I have the new FirstEdge version 3. I don't see any way to go online and download transactions from a bank. (Even $29 MoneyDance can do that!) It appears that with FirstEdge I have to download a statement then import it into the software. My bank (Wachovia) won't let me do that with my business account. They say I can only access transactions directly through QuickBooks, I can't just download a QuickBook file.

So, it appears that I can't download transactions from a bank directly through FirstEdge. Is that correct, or am I missing something?

You are correct as far as I can tell.
I too have FirstEdge 3 and am frustrated by the lack of online statement gathering. My bank, CapitalOne DOES let me download my business account transactions but only in CSV format... which FirstEdge doesn't support!
Maddening!!