Beware Quicken !!

[NW-Bound]

I really do not understand the problem Quicken has with downloading from Schwab.

How hard could it be? If the problem is caused by Schwab, they should be able to point it out to Schwab to fix.

Maybe they have lost or fired the original team who worked on the program, and their inept new hires are just fumbling around not knowing what they are doing.

 

[tulak]

Reading this thread makes me happy I migrated to Moneydance 10 years ago. Moneydance has its quirks, but it’s been rock solid for me, even after upgrades.

I’ve commented on this before, but I went from MS Money to Quicken to Moneydance. The only reason I left Quicken is because I got a Mac and Quicken for Mac was bad.

I always started over. I’ve had a couple of times I needed my old data, but it’s rare and I don’t miss it. One nice thing about Moneydance is that you can access all of your data using Python. I realize most aren’t programmers, but it’s not hard to export all of your data out of Moneydance into whatever.

As for Schwab, the problem you’re seeing is the migration to an aggregator for downloading transactions. Schwab no longer supports OFX.

It’s a matter of time before other institutions go this route. Luckily I haven’t had to deal with it yet, but it’s a matter of time.

Here’s a good write-up from the creators of Moneydance: https://infinitekind.com/blog/moneydance-plus-privacy-subscriptions

It’s tilted towards their product, but they give a good overview on the state of online banking.

 

[foxcreek9]

I'm over 20 years in Quicken. I would be lost without it. I back up my file monthly. And save the year-end backup. Am I the only one who does that? You gotta back up your data, folks.

I also had a hiccup with Schwab but I got through it and did not have any real corruption, and no issues for a couple months now.

I highly recommend using DropBox for your quicken file (and similar), it will create a backup every time you close the program and keep backups for one month. It has been a life saver more than once. I couldn't imagine trying to recreate one, two, or three weeks of data if my hard drive flamed out.

 

[OldShooter]

... Maybe they have lost or fired the original team who worked on the program, and their inept new hires are just fumbling around not knowing what they are doing.

Well, it's pretty hard to divine this level of detail, but your speculation is in line with the fundamental flaw (from the user point of view) with subscription software.

In Olden Times, a software vendor's revenue depending on his delivering attractive and innovative upgrades that motivated his user base and new users to buy the latest version. Tech support had to be at least adequate.

Under a subscription, the vendor's revenue is almost totally decoupled from his R&D and tech support investments. Sure, he has to do something but he is no longer concerned about selling upgrades. Indeed he has little reason to invest in upgrades or in good tech support.

Subscriptions work best for vendors with large market share, like Microsoft, Adobe, Quicken, Intuit, etc. because much of the user base is locked in and cannot easily migrate. This allows the vendor a lot of flexibility in harvesting the business -- collecting the money but not delivering value in return.

 

[qwerty3656]

Before It was finally just so aversive that I decided to check out alternatives. I spent weeks researching alternatives.

I have searched for something to meet my needs as well, but have been unsuccessful. I have a history of transactions in CSV format (where it's already been applied to a budget category) and cannot find anything that will let me import that data.

 

[Montecfo]

Quicken prompts me to backup every other session. So I probably need to clean out some of those backup files.

 

[camfused]

@OldShooter, you may want to look into the archive function for Quicken. You could do one for every 5 years maybe. It will make your file a lot smaller. The downside is I don't think that data would be available for reports.

 

[MisterBill]

I highly recommend using DropBox for your quicken file (and similar), it will create a backup every time you close the program and keep backups for one month. It has been a life saver more than once. I couldn't imagine trying to recreate one, two, or three weeks of data if my hard drive flamed out.

You get 5gb free on Dropbox if you are a Quicken customer. You'll find the code in your Quicken account info on their webste. Sadly, the codes often come up as already used, in which case you need to contact Quicken CS (recommend doing it via chat) who then has to contact Dropbox, provide screen shots of the code and error, and then wait a half hour for them to convince Dropbox to give you a new code. I just went through that today.

 

[MisterBill]

@OldShooter, you may want to look into the archive function for Quicken. You could do one for every 5 years maybe. It will make your file a lot smaller. The downside is I don't think that data would be available for reports.

I really need to do that as I also have a huge QDATA file.

 

[thod]

I have used Quicken since 1995. Having said that, I am still using the Windows 2005 R6 version. I think it was the last desktop (not online version.) Support disappeared long ago, the ability to download anything disappeared long ago. It has continued to run on Windows 10 so far.

It does mean I have to enter each transaction manually, but I actually get a lot of satisfaction doing that, so I am not sure I consider that a negative.

 

[11522914]

Quicken prompts me to backup every other session. So I probably need to clean out some of those backup files.

You can edit how many sessions you want Quicken to use before it requests to back up.

 

[ejman]

I have used Quicken since 1995. Having said that, I am still using the Windows 2005 R6 version. I think it was the last desktop (not online version.) Support disappeared long ago, the ability to download anything disappeared long ago. It has continued to run on Windows 10 so far.

It does mean I have to enter each transaction manually, but I actually get a lot of satisfaction doing that, so I am not sure I consider that a negative.

I discontinued the Quicken upgrade treadmill with Quicken 2010 (started in early 90's). Of course, no download but like you I find that I actually enjoy manually updating the few transactions I have and having direct interaction with the data. I've watched my kids use automated download of statements into their finance programs and all the data gets is a cursory look - "it looks about right" I ask them what their asset allocation is - don't know, what their average monthly expenditures are - same answer - it's in there somewhere.

 

[RetiredAndLovingIt]

I just realized that I still have many of my old quicken CD's. It might be worth to try loading one onto an old laptop to see if I can set up a new file and just reverting to manual entries since I don't have that much. I never had an issue with reconciling credit card statements like I've had in the past year with the current version because Quicken decides at the drop of a hat to change a reconciled opening balance. This current Quicken seems to think differently from the older versions

I like the Quicken format of all my account balances on the one page.
It would be nice if the calendar would still remind me when CD's are maturing.
I don't need it to track the stock market, there is tons of webpages that can do that and I can manually update in Quicken every so often.
I don't even really need reports any more now that I'm retired.

This method would also keep my personal info off the web which is another huge concern of mine.

 

[ejman]

The other thing I like about using an older version of Quicken and manual data entry is that it runs just fine in Linux, part of my plan to get as far away from Windows, onedrive and the ubiquitous cloud as I can. The subscription model for operating systems or software (apps) does not appeal to me at all.

 

[Jerry1]

It might be worth to try loading one onto an old laptop to see if I can set up a new file and just reverting to manual entries since I don't have that much.

It's not likely to work. If it's from the old company, the install process will look for the old server and not find it. I tried to load an old version when my program would no longer open (some type of corruption) and couldn't. I was quite upset as it forced me to upgrade to a current version. I think that was a 2016 version. I figured since I had the CD I would be all set. No such luck.

Good luck. There may be some IT guy magic that could be brought to bear on the issue, but I couldn't find any way around it.

 

[Fielding]

Like many of you, I've been in Quicken for 25+ years. I have dealt with double transaction/missing transaction/failed one-step update issues at least a half dozen times. I keep an hourly snapshot backup on a network RAID and have had to revert to an earlier file at least twice. I have both onsite and offsite backups of the files (I run multiple files, one for each of several entities).

My emergency strategy should a revert fail permanently, is to start a new file as some of you have done. So far though reverting has always forestalled this, although I've had to re-enter data.

I've found Quicken support to be adequate if not excellent.

I wish the program itself was better, but won't move unless forced, or until a clear nirvana alternative becomes obvious.

Why do people keep 30 years of data, BTW? How do you use it?

Two main ways.

1. I can answer questions like "when did we replace the furnace", "How much did we give XXX for her graduation", "When did we go to YYY" etc, without digging through files in the basement. It's an invaluable financial fossil record.

2. I can answer questions about spending. Before retiring last year, I worked up a spreadsheet of our last 6-7 years of spending by major category, and worked out what our spending would be in retirement. As it turned out, I was on target for 2021 spending, despite Covid and retirement changes. It takes me a half day each year to add to this spreadsheet using Quicken reporting data, and it gives me a good summary I can share with my spouse, use to jog my memory, etc.

Despite very little trading on my part, I find my balances in investment accounts don't quite track reality. They're close enough that I feel I can rely on the net worth number Quicken comes up with though, and that's good enough for me. Quicken is primarily about spending for me, and secondarily about that only-accurate-to-within-a-few-percent net worth number.

 

[ejman]

It's not likely to work. If it's from the old company, the install process will look for the old server and not find it. I tried to load an old version when my program would no longer open (some type of corruption) and couldn't. I was quite upset as it forced me to upgrade to a current version. I think that was a 2016 version. I figured since I had the CD I would be all set. No such luck.

Good luck. There may be some IT guy magic that could be brought to bear on the issue, but I couldn't find any way around it.

Perhaps the latter CD versions of Quicken look for the no longer existing mothership in order to install but no such problem with the 2010 version I use.

 

[jollystomper]

I discontinued the Quicken upgrade treadmill with Quicken 2010 (started in early 90's). Of course, no download but like you I find that I actually enjoy manually updating the few transactions I have and having direct interaction with the data. I've watched my kids use automated download of statements into their finance programs and all the data gets is a cursory look - "it looks about right" I ask them what their asset allocation is - don't know, what their average monthly expenditures are - same answer - it's in there somewhere.

+1

I am using Quicken 2017 (started with Quicken version 6) and do not plan to go farther until they decide to break it. I stopped downing automatic data downloads many years ago. It seems so many problems were occurring from their transaction download process. I feel more comfortable entering the info in myself. It takes very little time, from my standpoint, and I can multitask it with doing something like watching a sports game.

For stock price updates I wrote a program that does daily API calls retrieving prices into a .csv file, which I import (I have been lazy about automating the import process using Microsoft Power Automate or similar tools).

I do regular backups so recovering data has not been a problem. In the event they do decide to break non-subscription versions... I will cross that road when I come to it, based on the available options at that time.

 

[rodi]

Another with over 20 years of Quicken data. I found it incredibly useful when I first started investigating early retirement. I was able to look at and see exactly where we were spending money, and what could be trimmed with little pain and little effort. I was able to develop a good estimate of what my retirement spending would look like. And quicken lifetime planner was another tool in the toolbox for vetting my plans as they were being formulated.

I should archive off old files. I did that in 2001 when we moved across country and had all new banking... I think I'll archive off from 2015 older soon.

I left Quicken years ago. It refused to interface with my bank and with Schwab. I gave up.

Why do people keep 30 years of data, BTW? How do you use it?

Examples:
* Redid our hall bathroom 3 years ago and our master bathroom 10 years ago. We were able to look up the price of materials and compare, refresh our memory which online merchants we used for some of the tile, etc..

* DH is financial guardian for MIL due to her dementia. He's had to provide records to the court over the years... they have asked for up to 5 years past.

* We can easily look up big purchases to see if they are under warranty or extended warranty. Our fridge icemaker had problems while it was under the original 2 year warranty getting close to 2 years from purchase... then had more problems 6 months later - was able to get the costco/citi bank extended warranty (which doubles the original warranty)... Looking up the purchase date in quicken made it easier to get the correct statement to show proof of purchase... but it was old enough that the statement wasn't available online anymore.

* We regularly disagree about when we adopted our pooch. I look at quicken and see the month we spent a lot of money at petsmart/petco - buying the crate, dog dishes, toys, etc. Sept 2010 is when we adopted our wonderdog - I have the records to prove it.

 

[ejman]

Another with over 20 years of Quicken data. I found it incredibly useful when I first started investigating early retirement. I was able to look at and see exactly where we were spending money, and what could be trimmed with little pain and little effort. I was able to develop a good estimate of what my retirement spending would look like. And quicken lifetime planner was another tool in the toolbox for vetting my plans as they were being formulated.

I should archive off old files. I did that in 2001 when we moved across country and had all new banking... I think I'll archive off from 2015 older soon.




Examples:
* Redid our hall bathroom 3 years ago and our master bathroom 10 years ago. We were able to look up the price of materials and compare, refresh our memory which online merchants we used for some of the tile, etc..

* DH is financial guardian for MIL due to her dementia. He's had to provide records to the court over the years... they have asked for up to 5 years past.

* We can easily look up big purchases to see if they are under warranty or extended warranty. Our fridge icemaker had problems while it was under the original 2 year warranty getting close to 2 years from purchase... then had more problems 6 months later - was able to get the costco/citi bank extended warranty (which doubles the original warranty)... Looking up the purchase date in quicken made it easier to get the correct statement to show proof of purchase... but it was old enough that the statement wasn't available online anymore.

* We regularly disagree about when we adopted our pooch. I look at quicken and see the month we spent a lot of money at petsmart/petco - buying the crate, dog dishes, toys, etc. Sept 2010 is when we adopted our wonderdog - I have the records to prove it.

+ 1. I have Quicken data back to 1992. I find it invaluable to answer questions like - when did I buy this? when did we go on vacation? Who was the pet sitter? How much did it cost? where did we stay? what was that gift to DD last year and how much did it cost? What was our stock allocation back when we ER'd? how does it compare to now? What is the basis of this stock I bought 30 years ago? and on and on.

 

[pdxgal]

had basically the same problems as the OP. Stems from Schwab switching from Direct Connect to Web Connect +.
....

Very frustrating but with 30+ years of data I'm not looking to go somewhere else.

+1. It's amusing and not surprising to me how many of us have used Quicken for forever. It's been a useful tool to help us get where we are financially. When I see the Quicken chart where my net worth was about $2k in 1992 vs. what it is today, makes me feel proud.

 

[pdxgal]

I have Quicken data back to 1992. I find it invaluable to answer questions like - when did I buy this? when did we go on vacation? Who was the pet sitter? How much did it cost? where did we stay? what was that gift to DD last year and how much did it cost? What was our stock allocation back when we ER'd? how does it compare to now? What is the basis of this stock I bought 30 years ago? and on and on.

+1. Sooo helpful to have the data in one place and easily accessible!

 

[MisterBill]

* We regularly disagree about when we adopted our pooch. I look at quicken and see the month we spent a lot of money at petsmart/petco - buying the crate, dog dishes, toys, etc. Sept 2010 is when we adopted our wonderdog - I have the records to prove it.

I hope you have that as a saved report.