Use of Quicken With Financial Institutions

I received the following email from State Farm Bank. I am not using Mint but am using Quicken to download transactions. It is not clear to me from the email whether it applies only to Mint users or to Quicken users as well. This may not fare well for Quicken in the future.

You are receiving this email because you have been identified as a State Farm® customer who has a relationship with Mint (Intuit) personal financial management (PFM) provider(s). State Farm works hard to stay up to date on the latest ways to keep your personal information secure. With that in mind, we've decided to discontinue your PFM provider's access to your online account information as of September 16, 2016. This means you will no longer be able to include any State Farm products within your PFM provider's website view. We apologize for any inconvenience this may cause in managing your financial accounts, but we believe it is the best way to ensure the details of your account with us are safe. Learn more about how State Farm keeps your personal information secure by visiting our privacy and security page. You will still be able to access your State Farm policies and accounts anytime by logging in online using the button below. You may also access your account information on the go with our Pocket Agent® app, which is available for Android and iOS devices.

Reply to
colglbo
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There are three ways Quicken can use to download financial data -

Direct Connect Express Web Connect (known as Quicken Connect in Quicken Mac) Web Connect

Direct Connect uses an Intuit proprietary protocol for doing file transfers. - banks pay big bucks to Intuit for this. Express Web Connect uses what is effectively a behind the scenes screen scraping protocol. Banks pay little or nothing for this, but it's slower and subject to errors Web Connect uses a manually downloaded transaction file that Quicken desktop software parses. Banks pay nothing for this, but it requires the users to initiate the download each time.

It sounds like State Farm was using Express Web Connect. There are security concerns about users giving third parties their bank passwords, so many banks are blocking this.

Reply to
Arthur Conan Doyle

It looks like State Farm use Web Connect according this site. (web page loa ds slow)

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If the email mentions Mint and not Quicken then I would they are stopping M int from accessing their data.

Remember Quicken is no longer owned by Intuit. So they can only be talking about Mint.

You can verify this by contacting State Farm to clarify their statement.

If you do contact them please report back here so that anyone else who is i n the same predicament will know what is going on.

Reply to
Jeffrey

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