Support Investment/Banking Hybrid Accounts

Accounts by Schwab, Fidelity, Wells Fargo that are part investment accounts, part checking accounts are not fully functional in Quicken. These accounts allow you to pay bills, write checks, have regular deposits, just like a normal checking account. They also allow you to invest cash from the account directly in to funds. When these accounts are loaded in Quicken, they are automatically stored as "investment" accounts. This means you can not use any "banking" features like bill pay or easily categorize transactions. It makes Quicken almost unusable for everyday transactions in this type of account. These are popular account types and I would like to see Quicken have a new category for this type of hybrid account (banking/investment). Thanks Quicken!
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  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited March 20
    In QWin, do TOOLS, Account List and check EDIT adjacent to the account name of a non-retirement investment account ... then select YES for "Show cash in a checking account"
    All of the cash transactions in that investment account will be moved to the newly created, but fictitious, checking account.
    This feature has existed for 20+ years.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Gershon Shamay
    Gershon Shamay Member ✭✭
    "Show cash in a checking account" creates an account that does not have Bill Pay enabled. Nor can you enable it in QWin. This is the key issue - how do we enable this feature in QWin? Without it, I have to go to Fidelity's website and use their Bill Pay; possible but defeats the Quicken purpose.
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    "Show cash in a checking account" creates an account that does not have Bill Pay enabled. Nor can you enable it in QWin. This is the key issue - how do we enable this feature in QWin? Without it, I have to go to Fidelity's website and use their Bill Pay; possible but defeats the Quicken purpose.
    I think the core problem here isn't a "Hybrid account" it is in the very fact that of what kind of accounts these are and what the financial institutions support.

    All investment accounts are Direct Connect.  That is the first step to being able to do bill payment through the financial institution, but it isn't the only part.  The other part is that the financial institution has to support that functionality.  And that alone eliminates a huge percentage of financial institutions even when just talking about a checking account.  Then on top of this the accounts at these financial institutions aren't classified as "checking accounts", they are classified as investment accounts.

    Looking through the OFX specifications it isn't even clear to me that it supports bill payments for accounts that are designated as investment accounts.  If not then the OFX standard would have to be changed, which very unlikely.  But even if they are, clearly this isn't just something that can be changed on the Quicken side.  Every financial institution that you want this support from would have to do quite a bit changes to support this.
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    (I'm always using the latest Quicken Windows Premier subscription version)
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  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited March 21
    Fidelity BillPay is free ... you don't even pay for postage. And your account isn't debited until the payment/check actually clears.
    You PAY for Q BillPay, and your account is debited when the payment is issued.
    There's REALLY no comparison, especially since Fidelity, not Quicken, chooses to not offer BillPay via Quicken.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    Oh looking at @NotACPA comment I want to clarify that I was talking about getting Quicken -> Direct Connect -> Financial institution's bill pay

    Not "Quicken Bill Manager".  If Quicken Inc wanted I think they could get "Quicken Bill Manager" working (of course working is a very relative term in this case) in the "show in checking account" account.  On the other hand I would avoid "Quicken Bill Manager" like the plague.

    And I will point out what I consider the major reasons for not using Quicken Bill Manager".
    1. The third party service that does this has software to log into the "biller's" website and schedule a bill payment.  So they are logging into say your utility account, not your Fidelity account.  And they have to work with "non standard" billing systems to setup an automatic payment to pull the payment from your investment financial institution to the biller's site.  I personally setup almost all my bills to pay this way, but I'm a human looking at the system with whatever limitations and costs and making a judgement, I'm not a program with all its limitations (this isn't even AI doing this).
    2. For a "bill pay" you have to first setup a "online bill" in Quicken and that involves that third party system also being able to figure out how to get the right bill information from the "biller's" website.  Just one more "non standard" thing to go wrong.
    3. For "biller's" that don't have bill payment services websites or the third party software doesn't know how to work with you have to go with "check pay".  There are a very limited amount of checks that can be sent before (I think 5 a month) before you are charged for more of them, and there have been reports where these checks don't show up for more than 3 weeks.
    Signature:
    (I'm always using the latest Quicken Windows Premier subscription version)
    This is my website: http://www.quicknperlwiz.com/