Bank conversion difficulty

How about creating a new account for the CC and transferring the balance from the equity loan account to the CC account? Or do you really want a single account with all of the transactions? It seems like two different accounts to me.

Just my two cents, Peter

It is not two accounts. It's just the new bank looking at the old loan in a different way. All the terms and conditions and history remain the same.

No guarantees; but you can try this.

Go here

Download xl2qif and make it an "addin" to Excel. That will add a new menu item to Excel.

Click on the XL2QIF menu item in Excel and elect to "Load from qif"; browse to the qif file you exported. Click "Import".

Select all the actual QIF data in Excel ... do not select the headings

Click on the XL2QIF menu item in Excel and elect to "Save to qif".

Choose a new name for the output qif file.

Check the box "Invert amounts".

Click "Convert".

See if the resulting new QIF file imports correctly to a Quicken credit card account.

Gary B. Berns wrote in news: snipped-for-privacy@4ax.com:

From your previous explanation, it seems like a different account to me. It's just a matter of time until the bank decides to change the terms.

Also, if this is now a credit card account, rather than a secured credit account, your credit rating could be affected. I would ask the bank what's up.

If the new bank still calls it an equity loan, but treats it as a credit card (I don't understand how that could be) you could try to keep the old account, but just enter new data for it in terms of bank, on-line stuff, etc. I would advise you to save your quicken data as a new file set, so you can go back to the status quo as of the time the bank changeover occurred.

I would also like to know the name of the new bank, so I can avoid getting entangled with them. -- Best regards Han email address is invalid

I am going to see if I can learn how to do the inversion in Quatro Pro as do not use Excel. Can import and export Qif. The question is the inversion.

Thanks.

I think you are being paranoid on my behalf. They can't change the terms on a recorded mortgage. On the bank's web site they call it a prime equity line and indicate my proper limit. It is just how they handle it in Quicken that is the problem. Also, and I won't know this until they post the first transaction, they may carry it as a positive rather than a negative balance and that will really screw up a balance sheet.

As far as who they are, let's just say they are a very large bank which, to this point, has been extremely cooperative.

Gary B. Berns wrote in news: snipped-for-privacy@4ax.com:

I wasn't being paranoid. I was just suggesting you ask why they are doing things differently now. There was no other motive than avoiding to get into the same situation as you are by asking which bank this is. Some very large banks have in the past made the same kinds of havoc by overtaking others.

Gary B. Berns wrote in news: snipped-for-privacy@4ax.com:

Isn't that multiplying by (-1)? I've done things like that in Excel, and probably also in QP when I used that.

And then I got frustrated. Found that Quatro Pro imports qif but does not export it. There are programs that export from excel or for Mac OS's, but couldn't find anything for conversion of windows generic formats.

I'm confused. Can't Quatro Pro save files as text files? That's all a QIF file is. In Excel, we would tell Excel to "Save as type" "text" then enclose the file name in quotes, such as, "MyQIF.qif". (You could make your changes in a word processor, it's just that if you have a lot of data, an app that can do math on multiple records can make the job easier).

I'm not aware of any client-bank "privilege" where you can't disclose the name of the bank. ;-) Personally, I like hearing posters' experiences in how different banks do things and what products the various institutions offer. It helps me decide where to do my banking. I'm curious why you feel the need to keep the bank's name a secret.

Regards,

Margaret

On Thu 16 Jun 2005 08:51:58a, Margaret Wilson wrote in news: snipped-for-privacy@news3.newsguy.com:

Maybe you've never banked with the mob ;)

It has nothing to do with privilege. Rather call it paranoia. I post under my full name. Had I used a spoofed name, I would have no hesitancy in giving the banks name. I do not feel secure in connecting the two.

I also do not share the feeling of the other poster that the bank is doing anything wrong. They just have a diferent way of looking at things than the prior bank. This as a very large full service institution that just has a different way of looking at equity loans for downloading purposes than did my former bank. If I used excel and could export a qif file it wouldn't even be a problem. However I use Quatro Pro and although it imports qif it won't export it and I can not find a single utility that will convert anything in the windows environment except an excel plug-in. There seem to be some for Mac OS but none for Windows.

QP lets me save as ASCI text either tab delimited or comma delimited. Tried both ways and saved them as files with qif extensions. Quicken would not read either.

Looked at a qif file in a viewer. Each item is on its own line with a record taking multiple lines. There is a ^ on the line between records. Both ascii text models spread records across a line.

I could probably spend the hours to do this in a text editor but it sure doesn't seem like it should have to be done.

Ah, I see, it never occurred to me to worry about identity theft in this context, but I see your point.... But back to your issue, and I apologize in advance that my thoughts aren't going to provide you with the particular solution you seek. Here goes:

I understand why you'd want to keep the data from both banks in one account. Personally, I'd feel the same way, as it simplifies reporting, etc. However, since it's a different bank with a different way of representing your loan (even though it's the same loan), this might be one of those times when transferring the balance to a new account of the required type could save some headaches. I've had to give in and create a new account on a few occasions over the many years I've used Quicken. (I'm a yearly upgrader.) There have also been a few times when I've managed to avoid creating a new account only to have it "bite me" down the road. Why not back up your file, create the new account, transfer the balance and see how it goes?

Regards,

Margaret