Weird Bank Behavior

SRC54

I would like to know about any bank's habits you've come across that are strange. I am not talking about bugs or problems with Simplifi's connections, but things that the banks do I suppose for some sort of tax or accounting reason. I have two banks I want to highlight.

First US Bank

Each month they post the interest usually on the last day of the month BUT if the month ends on a weekend, they post the interest for the first day of the next month. BUT it is already included in your downloaded balance on the last business day. This month, it was credited within the bank balance on Saturday 30 November. On the web site, it shows as a transaction for today 1 December. But it has still not downloaded. Probably later today or tomorrow. Or never. I've already added it as a cleared transaction dated 30 November. Oh, and every month I get a transaction for 0.00 for Updated Interest Rate. I just delete it when it comes in. Dumb.

Capital One

On the first day of the month, Capital One downloads the interest deposit dated the previous day (last day of the month). Great. I get one for my checking and savings. BUT it does not update the balance. This isn't a mistake made by Simplifi. The Balance is unchanged on the website. Sometime later today or tomorrow, the balance will change. Why? I guess you could not withdraw it today. You have to wait an extra day. But why?

Another weird habit they have is clearing debit card transactions (the ones without PIN numbers run as a credit), which get reflected in the updated balance that is downloaded by Simplifi. But the transaction itself won't download until the next time. Again this is not a Simplifi problem as the same happens in classic. Typically, it will download next time. Capital One will not download pending transactions, so if you want you enter it and when it updates the balance, you have to clear it yourself. Or wait a few hours and it will download and clear.

I would love to hear about your banks and its eccentricities.

UrsulaA

Marcus by Goldman Sachs behaves in the same way as Capital One. The interest posts on the last day of the month (November) but comes down to Simplifi on the first of the next month (December). The balance does not update on the last day of the month. I checked against the statements.

SRC54

https://community.simplifimoney.com/discussion/comment/44477#Comment_44477

My Capital One Interest does post on the last day of the month. And it downloads the next morning, but for some reason Capital One doesn't update the balance until the next download. Capital One is very idiosyncratic.

UrsulaA

@SRC54 - I see similar behavior with my Capital One credit cards. The transactions for the last day of the month download a day or two later and the balance updates then as well. So the balances lag by a day or two, which is fine.

SRC54

These are checking/savings account. The balance shouldn't lag at all after the transactions download. This is not the expected behavior. And this messes up Simplifi because you get a cleared transaction and the balance stays the same. Simplifi doesn't know to add the cleared interest because it only adds and subtracts pending transactions.

This is what I mean by weird behavior. It is not what any of my other bank accounts do. If it's cleared, it's in the balance. That is what cleared means.

UrsulaA

https://community.simplifimoney.com/discussion/comment/44576#Comment_44576

Agree that the behavior with balance discrepancies and downloaded/cleared transactions should be corrected.

I am used to the lag with Marcus by Goldman Sachs, the interest downloads a day later (first of the month) even though it clears on the last day of the month. The balance for the last day of the month is always lower by the interest amount.

SRC54

Yes, it should be. But I doubt Quicken has the clout that Microsoft/Intuit used to have. You know when Microsoft was king, it more or less got all the banks on board. Everything was pretty much rock solid from 1990s on. Capital One worked perfectly; then they just kind of announced that they would update when they wanted to do so. It's actually been better with the OAuth connection.

I appreciate your comments about Marcus. I wanted to know who else had troubles with their bank's idiosyncrasies. There are some things wrong with Simplifi right now for sure. But this thread was to identify things that certain banks do. And no app can fix GO-GI.