Transaction retrieval problem at Schwab

[Mark]

Today we have received an update from Schwab. They have initiated re-enabling Fund Manager's access to their OFX server. We were given an estimate of 1-2 business days. This OFX access is a temporary solution, until we add FDX integration. As of today we were given access to the FDX developer tools, so we can begin that process as well.

[dlevy]

Awesome, Mark, thanks!

Please keep us in the loop if you learn more.

With thanks,

David

[Good_Vibe]

Mark:
Just updated my financial consultant regarding "progress" on the OFX problem. See below.
Jack Halle (VP, Sr. Financial Consultant @ Schwab):
You indicated that you wanted to be "kept in the loop" regarding the transaction download problem. Kenneth Russell (a Schwab Client Advocate on this issue) called this morning just as he said he would. In addition to this, Kenneth and I are now communicating effectively via email. Status for resolution for the transaction download remains "one to two" days. A little vague for my taste (especially since it has already been three weeks since the problem surfaced), but way better that earlier estimates of four to six weeks.

Kenneth also indicated that other Client Advocates at Schwab have been INUNDATED with complaints from financial planners that use software OTHER THAN FUND MANAGER regarding OFX transaction download failures at Schwab. Despite Schwab's ATTEMPT to notify relevant software companies in January of this year who utilize the OFX facility at Schwab that OFX would no longer be functional as of October 16, 2020, the communication was an ABSOLUTE FAILURE on Schwab's part. This failure needs to be pursued at the highest levels in Schwab.

Similarly, numerous "technical" staff answering the technical help phones at Schwab were totally uniformed, even after several users (myself included) called. Numerous callers also realized that Schwab's front line staff did not know what they were talking about and were just "blowing us off". So serious effort to enhance communication among the front line technical support staff seems paramount. Similarly, front line staff should NOT just pass the buck to somebody else who is equally uninformed.

So, it appears a resolution may be immanent! This is good news! Serious work remains to be done at Schwab.

Sincerely, Phil

[Hal Mayne]

Mark,

MANY MANY thanks to all of you for the prompt follow-up and efforts to fix this problem.

Credit to Schwab for wanting to move to a more secure API, but big time demerits for incompetent developer relations.

Quick question: has Beiley reached out proactively to Vanguard (et. al.). Sounds like this is an ultimately an industry shift. Would be good not to be taken by surprise again.

[Mark]

Hi Hal Mayne,

No, we haven't had any communications with Vanguard. It is difficult for smaller companies like ours to reach anyone to talk with. Once we get past this Schwab effort we will see about trying to reach out to some of the bigger brokerages.

[Mark]

Unfortunately, today Schwab gave us an updated ETA for re-enabling OFX, and it is now November 11 after the market closes...

[dlevy]

This is good news, Mark. A certain date, even if later than we'd like, is better than a vague "soon"!

[Mark]

We were informed by Schwab today that because of "elevated market volumes and Presidential Elections" the restoration of Fund Manager access will now occur "after market-hours on 11/13/2020".

[LungDoc]

Thanks for the update. Schwab seems to have significant IT problems. I hope they will resolve this soon.

[SteveP]

I'm just wading into this for the first time but thought I'd add the url that Schwab gave me below which explains the new system Schwab will be using going forward.
https://beta-developer.schwab.com/home

[Mark]

Hi SteveP,

Yes, we're aware of the new interface (FDX), and are currently working to implement it. For the short term, Schwab has agreed to re-enable OFX access until the FDX interface can be completed. As of now, we're expecting the OFX access to be restored tomorrow night (Nov 13).

[henrikk]

It's working again. Thank you everyone.

[Stefan]

It works again! Thank you Mark!

[Mark]

Thank you to everyone for your patience. This OFX interface will be available until the end of the year, according to Schwab. We expect to have the new FDX interface completed/available before this time.

[LungDoc]

Thanks.