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I agree with GWPotter's statement.

If you use Quicken to download transactions from bank and credit unions, that data will be, generally, stored in the cloud unless the bank or credit union implements what Quicken calls the Direct Connect access method. Direct Connect is primarily used by brokerage firms.

This is not truly correct as written. Many banks use DirectConnect or ExpressWebConnect to get transactions to you. Quicken DOES NOT see these details. It is encrypted between you and your Financial Institution (FI). It has been this way since the beginning of online banking. Your passwords are stored locally in your Quicken File by a password and are sent by 256bit encryption directly to the FI.

When I led Quicken support when it was part of the Intuit company, I would take many an escalation on this very topic. Even to the point where 3 letter government agencies would call us asking to get the data we had as part of an investigation. We never had any of your data... just our servers connecting to the bank servers and back.

Former Intuit employee 1994-2008
Former Quicken Support Leader 2007-2008

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