Bank charges monthly fee for Quicken and Quickbooks

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cricket49
Posts: 212
Joined: Sun Apr 05, 2015 4:14 pm

Bank charges monthly fee for Quicken and Quickbooks

Post by cricket49 » Wed Sep 13, 2017 9:03 pm

I have been banking with a local bank for 20 years that basically charges no fees for savings or a money market checking account if you keep a balance of 1,000.00

Another bank recently bought my local bank and I was in the process of enrolling in their online banking. I was surprised to see they charge 7.00 monthly to connect to Quickbooks and 10.00 montly to connect to Quicken. I use both of these programs and MINT. Using other financial banks and institutions including Vanguard, Schwab, Fidelity, Ameritrade, and Ally they NEVER charged a fee to connect.

Has anyone else encountered similar charges? I am thinking of moving all my local money to Ally and Schwab.
Expect the best. Prepare for the worst.

mhalley
Posts: 5135
Joined: Tue Nov 20, 2007 6:02 am

Re: Bank charges monthly fee for Quicken and Quickbooks

Post by mhalley » Thu Sep 14, 2017 2:11 am

As more and more companies use aggregation, I would not be surprised to see more banks charge for the ability to have accounts accessed by mint, quicken, personal capital, etc. in the meantime, until everyone charges this junk fee, vote with your feet.

spammagnet
Posts: 700
Joined: Wed Apr 27, 2016 9:42 pm

Re: Bank charges monthly fee for Quicken and Quickbooks

Post by spammagnet » Thu Sep 14, 2017 6:58 am

It's not entirely a junk fee because the bank has to pay a license fee to Quicken and there are other costs involved in providing the service. That said, I agree about voting with your feet. It's really not that hard to switch banks.

In the process of doing so, look around for banks that offer cash incentives for switching

DetroitRick
Posts: 425
Joined: Wed Mar 23, 2016 9:28 am

Re: Bank charges monthly fee for Quicken and Quickbooks

Post by DetroitRick » Thu Sep 14, 2017 7:16 am

It's pretty rare, and none of the banks I use charge a fee. But there are some, Well Fargo being a big one that does. I use 5 different banks among the family members I have connected to Quicken, big and small, national and local, internet/Illinois/Michigan, and none of ours do. I've only experienced one bank that ever did, but that was back in the 90's and they stopped charging long ago.

With all the changes and discussions about Quicken's declining user base, particularly in this forum, it's something I think about. Especially among banks that use Direct Connect, where these rare fees are a bit more common. But fortunately, I see absolutely no evidence of that so far. Which is great. And I'm hoping it stays rare.

No guarantees for your bank, but some banks allow you to choose either Direct Connect (a two-way connection) or Express Web Connect, and only charge for the former. When you use regular Web Connect (download file from bank and then upload to Quicken), which I don't use and never will, I've never heard of any bank charging.

If it helps, here's current link from Quicken explaining the differences in those 3 connection methods:
https://www.quicken.com/support/how-qui ... -your-bank

My own first reaction to this would be to change banks. Unless and until it becomes a trend.

user5027
Posts: 740
Joined: Sat Jun 16, 2012 8:54 pm

Re: Bank charges monthly fee for Quicken and Quickbooks

Post by user5027 » Thu Sep 14, 2017 7:58 am

spammagnet wrote:
Thu Sep 14, 2017 6:58 am
It's not entirely a junk fee because the bank has to pay a license fee to Quicken and there are other costs involved in providing the service.
I hope my bank charges a fee for the service since I don't use it. Otherwise all customers are paying for the ones that do.

spammagnet
Posts: 700
Joined: Wed Apr 27, 2016 9:42 pm

Re: Bank charges monthly fee for Quicken and Quickbooks

Post by spammagnet » Thu Sep 14, 2017 8:13 am

user5027 wrote:
Thu Sep 14, 2017 7:58 am
spammagnet wrote:
Thu Sep 14, 2017 6:58 am
It's not entirely a junk fee because the bank has to pay a license fee to Quicken and there are other costs involved in providing the service.
I hope my bank charges a fee for the service since I don't use it. Otherwise all customers are paying for the ones that do.
Many banks offer free services that not all customers use. I've visited a bank lobby maybe twice in the past several years but I don't object to them offering teller services for free. (Some banks charge for teller services on low-end accounts.) Thinking about the services other customers use and whether the fees they pay for those services is "fair" to me is a waste of my time. I really don't care what my bank charges other people for what they use or don't use, as long as it's not discriminatory.

spammagnet
Posts: 700
Joined: Wed Apr 27, 2016 9:42 pm

Re: Bank charges monthly fee for Quicken and Quickbooks

Post by spammagnet » Thu Sep 14, 2017 8:17 am

DetroitRick wrote:
Thu Sep 14, 2017 7:16 am
It's pretty rare, and none of the banks I use charge a fee. But there are some, Well Fargo being a big one that does. ...
I don't object philosphically but that's one of the reasons I no longer bank at Wells Fargo. I get better services elsewhere for free.

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