Monday, June 25, 2007

Banking Services Update coming in July for Money users

The following information was posted to the MSN Money Network Page recently, about an update coming in July 2007:

When: Mid July (expected around 19 July)


In mid-July, Money’s banking services will be updated. The update will affect customers who use Microsoft Money 2005, 2006, and 2007 and MSN Money My Accounts users. During the update, online services such as account balance updates and transaction downloads may not respond. After the update, you may need to set up your accounts again to regain access to online services.

To prepare, do the following:

  • Record the name and password for all accounts that need access to online services.
  • If you are using Money 2005, 2006 or 2007, create backup copies of all your Money files. In Microsoft Money, on the File menu, click Back Up. Note: it is a good practice to save copies in multiple locations for added security.
  • Review the Microsoft Money Support Web site ( for additional information about backup, sign-in, and online services.

During the service update period you may not be able to sign into your Money file with full online access. You can access your Money file during the update by selecting the check box I want to sign into Money directly, without access to all online services on the Money sign-in page. This sign in issue will impact Money 2004 and older versions as well as the newer Money 2005, 2006 and 2007 versions.

Duration: The service update period may be a few days in duration.

The scheduled event will be updated with more information as it becomes available.


Anonymous said...

Why did there need to be this update. I have to start my accounts from scratch, or do a lengthy and difficult merge. Terrible service. Terrible!

Glyn said...

The information I have is that it is to 'improve' the online banking experience.... what that means, I am not sure - possibly something down the line, rather than any immediate impact.

The set-up of accounts again isn't a great solution, but I think it was the only one that they could do.

The Money team have seen the feedback though, so thanks.

Anonymous said...

Could Microsoft be a little more forthcoming about the changes? How will this improve the program for users? More banks, faster downloads, better matching of transactions, etc.? Is there some technical change like not using Yodlee anymore?

Glyn said...

The changes are all on the server side, none in the program itself, so it won't make any difference to matching of existing transactions for instance, as that is handled within the program.

However, as for technical changes on the server side, I'll drop a message to Microsoft and see whether there is anything I can post on that side of thing.


Glyn said...

Okay, here are some of the details. As I mentioned, it's a server side update:

o Consolidated account aggregation to the newest Yodlee platform

o Performance improvements in the server side

In addition, they do say that there are some Financial Institutions which are not supported by Yodlee, but are working to get them added as they discover them.

Yodlee separates Credit card and banking accounts, so if you have both, then you wil have to add the accounts separately.

Anonymous said...

It is November 1, 2007 and all I can say about the Banking updates is that my Money 2007 Premium is almost unusable. I went through the details of the update and followed them exactly.

Result has been that I have lost online updates for Bank of America and Wells Fargo Credit Card services, and each time my four checking/savings accounts sync with my bank, they get duplicated. The online CC accounts cannot be restored (message is "Temporarily Unavailable").

I have used Money since Money 95 and have updated every couple of years. This version of the product is junk. The problems with the online banking support will make me study the options before I upgrade further, or choose to start over with Quicken.

Glyn said...

Hi Jeff

shame it hasn't worked out. You may want to get in touch with MS Money support if you haven't, because it certainly shouldn't be causing issues after 4 months.

The banks which were only on the CashEdge feed are gradually coming onto the Yodlee feed - the Microsoft Money website should detail which are there. if yours are present, then there is most likely a technical issue which support can solve.

Unknown said...

Why is this update necessary? My MS Money is working just fine without it. In fact, why don't I just wait until Money 2008 is released? There has been no discussion of the urgency of this problem. Steve

Glyn said...

It was necessary because of the backend of the online services. The account aggregration is all server side, and sometimes these things need to be done.

You could wait until Money 2008 has been released.... however, it has been. They renamed it Money Plus this year and it came out a couple of months back.