Items you will need
- Quicken 2002 (or later)
- Direct connect sign-on credentials
Open Financial Exchange, or OFX, is one method financial institutions and credit card companies use to allow customers to access their information using financial management software, such as Quicken. OFX is a direct connection that allows you to automatically download transactions, pay bills, contact customer service, or complete any other task you would normally visit the company website to do. Converting a company’s OFX to Quicken requires you to request the service and provide Quicken with a Direct Connect username and personal identification number (PIN) the financial institution or Credit Card Company will provide.
Apply for Direct Connect OFX Credentials
Click“Online” from the Quicken main menu, then select“Online Services Setup" to open the Online Account Setup window.
To create a new account click the “Create New Account in Quicken,” and select the correct account type, such as a checking or credit card account. Select your financial institution or credit card company by clicking the letter that corresponds to the first letter in the company name. Select the company name from the drop down list.
If you already have an account set up for the financial institution or credit card company, click “Edit Existing Account” from the Online Services Account Setup window and select “Direct Connect” from the list in the drop down box.
Click the button telling Quicken you want to connect to the company through Quicken. To request a direct connect username and password, click the “Apply Now” button and Quicken will transfer you to the company website.
Follow instructions on the website to complete your request and then click “OK.” In approximately 7-10 business days, you will receive sign-on credentials via postal mail.
Convert OFX to Quicken
Access the register for the account you need to activate by clicking “Tools” and then “Account List.” From the menu at the top of the account register, click “Set Up Online” to access the Account Setup Window. If you have more than one account, such as a checking and savings account, select the account you want to activate for online services.
Enter the credentials you received in the text boxes for username and password or PIN number. Quicken will connect to the institution, download account transactions and place them in a separate section of the register where you can review and either accept correct, unrecorded transactions, or delete transactions you may already have entered.
Decide if you want Quicken to remember your credentials in the Quicken password vault or enter them manually whenever you log in. Click “Yes” or “No” to indicate your response in the Password Vault message box. Click “OK” to exit the download window.
You can set QuickBooks up to automatically connect to your bank and download transactions when you log on by clicking “Edit” on the Quicken main menu, then “Preferences” and “Customize Online Updates.” Place a check mark in the ‘Run One Step Updates When Starting Quicken.”
Perform a manual download at any time by clicking “Send/Receive Transaction” from the Online Banking Center menu. Enter your personal identification number (PIN), and then click “OK” to connect to your bank and download transactions.
Some banks and credit card companies charge a fee for this service. Read the “fine print” carefully before completing your request.
Always verify transactions before accepting them to prevent recording duplicate or incorrectly applied charges to your account. For example, you may use your debit card to pay for groceries at the Piggly Wiggly and record it that way, but if the Piggly Wiggly is part of a chain, the transaction may clear your bank as Store #213.
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- “Quicken 2009: The Missing Manual;” Bonnie Biafore; 2008
- WellsFargo.com: Getting Started with Quicken 2007 (or later)
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