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HSBC downloads to Quicken

I just received the following email about HSBC discontinuing download access utilizing Quicken. Is there anyway around this?

Subject:
Change to Internet Banking Service
Date:
05/10/2013
Dear Valued Customer, At HSBC Bank USA, N.A. (HSBC), we are committed to keeping you informed about updates to our products and services. Currently, we offer an online service that allows customers to download their transactions and account information from HSBC's Personal Internet Banking to either the Quicken® or Microsoft™ Money financial software programs. Beginning June 24, 2013 the 'Download a File' feature for these programs will no longer be available. As a result, we have updated our Terms and Conditions for Personal Internet Banking to reflect this change. We apologize for any inconvenience this may cause you. As an alternative, HSBC's EasyView service can be used to download your account information into a spreadsheet format allowing you to import that information into Quicken® or Microsoft™ Money. This complimentary service brings virtually all your personal online account information together and presents it to you on a single summary page. You can view your HSBC accounts as well as your other online accounts, including those from other banks, investment firms and more. Registration is easy and can be completed by simply logging on to HSBC's Personal Internet Banking and selecting EasyView from the left side navigation. Should you have any questions, please contact our Customer Relationship Center, available from 7:00 am to midnight ET at 1.800.975.HSBC (4722). If you are calling from outside the US, please call us collect at 1.716.841.7212. You may also contact us by using our secured 'BankMail' feature on the left hand side of your Personal Internet Banking menu. Thank you for choosing HSBC for your financial needs. Sincerely, HSBC Customer Experience Team Deposit products offered in U.S. by HSBC Bank USA, N.A. Member FDIC. © 2013 Intuit, Inc. All rights reserved. Intuit and Quicken are registered trademarks of Intuit, Inc. Microsoft, Encarta, MSN, and Windows are either registered trademarks or trademarks of Microsoft Corporation in the United States and/or other countries. © HSBC Bank USA, N.A. 2013. All Rights Reserved. Member FDIC
  • Why aren't you asking HSBC?
  • Changing financial institutions would be a very effective way to get around this.
  • Much better answer than NoWayJose. I think I may have to but it is a big hassle. I am wondering (and hoping) if this is just the ability to click on Download or the entire automated process. Also, wanted to alert the community and see if Quicken is aware of this.
  • Yes, I'll have to remember how difficult it is for human beings to figure out that they can take their business elsewhere ... despite the fact that so many of them bombard the airwaves with their threats to do just that. Or is it only Quicken that they remember they can stop using.
  • Nothing wrong with NoWayJose's response.  How else will HSBC know that you and others are unhappy with their decision to no longer provide downloads for Quicken.  Intuit/Quicken did not have anything to do with that decision and can't make them change their mind, but the customers can.
  • I believe HSBC was the one that was messing up downloading a while back with not coding the OFX right and such which resulted in credits and debits to be reversed.  I know they still do that for their foreign accounts because a guy that uses ImportQIF to get their OFX file imported into Quicken needed for me to put in code to work around their mistake.

    I guess they have some thing going for them as a bank and such, otherwise people wouldn't use them, but they don't seem to think much of the personal finance software, and frankly I really can't blame them that much.

    No matter what Quicken users think the services they require (and they usually want them for free) cost money and they are in fact a very small minority of the financial institution's customers.

    And then add on top of that if they can get you hooked on their website and such then you will not go to other financial institutions.  But it is the very fact that Quicken users can pull their data from multiple sources, they can leave a given financial institution and not lose their data.

    You can't even say that about Mint.  Mint allows you only to download one year's worth of data (CSV file).
  • Quick'NPerlWiz:  How do you know the stats on the number of Quicken users for HSBC?  You say they "are in fact a very small minority of the financial institution's customers."  I was confused about this.  Are not Quicken and Money products relatively popular?
  • I in fact do not know the stats for HSBC, it is a guess based on the fact that many financial institutions have dropped support for Quicken stating it, and the fact that the percentage of people using desktop personal finance software is a small percentage in comparison to overall US population.

    Here is a quick test for you.  Ask all your friends and co-workers how many of them use Quicken.  And then you go figure the percentage for your group.  BTW Microsoft stopped making MS Money years ago.  So they didn't figure the market was worth it.
  • Perhaps you may be right about the numbers of users, but one other thought is that  those with more complex financial needs (e.g., small business owners) may be more likely to use this kind of software and may have relatively more funds in their accounts.  Also, just out of curiosity, what other financial institutions have dropped support for Quicken?
  • TD Bank dropped billpay via Quicken recently.
  • Yes, but with TD Bank you can still download Quicken files; is there any bank or credit card company that does *not* (thanks for pointing out need for this correction splasher) have downloading of Quicken formatted files?   I can't think of any examples.
  • I think you are missing a "not" in your question.  But TD Bank did reduce their Quicken support which is just the first step in who knows what reductions next.  Others charge for Direct Connect download connections or have high minimum balance requirements on certain accounts for free downloading.  If it wasn't for Intuit's herculean job of making Express Web Connect downloads available for the number that they do, One Step Update would not be much of a selling point.
    A quick search of the Quicken 2013 fidir.txt file shows the following counts for the different connection types:
    7064 Web Connect
    13586 Express Web Connect
    1280 Direct Connect

    [added]  counts were arrived using Notepad and searching for &DIR, &EXP and &WEB
  • I find the number of Direct Connect very interesting.  I know that about a year ago it was more like 2100, and was as high as at least 4800 at one point.
  • I'm not sure how others use the software, but for accounting purposes, I think Quicken works well... I've never really cared about using any other services such as bill pay or whether it's direct connect or being able to download directly from the bank's website.  What I'm concerned about is that HSBC may be the first financial institution to discontinue any Quicken service.   If this happens, I probably will have to discontinue my account with them as I use Quicken intensively to manage my business; I may however be in the  minority.
  • BTW another point I didn't throw out, but financial institutions have been using as an excuse is security.
    More and more of them are using measures that basically make sure that only a human can access the accounts.

    I don't have any time table on this, and of course things could always change, but they have certainly been heading in this direction for a long time.
I sent inquiry to HSBC to follow up:

Here's the discussion I've had with HSBC so far...

HSBC:  

Re: Change to Internet Banking Service

Thank you for contacting HSBC Bank USA, N.A. We understand the importance of your message with regard to the demise of Quicken and Microsoft Money from your Personal Internet Banking service. We had provided this service to our customers as a convenience of downloading the transactions. However, we have received feedback that this service has not been utilized by many of our customers. As such, HSBC has made a decision to remove this feature from the Personal Internet Banking service. Beginning June 24, 2013, the 'Download a File' feature for these programs will no longer be available. Please be assured that you are able to download the transactions of your existing accounts via EasyView offered via online access. We currently offer an EasyView service which brings together all your online accounts in one place to give you a consolidated view. With EasyView you can view your HSBC accounts as well as accounts you have from other banks, credit card companies, investment firms online shopping sources, travel information, news sources, e-mail and more. You can view transactions, balances, set up alerts and payment reminders, categorize your account types, generate spending and expense reports, and calculate net worth for all your assets. Please be assured that registration to this service is easy and can be completed by simply logging on to HSBC's Personal Internet Banking and selecting EasyView from the left side navigation.


My Reply:

RE: Re: Change to Internet Banking Service

I'm so unhappy about this that I've begun the difficult process of transitioning to a new account with one of your competitors. I'm hoping I will have all of the direct deposit links changed by the time your download service ends. I understand you've made a calculation- probably to save a few extra pennies for your shareholders- that it is not important to support customers who rely on financial management software, but I think this is a mistake for a number of reasons. The most critical is that it goes against an important value: That we should be promoting the responsible management of finances, and encouraging the use of tools to do this effectively. This sends exactly the wrong message from a financial institution to its customers about this important principle. That you would lead the charge and be the first financial institution in the United States to drop support for this important software is egregious. I in no way, shape or form want to bank with an institution that does that.
  • I have thought of leaving HSBC in the past and this may well be 'the straw that broke the camels back.'  I have found that HSBC will have a way to allow for CSV format downloads but I do not see a way to import CSV bank information to Quicken.  

    If banks are starting to not support Quicken downloads, as per Quick'NPerlWiz, then what does Quicken propose to do or will we all be looking to leave them as well?
  • Good for you brionc29. I had also called them a few days back and basically told them the same thing. In viewing this link, it seems that we might be the only 2 people effected by this change. Hardly a reason for them to change. I will start my clearing out of HSBC as well.
  • Well if you really want to stay with HSBC then you can use my program (or something similar) to convert the CSV file to a QIF file that Quicken can import.
    Here is a link to my program.
    https://qlc.intuit.com/questions/153700-new-version-of-importqif-with-more-advanced-features

    Personally I have changed financial institutions because they don't support Quicken, but that really is a personal decision based on what is important to you.

    I really hope that I'm wrong about my predictions on where the support for Quicken and such is going in the future, but nothing I have seen seems to indicate something different.  Most of what I see is to people switching to "what's my balance" / "How much can I spend" on their phone kind of monitoring then any in depth/desktop kind of tracking like from Quicken.
  • The fact that people out there really are not using any kind of financial software, if HSBC is correct that "this service has not been utilized my many of our customers," is the core problem to my my way of thinking.  This is why I'm so bothered by HSBC's action.  My belief is that financial institutions not only would provide support for such tools, but would also *encourage* and *promote* the use of such tools for their customers with the understanding that Americans need to improve their financial management habits.  I agree also that there should be some changes with Quicken, most importantly by making it simple and easy to import other file formats, such as CSV files.    I spent a couple hours this week opening a new account with one of HSBC's competitors that fully support Quicken.  After completing the process to change electronic links, my goal is to end my relationship HSBC within the next 30 days.

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