I suggest you ...

Give more info on the "sync with bank" feature

I tried the "sync with bank" feature and it worked perfectly on the Rentec end. However, doing that somehow enrolled with me with a QuickBooks online software program subscription service with Wells Fargo for 14.99/mo. I called them as soon as I got the email thanking me for signing up and cancelled it right away, but other people who aren't expecting this may be surprised down the road if they don't catch it right away. When I asked them how I signed up for "QuickBooks" they said I had entered my bank information through an online accounting program on 6/12. Rentec is all I use so I know that's how it started.

I saw your site said this is a new feature still in beta testing, so I thought I'd give you my experience on that. It might be good to add a disclaimer or something saying this could result in a service charge from the bank. Since Wells Fargo will charge me $14.99/mo to sync the information via your site, I won't be using it. But it did work as expected!

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Diehl, Noelle shared this idea  ·   ·  Flag idea as inappropriate…  ·  Admin →

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  • Beldham, Brian commented  ·   ·  Flag as inappropriate

    The same thing happened with me. I spoke with Wells Fargo and they advised me that tehy charge since they provide support for Quicken and QuickBooks. I confirmed that if one does not use those applications there would not be a charge but advised me that their system may perceive the information request as being from Quickbooks/Quicken and hence the charge. They advised me that maybe there was a way to adjust the way the electronic request is made so that it does not appear to be a Quickbooks/Quicken request (no idea how that would eb done though).

    I would suggest providing the link to the knowledge database regarding sync on the sync page

  • AdminKevin (Client Success Team, Rentec Direct) commented  ·   ·  Flag as inappropriate

    Looking into this a bit more, I do see what you are asking...the software does allow you to completely signup for this service without mentioning the possibility of any additional fees. Thank you once again for pointing this out!

  • AdminKevin (Client Success Team, Rentec Direct) commented  ·   ·  Flag as inappropriate

    Hi Noelle,

    Thank you for the feedback! Our knowledge base article does actually state that some banks charge for the service...

    http://support.rentecdirect.com/knowledgebase/articles/281736-bank-synchronization-download-bank-transactions

    DIRECT CONNECT
    Most major financial institutions support "direct connect", or sometimes referred to as Open Financial Exchange (OFX for short). You may need to verify with your financial institution that your bank account is setup for direct connect as it is usually disabled by default at most financial institutions until you ask them to turn it on. Some financial institutions charge a direct connect fee, others don't. Wells Fargo for instance charges $8/mo for the service. Direct Connect (or OFX) is the same technology used by Quicken and Quickbooks.

    However, it appears that they have increased the fee since we posted the article so we'll be sure to update it and point out that it's now $14.99/mo

    thank you!

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