What's new about my bank connects?
What’s new about QuickBooks Self-Employed’s connection to my financial institution?
The short answer is, it’s faster and more reliable, which means fewer sync errors and your account transactions stay up to date in QuickBooks.
The long answer is, QuickBooks now connects to select banks using OAuth (open standard for authentication) to more easily access your financial accounts.
It means that you no longer have to give us your bank username and password after initial setup. Instead, you give permission at your Financial institution(FI) for QuickBooks to access your account. Your bank sends us a token that we use to access your account. After that, we can still securely access your account even if you change your password.
Which of my banks are moving to this new connection?
We’re working with individual banks to change the way we connect to them. This is why you’ll see only some of your banks offering this new connection, at least for now.
So far, Capital One, Chase Bank, Wells Fargo, Bank of America, and Citi have agreed to move toward a better connection for QuickBooks customers. As we have exact dates and timelines available for each FI, we will update here with more information. We aren't looking to stop with just these FI's so stay tuned!
What do I need to do?
If you have already linked an account, you’ll see messages in QuickBooks Self-Employed on the web and in the mobile app to update your connection when you are clicking on that account card. Follow the instructions to update.
If you’re linking a new account (that’s eligible for this new connection), just link it normally.
Why do I have to sign in to my bank to do this?
This new connection is an agreement between Intuit and your bank to give us your data directly. In order to do this, your bank needs your permission to allow this new connection. Your bank needs you to sign in to their site so they know it’s you. Once you give them permission, we can take care of everything after that to get your data into QuickBooks Self-Employed.
Is there a deadline to update my existing connection?
Depends on which bank you’re updating. Each bank gives us a window of time to migrate customers over to the new connection. Usually, this window lasts 31 days, to give our customers enough time and warning to update their connections.
Make sure to update your connections before the deadlines, or your accounts won’t be able to keep syncing in QuickBooks Self-Employed.
Why is there a deadline? Why can’t I stay on the old connection?
Once a bank moves to this new type of connection, it doesn’t make sense for them to keep two different types of connections. It’s more efficient for both the banks and their customers (you!) to switch to this newer, improved experience.
How much historical data does the new connection bring in?
If your account was already connected, you won't lose any data, so it will bring in any new data that wasn't already there. If you are connecting for the first time, then in the past, the default was always 90 days of historical transactions. With this new connection type it will vary by FI, the range will be between 30 days and 2 years. If you need more than what's available for your FI, you can learn how here.