OFX Data Transfer Format

Pros and Cons

Many websites praise the new features in Quicken 2005 while unhappy customers post scathing reviews in response. This includes Amazon.com, where atop a pile of posts full of criticism and fury, the most recent review noted that the speed and accuracy of the new OFX data transfer format was superior to the QIF format and was well worth the upgrade cost.

Alternatives for Quicken 2005

Intuit offers a full refund within 60 days of purchase should you find that the OFX format renders the program less useful than a previous version of Quicken. Also, if you’re already using an earlier version you can always wait to upgrade, and if you would like to start using Quicken, a pre-2005 version can be purchased on Ebay. As time goes on more banks and credit unions will migrate to the new format and it makes sense that both Intuit and the financial institutions will feel enough pressure from customers to find a way to offer the data transfers at no cost.

Discontinuing the QIF data format for importing and exporting caused enough of an uproar across the internet that Intuit needs to stand up and take notice. To offer the OFX data transfer format without having financial institutions embracing the technology on a full scale was an enormous oversight in catering to user needs.