How safe is it for me to download credit card information via the Internet?

Verifycharges uses the same secure method of obtaining and downloading statements as the two most popular accounting and bill paying software programs.  Verifycharges runs on your PC, so the data files are as secure as the data files of other financial programs  The "QIF" format does not contain the credit card number, just the line items that appeared on your statement.

 Three simple steps are:

• Download and install Verifycharges, by clicking the highlighted "trial copy" text on the home page.  Once installed, the program will, for performance and security reasons, run on your computer.  You will only use the Internet to download new statements each month.  Verifycharges will provide a 30 day free trial period.  Since you can initially download credit card statements for the past few months, you will be able to try most of the features immediately.  If you have your receipts for a prior calendar month, you can even reconcile one or more statements.

• Establish an on-line account with one or more of your credit card banks, and download a few statements.  The next few FAQs describe various aspects of the process and offer naming suggestions.

• Try it out.  During this first session you may even discover an error that saves more than the cost of Verifycharges.  Try the different views that the sorting and filtering options offer.  You will probably be surprised by some of the spending trends you will see for the first time, viewing all the purchases for a payee or a budget category, combining all credit cards in one common format.
  

How do I download my statement for each of my credit cards?

Each of your credit card banks offers a means to set up on-line access to your credit card charges. You will probably be able to download current and recent statements, see charges that have not yet appeared on a statement, and possibly request notification by email when your new statement is available. You will choose a "user ID" and a password.

The methods differ, but there will be a way to pick the desired statement and format, and to begin the download.  With some credit cards, you will need to select a "QIF" file for Quicken 98 to receive the needed format.  The "readme" file, available in the Menu's help list after you have downloaded and installed Verifycharges, contains step-by-step instructions for some credit card statement downloads.

Does the download take long?

These files are small by computer file standards, so usually just take a few seconds. Many times, the download is finished before you have finished telling your browser where to put the file on your computer.

Where do I keep the downloaded statement files on my computer?

A simple method is:

• Create a folder in your "C:\My Documents" folder, named "Credit cards".

• Create a folder in the "Credit cards" folder for each of your credit cards. For example: "CityBank MC 2143", "BofA checking 6464", "MBNA Visa 2875" or "American Express 6543". ("MC" would mean "Master Card" and "BofA" would mean "Bank of America".)  We have found that by appending the last 4 digits of the credit card number to this folder name, one will more easily identify the correct folder when downloading statements.  This naming convention should be also be used in Verifycharges, when setting up credit cards to be imported into the data base.

• Download each statement into the appropriate folder. Verifycharges will remember where each credit card’s statements are stored, so after the first import of a statement for that credit card, the process will be automatic.

An example:

What file name do I give my statements?

Most credit card banks provide names that describe the month and year of the statement. The extension ".QIF" appears, to identify the computer file as a "Quicken Interchange Format" file. For example, a file named "AUGUST2000.QIF" (meaning August 2000) or "082100.QIF" (meaning August 21, 2000) are obvious and do not need to be renamed as they are downloaded. However, at least one bank calls every statement "Download.qif", so you will need to change the name of the file to be stored on your computer. Use a simple name that will be meaningful to you a year from now, conveying the month and year of the statement. The folder you put it in should tell you what credit card it came from.

An example:

How difficult is it for me to use Verifycharges?

Probably the most difficult process is setting up your on-line account with your credit card bank.  Each bank typically has a support telephone number to help you if you have any problems. You only do this one time for each card, then using it each month is easy.  As statements are imported, the payee file is automatically maintained. The data is then available for verification, analysis, and printed reports.

  Click here to view the steps in that process.

1. Click Start, point to Settings, and then click Control Panel.
2. Double-click Folder Options
3. On the File Types tab, scan down to the QIF file type.  It may take a few minutes to populate the list.  When the list is present, type Q to jump to the beginning of the Q extensions.   If you cannot find QIF, click New, then type QIF, then click OK.
4. Click the Change button, then select Notepad as the program to be associated with QIF files.

For other problems, view the "Readme" from the Menu, help list, after you have downloaded and installed Verifycharges.

My downloaded statement does not seem to import correctly.  What should I do?

First, make sure you have downloaded the correct file format.  If you have, then see the section in the "Contact" page that describes the procedure to report unsupported credit card formats.  We will work with you to determine the problem and correct it.

Verifycharges does not compete with these popular programs, but augments their usefulness by easily categorizing credit card statements into budget categories, as these other programs do so well for the checks they produce and/or track.  Verifycharges also provides the unique opportunity to combine all charges and credits in one data base, to support confirming the correctness of statement information, and view buying habits from various perspectives.  If you choose to pay your bills by using your Bank's free internet process, Verifycharges' ability to include bank statement with credit card charges enables you to easily have all your expenditures in one data base.

Actually, there are quite a few reasons why credit card purchases may be a better choice than cash!  Click here to see why.