Charles Schwab Open Banking Support Coming for Tiller Money

Tiller Money will soon support open banking for Charles Schwab accounts, providing customers even greater security and control of their account connections.

It was a happy Valentine’s Day in 2020 when the U.S. Open Banking FAQ PDF from Yodlee popped up in the Tiller Money #IndustryNews channel on Slack.

🙌🏿 🎉 👍🏻 ☝🏽🏆🎂

We were ecstatic and quickly made moves to contact Yodlee to see what the requirements were to start offering these faster, more reliable bank data feeds.

They were eager to offer us a spot in their “early mover” program for this. Tiller Money ended up being Yodlee’s first customer to offer open banking.

As a small startup trying to grow your business, prioritization can be a challenging riddle. You’re juggling the needs of your customers amidst the required work that helps your systems scale. 🤹‍♀️ But we knew open banking was an important opportunity we couldn’t pass up.

For a tool that automates your daily spending, transactions and balances to spreadsheets, data feeds are absolutely critical. It’s the core of what we do, so when we got the news we immediately pivoted to take action. 💯

With each new institution we’ve enabled for open banking we learn something new and continue refining. Citi, Chase, and Bank of America upgrades have all been pretty smooth. Where there have been hiccups, Yodlee’s teams have been responsive and quickly addressed the major obstacles.

So as we continue through the year, we’ll offer open banking connections for more and more of the major U.S. banks.

Next up is Charles Schwab, starting on March 29th.

The switch to open banking for Charles Schwab will affect the following sites, which need to be upgraded by April 29, 2021.

Click here to read more about how to upgrade your Charles Schwab sites.

Questions or feedback?

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Heather Phillips
Heather comes from a background of user experience design & customer support. She loves helping others learn, explore and discover better ways to use applications and products that improve their lives. When she’s not coaching customers on Tiller best practices, tweeting or writing blogs, she’s probably at a yoga class, out for a hike in the Blue Ridge, or off volunteering for a variety of non-profits.
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Notable Replies

  1. Just a heads up that Schwab is giving an error when switching to open banking: “This function is temporarily unavailable. Please try again at a later time.”

    Hopefully, this will be resolved soon!

  2. Thanks for the note @RachelB. Sounds like using an incognito browser worked for you?

  3. Hi, what are the benefits of open banking?
    I’m still getting ramped up on Tiller, but I noticed a couple things in particular about my Schwab accounts:

    1. I had entered manual transactions last night for reconciliation. The transactions downloaded today after I upgraded my connection. Once I went to reconcile, nothing happened. I realized the account number in the transactions tab were different. The manual transactions entered an account number ending with 4 digits (ie xxxxxx1234) whereas today’s transaction ended in 3 digits ( ie xxxxxxx234) .I copied the new account number to the reconciliation transactions and it was able to find them.
    2. The second one, I had hoped would be a fix of open banking. I want to make sure my transactions are 100% matching to my bank. I’ve just started toying with this the last two days. But what I noticed tonight is that balances and transactions aren’t currently matching and not all cleared transactions immediately download. I went to tillerhq and clicked on the refresh button to make sure everything was up-to-date. Then I updated in the sheet. It downloaded 0 transactions and 4 balances. The balances match my most recent cleared bank account balance. However, the transactions that make up that balance were never downloaded. To paint this scenario a little clearer, let’s pretend I was starting from scratch with no data. I clicked update and my balance updated from $0 to $100 but there were no transactions downloaded. So my transaction register doesn’t match my bank balance. I’m assuming the missing transactions will download tomorrow. But I don’t have a lot confidence in my budget if the data doesn’t match and it’s pretty frustrating.
  4. Hi @mgulbin,

    We have a pretty good write up here on open banking and the expected benefits:

    Given that the connection with Schwab is new there could be some hiccups we need to contact our data provider to work out.

    Did they download? Are things working a bit more reliably now a few days later?

Continue the discussion at community.tillerhq.com

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