Troubleshooting Institutional Connections in Monarch Money: Tips and Tricks
As a financial coach, I work closely with my clients to help them create budgets, implement their budgets, and create cash flow systems to save more, pay off debt, and achieve their financial goals. I work extensively with Monarch Money, offering workshops and 45-minute consults to answer questions about setting up and using the software. However, if you're experiencing connection issues with institutional connections, such as bank accounts not connecting, please contact the Monarch team directly for support.
Tips and Tricks for Troubleshooting Institutional Connections
When troubleshooting institutional connections, it's essential to refer to the Monarch website and support system for assistance. Regularly check the comments section for updates on troubleshooting methods and potential changes to the software. To overcome connection issues, try the following steps:
Step 1: Update Credential
- Look for an orange-pink button that says "Update" or "Update this Credential" and click on it to update the credential.
- Alternatively, click the three dots and select "Update Login Settings" to relog in.
- This step may resolve 90% of connection issues.
- You may need to perform this step on a weekly or monthly basis due to potential issues with the bank or Plaid.
It's essential to note that connection issues may not be Monarch's fault, but rather a result of the bank's technology or Plaid's integration.
Future Updates and Changes
The Monarch team is continually working to improve the troubleshooting process and may update the software to make it easier to resolve connection issues. Make sure to check the comments section regularly for updates and changes to the troubleshooting process.
Troubleshooting Issues with Bank Account Connection in Monarch Money App
Re-entering Login Credentials
- You may need to re-enter and update login settings almost every week to get data to feed properly.
- This can be frustrating and may require changing bank accounts if not possible.
Identifying the Issue
- Reach out to Monarch support to determine if the issue is with the bank/institution or Monarch.
- Check the Monarch website for known issues with certain institutions, including maintenance hours that may cause connectivity issues.
Investment Accounts
- Few institutions consistently connect well with Monarch.
- Fidelity is one example of an institution that works well.
- Smaller institutions may have issues connecting.
Known Issues
- Check the Monarch interface for red or green indicators to identify known issues.
- Hover over the indicator to learn more about the issues.
Recommendations
- If re-entering credentials does not work, consider adding a manual account.
- Use the "Add Manual Account" button to add the account and update the balance manually.
- If you prefer to connect your account, you may need to re-enter credentials.
Alternative Data Providers
- Try using a different data provider, such as MX or Finicity.
- Follow the same process as Plaid to connect the account.
- If the issue persists, try a different data provider.
Duplicate Accounts
- If you try a different data provider, you may create a duplicate account.
- Ensure that you remove the old account if it is no longer active.
- The new account will be listed with a different name (e.g., FX instead of Plaid).
Combining Accounts and Merging Transactions in Monarch
When combining accounts, you can move transactions from one account to another using the "Edit Multiple" feature. You can also copy the balance history from one account to another using the "Copy Balance History" feature. However, be aware that Monarch does not have a great system for dealing with duplicate transactions.
Merging Accounts with a Cut-Off Date
- To merge accounts with a cut-off date of August 15th, you need to delete the old data before moving transactions to the new account.
- Go to the transaction page, filter by the account you want to delete, and click on the date to delete the old transactions.
- Change the date to the cut-off date (August 15th) and delete any transactions before that date.
- This will prevent duplicate data in the new account.
Deleting Old Transactions
- To delete transactions, go to the transaction page and click on the date you want to delete.
- Filter by the account you want to delete using the "Account" filter.
- Click "Apply" and change the date to the cut-off date.
- Any transactions before that date will be deleted.
Merging Accounts
- Reach out to Help and Support if you're having issues with merging accounts.
- Make sure to watch the Monarch video on account merging, which will be linked in the comments.
- If you have duplicate accounts, you can delete them by going to the account page, clicking on "Edit", and then clicking on "Delete Account".
Tips and Tricks
- When merging accounts, make sure to update institution settings and login credentials.
- If you have issues, reach out to Help and Support for assistance.
- Check the comments for tips and tricks from other users who have merged accounts.
- Download the Monarch video on account merging from the comments section if available.
By following these tips and tricks, you should be able to troubleshoot institutional connections in Monarch Money and resolve any issues you may be experiencing. Remember to always refer to the Monarch website and support system for assistance, and check the comments section regularly for updates and changes to the troubleshooting process.