Along with my monthly checking and savings account statement, I received the following notice in the mail:
Important Message for Personal Account Holders Who Use Quicken, QuickBooks, or Microsoft Money
Beginning April 1, 2007, a monthly fee of $5.95 will be assessed if you access Wachovia Online Banking directly from within your personal financial management software such as Quicken, QuickBooks, or Microsoft Money.
This monthly fee does not apply if you download your personal account information from wachovia.com into personal financial management software or if you have a Crown Select, Crown Classic, Crown Banking, Crown Access, Crown Regular, Crown Interest, Custom Banking, Performance Banking or Command Asset Program account.
The notice also says that by upgrading to one of the listed account types, I can avoid the $5.95 fee. When I originally upgraded to Quicken 2007, I was no longer able to connect directly to Wachovia using the software. While I’ve fixed the problem, now I always download my activity by logging into my account on wachovia.com. As long as I continue to do so, I won’t be charged the $5.95 monthly fee.
This is an example of Quicken’s high cost to the banks being passed onto the consumer — banks have to pay Intuit to support Quicken’s file format.
Updated February 6, 2012 and originally published February 21, 2007. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.