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Bank of America and Microsoft Money RRS feed

  • Question

  • I asked BOA what happened to the transaction download feature from Microsoft Money. The first response said there was nothing technically wrong. I replied and got an answer - BOA discontinued the feature because Microsoft announced the they were no longer selling or servicing Money.  I wonder how many BOA customers are using Money?

    I asked them to reconsider that management decision. If there was a cost to have the download feature on their website then I could understand that but a good customer service to let us, the customers know of the PENDING action.

    Thursday, July 7, 2011 10:38 PM

All replies

  • I wrote the bank & was given a phone # to complain to. I gave them quite a piece of my mind. Why would they stop a procedure that is already coded, in place & working perfectly? The fact Money is no longer supporting the program would make it easier for the bank to remain compatible with the format as it would never again change!

    I told the rep I will no longer be using my BA Master-card as I have no desire in this day & age to manually enter 50 transactions per month. Always seems that the decision makers can't see the long term effect of their stupid decisions. I suggest everyone in our position complain. I will NOT be forced to move to Quicken.

    Thursday, July 7, 2011 11:13 PM
  • I switched my credit card from Nationwide to Capital One in UK because they do still allow me to download statements in the correct format for loading in Money.

    Not as good as the previous method but workable

    Friday, July 8, 2011 9:21 AM
  • If you were to want a list of credit cards known provide statement servers that PocketSense can access and feed statements to Microsoft Money, see http://microsoftmoneyoffline.wordpress.com/2010/10/06/cal-learners-review-fidelity-401k-citi-card-and-vanguard-account-info/ and search the page for CCSTMT. That is the AcctType in the sites.dat descriptor that refers to credit card statements. The list is smaller than I was expecting, but the list includes what I use. This type of access would not require you to visit a  website.
    Friday, July 8, 2011 5:13 PM
    Moderator
  • Having the same problems. I am very disappointed in BOA over this. Just tried sending them and e-mail, seems you can no longer do that and they insisted on having me start a chat with a rep, that had some server error and next I tried the old telephone method, nobody available to handle my call.

    I am so mad over this, I am switching to another bank.

    Friday, July 22, 2011 4:25 AM
  • I just had a chat with bofa customer service, here's the transcript.

     

    Claudia: How may I assist you today?  
    You: I am trying to download transactions into my computer. I use microsoft money and it has worked without a problem until today, I see that microsoft money is not in the list of options for download formats
    Claudia: I understand your concern is regarding the MS Money.
    Claudia: Let me check that for you.
    Claudia: Please give me a couple of minutes while I access your account.
    You: ok
    Claudia: Thank you!
    Claudia: Thank you for your patience. I really appreciate it!
    Claudia: I see that MS Money service is not activated.
    Claudia: Hence you are unable to do so.
    You: so activate it
    Claudia: Certainly!
    Claudia: Please allow me few moments while I process your request.
    Claudia: I appreciate your patience.
    Claudia: I've activated MS Money service for you.
    Claudia: Please allow us one business day to complete this request.
    You: ok, thanks, I will check tomorrow
    Claudia: You are most welcome!
    Last text message receivedClaudia: Is there anything else I may assist you with today?
    You: thanks, that's all for today

    so I'll wait a day and see what happens.

    Monday, July 25, 2011 2:39 PM
  • You: Hi, I am trying to download transactions into micorosft money and it seems the option to download in that format is missing.
    You: I chatted with a rep yesterday and they said the MS Money option was not activated on my account and she said she acitvated it for me
    You: but I still don't see that option
    Melvin: The reason you are unable to download the transaction is because Bank of America does not offer MS Money anymore.
    You: SO WHAT AM I SUPPOSED TO DO?
    You: AND WHY WAS I NOT NOTIFIED IN ADVANCE.
    You: AND WHY DID THE REP YESTERDAY TELL ME SHE WILL ENABLE IT FOR ME?
    Melvin: Did you contacted our Specialists through phone lines?
    You: it was a chat session.
    You: here is a copy of yesterdays chat session:
    ... copy of yesterdays chat...
    Melvin: One moment please.
    Melvin: Menachem, I see that your account has MS Money service active.
    Melvin: I would suggest you to please contact our Online Banking Technical Team.
    You: can you please explain this to me: either bank of america no longer supports MS Money, or the service is active on my account. something doesn't make sense
    Melvin: Yes, it is correct that Bank of America does not offer MS Money any more, however, I could see that the MS Money service is active on your account.
    Melvin: I would suggest you to please contact our Online Banking Technical Team.
    You: so what exactly does the ms money service do?
    You: so how do I contact them? is there a chat window specific for them?
    Melvin: Please call our Online Banking Technical Support at 1.800.933.6262. Our Specialists are available from 7 a.m. to 10 p.m. Monday through Friday and 8 a.m. to 6 p.m. Saturday and Sunday, Eastern Time.
    You: ok, thanks
    Melvin: You are most welcome!
    Last text message received
    Melvin: Apart from this, is there any other information I can check and help you with?  
    You: no, that's all for today, thanks

    Tuesday, July 26, 2011 6:36 PM
  • Hi You,

              I'm sure you know the final answer that will come from BOA. Why not do what I've been doing with all my BOA checks and my credit cards since 1995. I've entered them into Money manually each day. It takes only a few minutes and is a great check against errors. Downloads serve a purpose, but for the average person who wants to manage his/her personal finances doing it manually is just NO BIG DEAL. Steve

    Tuesday, July 26, 2011 8:30 PM
  • I can't believe anyone would NOT enter them into Money manually, and instead rely on the transactions downloaded from the bank. If you rely on stuff downloaded, where's your reconciliation checks to make sure nothing is unexpected? I've used money since V1 (whenever that was) and the only things I've downloaded are the statements, not the transactions. In the UK we had little choice, as there was never much bank integration, but even if there was I would still enter them manually.

    Spend the money, keep the receipt in wallet, then every day or couple of days empty wallet and put transactions into Money. Easy.

    Just my 2p....

     

    Jim

    Tuesday, July 26, 2011 9:00 PM
  • I can't believe anyone would NOT enter them into Money manually, and instead rely on the transactions downloaded from the bank. If you rely on stuff downloaded, where's your reconciliation checks to make sure nothing is unexpected? I've used money since V1 (whenever that was) and the only things I've downloaded are the statements, not the transactions. In the UK we had little choice, as there was never much bank integration, but even if there was I would still enter them manually.

    Spend the money, keep the receipt in wallet, then every day or couple of days empty wallet and put transactions into Money. Easy.

    Just my 2p....

    Jim


    Agreed.  I've got transactions going back to January 95, every penny I've spent, and all entered manually.  Even if the UK banks HAD offered the service I doubt that I would have used it.
    Tuesday, July 26, 2011 9:37 PM
  • I purchased Quicken 2011 but have to say, although I have not used it much yet, I don't like it. Still don't understand how MS dropped this product after two decades. I might just code my own application if Quicken does not do it for me.

    With regards to the comments above about importing and not entering transactions, I think you are missing the point.

    With Money, you enter your transactions manually most of the time (for me personally, it has been about 90% of my transactions) that I then split/classify according to how I track my expenses (mine is at a very detailed level, 1 grocery store receipt is usually split into several categories like Groceries / Toiletries / Cleaning supplies etc).

    But, if you don't want to manually reconcile against a paper statement, you have to download from the bank to get the reconciliation done. Without the bank download, this becomes a tedious process.

    Wednesday, July 27, 2011 2:12 AM
  • Since Microsoft is no longer supporting Money, BOA and other institutions will stop providing the service.

    If any problems arise needing a fix from Microsoft, however unlikely they may be, it would not be supplied. The institutions cannot take the long term risk of problems arising which they cannot resolve.

    Good customer relations would be to give warning of the end of the service. However, customers often overlook warnings and just go directly to the location on the web page they are accustomed to access.


    Why do you say this?  MSFT has nothing to do with this situation.  BAC has long provided OFX file statement downloads for Money.  They just stopped that service in July 2011 and now provide only QIF statement downloads for credit card holders.  There was no reason to discontinue OFX statement downloads since the system was already in place and MSFT had no part in that whatsoever.  There is no possible problem requiring MSFT assistance since OFX file downloads have worked for many many years.  BAC simply has little regard for customer service and I will cease doing business with them as soon as possible.

    Plus when you call BAC to complain the customer service people know nothing, provide incorrect information and keep you on hold forever; it is a frustrating waste of time attempting to get accurate answers and the bottom line from my many calls is that BAC does not and will not provide OFX statements for Money users ever.

    OIF monthly statement downloads are still available, for how long I don't know, but they do work.  Also BAC does not provide downloads of current transactions. You can only download statements so you have to wait a full month between downloads.  I believe BAC is the only bank in the country that does not provide daily transaction downloads.  The only solution is to avoid BAC.

     

    Wednesday, July 27, 2011 11:41 AM
  • I can't believe anyone would NOT enter them into Money manually, and instead rely on the transactions downloaded from the bank. If you rely on stuff downloaded, where's your reconciliation checks to make sure nothing is unexpected? I've used money since V1 (whenever that was) and the only things I've downloaded are the statements, not the transactions. In the UK we had little choice, as there was never much bank integration, but even if there was I would still enter them manually.

    Spend the money, keep the receipt in wallet, then every day or couple of days empty wallet and put transactions into Money. Easy.

    Just my 2p....

     

    Jim

    It's like this.. I check my account activity on a daily basis via my online access. I do this for my 2 checking, 2 savings & credit card accounts. After I enter the transactions in my reg, I click the "cleared" box on the screen. This way I always match the current balance daily. Now you & BOA want me to enter every transaction again? After my d/l I have a balance that always matches my records. This isn't about trusting the bank to keep track of my transactions, it's about convenience, something I deserve & pay for in one way or another. Think before you make statements as not everyone thinks like you.
    Wednesday, July 27, 2011 10:05 PM
  • Bank of America offers QFX downloads on their website and they work just as nicely as OFX.    See http://microsoftmoneyoffline.wordpress.com/2011/07/28/erroneous-yahoo-quotes-making-qfx-files-work-with-money/ for more on this.
    • Proposed as answer by ameridan Thursday, July 28, 2011 3:41 PM
    Thursday, July 28, 2011 3:41 PM
  • Bank of America offers QFX downloads on their website and they work just as nicely as OFX.    See http://microsoftmoneyoffline.wordpress.com/2011/07/28/erroneous-yahoo-quotes-making-qfx-files-work-with-money/ for more on this.

    Thanks! I'll try this when I get home.
    Thursday, July 28, 2011 3:51 PM
  • Bank of America offers QFX downloads on their website and they work just as nicely as OFX.    See http://microsoftmoneyoffline.wordpress.com/2011/07/28/erroneous-yahoo-quotes-making-qfx-files-work-with-money/ for more on this.


    Thanks Ameridan, this tip is most helpful.  I did not try Cal's registry fix as per your link because there is way to get Money to import the QFX file without touching the registry.  Note: this is what I did for my BAC credit card statement download.  I don't have a BAC checking acct, only a credit card and I can only download monthly statements, not current transactions.  Customers who also have a checking account I think have more options.

    Here are the steps I used:

    1)  go to your Account Details page that lists current transactions

    2)  click on Export this View

    3)  pick the statement closing date of your choice from the drop down box

    4)  choose the default WEB Connect for Quicken 2009 and above from the Download Format box

    5)  click the Download Statements button

    6)  in Firefox, my browser, a box pops up with the choice to Open or Save the QFX file.  Choose Open with and click Browse.  Another box pops up with choices for the program that should open the QFX file.  Choose Microsoft Money Import Handler if on the list, if not on the list click the Browse button at bottom of the box. Browse to the folder where you installed Money.  Click on the MNYCoreFiles folder.  Click on mnyimprt.exe to choose that helper application to open the QFX file.

    Now when you download the QFX file it will be automatically opened and imported my Money and it works just like the OFX files used to work before BAC pulled them off their website.

    Why BAC decided to put Money users through this aggravation I don't know.  But I will never use BAC again if there is any way I can avoid them.

     

    Thanks again

     

    Bill Wood

     

    Thursday, July 28, 2011 11:27 PM
  • Why BAC decided to put Money users through this aggravation I don't know.  But I will never use BAC again if there is any way I can avoid them.

    I more of the belief that Intuit has convinced the banks that all Money users are converting to Quicken and to therefore sign-up to using their "proprietary" QFX format that is fed through their servers.   I wouldn't be so hard on them - as an example, Schwab doesn't even allow you to download transactions from their website, so if it wasn't for PocketSense, I'd have to manually enter everything.

     


    Regarding your process, yes, that's another way of creating the registry setting :)   The important thing is that you pointed to Money Import Handler and not Money itself.



    Friday, July 29, 2011 12:37 AM
  • Hi Ameridan,

    I am much more intolerant of poor customer service than you.  :)

    If banks are dumb enough to listen to Intuit in making customer service decisions they deserve the flack I am giving them.  It is perposterous that BAC, the biggest bank in the country by customer numbers, would inconvenience Money users by pulling OFX downloads with no notice and no alternative instructions.  When I called them about this decision it took 4 tries to get someone in the online banking dept who even knew what a download was.  No one there knew BAC removed OFX file downloads or changed thier website in any way.  No one there knew there ever were OFX statement downloads or ever heard of OFX or QFX or QIF files. 

    I have requested the ability to download current transactions repeatedly (I can only download statements, hence our records can only be updated once a month).  It took at least 6 tries to get someone high enough in tech support who actually knew BAC decided to remove the ability to download current transactions, that individual offered no hope that the feature would ever be restored.  Every other bank I have ever dealt with (at least 10-15 over the years) lets me download current transactions into Money without issues.

    I agree that brokers are worse than banks.  I used to day trade stocks/options full time for a living.  The little I was able to download from my various brokers did not work right.  I kept my trading records manually in Excel and Money.

    Todays big banks are just too arrogant for my taste.

     

    Regards

     

    Bill Wood

     

    Friday, July 29, 2011 2:33 AM
  • I think the brokers tend to be better than the banks on this. It is a Money quirk (processing Sells  before Buys) that makes downloading daytrades to Money to be problematic.

    It would be possible to process the OFX files to separate out the Sells for the same date as the Buys, and send the Buys to Money first. Since there are not many people doing that, it is less likely that that OFX-processing code will get written.

    Friday, July 29, 2011 5:24 AM
    Moderator
  • It's like this.. I check my account activity on a daily basis via my online access. I do this for my 2 checking, 2 savings & credit card accounts. After I enter the transactions in my reg, I click the "cleared" box on the screen. This way I always match the current balance daily. Now you & BOA want me to enter every transaction again? After my d/l I have a balance that always matches my records. This isn't about trusting the bank to keep track of my transactions, it's about convenience, something I deserve & pay for in one way or another. Think before you make statements as not everyone thinks like you.


    I'm somewhat confused by this thread. As previous UK based posters have said, there is little large scale use of downloaded statements from the Banks here. As Jim posted, I too enter all my transactions manually. However, I also tend to check my accounts online regularly and mark transactions as cleared in Money. At the end of the month, I now download an online PDF statement (as opposed to a paper one in previous years but it's the same whichever way you cut it) and manually reconcile. All I have to do is take the "Balance this Account" and click the entries. How difficult is that ? What's this notion that you have to enter every transaction again ? I can only see my method would become unwieldy with many hundreds of transactions a month and perhaps that is true in your case ?

    Friday, July 29, 2011 12:29 PM
  • I find it much easier to let my BoA  MasterCard receipts pile up for a month, wait for the newest monthly statement to be available for QFX download, and then reconcile against the actual receipts at that time.   No manual entry required with this method!

    Maybe Jim is referring to d/l the transactions when he d/l his monthly statement and matching them to the manually entered transactions.

    Friday, July 29, 2011 2:48 PM
  • How many people use Money to keep track of cash transactions?
    Friday, July 29, 2011 3:06 PM
  • I do, but only those few transactions that involve a category I want tracked.  
    Friday, July 29, 2011 4:02 PM
  • I also do track cash transaction.

    Slightly off topic: One of the thing I've been wanting to do is to create a mobile app (iPhone ...) that will make easier to capture cash transaction (take a picture of the receipt, record locations). Then convert those cash transactions into an OFX download into the cash account as part of my daily tasks: quotes (OFX), bank download (OFX/QFX) ...

     

    Friday, July 29, 2011 9:41 PM