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Quicken 2006 - Dropping Support for QIF with credit card accounts

I upgraded to Quicken for Windows 2006. Once again I like the product and the new features so I have no complaints there. However, I was downloading my Dad's credit card transactions from Direct Merchant's bank (don't ever get a credit card through them they are worthless) and Quicken told me QIF downloads are no longer available for Credit Cards after the upgrade to the 2006 version. However, it would allow me to download them into an asset account which I did then I cut and pasted (with a single cut and paste) all the downloaded transactions into the credit card account.

I emailed Direct Merchant to ask them when they will switch to the new file type quicken is looking for and I got the typical Direct Merchant reply (thanks for your business and have a nice day). I've not run into this issue with any other credit card company.

Is this typical these days or is Direct Merchants Bank just way behind in switching over?

Don

Reply to
Don
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Many (most?) credit card companies allow either web connect download or direct connect download, so IMHO they are behind the curve.

Reply to
Mike

Intuit stated several years ago that they were phasing out support for QIF in favor of a proprietary format. They said that QIF did not support all the features they wanted to incorporate into Quicken. It also means that banks will have to pay Intuit a royalty if they want to continue to offer direct downloads. You can choose which story to believe...

Some banks have chosen not to convert, some have...

Reply to
Clark W. Griswold, Jr.

There is more to this story, and it has been discussed (to death) in this forum before The whole industry recognized the need for a standard financial information exchange format and developed OFX, Open Financial Exchange. Microsoft, for example, supports OFX with Money.

Intuit also supports OFX, but with a twist. Their "extension" to OFX is QFX, which is the the proprietary format referred to above.

Now some people will maintain that QFX is not proprietary, but I'm in the software industry and No Way Jose is QFX non-proprietary.

For example, when the industry was developing OFX, it would have been easy for Intuit to contribute the features that are in QFX. Or, Intuit could announce that it supports only QFX but is giving anyone who asks nicely a royalty-free license to use QFX.

It is the royalty issue that makes QFX proprietary. Plain and simple. No amount of sophistry can get around that inconvenient fact.

If continued use of Direct Merchants Bank is important to you, perhaps you should look at the latest version of MS Money.

ILOO

Reply to
I live on Quicken and Outlook

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