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USAA inv mgmt co bought by C.Schwab-- I want to create new Q acct with clean Schwab data

sasha99
sasha99 Member ✭✭✭
Sorry for cryptic title-- I wanted to convey as much info as possible.

I've used quicken for over 30 years. During that period of time, my USAA investment accts (two-- regular and IRA) in Quicken have gotten all messed up for various reasons. I haven't downloaded transactions into them for several years. It's the equivalent of that old closet you stuff things into but never go in.

Now USAA Investment Manangement Co has sold the whole kit and kaboodle to Chas Schwab, and everything will fully transition by May 26. I would like to hide, delete, obliterate my USAA account in Quicken and start all over again with a brand new download into a brand new Schwab investment account. I get very clear reports at tax time from USAA so I don't really use the investment data from Quicken, but I'd like to get it back in working order with this clean transition to C. Schwab.

Is this possible? If so, what is the cleanest, simplest way to do it?

My thinking is to open a new investment acct in Quicken and just download the Schwab info into it from their site. And then delete the USAA account in Quicken--but I suspect I won't be able to delete if for reasons I've read in other discussions on this board about fractions of shares, etc., preventing accounts from being closed. So I guess I can hide the accounts and cross that ultimate "clean-up" bridge at some time in the future?

This seems to simple to be possible. Is it? Anything I should be aware of before I pull the trigger?

Answers

  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    Well there shouldn't be anything that stops you from deleting the account.  The one concern is the transfers in and out of that account.  When I tried this as a test all the transfers changed to [Unspecified Account], but otherwise seemed OK.
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  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    P.S. of course I hope you know that removing the old account will of course remove that information from your net worth reports.

    Other approaches are just using some remove shares transactions to get rid of the shares in that account and either a transfer to the new account or an account balance adjustment to get rid of the cash.  You could also try transferring the shares to the new account, but I wouldn't recommend it since you say that you have no idea if the shares are right or not.
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  • sasha99
    sasha99 Member ✭✭✭
    Thanks for the reply.

    I WANT to remove the amount from my old account from my net worth.

    Regarding your first answer: there won't be any transfers in and out of the old account. All of the contents of the old account will automatically transfer to a new account at Schwab. I want to download the contents of that "new" account at Schwab (which contains all the contents of the "old" account) into a new Quicken account-- so that it will accurately reflect my actual holdings.

    THEN-- when all of that has been accomplished successfully, I intend to delete the old account from Quicken. It will have already been deleted from the USAA website.

    Are we on the same page?
  • jms2106
    jms2106 Member ✭✭
    I agree with Chris_QPW's method. However, if you want to keep the information from USAA you can just hide the account, remove it from reports and desktop view and open it if you need to use the transactions/data. There is a function that will show Other Accounts on the desktop. It may not be included in your net worth, but I'd experiment with it. Just be sure to back everything up as often as you need to when making these changes.

    I deleted an old Vanguard account which had a huge negative balance remaining after it had been transferred into a new account when we created a trust. It's very simple to delete an entire account - but beware, once it's gone, it's gone unless you restore a previous backup. Also, be sure to double check your online access settings. I got into trouble when (in a Quicken upgrade) somehow old accounts became linked to a new one. DISASTER!
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    sasha99 said:
    Thanks for the reply.

    Regarding your first answer: there won't be any transfers in and out of the old account.

    That seems near impossible.  How did the money for your investments get into the USAA account(s) in the first place?

    These are the transfers I'm talking about, then ones from say your paycheck or checking account.
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  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    sasha99 said:
    Thanks for the reply.

    I WANT to remove the amount from my old account from my net worth.


    Also on this one.  This isn't "the amount", it is "all the amounts" all through the time you have had that account.  When you create the new account it won't have any of that past history.  Of course if you consider that past history garbage then removing it might be exactly what you want.
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  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    @Chris_QPW 's comment about transfers was in reference to existing transfers of cash (likely) from paychecks or checking accounts to fund the USAA accounts.  You may have also transferred cash out of the account from time to time.  Straight up deleting the the USAA account can mess-up those historical transfers.    

    What I would do to 'eliminate' the current USAA account from the current file:
    My goal would be to bring the balance of all securities in the account to 0, the Close (Quicken term) the account.  You should be able to do a Remove Shares transaction for each security in the account specifying the number of shares that Quicken currently reports for that security.  If that is difficult due to number of securities or accuracy for the number of shares, you can use a Shares Transferred function (Enter Transactions button) transferring all securities to a newly created temporary account.  That function will generate all the Remove Shares transactions (assuming no short positions).  After that action, delete the temporary account.  

    Once the securities in the account are out, Edit Account Details, Display Options, and you will find the option to close the account.

    A closed account will be out of your way but still be reviewable if needed for some reason in the future.  The historical transfers in or out of that account will still be in line with the other accounts in your file.  
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    BTW Personally I wouldn't "close" the account.  It is all so "final" and has puts a nasty icon on the account in the account bar.  What I would do is like @q_lurker (and in one suggestion I made) and get the account(s) to zero.  Then I would deactivate the account(s) from downloading, and then just hide it/them.
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  • sasha99
    sasha99 Member ✭✭✭
    > @Chris_QPW said:
    > (Quote)
    > That seems near impossible.  How did the money for your investments get into the USAA account(s) in the first place?
    > These are the transfers I'm talking about, then ones from say your paycheck or checking account.

    I'm 71, not working, retired and do not transfer any money into my investment accounts. I don't add to my IRA anymore either. The only increase in funds comes from reinvestment of dividends.
  • sasha99
    sasha99 Member ✭✭✭
    > @jms2106 said:
    > snip
    >
    > I deleted an old Vanguard account which had a huge negative balance remaining after it had been transferred into a new account when we created a trust. It's very simple to delete an entire account - but beware, once it's gone, it's gone unless you restore a previous backup. Also, be sure to double check your online access settings. I got into trouble when (in a Quicken upgrade) somehow old accounts became linked to a new one. DISASTER!

    THIS is what I'm looking for. I have beaucoups of backups, but a do not think I will care about the history of my investments once everything has been moved over to Schwab. I will always have the EOY investment reports that USAA sent every year at tax time.

    I suppose "hiding" might make more sense than "deleting," but for once before I die, I'd like Quicken to present an accurate picture of my holdings and net worth.
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    So this account was never "funded" by another account (or at least never recorded as such in Quicken).  In that case then you could delete it without changing any other account balance.  Of course this is all easy to test.  Just make sure you have a good backup.
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  • sasha99
    sasha99 Member ✭✭✭
    > @Chris_QPW said:
    > (Quote)
    > Also on this one.  This isn't "the amount", it is "all the amounts" all through the time you have had that account.  When you create the new account it won't have any of that past history.  Of course if you consider that past history garbage then removing it might be exactly what you want.

    "Garbage"?? That's a strong word. I just don't think I will need immediate and constant access to the history once the new account is set up. I still have all the investment summaries and reports that I've gotten at tax time.

    Do you find that you need constant ongoing access to your transaction histories? Serious question. Maybe I'm being naive.
  • sasha99
    sasha99 Member ✭✭✭
    > @q_lurker said:
    > @Chris_QPW 's comment about transfers was in reference to existing transfers of cash (likely) from paychecks or checking accounts to fund the USAA accounts.  You may have also transferred cash out of the account from time to time.  Straight up deleting the the USAA account can mess-up those historical transfers.    
    >
    > What I would do to 'eliminate' the current USAA account from the current file:
    > My goal would be to bring the balance of all securities in the account to 0, the Close (Quicken term) the account.  You should be able to do a Remove Shares transaction for each security in the account specifying the number of shares that Quicken currently reports for that security.  If that is difficult due to number of securities or accuracy for the number of shares, you can use a Shares Transferred function (Enter Transactions button) transferring all securities to a newly created temporary account.  That function will generate all the Remove Shares transactions (assuming no short positions).  After that action, delete the temporary account.  
    >
    > Once the securities in the account are out, Edit Account Details, Display Options, and you will find the option to close the account.
    >
    > A closed account will be out of your way but still be reviewable if needed for some reason in the future.  The historical transfers in or out of that account will still be in line with the other accounts in your file.  

    I'll ponder the need for access to historical transactions. I don't put money in the investment accounts any more (not even the IRA as I'm now in RMD terrirory :( ). I also have never taken any cash out. I'm single, a childless widow-- I have a cash cushion and no dependents to surprise me with emergencies.

    I had two accounts (one was an investment account) in the mix that were my mother's-- I handled them until she died and a year after we filed her last tax return, I deleted them with no consequences that have turned up so far.
  • sasha99
    sasha99 Member ✭✭✭
    > @Chris_QPW said:
    > BTW Personally I wouldn't "close" the account.  It is all so "final" and has puts a nasty icon on the account in the account bar.  What I would do is like @q_lurker (and in one suggestion I made) and get the account(s) to zero.  Then I would deactivate the account(s) from downloading, and then just hide it/them.

    Ok. Thanks. I'll ponder this. :)
  • sasha99
    sasha99 Member ✭✭✭
    edited May 2020
    > @Chris_QPW said:
    > So this account was never "funded" by another account (or at least never recorded as such in Quicken).  In that case then you could delete it without changing any other account balance.  Of course this is all easy to test.  Just make sure you have a good backup.

    When my late husband and I married 35 years ago, he had an investment account at USAA. Long before online management/transactions/etc. So I guess you could say they were funded back when dinosaurs roamed the earth. I already had Quicken for myself when we got married, so one day when it became possible, I went to usaa.com and downloaded them for the first time. It was probably Quicken 95?? Was there such a thing?
  • sasha99
    sasha99 Member ✭✭✭
    Thanks to everyone for your prompt, thoughtful, and helpful comments! :)
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    Yeah I saw those same dinosaurs.  :)

    I started using Quicken in 1992, but dropped it for a few year because it was hard to keep up without downloading.  I started back up in 1996.

    I'm 62, but I have been "semi retired" for over 10 years now.  And the "perspective" is quite different then when I was younger and really felt that I have to be on top of every penny and have the "exact numbers".

    That is one reason that "one size" doesn't fit all when answering a question like this.  To some people not having every detail correct is like a sin to them.  For others all they want is for their current balances to be correct.

    The truth is at this point in my life I could very well manage without Quicken, but I have it, I know it well, it doesn't cost that much, and it is nice to bring up reports on expenses and such in an easy manner.
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  • sasha99
    sasha99 Member ✭✭✭
    Chris_QPW said:
    Yeah I saw those same dinosaurs.  :)
    ...
    The truth is at this point in my life I could very well manage without Quicken, but I have it, I know it well, it doesn't cost that much, and it is nice to bring up reports on expenses and such in an easy manner.
    Hehe. I was a self-employed free lancer for most of my working years, so having Quicken at tax time is a godsend! The same person has done my taxes all those years (and there are some complicated features not related to investments), so being able to just print out a report for her is fantastic.

    Also I used to hate writing checks! Even printing them -- ugh! When my husband and I would sit down to pay bills, the first thing I had to do was pour a huge glass of wine! Now I pay everything online with my ONE credit card. Life is simpler and I'm drinking less, too. :)

    Thanks for your help.



  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    When you say you have never taken any cash out of the account, don't forget those RMD distributions. They count as "cash taken out of the account" and were probably transferred to another of your accounts.

    Those transfers will be messed up if you delete the account, unless you recorded them as Withdrawals in Quicken.
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  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    @Jim_Harman @sasha99 is 71 so she hasn't had to take out any RMDs yet.

    And for what is worth, I did test removing a 401K and a IRA account, which definitely has many transfers into the account and it didn't throw off the balances of the other accounts.  And the reason is instead of removing the transfer transaction what Quicken subscription does is break the link and put in [Unspecified Account] on the other side of the transfer transaction.

    I know that over the years what they do in this situation has changed quite a bit, back and forth, but that is what I'm seeing right now.  And BTW the [Unspecified Account] doesn't show up in most reports.  You can find it if you search for it, or look for it in an account.
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  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    @Chris_QPW,

    In a post earlier this afternoon she said
    "I don't put money in the investment accounts any more (not even the IRA as I'm now in RMD terrirory  )."

    So I assume she is taking RMDs. And even at 71, she would have been 70 last year so probably would have taken at least one RMD before the rules changed.

    Anyway, it sounds like deleting an account doesn't cause as much collateral damage as I had thought. In 21 years using Quicken, I have zeroed and hidden several accounts but never needed to close or delete one.
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  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    @Jim_Harman What am I thinking!  For some strange reason I was thinking that you take RMD at 72!  :)
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  • sasha99
    sasha99 Member ✭✭✭
    edited May 2020
    Good morning, Gentlemen... don't you people sleep? (Apparently neither do I.) :)
    I took my first RMD last year. Just the one, so far.
This discussion has been closed.