Bank of America - CC-501 Error Found at:
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The original poster makes a false assumption and keeps sticking with it.I don't know what causes the CC-501 error, but I do know the op will continue to have problems until they get rid of the false assumption.
Contrary to the op's impression, Quicken has nothing to do with where or how financial institution verification codes are sent: that is controlled by the financial institution.
And Bank of America will NOT allow email (or voice) for verification codes: ONLY text.
In order to get the verification codes via text, the user must have a cell phone defined in their BofA Profile at the BofA web site (Profile & Settings
Phone/Mobile numbers).[Note 1: there is NO setting at BofA that will turn off the requirement for 2FA when downloading to Quicken using Express Web Connect. For Express Web Connect with BofA, 2FA is mandatory. And it is BofA who makes it mandatory.]
[Note 2: even if the user tells BofA that a phone number is NOT a mobile number, BofA will offer to send verification code "text" to that non-mobile number anyway. It is possible to have at least 4 phone numbers defined at BofA. A Quicken Express Web Connect user must just make sure at least one of those phone numbers is a valid "mobile number".]