Since WaveApps switched to Plaid cannot import banking transactions directly
Tripod_Imaging
Member Posts: 3
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
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.
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.
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.
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.
I am having a similar problem with Wells Fargo. What I believe is happening is that when I originally entered my phone number under my business details, I made a mistake. I have rectified that mistake in Wave, but it appears to NOT be updating in Plaid. So I am unable to link my bank account automatically. This is a deal breaker for me, as manually cleansing and importing a CSV file is just not worth it.
Hi @ddease2 ,
We're currently experiencing some technical issues with connecting to Wells Fargo business accounts, due to a change made on their website, which broke the integration with our third party banking data provider. They are aware of this, and currently working on a fix, however I don't have an ETA on when this will be I'm afraid.
thank you for the reply!
I created this post back in October of 2020. I haven't been able to link my Columbia Bank account to Wave since the switch over to Plaid. The link worked fine prior to the switch to Plaid.
The response from tech support I get is:
"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."
Essentially, the response is "sorry your bank is too small for us to have Plaid make adjustments, switch over to our bank or to a bigger bank"
When Wells Fargo customer has an issue:
"We're currently experiencing some technical issues with connecting to Wells Fargo business accounts, due to a change made on their website, which broke the integration with our third party banking data provider. They are aware of this, and currently working on a fix, however I don't have an ETA on when this will be I'm afraid."
Essentially saying: "Sorry this has happened, Plaid is getting right on it"
Wave used to be a good app for the small business owner....not any more.
Yeah.. It looks like Plaid couldn't really give a sh*t one way or the other. I'm going to have to find a new platform. My accounting is getting WAY too far behind.
@KiahD
Thx for posting this. I'm also unable to connect my Wells Fargo accounts to Wave. Was connected for ~3years and suddenly got booted and unable to re-connect. Very frustrating and disruptive. We are now ~6 weeks on from your post to ddease2... is there any ETA? Will it be a few more days? Or should I expect it to be months? Thx!
@KiahD doesn't come around here anymore. You can expect to never hear from Wave again and to spend at least 6 months, possibly longer, updated manually. I guess you get what you pay for! (unless, of course, you're one of the poor unfortunates who actually pay for Wave...).
This is now WORKING! (for Wells Fargo)
WAVE,
My Credit Union, Meridian Credit Union has stopped working. I see that it is likely PLAID, but how do I get this resolved?
My bank is Collins Community Credit Union and transactions worked until 2 months ago. I entered a new connection and it imported the transactions once. It will not update additional transactions and now says it can not connect to my bank. Nothing has changed on the bank side. When will PLAID fix things? How do we contact PLAID?
My bank transactions haven’t been importing since August 2021. And of course, this was the first year I decided to trust Wave and not ALSO do a spreadsheet for business expenses. So now I have to do manually anyway. Beyond frustrating. Anyone have any recommendations for a different online accounting tool for a sole proprietor?