Reader Brian submitted the following:
According to your Savings Account Rates page, HSBC Direct supports Quicken Direct Connect for downloading transactions. However, I just opened an Online Savings account there, and when I tried to set up Quicken with Direct Connect, I always got an error message saying, “Your financial institution has rejected your request.”I called up HSBC, and their representative told me that new customers are no longer allowed to use Direct Connect; they can only use Web Connect now. Existing customers may continue to use Direct Connect for now. You may want to update your page to reflect this new information.
Thanks for the information. I’ve updated the notes accompanying the rate chart.
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I hate to say it but it figures. I just applied (7/13) for an account as well. I am still waiting on a password. I am not happy so far.
I’m hoping after initial set-up it will become a better vehicle.
Maybe they’re going to start charging? I opened a BOA checking acct for their recent opening bonus and when I called them up to setup Direct Connect, they told me there was a charge of something like $9/mnth! That’s ridiculous!
From what I understand, Intuit charges banks an exorbitant amount just for Web Connect with the QFX file format (which is almost identical to the free OFX format). I can only imagine how much banks have to pay for Direct Connect, and it was only a matter of time before the banks start passing that cost onto the customers.
Interesting – I of course ran into the same problem, but got a different spin. The agent told me that it wasn’t working for new accounts, but it would soon. I asked, “In a week, a month, a year? I’m just curious how long it’ll be.” He chuckled and said “Well of course it won’t be a year.”
Has anyone seen anything official from HSBC about this?
I opened an HSBC account 2 months ago.. so far I have gotten two emailed noticed that my monthly statement was ready; however I have yet to recieve my password in the mail to access the account. I have already called HSBC once, it appears I will have to do so again.
I’ve been trying to set up Bank to Bank Transfers using HSBC. They actually want my Log-on ID and Password for my other bank account in order to do this. I’ve never heard of a bank asking for log on information. Most banks say they will NEVER ask for this information.
Everything with HSBC has been stretched out, clumsy and time-consuming. It was difficult with the initial set up and it continues. It makes me nervous because when I need the money, I don’t want a time delay.
That is strange. I setup multiple accounts for the Bank to Bank transfer feature—never had to give log-on information for my other institions. All that was required was the routing and account number. It works great.
To use their EasyView product, though, you must provide logon information. However, this seems reasonable considering it allows you to view most of your accounts from other financial institutions in one place. Again, I am very pleased.