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Switch To a New Financial Institution After a Merger

Updated: 4/27/2012 | Article ID: GEN82137

If your financial institution has merged, you will need to update your online account setup information in Quicken to reflect the new financial institution.

Your financial institution should have sent you instructions specific to your situation. The steps below are an outline of the things you will need to do when there is a bank merger. For more detailed information, contact your financial institution.

It is important to back up your data file before proceeding. If something unexpected happens, you will be able to restore a backup from before any changes were made.

Cancel payment instructions and delete e-mails

You will need to cancel any payment instructions and delete e-mails you may have with your current financial institution. If you do not pay bills online or receive e-mails from your financial institution, skip to the next section.

Cancel repeating payments

  1. Click on Tools on the top menu bar, choose Online Center. Make sure that your current financial institution is selected from the Financial Institution drop-down list.
  2. Click the Payments tab.
  3. In the Online Center menu bar, click Repeating.
  4. In the Scheduled Transaction List menu bar, click Print to print a list of the repeating payments to delete (and recreate later).
  5. Click the first repeating payment.
  6. In the Scheduled Transaction List menu bar, click Delete, and then click Delete again to confirm. Quicken changes the transaction type from Repeat to Rept-cancel or Send for the selected repeating payment.
  7. Repeat Steps 5 and 6 for each remaining repeating payment.

Cancel other pending payments

  1. Click on Tools on the top menu bar, choose Online Center.  Make sure that your current financial institution is selected from the Financial Institution drop-down list.
  2. Click the Payments tab.
  3. In the Online Center menu bar, select Print to print a list of payments to delete (and recreate later).
  4. For each payment in the Payments Status list that is scheduled to be paid, select the payment and then click Cancel Payment.

    Note:
    If you receive a message that it is too late to cancel a payment, wait until after the payment has processed to cancel it or contact your financial institution for assistance.
  5. If you pay bills from more than one account with your financial institution, select each additional account in the Account list box and repeat Step 4.

Delete e-mails

If your financial institution offers e-mail with Quicken, you need to delete the e-mails before switching to your new financial institution.

  1. Click on Tools on the top menu bar, choose Online Center.
  2. Make sure [Financial Institution A] is selected in the drop-down list and click the E-mail tab.
  3. Highlight an e-mail, click Delete. Repeat this step for every e-mail from your financial institution.

Complete an online session

After canceling payments and deleting e-mails, connect to your financial institution as normal to send the cancellation instructions and download any transactions available on the server. Accept any downloaded transactions in your account register.

Deactivate account services with your financial institution

  1. Before proceeding, accept all downloaded transactions in your account registers and cancel any pending or repeating online payments.(see steps above)
  2. Click on Tools on the top menu bar, and then select  Account List.
  3. Select the account you want to deactivate.
  4. Select the Online Services tab and click the Remove from One Step Update button for Transaction Download and Online Payment as needed.
  5. Click OK.
  6. Repeat steps 1-5 for all accounts activated for online services with your financial institution.

Activate your accounts with your new financial institution

  1. Select the Tools menu and select  Account List.
  2. Select the account you would like to activate for online services and select Edit / Edit Details.
  3. Enter your new financial institution in the Financial Institution field and then select the Online Services tab.
  4. Click the Activate One Step Update button for the service you would like to activate and follow the onscreen prompts.
  5. Repeat for all accounts you need to activate.

If you make online payments within Quicken, continue to the next section.

Recreate payments and repeating online payments

After your accounts are activated with the new financial institution, you will need to recreate any online payments you deleted earlier in this process.

Review your online payee information

In some cases, you will need to edit your online payees and correct information after a merger.

Recreate your repeating online payment instructions

  1. Click on Tools on the top menu bar, choose Online Center. Make sure that your new financial institution is selected in the Financial Institution drop-down list.
  2. Click the Payments tab.
  3. In the Online Center menu bar, click Repeating.
  4. For each repeating payment that appears on your printed list of deleted repeating payments:
    1. Recreate the payment following the prompts within the software.
    2. Click Authorize.

Recreate other pending payments

  1. Click on Tools on the top menu bar, choose Online Center. Make sure that your new financial institution is selected in the Financial Institution drop-down list.
  2. Click the Payments tab.
  3. For each payment that appears on your printed list of scheduled payments:
    1. Recreate the payment following the prompts within the software.
    2. If necessary, enter address information for any payee that is missing address information.
    3. Click Enter.
 
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