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U
usercanadahillsestat
March 10, 2021
Question

Does QBO charge a bank or credit union a fee in order to allow connection with my bank accounts?

  • March 10, 2021
  • 1 reply
  • 0 views
My CU offers connection for a fee of $5.95 a month. They say they need to charge me that because they have to pay a fee to quickbooks. Is that correct?

1 reply

Rustler
Rustler
March 10, 2021

Now that is interesting, I have not heard of intuit charging a connection fee, but it is possible, they do like receiving the funds.

 

My bank, and a couple of others in town, stopped the QBO feed and only provide a download file.  They said the reason was because their customer service folks were spending too much time on problems that were not their fault.  So if your credit union is charging a fee that intuit is not responsible for, that may be the reason, the extra support needed for intuit problems

U
usercanadahillsestatAuthor
March 10, 2021

Thanks for your input.  In the meantime, I was able to reach a tech at Intuit who checked and came back to say that QBO does not charge a fee to any bank or credit union for this connection service. Even my personal banking/accounting application does not charge a fee.  I have never had this problem or any other issue with my existing banks' connecting with QBO.  This issue came up on a new relationship with a credit union, who does not charge for this if it is a personal or cash management account, just a business account caught in between.

Angelyn_T
Angelyn_T
March 10, 2021

Thank you for following up with us, @usercanadahillsestat.

 

Yes, the online banking connection with QuickBooks Online is free from fees. Thus, you should be able to connect your account with no additional charges. If your bank requires a connection fee, I recommend reaching out to them and verify the amount.

 

Moreover, you may upload your bank transactions manually by preparing an Excel CSV file. You can use the 3 or 4 column format for your file. For the details, you can use these articles:

 

 

You can also open the topics from this link for more hints about bank feeds and reconciliation.

 

If you have any other questions about QuickBooks or banking connection, please let me know by adding a comment below. I'm always here to help. Have a good one!

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