Most of the financial institutions I conect to,. I prefer to download data in OFX/QFX format and then import it into Quicken (I just don't trust Quicken to store my passwords, do the connections and downloading txns). I see that Quicken needs to connect to the financial service before loading the file. Is that a requirement of OFX/QFX format? Doesn't the file contain all the data Quicken needs to import it?
OFX
Mar 19, 2006
1 Replies
The file contains all the data, but Quicken uses the QFX format which contains an ID number for the financial institution that created it. I believe that Quicken is connecting to one of its own servers to verify that the financial institution ID number is legitimate (which I think means that it belongs to a financial institution that has a license to download QFX data to Quicken).
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