Ever since Intuit first introduced the idea back in 1997, bank feeds have been both a powerful and annoying feature at the same time. Somewhere along the journey from the old green sheets, toward the automated accounting solutions of tomorrow, a group of corporations (Microsoft, Intuit, and CheckFree) banded together to define a new industry standard for the transfer of financial information.
Initially known as QFX, Intuit developed their own proprietary file format which limited the import capabilities for both their Quicken and QuickBooks products. The part of the story that most people are not familiar with was the registration requirements that Intuit placed on financial institutions that wanted their customers to be able to import their financial data. This is what we now call an INTU.BID
If the file does not have a valid INTU.BID number,
you will receive the following popup on the screen.
When Intuit first started importing transactions into their platforms, they required every financial institution to register their bank. During the registration process, the financial institution had to purchase a license to be included as a supported institution. This meant that if the institutions did not purchase the license, they would not be able to import the data unless someone manually modified the file.
Fortunately, there are a couple ways to work around this and be able to import files from any institution.
Modify File with Excel or Text Editor: