Schwab banking accounts no longer downloading

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donberryman

06 Oct, 2021 01:21 PM

After months of relatively trouble free interaction with Schwab bank and Moneydance, they are no longer working and playing well together. Transactions that are clearly visable in the Schwab accounts (checking and savings) are no longer "seen" by Moneydance and thus not reconciled.

  1. Support Staff 1 Posted by Maddy on 06 Oct, 2021 01:45 PM

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    Hi,

    We are sorry to hear about the problem you have encountered.

    Are you experiencing this issue using the OFX service method?

    In light of the changes Charles Schwab (and other major banks) have made recently, we have introduced a new connection method, Moneydance + a premium service for downloading accounts and transactions from thousands of banks and brokerages worldwide.

    If you wish to try out our new connection method, you should download and install Moneydance 2022 (4045) first.
    Then, navigate to the Online->Setup Online Banking menu then choose the Moneydance+ option.

    Here are the steps for setting up Moneydance+:

    Moneydance will ask you for your email address and then “register” your email and the current file on the server, along with your current license key (if you have one).

    The server will send a confirmation link and code to your email address. Clicking the link and entering the code will confirm that it is your email address, and that establishes your identity. It also links the data file to your identity.
    Next, you see your “account” page on the MD+ server. If you don’t already have a Moneydance+ subscription then you see a subscribe button for either the add-on subscription or the full subscription (depending upon whether you had a license key in step 1)
    When the full subscription goes through, MD+ will generate a license key and email it to you, and also store it on the server in your account there.

    Once subscribed, you’ll be brought back to that page and should see a link to connect your accounts.
    Clicking that will take you to Plaid where you can choose your bank/s, enter your login, or (usually) bounce over to your bank’s web site so that you can login directly and then it bounces you back to Plaid to make the connection.
    Please be reassured that we never see any of the user’s bank login information, and the access tokens necessary for connecting to Plaid are encrypted in a way that can only be decrypted on the user’s computer using that data file. Also, that data file is never uploaded or stored on our servers.

    I hope this information is helpful. Please let us know if you have further questions or need more assistance.

    --
    Maddy, Infinite Kind Support

  2. 2 Posted by donberryman on 13 Oct, 2021 02:18 PM

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    Hi Maddy,
    Thanks for the response but Schwab still doesn’t work under the new 2022 MD with Moneydance+. I successfully downloaded and installed the new, MD 2022, software and signed up successfully to the promise of Moneydance+. I enrolled both Schwab and Chase and got confirmation of both as having been successfully connected.
    Sadly, nothing’s changed. Chase accounts download beautifully, as they had before, and Schwab bank accounts (checking and savings)… don’t. Like before.
    Am I the lone ranger on this or have others had similar issues. Any troubleshooting tips? I’m happy to pay the increased fee for Moneydance+ but only if it works with my accounts. :-)

    Don

  3. 3 Posted by derekkent23 on 13 Oct, 2021 02:55 PM

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    I am not support staff, just a user.
    Hi donberryman

    I am not a Schwab customer but this user has reported success, see https://infinitekind.tenderapp.com/discussions/problems/73146-unabl...

    Hope they can help.

  4. Support Staff 4 Posted by Sean Reilly on 13 Oct, 2021 08:35 PM

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    Hi Don,

    Currently MD+ supports downloading transactions for non-investment accounts, and downloading investment transactions will be coming in the near future but I can't yet provide a specific ETA. Schwab provides some bank accounts from which you should be able to download, but investment accounts won't work... yet.

    Thanks,
    Sean

    --
    Sean Reilly
    Developer, The Infinite Kind
    https://infinitekind.com

  5. 5 Posted by donberryman on 14 Oct, 2021 03:21 PM

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    Thanks, Sean.
    I think I finally got it this morning by wiping out all the connections to Schwab and starting over with Moneydance+. Perhaps the old connections were taking precedence and blocking Moneydance+? I’ll not mess with apparent success but will closely monitor over the coming days.
    Thanks for your help.

    Don

  6. 6 Posted by dtd on 14 Oct, 2021 08:50 PM

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    just a user - my impression is that if you have Direct Connect connections and MD+ connections, Direct Connect takes precedence (even if they don't work...)

  7. 7 Posted by donberryman on 14 Oct, 2021 10:01 PM

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    That's consistent with my experience here. Perhaps, if confirmed, Moneydance+ instructions should include shutting down the direct connect before enabling the new system.

    Sent from my iPad

  8. 8 Posted by dtd on 14 Oct, 2021 10:07 PM

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    just a user, personally, I'd prefer a precedence check box of some sort, since I'd rather not have to reset up direct connect if I decide MD+ isn't for me.

    That said, I understand that such would be a lower priority, given MD is just trying to get it all to work.

  9. 9 Posted by jenkins007 on 28 Oct, 2021 03:27 PM

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    Mine works for both investments and checking for Charles Schwab... until 10/14/21. Now the investment side works, but the checking stopped. I will check on the link above to see if it works.

    I did the Moneydance + and it appears to work for several banks, including ones that do not work prior. The Schwab investments do not work. I restored the MD file before and made sure I only adjusted the checking/savings ones for Schwab. Now all are working for now.

  10. 10 Posted by sth on 28 Oct, 2021 10:40 PM

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    I don't believe that Schwab investments work for any version of MD with or without Plaid. They have not supported the old OFX file format since 10/1 and there are no downloaded transactions after that date either bank or investment. I had a long conversation with them today about supporting the new FDX format files.

    Schwab does not have developer contact.
    Called technical support representative at (800)433-9196

    Rep was aware of Moneydance. Kept telling me that the issue was a file format and there is no problem with foreign companies accessing the FDX format. After insisting a couple of times that I was informed that it was not a format problem, but access by foreign locations that was the problem. The rep said that she had never heard of that and was unaware of any such restriction.

    She reached out to some other departments looking to see if there is such a restriction.

    I was told that it doesn't have anything do with location, but only Quicken, Turbotax or H&R block are allowed. Doesn't matter outside of US or not. This may be an issue for getting Plaid to work.

    I expressed that this was great for those software vendors but not for actual clients of Schwab. The response was this was for security reasons instead of allowing anyone to access financial data.

    I responded that I know a bit about security and that the FDX format was secured using oauth2 which puts the customer in charge of granting and revoking and monitoring access. That it was just security theater rather than actual security to add a corporate restriction on top. I also pointed out that allowing downloading of CSV files makes a joke of that whole statement.

    I asked that the representative pass these comments back up the food chain to the managers who instituted that policy. We need more complaints to Schwab, it seems that they are trying to block Plaid these days and things are intermittent.

  11. 11 Posted by dwg on 28 Oct, 2021 11:35 PM

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    Sounds like the U,S. could do with some anti restrictive trade practices laws and probably Open Banking.

  12. 12 Posted by sth on 29 Oct, 2021 01:33 AM

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    @dwg, I agree and we could do with a lot of other things......

  13. 13 Posted by jenkins007 on 29 Oct, 2021 11:23 AM

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    I have 11 investment accounts and 1 checking account at Schwab. It does look like the last download from Schwab was 9/30/21 using OFX. I really hope the long term solution get fixed ASAP. This is also a show stopper for me...

    Its nice that we now have an alternative method, even though it costs – which is acceptable. Hope this is a top, top priority!!

  14. 14 Posted by JWA on 29 Oct, 2021 12:41 PM

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    I installed MD+ and a trial subscription to Plaid on 10/26. I connected to Schwab Bank and downloaded a single transaction which occurred on 10/17.. I had a new transaction on 10/27 and tried to download it but message at bottom of screen stated "downloaded zero transactions." I tried again 10/28 and today (10/29) same result.

  15. 15 Posted by sth on 29 Oct, 2021 05:43 PM

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    Call Schwab technical support and complain that they won't allow FDX downloads from non-US based companies. See number above. Schwab does listen to its actual customers. Point out that you are a customer with accounts there and that Quicken is NOT. FDX is a secure solution with consumer oriented features.

    TBH, the Plaid solution seems unstable at the moment with Schwab. This may be Schwab not working with Plaid since it is not one of the 3 companies they support. Hopefully getting investments accounts and debugging the Plaid interface will happen soon. I am sure (due to Sean's responses here and elsewhere) that this is a top priority. (along with non-crashing themes that are also a show stopper! :-))

  16. 16 Posted by JWA on 30 Oct, 2021 04:31 PM

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    Success!!! Today (10/30/21) I downloaded an update from MD 2022.2 (4080). I disconnected my Schwab bank and then reconnected it. I tried to download again and it worked. I downloaded four transacations from 10/27 through 10/29.

  17. 17 Posted by JWA on 01 Nov, 2021 10:39 PM

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    It's still working but not correctly and I don't think it's Schwab's problem. I tried to download transactions 11/1 and got message "zero transactions downloaded." I disconnected the Schwab connection to Plaid. Restarted MD and added Schwab back using "Set up Moneydance+." The transactions downloaded including one new transaction and duplicates of the transactions downloaded on 11/30.

  18. Support Staff 18 Posted by Maddy on 02 Nov, 2021 09:27 AM

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    @JWA

    Can you try upgrading to the latest preview version, as this should hopefully fix the problem for you?
    Moneydance 2022.2 (4060) is now available to download from this page.

    Please keep us posted on your progress, Thank you!

    --
    Maddy, Infinite Kind Support

  19. 19 Posted by JWA on 02 Nov, 2021 05:17 PM

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    This comment was split into a new private discussion: Schwab banking accounts no longer downloading

    I did upgrade on 10//30 t0 4060. In my comment above, I incorrectly said I upgraded to 4080

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