Account to Account Transfers (A2A)

Datasets created after September 19, 2024 cannot enroll in A2A transfers

Quick Review

• What: Transfer funds between your connected checking or savings accounts within Quicken Simplifi

• Why: Move money between accounts without leaving the app or logging into multiple banks

• How: Settings > Accounts > Set Up Transfers (Early Access feature)

• Note: Datasets created after September 19, 2024 cannot enroll in A2A transfers

Overview

Quicken Simplifi's Account to Account (A2A) transfer feature lets you move money between your connected checking or savings accounts directly within Simplifi. This Early Access feature eliminates the need to log into multiple banking websites to transfer funds.

Ashley was excited to try this feature when it became available. As someone managing both personal and business finances, being able to move money between accounts without leaving Simplifi streamlined their weekly financial management routine.

Important Limitations

Before setting up A2A transfers, be aware of these restrictions:

• Account types: Only checking and savings accounts are eligible

• Minimum accounts: You need at least 2 accounts enabled for transfers

• Processing time: Transfers take up to 2-3 business days to complete

• Space Share users: Cannot perform A2A transfers if viewing shared data

• Recurring transfers: Cannot be scheduled as recurring transactions

• Investment accounts: Can receive transfers (Early Access) but cannot send funds

• Dataset restriction: Accounts created after September 19, 2024 are not eligible

Setting Up A2A Transfers

You can begin setup from three locations:

Option 1: Dashboard Tile

A tile appears in the upper right of your Dashboard asking if you'd like to set up fund transfers. Click the blue Set Up button.

Option 2: Settings > Accounts

1. Navigate to the Settings gear icon (lower-left corner)

2. Click on the Accounts tab

3. Click the Set Up Transfers button (upper-right)

Option 3: Settings > Transfer Activity

1. Navigate to Settings

2. Click on the Transfer activity tab

3. Follow the setup prompts

Verification Process

After clicking Get Started, Simplifi needs to verify your identity and account ownership:

Step 1: Identity Verification

1. Fill out the requested information

2. Review and agree to Terms of Service and Privacy Policy (both Simplifi's and their partner's)

3. Click Continue

Step 2: Account Selection

1. You'll see which connected banks have eligible accounts

2. Click on the bank containing the account you want to enroll

3. Select the specific account

4. Enter the routing and account number

5. Click Continue

Step 3: Micro-Deposit Verification

Simplifi will send two small deposits (each less than $1) to verify account ownership.

When you see these deposits:

1. Note both amounts carefully

2. Return to Simplifi > Settings > Accounts

3. Click the three-dot menu next to your account

4. Select Verify Account for transfers

5. Enter the amounts in order received:

   • First deposit goes in "Deposit amount 1"

   • Second deposit goes in "Deposit amount 2"

6. Click Verify

Making a Transfer

Once accounts are verified, you can transfer funds from two locations:

From an Account Page

Click into an enrolled account and select the Transfer Money button (upper-right)

From Settings

1. Go to Settings > Transfer activity

2. Click either the Transfer Money button or use the Transfer money tile

Transfer Steps

1. Select the From account (source)

2. Select the To account (destination)

3. Enter the dollar amount

4. Click Review

5. Verify the details

6. Click Submit

Managing Transfers

Track your transfer status under Settings > Transfer activity.

Cancellation: You can only cancel transfers while in "Scheduled" status. Once "Processing" begins, transfers cannot be cancelled. Use the three-dot menu next to a transfer to cancel if available.

Ashley's Experience

Ashley uses A2A transfers to move money from their business checking to personal checking after receiving client payments. While they initially wished transfers were instant, they've adjusted to planning transfers a few days in advance. The convenience of not logging into multiple bank websites saves them time during busy consulting weeks.

The Bottom Line

Account to Account transfers in Quicken Simplifi provide a convenient way to move money between your accounts without leaving the app. While the 2-3 day processing time requires some planning, the feature simplifies financial management for users with multiple accounts. Remember to verify your accounts carefully during setup to ensure smooth transfers.

Hint: Plan your transfers around the 2-3 business day processing time. Ashley schedules transfers on Mondays for Friday availability, avoiding weekend delays. Also, keep a buffer in your accounts during the transfer period since funds may be temporarily unavailable while processing.