MoneyDance

[thyme4change]

I downloaded the free trial for MoneyDance software and started setting it up. Some of it is kinda weird, but I like the way it looks and feels. Right now, I'm still nuetral on it.

But, I got an email from my bank saying that there are fees involved. They are going to charge me a monthly fee for MoneyDance to reach in and get my info. They don't charge me for mint.

What's up with that?!

[Plain Old Petunia]

I've not heard of MoneyDance, is it new?

I like Mint, but I wouldn't pay to use it. A software program would have to be REALLY special before I would even consider paying to use it, and most likely still wouldn't pay even then.

[thyme4change]

It isn't new.

The deal with the fee is that it is actually called "Quicken" fee - so I think it applies to both.

I have been using Mint and I don't care for it, so I thought I would investigate something else.

[mithrin]

I didn't see anything about bank fees on the MoneyDance homepage, but searching 'fees' in their support page turns up multiple posts about different banks charging "direct connection" fees for customers who use MoneyDance.

It seems that Quicken and Mint avoid these fees because they update their info by logging in with your user info/password and downloading the account activity. From the bank's side, this looks exactly the same as if you the customer logged on manually and downloaded the activity to Quicken. Most banks don't charge for manual access to your online activity, so Quicken/Mint emulate a manual connection to take advantage of it.

Apparently MoneyDance is trying to get a different type of connection--one that is more resources intensive to the bank (i.e. a live connection rather than downloading a snapshot). Since MoneyDance seems to try to not just track your accounts, but also to be able to manipulate them--do bill pays via them rather than the bank, it apparently needs a different type of connection.

I wouldn't use this program if it's going to cost me monthly fees from my bank accounts. I've found banks with bill pay features on their websites that make things very simple, and more importantly, free. Yes it means that I have to log on to the bank's website to take care of paying bills, but it doesn't seem like having some Money program log on for me is going to save me that much time.

[thyme4change]

I didn't see anything about bank fees on the MoneyDance homepage, but searching 'fees' in their support page turns up multiple posts about different banks charging "direct connection" fees for customers who use MoneyDance.

Yes, this is a fee from my bank - not from MoneyDance.

[Plain Old Petunia]

I was curious, so went to their website. It does look like some great software. I hope it works for you, good luck.

[azphx1972]

thyme, how did you hear about this software and what made you decide to try it over something like Quicken?

[tundrated]

I use Moneydance to track our finances. I am able to download my transactions into a OFX file and import to Moneydance for free. I also am able to auto connect to AMEX.

[thyme4change]

I heard about it on this board. I did some research and it gets better reviews than Quicken. I also don't like Mint, which is the same company as Quicken, so it didn't make sense to make that switch.

Anyone ever use Ace Money - that also gets very good reviews. I wonder if my bank will charge me to use them.

I'm super frustrated and angry. I really hate Mint.

[Plain Old Petunia]

There's also Hello Wallet. (Not a recommendation, just another program you may wish to investigate.)

[thyme4change]

Hello Wallet doesn't tout an investing section. Both Money Dance and Ace do. Since my investements are getting to the point where I should probably be paying way more attention to them, I would like to find software that would incorporate that.

That is another reason why Mint isn't dong much for me. It is a fine check register - but their budgeting sucks, and they don't really have anything that tracks the investments inside my accounts. They just give me the balance. Maybe I set it up incorrectly.

[thyme4change]

Anyone use Bundle. I hear they have great tools!

[jd2005]

Wells Fargo was going to charge me a similar fee. Funny thing is they are ok if I go to the on-line banking site and download the information straight into Quicken, but will charge if you do the same things straight from Quicken.

UGH!