Since WaveApps switched to Plaid cannot import banking transactions directly

Tripod_ImagingTripod_Imaging Member Posts: 2

Since WaveApps switched to Plaid to connect bank accounts to Wave, I have not been able to connect to my banks business portal (Columbia Bank State Bank). My bank changed to a new system that has 3 fields to enter login information: Company ID, User Name and Password. The only connection Wave is offering is to the personal banking accounts.

I have requested to WaveApps customer support to setup a connection to the business portal but the response I got was "you can manually import the transactions".

Now, I have to setup a Google sheet, add the WaveApps add-on, pull the transactions down from my bank, import the transactions to the spreadsheet, copy the correct (limited) information to the sheet with the add-on prepared columns, verify the data, then I can upload the data where I have to go through each transaction to correctly categorize it.......SO MUCH TIME WASTED ON MY END!!

I am a single person trying to use the most of my time to make money and now I have to do all that as well.

This could be easily fixed by their provider (Plaid) by creating a correct login prompt for my business portal. I was able to import transactions directly from my account with their previous provider.

Why won't WaveApps fix this issue?

Comments

  • AlexLAlexL Administrator Posts: 2,424 admin

    Hey @Tripod_Imaging , thanks for taking the time to write this post, I'd be happy to give you some more insight into how Plaid works.

    Plaid supplies connections to over 10,000 institutions. Quite often, an institution will change or update something on their end which can break a connection. Plaid then has to meet the new requirements of the bank and update their system to have it function accordingly with the new changes. Although these are eventually updated, it doesn't always happen right away. In addition to updates on the bank's end, there are definitely accounts and banks which Plaid doesn't connect with, however they're always working to expand their database to allow for even more financial stability within your account.

    I'm sorry if yoru business account isn't currently supported, but my fingers are crossed that this will soon be added to the system for you. In the meantime, Wave Connect is the alternative option here.

  • Tripod_ImagingTripod_Imaging Member Posts: 2

    Thanks Alex for your response. Unfortunately, I haven't been able to connect my Wave accounting to my bank account since March of 2020. When the switch over to Plaid occurred, I submitted support requests to Wave Support to get the Columbia State Bank updated so it would connect correctly. The response I got was similar to yours, very apologetic, but then told to "just upload" the transactions.

    Since March, has any progress been made to update the link to Columbia State Bank business portal? Is it on the list of connections to be updated?

    I didn't think so....have a nice day.

  • BarsinBarsin Administrator Posts: 2,041 admin

    Hey there @Tripod_Imaging

    Thanks for your contribution to our community. I see that you're likely already aware of our migration to a different banking platform known as Plaid when it comes to importing your bank data.

    I understand that your banks/credit unions have been affected by this migration. I want to apologize on behalf of the team for this. I know that this has affected the ease of your accounting and I get why people are frustrated. We can only hope that Plaid (whose ever increasing database supports over 1500 North American banks and Credit Unions) will eventually add yours to the list. If you haven't already "notified" their team, you can do so and it sends a ping to the Plaid team notifying that there are a subset of users who would like this connection. They would then reach out to the bank to potentially work out a partnership.

    I can see you have been in communication with our team through support tickets and I understand that they have notified you of alternative methods to uploading your transactions as Wave always offers this to ensure that our product remain free and users globally.

    Using our CSV uploader

    Wave Connect

    Once again I do apologize for this inconvenience and I appreciate you reaching out about this in our community forum.

  • KathKath Member Posts: 3

    My bank connection to Webster Bank has been broken since October.
    It seems like a Wave thing that you are blaming on Plaid. I've gotten messages that say it's temporarily down, my login or password is wrong, and try later. Which I have. I laugh every time I get the pop up ad for the Wave/H&R Block Bank integrated with Wave. Ha. Like I would consider switching one of our 4 businesses to Wave Bank when they can't figure out bank connections that EVERYONE else has and can't figure out how to integrate with PayPal anymore. Though the cloud gets more sophisticated every year, Wave users must prepare for more work, more time spent, more frustration.

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