Chase OFX Issues

Update 6 December 2023

As of the start December 2023, it appears that Chase may have resolved the previously mentioned issue outlined in this article. However, recent user reports indicate a different problem with importing OFX/QFX files from Chase. This particular issue was already on our radar, and we've provided an article on how to resolve it here, Import Creates New Account. For more detailed information, please refer to that article.

Starting in October 2023, reports have been coming in regarding issues with importing transactions from Chase. Unfortunately, these issues cannot be resolved from our end.

Upon examining information provided by MoneyWell users, it appears that Chase is not strictly adhering to the OFX standard, which clearly outlines how banks and financial institutions should handle and distribute financial data. Chase's downloadable OFX files lack essential information, such as routing and account numbers (which MoneyWell uses to assign transactions to the correct account) and unique transaction IDs (which MoneyWell uses to identify duplicate transactions).

This leads to two primary problems within MoneyWell:

  1. Transactions Are Not Assigned to the Correct Account: Because of the missing routing and account numbers, MoneyWell is unable to assign the transactions within the imported file to the appropriate account. As a result, MoneyWell creates new accounts and assigns the transactions there. The usual workaround, Import Creates New Account, also doesn't apply in this case.
  2. Only the First Transaction Is Imported: Due to the absence of unique transaction IDs, MoneyWell considers all transactions within the file to be the same transaction. Consequently, only the first transaction is imported, and the rest are ignored. There is no workaround for this issue.

It's important to note that these issues stem from the way Chase structures its OFX files, and they cannot be resolved by MoneyWell. Users encountering these problems should consider reaching out to Chase for assistance or exploring alternative methods for importing their transactions.

As we have no direct line of communication with Chase themselves, we are unsure of what could have caused this, if they are aware of this, if this is being fixed.

If possible, for the time being my suggestion would be to export your transactions from Chase in a different format, MoneyWell accepts both QIF and CSV as well as OFX, and see if the transactions are correctly imported then.

We'll update this article with any futher information.

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