what is this and why is it deducting 5.00 constantly?

sunflowermom

This has only recently been happening and it is NOT reflected in my online bank account transactions…so there is not a 5.00 deduction happening monthly…this is labeled as the minimum needed to keep the account open. But Quicken, and now Simplifi keep marking this as a monthly deduction in all my bank accounts.

Any ideas what this is about?

RobWilk

I know with some credit unions, they require you to have $5 in a savings account that is held in reserve - you typically cannot withdraw that $5 without cancelling your membership (closing your account(s)). Specifically, in my case at present (but not the only time i've dealt with it) PenFed reqiures me to have something like $5 in a savings account in order to have a credit card (or two) with them.

PenFed does not, however, reflect that in my online balance, so i don't see what you're seeing.

When support (Coaches) are here, they may (might) ask what your financial institution is.

Coach Jon

Hello @sunflowermom,

Have you reached out to your financial institution and asked them about these charges? They may have more insight as to what these may be in this case.

Thanks,

Coach Jon

sunflowermom

https://community.simplifimoney.com/discussion/comment/30457#Comment_30457

As I said in my original post…this is NOT showing on my actual online account. It is ONLY in Simplifi. So there's nothing happening on the bank end of things as far as I can tell.

sunflowermom

Actually it looks like it's only happening in Simplifi…not seeing this in Classic. And here it is AGAIN…just did it to all my accounts again:

RobWilk

You can delete those transactions easy enough, though, if they bother you — They're from your financial institution but you can delete the copy in simplifi

Coach Jon

Hello @sunflowermom,

I would have you establish a fresh connection with the bank in question using these steps:

1. Make all of the accounts with this bank manual by following the steps here.
2. Once you see the account(s) listed in the Manual Accounts section under Settings > Accounts, go back through the Add Account flow to reconnect to the bank.
3. Carefully link the account(s) found to your existing Quicken Simplifi account(s) by following the steps here.

Afterward, I would advise keeping an eye on things to see if the behavior continues.

Thanks,

Coach Jon

Flopbot

@sunflowermom

At Settings > Recurring Series, try doing a search for “ 5.00 “. Does that return anything? That would be the next troubleshooting step I’d try.

Like this, only with 5.00…

sunflowermom

OK I just got off the phone with my bank. I was aware that we had to keep a $5 minimum balance but this is the first time that I saw them showing up in Quicken, so it really confused me. Particularly since I was seeing them in Simplifi and I am still not super familiar with Simplifi yet. These did not download to Quicken Classic so it's the first time I'm having to interact with them.

So after talking to my bank and poking around some more, I see that the transaction in my online bank register has no date on them. And they are ONLY in savings accounts because my bank considers the savings accounts as the main accounts. The issue I am having is it looks like Simplifi is continuing to download these transactions and dating them.

Is there a way to put a transaction into Simplifi without a date? I'm guessing no. Or maybe I could just do what I just did with Classic and register an old transaction back to the date I opened the account (or as far back as my Simplifi register goes) and just let it be there and hope that Simplifi won't continue to download as a new transaction…Although I THINK that it is just redownloading it each time with a new date and not actually duplicating…so maybe I can just ignore…it's just very distracting.

If anyone has any experience with this I'd love to hear…otherwise…I'll sort it out and just update here as I have any info that might be helpful to someone else. (And really, just for ME to be able to reference when I inevitably forget how I sorted this out later…)

sunflowermom

Here's the issue I'm having… I thought it wasn't duplicating but now it appears that it might be:

See this is supposed to be just one transaction that never goes away….so why is Simplifi duplicating it and dating it? I added the "one-time payment" option to the most recent…will that do anything? I am trying to figure out how to get Simplifi to stop re-downloading this in multiple transactions.

DannyB

Hi @sunflowermom

This sounds like a similar issue Simplifi has with Wells Fargo pending transactions that is being "worked on" here. Each day a transaction remains pending at WF that transaction gets duplicated in Simplifi. A suspicion is that since WF updates the pending transaction with todays date for each day it remains pending, Simplifi seems to see it as a new pending transaction rather than matching it with an already existing pending transaction and ignoring it. This seems to have started when WF changed their 3rd party connection method.

Are these $5.00 amounts always shown as pending at your credit union?

Coach Natalie

@sunflowermom, have you tried the steps Coach Jon posted above to establish a completely fresh connection with the bank (see here)?

Let us know if doing so improves things for you!

-Coach Natalie