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Wachovia to Start Charging for Direct Access to Quicken

This article was written by in Banking, Software. 12 comments.


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.

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About the author

Luke Landes, also known as Flexo, is the founder of Consumerism Commentary. He has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about him and follow Luke Landes on Twitter. View all articles by .

{ 12 comments… read them below or add one }

avatar mapgirl

Well, this is really annoying. But I suppose I’m not in love with Wachovia anyway. It sounds like you can go and fetch your download without a fee, but I think this will drive me to pull out more cash from the ATM instead of using my debit card for everything. I used to love the debit card/Quicken download, but I’m finding as time passes, Quicken wants me to use their service and I’m less and less thrilled with them. Their forecasting feature was great in the basic version back in 1996. Now it’s offered in the Deluxe package but it doesn’t seem to work as well as it used to. (Maybe partly because I have weird stuff going on with a mortgage now with transfers from one account to the other, etc.)

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avatar Jesse

Quicken is overshooting. There are easier ways to manage your money more effectively, for less time, and less money.

We’re in beta right now to be able to import Quicken’s format (.qfx) and the more standard (free) .ofx format.

It’ll require you to go to the site and download, just as you do now Flexo. So this is actually good news for me. Quicken is forcing banks to pay, who are in turn forcing the consumer to pay.

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avatar Ana

Can a bank (that has no connection with Hewitt) just develop an ad hoc report in .csv format with all the transactions that Quicken users would just download to Quicken? Or the file must be in .qfx format?

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avatar thc

As I read your post I was afraid you were going to come down against Wachovia. I’m happy to see that you understand how Quicken has been taking advantage of banks and I’d like to see more of them take a stand on this.

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avatar Trepp

About 3 years ago Bank of America started to charge me 10$ per month for Quicken access!! I went in and asked them to remove the fee, which they wouldn’t, so I canceled my account and moved my money to UMB bank which does not charge for Quicken access. I do all my banking on-line, and only use a teller to deposit checks (very rarely). For them to keep my business it costs them whatever quicken charges them, especially since they offer no interest on my checking account and a piddly interest on my savings account.

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avatar Jonathan

I’m with THC. This is dirty little secret of Quicken that doesn’t show on the box, and how they REALLY make money.

Many leaner banks like credit unions can’t afford such fees and don’t offer access at any price. Doesn’t BofA charge too? It’s also why I don’t use Quicken.

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avatar OMM

“Dirty” secret? You mean, their business model? Making money isn’t a bad thing, ya know.

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avatar tolak

“This is an example of Quicken’s high cost to the banks being passed onto the consumerâ€â€?banks have to pay Intuit to support Quicken’s file format.”

This doesn’t explain how you can still manually download the Quicken web connect for free. Obviously they are supporting this file format for no charge.

Until now I thought the bank pocketed the fees. It’s hard to imagine Intuit charging monthly fees as high as $5-10 per user in licensing. Banks, OTOH, can charge for a “service”. Still, between manual downloads and automated access there is no more capacity or infrastructure needed other than simply allowing access to Quicken on behalf of the user.

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avatar R.Hash

The $5.95 just showed up on my statement with no warning whatsoever. I called Wachovia to find out what PFM was and the agent said it was Microsoft Money and Personal Finance Manager. She said the charges were from Microsoft and I have been on a wild goose chase until just now to find out who and what this was all about. This misleading info what worse than the charge itself. I have wasted over an hour trying to find out what this was. Now that I know I am really ticked. I will download on my own and get a refund from Wachovia. This is just sad all the way around.

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avatar T.Schramm

I’ve tried for months to get Wachovia to stop charging me the $5.95 fee for Direct Connect. Each month they say they have removed the product from my account and refund the charge. Problem is – I keep getting charged, keep calling, keep being told the same thing. Does anyone know if I can disconnect this service myself through Quicken without having to delete the account?

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avatar quicken user

in the last 10 years over $200,000 has passed through wachovias desk from my banking, after being charged the $5.95 just once? they credited my account, the next month they charged me again, so it was a simple fix actually, i closed my account and told them where to go

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avatar quicken user

dont believe quickens charging, i have aletter from 45 days ago that states intuit/quicken inno way charges a bank, specifically the liars at wachovia/wells fargo a per peson charge of $5.95. this is totally all the banks doing, not quicken. I have a another checking account with many perks that i do pay $ 2 per month they allow quicken direct connect at no charge. wether i download activity or set up payments through quicken, NO CHARGE,
WELLS FARGO CAN KISS MY GRITS

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