update on HSBC

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.

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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 ;-)
Bob 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 service.
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.
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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%).
Marty
Bob Wang wrote:

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Pure Web Connect downloads can not be used to pay bills using the fi's bill pay via Quicken. Pure Web Connect has no "upload" capability to send your payment instructions.
--
John Pollard
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Marty said

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)
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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 step.
It won't be that long before everyone who wants to download will be using a version of Quicken with Express Web Connect capability.
--
John Pollard
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I forgot.
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 competitors.
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John Pollard wrote:

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.
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Just to add to the subject - after October 29, 2006 no more support for Quicken (and Money) 2004. Only 2005 version and newer.
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gklatv said

This is HSBC's answer to my query about them dropping DirectConnect:
************************************************************ "Thank you for your recent e-mail to HSBC's Internet Banking unit.
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 cause." ************************************************************
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 IMHO.
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Hmmm 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 of that). The smoke... I have accounts at BOA (I have some of the MBNA CC issues but that's another story). BOA has a two step login scheme and my Q06Dlx direct connects without difficulty. 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 connect. Geo.
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