Reminds me of Big Brother in 1984 heralding the "increase" in benefits when
they had actually been cut.
Do they think we're stupid or something?
Fortunately, *WE* have *LOTS* of choices besides HSBC ;-)
Changes to Personal Internet Banking access
On December 10, 2006, you will no longer be able to use the DirectConnect
feature of Quicken and Money to connect to HSBC's Personal Internet Banking
However, you can still download your HSBC transactions into your
Quicken and Money software using the WebConnect feature. Simply log on to
Personal Internet Banking to perform your banking transactions, select "View
Accounts", and then "Download a File." Your account transactions can then be
imported into your Quicken and Money software.
We are dedicated to making your online experience with HSBC secure,
convenient, and easy. We are confident that, once you become accustomed to
using this new process, you will enjoy the added benefits and security you
will have using WebConnect. Thank you for your continued loyalty. If you
have any questions or concerns about the new procedure, please contact your
HSBC Relationship Manager or call 1-800-975-HSBC (1-800-975-4722).
Just got an email from HSBC - after December 10, 2006 there is not
going to be DirectConnect any longer, only WebConnect. It's a step
backward, in my view.
Does this mean that we cannot pay bills through Quicken? If that is the
what it means then I will bank elseware! I called up Citi and they do
support Quicken DirectConnect as well as have competive online savings
rate (5% vs HSBC 5.05%).
Bob Wang wrote:
Did they give you a link to their website that put's it in writing? I
looked at it an they only discuss WebConnect? Maybe I've missed it?
(I've been told from other fi's that they suppory DirectConnect - only to
find our later that they really didn't)
Probably, but maybe not as big a step backward as it might seem.
I'm wondering if the credit card companies aren't responding to
Quicken's new Express Web Connect feature which - once it gets
working correctly - will allow users to download from Web
Connect accounts using One Step Update. Since the fee to Intuit
is less for Web Connect accounts, and since it appears that
Express Web Connect will only need to access the fi's servers
once a day, perhaps the fi's are just taking a logical economic
It won't be that long before everyone who wants to download will
be using a version of Quicken with Express Web Connect
First initial underscore Last name at mchsi dot com
I believe the Express Web Connect will require some opt in
response from, and possibly some additional payment from, the
fi's (perhaps making it cost somewhere between Direct downloads,
and traditional Web Connect downloads). So it is certainly
possible that some fi's are dropping their capabilities to the
absolutely cheapest one possible.
Then, as Bob Wang said, we are still free to avail ourselves of
That's fine; I really don't care how my FI handles the download
capabilities, as long as the downloads work.
Fortunately, I'm not caught by the HSBC change. But, if I were, and if
HSBC is making the change due to the existence of EWC within Quicken
2007, I'd hope that they at least verified that EWC is working (and
it's not) before making the switch.
This is HSBC's answer to my query about them dropping DirectConnect:
"Thank you for your recent e-mail to HSBC's Internet Banking
This DirectConnect functionality for Quicken is no longer
available following a recent government mandate requiring a
higher level of authentication for online banking users. All
financial institutions are required to have the third level of
security by December 2006.
Personal Financial Software is not able to connect to
systems that have a 2 page login. To update your accounts
in Money, you can download a file from our website to
your computer and then import this file into Money. You
can download a file from this option under the 'View
Accounts' menu on the left.
For more information of when Quicken will accommodate
the new log in process, please contact Intuit for additional
assistance. We apologize for any inconvenience this may
Is this true? They seem to imply DirectConnect's death is coming soon.
Or perhaps they are implementing the govermenments "higher level of
authentication" in a manner which excludes DirectConnect.
Bummer. WebConnect is not the end of the world; it is a step backwards
They may be blowing smoke.
I have an HSBC Savings Account and Credit Card.
The SA direct connects but the CC doesn't (I don't use it very often because
I have accounts at BOA (I have some of the MBNA CC issues but that's another
BOA has a two step login scheme and my Q06Dlx direct connects without
In fact BOA changed from one step to the two step method and, as I recall,
Qkn was not greatly disturbed.
So it can be done.
So HSBC is [apparently] taking an easier way out.
I guess I'll have to look elsewhere if I get greatly stressed over the web
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