Microsoft Money 2004 newbie (BofA and ING questions)

Hi guys,

I've recently bought a copy of Microsoft Money because it seems pretty useful for managing finances. I have accounts at ING and BofA but I can't seem to link them so that Money just automatically updates it. I have to manually go to the website and download the new money file everytime. Is there a way to use the online updater?

What banks offer free online updates and possibly Bill Pay?

kingofblacks said: Can I buy a copy of Microsoft Money 2004 at a place like Staples, or do I have to get the software with a new computer?

You can get it at any place that sells computer software

isn't there a Money FAQ...
try here

AlbaTiVo said: I don't know if you need the latest version of Money, but I didn't and picked up a copy of Money 2003 here last month for $8.00 shipped:

AlbaTiVo, actually I think you do need the latest version. Or an older version. I have been using MS Money since version 1995. I update it every few years, and generally take a look at each new version before I decide. Over the last few years the following versions have existed:

2000 - GOOD
2002 - BAD
2003 - BAD
2004 - GOOD

I would say ditch 2003 and get a copy of 2000 if you really want to save money. If newer is important get 2004. Really. I bought 2003 and installed it, but after playing around with it promptly uninstalled it and went back to 2000. The biggest differenece is how much advertising they force on you though the program.

Qzic said: ...actually I think you do need the latest version. Or an older version.Not true. The problem that the OP is experiencing has nothing to do with his Money software. It's related to the fact that those to banks do not offer direct downloads.

The biggest differenece is how much advertising they force on you though the program.Also not true. The biggest differences, IMO, are program stability, background banking (added with Money 2002), enhancements to investment tracking, better integration with MSN Investor and improved reporting.

The advertisements are very easy to turn off if they bother you.

BoA offered direct download with Quicken only. However, they have now cancelled that a couple months ago. They only offer online banking now.

zender said: Neither ING or Bank of America offer direct download of statement/transaction data. ING used to, not sure if BofA ever did. As the OP has already stated, you need to login to your account and choose the download option to export the data to Money (same thing for Quicken) in order to then import the data. It's a security thing, data transmissions are more secure when you login to the websites.

A partial list of financial institutions that still allow direct downloading are:
American Express
Ameritrade
Bank One
Citibank
Discover
Fidelity
USAA

Some others in addition to ING and BofA that require you to login to the FI website are:
Chase
MBNA
Pentagon Fed.
Principal Bank
Presidential Bank
Virtual Bank

As far as free billpay goes, the OP should have received an offer for at least one year of free online billpay via MSN with the purchase of Money assuming he purchased a version other than standard. That can be setup to source from any number of his checking accounts whether or not they individually offer billpay or not. If he didn't purchase a non-standard version of Money he might just want to check his individual banks to see if they offer free billpay. I know BofA does on my checking account, but don't know if they offer it for all.

See the existing Money FAQ that kupop2 provided the link to for additional Money info.

There actually is a way to download Bank of America data into MS Money. Not sure that it works for ING, I haven't yet explored that. Essentially, you need to set up MS Money to use a passport and also to be enabled for online services (Synchronize with MSN).

At http://moneycentral.msn.com, you need to log in and go to 'Manage my accounts', where you should be able to see your MS Money account information. You then need to add MSN Money versions of these accounts - which connect to your FI and show your current balance and transaction information. A little confusing, I know, but essentially this is a Yodlee-type aggregation service that allows you to view accounts from credit cards, banks, etc. You then choose to 'Link' these MSN Money accounts to your MS Money versions (on the website).

Next time MS Money connects & synchronizes with MSN Money, it will be able to download any transactions that you can access using the MSN Money aggregation service. This is how I also access my MBNA transactions. Some FI will still be stuck with web connect only, but hope this helps some of you.

jaydunning said: There actually is a way to download Bank of America data into MS Money. [...] Next time MS Money connects & synchronizes with MSN Money, it will be able to download any transactions that you can access using the MSN Money aggregation service.

This sounds like a serious advantage of MS Money comparing to Quicken, which otherwise looks more user-friendly...

jaydunning said: There actually is a way to download Bank of America data into MS Money. Not sure that it works for ING, I haven't yet explored that. Essentially, you need to set up MS Money to use a passport and also to be enabled for online services (Synchronize with MSN).

Thanks for the tips! This looks like a workaround for a few accounts, including MBNA and Wells Fargo (which normally charges a monthly fee for "2-way" direct download into either Quicken or Money). However, ING Direct isn't on the list of financial institutions for MSN Moneycentral. (ING Direct Canada is, but it won't accept my username and PIN).

jaydunning said: Essentially, you need to set up MS Money to use a passport and also to be enabled for online services (Synchronize with MSN).Beware of synchronization between Money desktop and MSN Money. It can be a total disaster if you have a large Money data file and Microsoft doesn't yet have a fix for the problem. Initial signs of the problem begin after the synchronization starts when the program will hang and synchronization will not successfully complete. It's not at all easy to 'undo'. This problem has been around since Money 2002.

At http://moneycentral.msn.com, you need to log in and go to 'Manage my accounts', where you should be able to see your MS Money account information. You then need to add MSN Money versions of these accounts - which connect to your FI and show your current balance and transaction information. A little confusing, I know, but essentially this is a Yodlee-type aggregation service that allows you to view accounts from credit cards, banks, etc. You then choose to 'Link' these MSN Money accounts to your MS Money versions (on the website).

Next time MS Money connects & synchronizes with MSN Money, it will be able to download any transactions that you can access using the MSN Money aggregation service. This is how I also access my MBNA transactions. Some FI will still be stuck with web connect only, but hope this helps some of you.

Thanks for the tip!

I signed up on MSN MOney, but I cant find where to go to link these to MS Money. Do I need to register or set it up from MS Money? It's already set to use my MSN passport, but it doesnt seem to be picking up these accounts.