Why I’ve Abandoned Quicken, But Not Intuit

3/19/10Follow @wroush

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make sure I’m not spending too much in categories like travel, restaurants, or groceries. Both Quicken and Mint have great tools for doing these things, for people who like them; I just don’t use them myself.

Which is why, at a certain point, Quicken just wasn’t worth the pain. The problem with the software—and I’m referring now to the 2007 version, so things may have improved since then—was that it still smelled so strongly of 1993 or so, when the Web barely existed and going online meant opening a dial-up connection to a service like AOL. That’s exactly what getting the latest account balances from my various financial institutions felt like. All that was missing was the scratchy modem static. Even after Intuit added a “one step update” feature to Quicken, getting updates was a glacially slow process that seemed to fail about a third of the time, for no obvious reason.

This wasn’t entirely Intuit’s fault. Quicken had to be able to connect to many different data sources, and in the days before the ascendancy of Web-based standards like HTTP and SOAP and REST and SSL, it was much harder for everyone to stay on the same page. That said, however, Intuit and its partners in the financial world also had a nasty habit of changing things just enough from year to year that you if you didn’t keep buying new versions of Quicken, you’d eventually be unable to accomplish much. I guess that’s what happened to me.

Once I explored Mint and realized how easy it was to set up an account there and connect it to my bank and my other financial institutions, switching was a no-brainer. (I also tried Quicken Online and Geezeo, an online personal management system offered by a Tolland, CT, startup that we’ve covered here at Xconomy. But in November 2009, Intuit wisely announced that it planned to dump Quicken Online and shift all of its users over to Mint. And I felt that Geezeo’s emphasis on twenty-something users with little or no experience managing their own money wasn’t quite right for me.)

What makes personal finance feel so natural on Mint is that the Web is all about connections. When you log in, even before you tell Mint to do anything, it communicates with your bank and your investment firms behind the scenes and gets your latest balances. There’s also a slick iPhone application that brings you the same account updates and—if you’re into budget tracking—lets you edit the details of each bank or credit-card transaction.

There are a few important things Mint doesn’t do, and that longtime Quicken users might miss. The biggest one is probably bill paying. For a fee of $9.95 per month, the PC version of Quicken lets users pay all their bills electronically, which is obviously a huge … Next Page »

Wade Roush is a contributing editor at Xconomy. Follow @wroush

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  • 15-month loyal mint user

    I agree with Wade that Intuit made a great move acquiring Mint. I have used the service for over a year and love it. My wife and I manage our funds separately outside of Mint to allow different investment styles, but we now aggregate all our accounts into one Mint view. The Mint iPhone app is really great. When i’m on the T or waiting in line, i go through transactions to edit tags. If you are OCD, you may find yourself checking your net worth 20 times a day though (i have real estate and mortgages included). One concern is financial institutions control the content and at some point may shut off the dataflow unless ever-increasing fees are paid by Mint which would be passed to users. However, as long as there is adequate competition…maybe we just go to a different financial institution if that happens.

  • Mike

    Great article, but where you do you get that Mint.com was a company that could put Intuit out of business? Turbo Tax is Intuit’s main business, not Quicken, and they have several other flourishing lines of business like Intuit Financial Services(formerly Digital Insight). TT is their biggest money maker and IFS is their fastest growing unit.
    You also left out the web version of Quicken. If you were stuck on an old version, you could’ve migrated your data and used Quicken OnLine for virtually the same price.

  • Verinder Syal

    I, for one, am one of those people who have a more intense need for the various features of Quicken and have been using them almost from their inception. (Also use Quickbooks). Over the years, I have gone from being a raving fan to someone who detests them, but still uses them for lack of viable alternatives. This company went from being customer-centric to one who has used its near monopoly power to gouge, and even worse, make the lives of their customers miserable. Their model calls for making changes each year, and then every 2-3 years forcing customers to upgrade.

    Last year I was forced – yes forced, because I needed some features like online bill pay and portfolio downloads to preserve 20 years of data- both Quicken and Quickbooks. The conversions take time, and then the programs invariably take even more time to work properly. To add insult to injury, I had to call some number and read out some verification code over the phone to a person who’s aspiration is to be promoted to a job at the TSA.

    A great company who has lost its rudder.

  • busy mom of three

    I have been using Mint since November of last year and dumped Quicken because I really needed a web based application I could access from where I really live, my office. I tried quicken online before it’s demise and found Mint just easier to use overall. However, with Intuit’s acquisition of Mint I am a bit worried about the products longevity….

  • Tried Mint

    I agree that this was great foresite on Quicken’s part.

    There are a few things about Mint that exasperate me and apparently other potential users. Mint uses subjective descriptions such as “shopping” rather than objective category descriptions. That would be OK if you could create your own categories. Not possible, you can only create subcategories. Hopefully a fix is coming!

  • bill

    I’ve got a really old, sixteen-bit version of Quicken that still does exactly what I want, and only what I want. Not that I wouldn’t like some more help — I keep financial spreadsheets with macros to do some crunching, and it’d be nice if Q did that, too. In search of that, I did upgrade once, and was aghast at the plethora of ads and suggestions for other products that the version popped up. I’ll keep using this old Quicken as long as it’ll boot.

    I share Busy Mom of Three’s concern. How often does an acquisition like that result in ‘improving’ the product? Not for me, thanks. I’ve seen Intuit’s idea of improvement.

    Now, if I could just find where that missing QFNGLU16.DLL file went….

  • Rose M Hewlett

    looking for mobile phone software compatible with quicken. I want to be able to sync moble phone “checkbook” with desktop Quicken.

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