how anyone would ever provide their password
to features such as those mentioned in that article (or aggregators like
yodlee/mint). But it seems people value convenience over
security/privacy and the bar continues to be lowered for everyone.
9 Posted by Carl Oakes on Sep 05, 2016 @ 05:06 PM
Why am I receiving is interaction?
10 Posted by kbass on Sep 05, 2016 @ 06:11 PM
Because I replied to your thread about 'How do I link to my bank
account?' since my question was similar.
But I am finished.
11 Posted by Carl Oakes on Sep 05, 2016 @ 06:14 PM
Ah right! Thanks!
So this appears on a thread on a message board somewhere then.
I thought it was just an e-mail exchange.
Thanks for clarifying.
System closed this discussion on Dec 05, 2016 @ 06:20 PM.