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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.

The way most people will read this statement, it is false. At best it is misleading.

When I Click the "Up Date Accounts" function in Quicken, Quicken copies my login and password for my credit card, sends it to the financial institution and waits for a limited amount of time to get any data the institution has. If data is supplied, that data is sent to my computer. If you think Quicken is keeping my transaction data you are wrong. Indeed Quicken will have closing prices on my securities and it does store those - it stores all the Vanguard funds, not just the funds I own. And it does dig that data out and give it to me.
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