Big Question As CUs Move To Dump Quicken: How Many Members Care?
The Quicken download icon may soon disappear from credit union online banking sites, as many CUs choose to
The question that remains: How many members really care?
About one-third of the CU clients offering Quicken downloads at Database Management Services, Inc. (DMS) have cut or will
The changes are in response to Intuit's fee implementation for Web Connect, which Quicken has offered free of charge for about
Web Connect allows consumers to automatically download transaction data in OFX format from the credit union's website to
"Many of our credit unions can't swallow the cost," Pearson explained. DMS will pass along Intuit's new annual fee, which the
Les Bois FCU in Boise, Idaho, is one of those DMS credit unions. The $26-million CU dropped Web Connect in January, when
"Quicken's fee increase just makes it impossible to offer the feature," Clifford said. "But our members understand. We put a
"We're in the process of converting over to support Microsoft Money downloads, instead," he added.
DMS clients might be considered lucky, relatively speaking. Credit unions providing Web Connect through other data processors
The $89-million, New Orleans-based RiverLand CU was quoted a $3,000 annual fee for Web Connect through its data processing
"We currently have only a small number of members using the service and it would be nearly impossible to justify or pass on the
Only 4.5 % of the CU's 500 bill pay users are also using Web Connect, she added.
RiverLand first heard about the new fees after the fact, missing its chance to negotiate for fair pricing, Beaubouef said. "Of
Some credit unions are still in the dark about the pricing policy. "At this point, we haven't heard anything about pricing," said
The San Angelo, Texas-based CU provides Web Connect through Galaxy Plus, a credit union data processing firm. Galaxy Plus
DMS said there has been no uproar from members of credit unions that are discontinuing Web Connect. Perhaps that's because, of
"Credit unions have simply explained the situation to their members," he said. "And members have been pretty reasonable."