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Schwab Account MF Downloads - shows "Buy" instead of "ReinvDiv"

artg
artg Member ✭✭✭
Good morning Quicken Community.  I've recently encountered a problem which is requiring me to do a manual edit (fix.) Specifically, I have a Charles Schwab brokerage account made up of several mutual funds.  I have opted that all distributions made by a particular fund are reinvested in that fund. Starting with the November dividends paid (last week and yesterday, 30 Nov) the One Step Update" shows that instead of "ReinvDiv" I'm getting a "Buy."  I accepted the transactions and then I  went back in and did a manual edit.  I changed "Buy" to "ReinvDiv" and it worked perfectly as the dollar amount and number of shares did not change.  Additionally the account balanced to the penny.  I know I didn't change or do anything different in my procedures.  So, I decided to reach out to the Q Community and see if anyone else has ever encountered this problem and found a solution.  Thank you. 

Best Answer

  • artg
    artg Member ✭✭✭
    Accepted Answer
    @Bob_L
    You got it Bob.  Now, of course, we're all looking for a solution.  As you can see in the thread, we all know how do do a manual edit after we "accept" the Buy transactions.

Answers

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Hi @artg

    Just curious about what type of connection you have with Schwab - is it direct connect?

    I have one account, with another brokerage firm, where I have the same issue - certain transactions download as Buy transactions, when they are actually reinvested dividends.  So I need to do a manual edit.  This has been happening for a long time, and when it first happened I asked the broker about it.  He said it was one of the limitations of their systems and they could not change it. 

    Frankx 


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  • artg
    artg Member ✭✭✭
    @Frankx : First, thank you for the response Frank.  In terms of Schwab Brokerage, I have Direct Connect.  Oh by the way, Schwab Bank is: Express Web Connect.  What I find peculiar is this problem literally began last week.  In other words, why now? I guess the "good news" of your reply is that I'm not alone.  Your response also leads me to believe I'm not doing something wrong.   
  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Hi again @artg

    You are correct - unfortunately users do not have control over the formatting of the data that is downloaded from financial institutions.  Luckily, I have found these types of "poor coding" of transactions usually happen for odd or unusual transactions, rather than common transactions.  However that obviously doesn't apply to your issue, since one would expect routine transactions like dividend reinvestments would have the proper coding to be accepted without having to edit those types of transactions.

    Frankx


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  • artg
    artg Member ✭✭✭
    @Frankx : Ok Frank, basically what I think you're telling me is I have to live with this.  I can live with it although I don't like it.  Unfortunately, it doesn't sound like you have an explanation on why it started last week after working fine since the inception of the account.  Hopefully someone else will join our conversation and let us know (1) they've had the same problem and (2) provide a step by step solution.  I forgot, thanks again for your thoughtful response and insight.
  • BK
    BK Member ✭✭✭✭
    edited December 2020
    I have a different but similar issue with Schwab (DC connection).  In the brokerage account that holds my cash, I receive monthly Interest (pennies).  However it downloads as a Cash Deposit.  And I manually have to change it to Interest.  This has been on going from day one for me.  I even posted that question here early this year and no one had any other suggestion.  So I live with it and correct it once a quarter which is not a big deal in my case.
    Edit: I should add that my Reinvested Dividends do download correctly as ReinvDiv. Note again that this is a brokerage account with DC connection.
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  • artg
    artg Member ✭✭✭
    @BK : Wow, I just went in to my Schwab account and noticed it did the same thing (Deposit when it should be Interest.) I will now spend a few minutes correcting those monthly transactions as well.  Annoying to say the least...and thanks for joining us.
  • BK
    BK Member ✭✭✭✭
    @artg , please also look at my Edit above. "Edit: I should add that my Reinvested Dividends do download correctly as ReinvDiv. Note again that this is a brokerage account with DC connection."
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  • artg
    artg Member ✭✭✭
    @BK, ok but I'm still wondering why this started last week for me.  
  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Hi again @artg

    I did a pretty significant search of posts going back many months to see if I could find a post involving Schwab accounts and transactions being miscoded.  Unfortunately I found none.  I also did a search for general miscoded downloaded transactions and found that there were a number of posts about that issue and most folks indicated that they make manual edits for them. 

    I should mention that I found a large number of recent posts (over the last two months) about users being unable to connect with their Schwab accounts, some of which indicated that Schwab had made changes to its systems and they resulted in users not being able to login and/or download activity.  So I am glad that while you are having issues with the data downloaded, at least you can still connect.

    I don't know why this just started for you, as you apparently haven't initiated any account changes or new investment types.  The only other thing that I can suggest is that you consider contacting a Schwab representative to see if they can offer some additional information on why the coding is incorrect.

    Good luck!

    Frankx


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  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    Just a couple of points.
    1. Investment accounts are always Direct Connect or Web Connect (Importing the same "response" in a QFX text file).  Express Web Connect doesn't support investment accounts.
    2. As the name implies this is a direct connection from Quicken to the Financial Institution, which means that the "codes/action type" come directly from the financial institution.  So if they are wrong only they can correct them.  You should be complaining to them.
    For what it is worth it is pretty common of a mistake on the financial institution's part to send the action type of buy when it should be reinvest.
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  • BK
    BK Member ✭✭✭✭
    Up until now I was going by memory.  Now that I look closely at my Schwab account in Q, my downloads are different where Schwab is giving me two rows of transactions for the reinvested dividends as follows:
    1. Div:  [Inc - Income (Div, Int, etc.)] and the amount is in the Dividend box
    2. Bought:  [Buy - Shares Bought] for the same amount as above
    So technically these two rows can be merged/combined into a single ReinvDiv transaction.  So is it possible that your register sorting is confused, or you have some transactions in "Placeholder Entries", or somehow they were partially downloaded?
    For me, Schwab and Vanguard are handling the downloads differently but correctly where:
    • Schwab:  gives me two transactions (Div + Bought) for dividend reinvestment of stocks (I don't have any MFs at Schwab)
    • Vanguard: gives me one transaction (ReinvDiv) for dividend reinvestment of either mutual funds and stocks
    - Q Win Deluxe user since 2010, US Subs R32.12
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  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    @BK

    That's an interesting observation, however the data that Schwab is providing in its downloads - even if it potentially contains the complete information for the transaction or transactions - is not properly formatted to enable it to be processed by Quicken.  As the OP indicated - there was one entry, a BUY which he had to edit to make it a Reinvested dividend.

    Frankx


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  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    For what is worth Merrill Lynch does the same thing to my wife's 401K account.  Each money I have to change a buy to a reinvest.
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  • artg
    artg Member ✭✭✭
    Good morning fellow Q Users:  Apparently I started something or at least shook some cobwebs loose. The bottom line is it looks like I'm going to have to do a few minor edits every month until someone much smarter than I am figures this out.  As I said, all I have is mutual funds in this particular brokerage account.  
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    Well for Merrill Lynch I have been doing such edits for years, so I wouldn't expect any one to "figure it out".  It is really up to the financial institution to fix it.  And up to the users of that financial institution to notify them of the problem.

    And yeah, I'm lazy about pursuing the problem with Merrill Lynch, it just isn't worth it to me because it only takes me a couple of seconds it takes me to fix the problem in comparison to trying to get to the right person to explain the problem and hoping that they will eventually fix it.
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  • artg
    artg Member ✭✭✭
    @Chris_QPW : Amen.  Thank you and good morning.  I'm a new Schwab client and I can't imagine "diving face first" in even attempting to find the right person much less explaining the problem.  Believe it or not, many years ago when I had my portfolio with USAA they (USAA Investments) actually had a Quicken team and a separate Microsoft Money team.  How's that for a trip down memory lane. 
  • wxman
    wxman Member ✭✭
    > @artg said:
    > Good morning Quicken Community.  I've recently encountered a problem which is requiring me to do a manual edit (fix.) Specifically, I have a Charles Schwab brokerage account made up of several mutual funds.  I have opted that all distributions made by a particular fund are reinvested in that fund. Starting with the November dividends paid (last week and yesterday, 30 Nov) the One Step Update" shows that instead of "ReinvDiv" I'm getting a "Buy."  I accepted the transactions and then I  went back in and did a manual edit.  I changed "Buy" to "ReinvDiv" and it worked perfectly as the dollar amount and number of shares did not change.  Additionally the account balanced to the penny.  I know I didn't change or do anything different in my procedures.  So, I decided to reach out to the Q Community and see if anyone else has ever encountered this problem and found a solution.  Thank you. 

    Hi, this is a brand new issue for Schwab, and affecting me just like you. It just started with the November distributions and affects all of my Schwab accounts. Worked perfectly until this month. It's a Schwab issue...but agreed on not knowing how to address it with Schwab. Just a PIA!
  • artg
    artg Member ✭✭✭
    @wxman Good morning and welcome to our conversation.  I have a thought, I'm not saying it's a good thought but this is a pretty forgiving community.  Here goes...is there some type of Schwab community where we can post this issue?  For example, I know there's a "Bogelheads Forum" for Vanguard investors.  I know there's a USAA Members community because I've posted issues there and it's monitored by USAA employees.  If there is such a community I'm not sure we'll get anywhere but I sure know how to copy and paste my original message in this thread.
  • Bob_L
    Bob_L SuperUser ✭✭✭✭✭
    Maybe I'm not following what the problem is.  That is, what's wrong with a div transaction followed by a buy transaction?

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  • artg
    artg Member ✭✭✭
    @Bob_L
    Welcome to the conversation Bob.  Maybe we've deviated a little but I'd ask that you go back to my original post yesterday as follows:

    +++++++++++++++++++++++++++++++++
    Good morning Quicken Community.  I've recently encountered a problem which is requiring me to do a manual edit (fix.) Specifically, I have a Charles Schwab brokerage account made up of several mutual funds.  I have opted that all distributions made by a particular fund are reinvested in that fund. Starting with the November dividends paid (last week and yesterday, 30 Nov) the One Step Update" shows that instead of "ReinvDiv" I'm getting a "Buy."  I accepted the transactions and then I  went back in and did a manual edit.  I changed "Buy" to "ReinvDiv" and it worked perfectly as the dollar amount and number of shares did not change.  Additionally the account balanced to the penny.  I know I didn't change or do anything different in my procedures.  So, I decided to reach out to the Q Community and see if anyone else has ever encountered this problem and found a solution.  Thank you. 
    +++++++++++++++++++++++++++++++++

    In a nutshell...I'm getting the wrong transactions when I perform a One Step Update for my Charles Schwab brokerage account.  The account is only made up of mutual funds where I reinvest all distributions. Q is showing a "Buy" instead of a "ReinvDiv" which is incorrect. 


  • Bob_L
    Bob_L SuperUser ✭✭✭✭✭
    Ok, I confused what another poster in the thread had said and  now I understand. Your problem is that that the FI is sending a buy without a div, instead of a divreinv.

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  • artg
    artg Member ✭✭✭
    Accepted Answer
    @Bob_L
    You got it Bob.  Now, of course, we're all looking for a solution.  As you can see in the thread, we all know how do do a manual edit after we "accept" the Buy transactions.
  • afine
    afine Windows Beta Beta
    I have the same thing with ML, glad to know where to go and where it really needs to be fixed.  Also, good to know, the manual edit doesn't appear to cause any issues.
  • ZQuicken
    ZQuicken Member
    I am experiencing this new "phenomenon" with Schwab downloads as well. There shouldn't be, and there was in the past, a need to edit the related transactions manually.

    I think, it is a bug that should be reported to Quicken - will try to call them on weekday.
  • ZQuicken
    ZQuicken Member
    The issue can be reported, by everybody who is experiencing it, to the development team via Quicken Help menu: "Report a problem..."
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