Maddy on 08 Oct, 2021 01:32 PM
Thank you for contacting Moneydance support.
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: Investments 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.
I signed up for Moneydance+ to overcome the issues with Schwab. However, Plaid bounces as it says that the multi-factor authentication from Schwab is not compatible. I do get a text message with a code from Schwab when I try to connect the account but there is nowhere to go. Other banks' multi-factor authentication is working fine.
Maddy on 15 Oct, 2021 08:35 AM
At this time, Moneydance+ does not support investment accounts like Schwab. We are working with Plaid (the third-party aggregator that our Moneydance+ service uses) to enable this, but we can't speculate on when that will be released. If you have subscribed to Moneydance+, to be able to download investment accounts from Schwab, unfortunately Moneydance+ won't accomplish that at this time.
Also, Schwab OFX (Direct Connect) downloads are no longer available. Schwab has disconnected this service without a replacement. So, we are working to restore a connection through Moneydance+ which was recommended by Schwab as the only way forward due to security concerns on their side.
In conclusion, by using Moneydance+ in Moneydance 2022 you can download banking transactions from Schwab accounts, but investment accounts are not yet accessible.
I hope this information is helpful. Please let us know if you have further questions or need more assistance.
So I was able to get Moneydance+ to log in to Schwab investment account (changed Schwab
security settings to ask for two-factor only for untrusted or public sites as opposed to all sites) but
MoneyDance+ was still unable to download transactions even though it was connected to Schwab.
Too bad but I have canceled my trial subscription. Let me know if you are able to get this resolved.
on 15 Oct, 2021 07:06 PM
I've also signed up for Moneydance+, and it's not apparently connected to Schwab Bank. Looking at the console, I can see that it's getting an "access denied" error during the connection - here's a snippet of the log:
connecting to: https://ofx.schwab.com/bankcgi_dev/ofx_server with method: POST
Connecting with https headers:
POST /bankcgi_dev/ofx_server HTTP/1.1
Date: Fri, 15 Oct 2021 15:02:38 EDT
User-Agent: Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_4) AppleWebKit/605.1.15 (KHTML, like Gecko) Version/11.1 Safari/605.1.15
HTTP/1.1 403 Forbidden
Expires: Fri, 15 Oct 2021 19:02:39 GMT
Date: Fri, 15 Oct 2021 19:02:39 GMT
on 15 Oct, 2021 07:29 PM
That's what I thought, it looked like the OFX attempt
Indeed, based on other messages I read afterwards, I went back in, and disabled the online banking connection (online/setup online banking and choose "disable"). Then going back in, it seems to "know" that I had the MD+ set up for the bank (though I did also choose "forget passwords" when disabling didn't seem to work, so I don't _think_ that was a necessary step). I now appear to connect and download successfully.