Quicken users should dump Wachovia

Wachovia is just like any other large retail banking institution that usually makes noises about how they are improving online services for their customers to better serve their customers. But an upcoming change from Wachovia goes contrary to their claims. Beginning April 1 2007 Wachovia will begin charging $5.95/month from customers who access Online Banking directly from their personal financial management tools like Intuit Quicken, and Microsoft Money. Can you believe that? 6 bucks for a service that you might use once or twice a month just to keep your accounts updated.

How much does it really cost to store and deliver this data in an automated manner? After I downloaded the CSV for transactions on my check account for last month the size of the file came out to be 5.65 KB. Does Wachovia want us to deliver that is costs 6 bucks to deliver 13 KB of data a month? Maybe they should learn something from Youtube, where millions of bytes go across without a dime being paid by the user.

So much for web-based personal financial management tools. For all those out there working hard to bring Quicken to web including Wesabe, they can only helplessly watch as this weed potentially spreads out quickly to other banks. Imagine users paying $50-100/month just to access their account activity.

Personally I had long back dumped Wachovia for charging few dollars here few dollars there kind of fees. This announcement just makes sure I am never returning back.

Note: Some accounts(Crown *, Custom Banking, Performance Banking, Command Asset Program ) are spared from the fee, which for sure will have some other fees to start with.

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2 Responses to “Quicken users should dump Wachovia”

  1. jason knight Says:

    Hi,

    I’m Jason Knight CEO of Wesabe. First, I think it is ridiculous that banks charge users for access to *their own* data. That said, Wesabe members who want to continue using Wachovia and not have to pay for access to their data need not worry. We will support automatic uploads and the bank won’t charge for it.

  2. etradesucks Says:

    I guess the reference to Wesabe makes Quicken and Wachovia related to startups. That being said, E*TRADE (or Etrade or however you want to spell the beeyatch) should be avoided like the plague, too.

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