I've successfully downloaded investment prices from the Quicken.com server, and even program updates (this is in Q2004 - the program update from R1 to R4), without registering. (My Windows installation of the program is registered, but that's a separate matter.)
Since closing the Registration window (the one that tries to load the browser) takes you to the window where you do downloads/uploads (to Quicken.com, a feature I don't use), I assume it will also work with bank transactions, but I have not tested that (I don't use that feature either).
Jon Mechling