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MinTuit: What’s Next After the Intuit / Mint Deal

Posted on September 14, 2009 ·

mintuit TechCrunch50 could not have asked for a better start:  they get to announce that personal finance startup Mint winner of the $50K grand prize @ TC50 two years ago just got acquired for $170M.

Great exit for a startup – not so sure about concerned users.   But the big question today is why it made sense for Intuit and what the future holds for Mint and its users.  The consensus is that first of all this has been a defensive move.  Mint started to bite into the Intuit / Quicken pie, and Intuit just had to stop it.

There is some irony in this deal: the playbook had been written by Microsoft, against Intuit.

Continue reading …

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Intuit Did Not Kill MS Money. Microsoft Did. Slowly, Over Long Years. Here’s the Full Story.

Posted on June 11, 2009 ·

An era comes to an end on June 30th, when Microsoft discontinues their PFM (Personal Financial Management) product, Money. 

The story started outside Microsoft, with a startup named Intuit releasing their first DOS-based PFM software, Quicken.   The concept was simple and powerful: balance your checkbook, keep track of your financial transactions electronically. It worked; in fact surveys showed that Quicken became the driver for many consumers to buy their first personal computers in the late 80’s.   But it really became popular when Windows, especially the first “good”  version, 3.0 arrived. 

Intuit remained a one-product company until after their IPO in 1993, when they acquired Chipsoft and entered the tax-software market. 

Continue reading …

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MS Money: Old Financial Data May Not Be Accessible on Vista

Posted on June 30, 2008 ·

You’d think at least Microsoft’s own products are compatible with Vista.  Well, sort of.  MS Money users who converted from Quicken may be out of luck.

I have a lot of financial data in Microsoft Money and prior to that in Quicken files. Both  applications used to recommend you keep the data files small by archiving earlier years. With today’s faster computers archiving is no longer an issue, but if you’re  a long-time user like I am, you probably have a few old archive files.

Every time you “upgrade” Money (hardly any new value, but if you use online services, MS forces you to upgrade every 2-3 years) your current data file is upgraded to the new formats, too. But what happens to the archive files?

I decided to convert all my older Quicken files to Money, just in case… after all, Money supports Quicken conversion.  Or not: crash.  Crash again.. and again.  I tried several data files, even rebooted the system, to no avail: Money consistently crashed at all conversion attempts.

This is where Vista’s Problem Reports and Solutions comes handy, and yes, a few days later it shows “solution found”. Hm… if they found it, they certainly are not sharing it.  Here’s the user-friendly stuff I found:

<?xml version=”1.0″ encoding=”UTF-16″?>
<DATABASE>
<EXE NAME=”MSMoney.EXE” FILTER=”GRABMI_FILTER_PRIVACY”>
<MATCHING_FILE NAME=”adapt.dll” SIZE=”109360″ CHECKSUM=”0x24BD92C0″ BIN_FILE_VERSION=”16.0.0.1303″ BIN_PRODUCT_VERSION=”16.0.0.1303″ PRODUCT_VERSION=”16.00.1303″ FILE_DESCRIPTION=”MSN Money Adaptation DLL” COMPANY_NAME=”Microsoft(R) Corporation” PRODUCT_NAME=”Microsoft(R) Money” FILE_VERSION=”16.00.1303″ ORIGINAL_FILENAME=”adapt.dll” INTERNAL_NAME=”adaptation” LEGAL_COPYRIGHT=”Copyright © Microsoft Corp. ” VERDATEHI=”0x0″ VERDATELO=”0x0″ VERFILEOS=”0x4″ VERFILETYPE=”0x2″ MODULE_TYPE=”WIN32″ PE_CHECKSUM=”0x25BFE” LINKER_VERSION=”0x60000″ UPTO_BIN_FILE_VERSION=”16.0.0.1303″ UPTO_BIN_PRODUCT_VERSION=”16.0.0.1303″ LINK_DATE=”01/04/2007 07:49:53″ UPTO_LINK_DATE=”01/04/2007 07:49:53″ EXPORT_NAME=”Adapt.DLL” VER_LANGUAGE=”English (United States) [0x409]” />
<MATCHING_FILE NAME=”adaptres.dll” SIZE=”13104″ CHECKSUM=”0xA99DDA54″ BIN_FILE_VERSION=”16.0.0.1303″ BIN_PRODUCT_VERSION=”16.0.0.1303″ PRODUCT_VERSION=”16.00.1303″ FILE_DESCRIPTION=”MSN Money Adaptation DLL” COMPANY_NAME=”Microsoft(R) Corporation” PRODUCT_NAME=”Microsoft(R) Money” FILE_VERSION=”16.00.1303″ ORIGINAL_FILENAME=”adapt.dll” INTERNAL_NAME=”adaptation” LEGAL_COPYRIGHT=”Copyright © Microsoft Corp. ” VERDATEHI=”0x0″ VERDATELO=”0x0″ VERFILEOS=”0x4″ VERFILETYPE=”0x2″ MODULE_TYPE=”WIN32″ PE_CHECKSUM=”0x4855″ LINKER_VERSION=”0x60000″ UPTO_BIN_FILE_VERSION=”16.0.0.1303″ UPTO_BIN_PRODUCT_VERSION=”16.0.0.1303″ LINK_DATE=”01/04/2007 07:00:04″ UPTO_LINK_DATE=”01/04/2007 07:00:04″ VER_LANGUAGE=”English (United States) [0x409]” />

This looks like the problem report sent to Microsoft, not the solution.  There’s one hint though: the filename is AppCompat.txt.  Perhaps it’s a Vista compatibility issue?   Luckily I still have an XP laptop around, the data files are there thanks to Foldershare sync (more on synchronization in the next post), all I have to do is install MS Money on the XP machine and try conversion there.

Voila!  Half an hour later I have the Quicken files converted to Money on the XP computer.  Money’s import/conversion routine is incompatible with Vista!   The whole exercise, including search on the Money Group took me about 2 hours, so dear Microsoft, here’s my invoice for lost productivity:

Oh, wait, we’re in the US, perhaps I should have presented a properly Americanized version. smile_wink

My poor experience was with MS Money 2007, but with Money Plus, the 2008 version of the product line Microsoft shows true ignorance to users’ legacy data needs.  Money Plus comes in four editions: Essentials, Deluxe, Premium, and Home & Business.

Microsoft offers a nice comparison chart, which neglects to mention a small detail, available only at the footnotes:

* Important note – Microsoft Money Essentials will not be able to open previous Money or Quicken files. If you are upgrading from a previous version of Money or Quicken, Money Plus Deluxe may be the right solution for you.

Not opening Quicken … well, it’s their decision. But not opening data from their very own previous releases? And this is hidden in the small print?

I rest my case.

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Netbank: Online Banking goes Offline. Permanently.

Posted on September 28, 2007 ·

If you think sub-prime mortgage defaults can’t effect you, think again. At first reading, I thought this was a bad joke:

The Office of Thrift Supervision closed down NetBank Inc. (NTBK) a thrift with $2.5 billion in assets, and appointed the Federal Deposit Insurance Corp. as receiver.

But it’s not a joke. The online bank I’ve been using for almost a decade is reduced to this:

On September 28, 2007, NetBank, Alpharetta, GA was closed by the Office of Thrift Supervision and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

The FDIC has assembled useful information regarding your relationship with this institution. Besides a checking account, you may have Certificates of Deposit, a business checking account, a Social Security direct deposit, and other relationships with the institution.

The NetBank web site will be closed from 3:00 pm to 8:00 pm EST, on September 28th and will reopen in a read only mode. Normal online services will be restored in the early evening Sunday, September 30th.

To read more about this event please select the link below:

FDIC Bank Closing Information for NetBank

Frankly, under the circumstances I find the “Connect with your money” slogan rather comical. I guess fixing it is the last thing on their mind.

NetBank isn’t wasn’t some shaky Web 2.0 outfit, it’s been (well, appeared to) a solid bank for 10 years. They pioneered the concept of “brickless”, internet-only bank long before online transactions became the norm. I switched to them because at the time they were the only bank offering decent integration with both Quicken and Microsoft Money.

Now as a final act, they offer a once-in-a-lifetime experience: I’ve never seen a bank failure up close, personally. I guess I will soon (?) find out just “FDIC insured” means. I can’t even think of further implications now, but they can’t be good. We’re heading into shaky times.

Update: Peach Pundit wins the Best Title Award: NetBank becomes NotBank.

Update (9/29): Not everyone reads Friday afternoon news releases, but many do their online banking on the weekend. Or at least they try – now the Netbank failure is being noticed:

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