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Activate Online Account Access

Updated: 5/21/2013 | Article ID: GEN82376

When you initially setup your account, whether it is a checking account, brokerage account, or mortgage, Quicken determines if your financial institution is part of the Quicken network and, if it is, attempts to connect and download your finanical data into Quicken for you.  If your financial institution is not in the list or if you prefer not to download your information, not a problem - you can add your accounts manually through Advanced Setup (this can be found on the list of financial institutions when you initially setup your account, right after you choose which type of account it is).

Also, If you've added your accounts manually and want to activate your account for online access, you can still update information from your participating financial institution.  You'll just need to activate the account first.

So, why download?

Downloading transactions helps you save time and improve your record keeping. You can update your registers and transaction lists from your participating financial institution directly in Quicken, and then compare the financial institution's records to your own. Typically, when a check clears the bank, an investment transaction is posted, or a credit card purchase is processed, you find out about it the next time you go online. Thus you can:

  • Download the latest cleared transactions, balances, and holdings for checking, savings, credit card, investment, and 401(k) accounts.
  • Send one-time payments and repeating payments, cancel payments, or get updated instruction status. (Not all features are supported by all financial institutions.)
  • Simplify the reconciling of monthly statements.
  • Make online fund transfers between two accounts you hold at the same financial institution.

Transaction download is available for checking, savings, credit card, investment, and 401(k) accounts.

Ways to get data from a financial institution into Quicken

Direct Connect

This type of account access has the most capabilities, allowing for two-way communication between you and your financial institution. These communications may include statement download, e-mail (if supported) and payment instructions. You can activate payment services either through your financial institution (if supported) or by using Quicken Bill Pay.

Once direct download services have been applied for and your Quicken accounts are activated, you can download transactions through One Step Update, the Online Access button in the account register, or the Online Center. Once downloaded, transactions appear in both the Online Center and the associated account register's Compare to Register section.

Web Connect

Web connect bank accounts are easy to set up for download. If you have never downloaded to this account before, activate your account by clicking the Set Up Online button in the register. This takes you to your bank's Web site in the Quicken-embedded browser. Log in and download the statement.You are prompted to specify the Quicken account to download the transactions into, or you may create a new account for the transactions.

You can also log in to you financial institution's Web site using your Web browser. Download the Web connect transactions to your system (naming the file with the extension .qfx), and then import the file into Quicken by choosing File menu > Import.

Web connect files may contain multiple accounts. If your financial institution creates the Web connect files in this manner, you are prompted to select which Quicken account the transactions should be download to, or you can create new accounts.

Once the accounts are set up and activated for using Web connect, you can perform subsequent downloads using a Web browser or from within the Online Center in Quicken.

Using Quicken vs. viewing account info on your bank's website

Many financial institutions offering Web banking also let you download your Web transactions directly into Quicken. If you already have a password, and if the Web site contains a button or link that says Download to Quicken, this means that your financial institution supports the Web connect protocol for downloading transactions into Quicken.

  • Why not just use my financial institution's Web site?

    There are advantages to using Quicken that you won't find anywhere else.

    Many financial institutions let you bank online using your Web browser. You may be able to see your balances, pay bills, and even transfer money between accounts. But you generally see only transactions that have already cleared at your financial institution. By paying bills and entering transactions in Quicken, you know your actual ending balance, including the transactions that haven't cleared yet.

  • Quicken desktop advantages
    At a glance Detail
    See all your finances in one place. Web banking generally can't provide a complete picture of your finances unless all your accounts are at a single financial institution. Quicken can combine information from all your real-world accounts, so that you can see the total effect on your cash flow and net worth.
    Use Quicken categories in reports and graphs, and planning tools. When you assign Quicken categories to your transactions, you get much more information out of your data than just the transaction history and cleared balance that are available from most financial institution Web sites. Using the reports and graphs, long-term planners, alerts, reminders, and tax features, you can save time and make informed decisions that will affect your financial situation for years to come.
    Save time. If your Quicken account appears in the One Step Update dialog, you can download all your account information from several financial institutions at once.
    Simplify and improve the accuracy of your record keeping. When you download transactions, Quicken marks them as cleared. This simplifies reconciling an account, whether to your online balance or to a paper statement.
  • How long can I download information into Quicken?

    In an ongoing effort to provide reliable high-quality products and services, Intuit periodically retires (also known as "sunsets") older versions of Quicken, thereby discontinuing online services and live technical support for these versions. For more information, visit our Web site.

  • A special word to investors
    At a glance Detail
    Quicken tracks lots. Because Quicken records the purchase dates and prices when you download transactions, you don't need to search for old brokerage statements to identify lots and calculate tax liability when you sell. Just tell Quicken which lots to sell-First Shares In, Last Shares In, Minimum Gain, or Maximum Gain. The Capital Gains Estimator can help you estimate which combinations of lots could realize the greatest after-tax yield. And the Capital Gains report can save you hours at tax time.
    Quicken reports on your entire portfolio. If you set up a Quicken account for each of your real-world investment accounts, you can analyze all your investments together. The Investing Center, Portfolio, Portfolio Analyzer, Security Detail View, and the investment reports give you news, fundamentals, performance, history, and analysis. And perhaps more importantly, you can create a personalized asset allocation target that includes all your accounts together, and then monitor and rebalance as necessary.
 
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