Payments within Moneydance
Folks
Have been a user of quicken for many years however they will no longer be able to support their payment option within the software with Bank of America forcing one to use two applications (quicken as a ledger and then going to the BOA website to manage the payments). This is unacceptable to me. Cutover date is in october. Question: Will moneydance provide the same functionality (ledger and ability to make payments from within the application with a connection to the bank and download the cleared transactions)? Or does BOA plan to make whatever change they are making across the board?
Also what would be the cost for a single user such as myself for home use.
Thanks
Dr. Leiner
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1 Posted by dwg on 16 Sep, 2022 09:42 PM
I'm a fellow user.
Online Bill pay within Moneydance is totally dependent on your bank providing this service via, if they offer it, a Direct Connect option. The facility is not something that Moneydance directly provides itself it just leverages it if the bank provides it.
Unfortunately while Moneydance provide a list of banks known to support Direct Connect and that the software has connection information for, they can not ascertain exactly what services the banks provide via this method i.e. if it is just downloads, exactly what account types are supported or if online bill pay is also supported.
A household license for Moneydance costs USD 50.00. This is a permanent license for the current version plus a free upgrade to the next major release.
2 Posted by mhleiner on 17 Sep, 2022 12:25 AM
Thanks much for the info. It looks like BOA is moving away from the direct
connect option. Don't know if this is a bank industry trend but if it isn't
it might be worth switching banks.
Dr. Leier
3 Posted by dwg on 17 Sep, 2022 02:07 AM
Direct Connect has largely been used in the U.S. only. There has been a notable trend away from Institutions supporting this, although there are many that still do, users are probably your best bet for identifying institutions that do support bill pay via this protocol.