Transaction downloads from Schwab to Quicken Mac destroys Quicken IRA accounts

LarryNolan

With Quicken's new retrieval method for Schwab account transactions destroyed four IRA accounts, leaving only their cash balances correct. A non-IRA account at Schwab updates perfectly after the conversion steps needed for the new Schwab access. Spent hours on the phone with a screen share to Quicken support so they had as much Information to try to isolate the errors.
My iMac M1 is running macOS 11.6.1 . Quicken Mac was (prior to Tuesday) running nicely.

Did any users get pre-notification of this change to Quicken-Schwab transaction downloads? I didn't.

LarryNolan

11-9 I did as prompted to accommodate Schwab link and now my three accounts are a mess showing negative values!!!! Thank Steve for Time Machine I restored yesterday’s file. Will try to contact support tomorrow . Why couldn’t an email have been sent to Mac users ahead of this action with details and example?

Chris_QPW

The notification was posted here in the forum.  No "email or such" was sent.
https://community.quicken.com/discussion/7900567/upcoming-changes-to-charles-schwab-accounts

And come to think of it, it was in the release notes:
https://www.quicken.com/support/subscription-release-quicken-mac-release-notes

LarryNolan

Did any Mac Quicken users get any advanced notice of the Schwab connection change that has occurred? I did not.

NotACPA

It's an announcement at the top of this forum.

LarryNolan

On my Schwab IRA accounts Quicken Mac does not download any securities bonds CDs only money market value. Verified by creating new account with IRA account login only showed the cash and no investments.

LarryNolan

I do not regularly read the forum and Quicken has all our email addresses

LarryNolan

I agree with the user who said this is the worst problem with Quicken in a long time. Time to once again check out other macOS financial apps that can handle Schwab IRAs as well as credit cards, banks. Maybe I’ll just use Quicken for non-investment purposes and relying on Schwab and their History web reports and monthly statements. But will lose the benefits of one app to manage and everything

jacobs

LarryNolan said:

Time to once again check out other macOS financial apps that can handle Schwab IRAs

Or... maybe just take a deep breath and give this a little time to get resolved. Clearly Quicken's internal testing and tests with beta testers did not uncover the problems which have occurred with a larger universe of people using the update, and while that's definitely not good, things like this do happen from time to time. And a fix often takes a little while for the engineer to find the cause, to make sure they understand exactly what's gone wrong, to create a fix, to test the fix, and to release it. My advice is not to jump to abandon Quicken and invest tons of time in moving your data to some different platform, ad to instead work around the issue until they have a chance to rectify the problem. You can enter transactions manually in your Schwab account if you need to, or just ignore the Schwab account if you can wait until a fix is in place. 

LarryNolan

@jacobs I've been around the block with issues like this several times and believe patience with continuing to do regular queries to Quicken is the approach that prevents me from thinking I'm a victim.

If I could use Shortcuts to individually issue queries to the service provider's website (bank, credit card, 5 brokerage account) and post the results into a Numbers file, building my own consolidation operation could relieve the dependence on Quick to do it for me. But of course I'd have to construct and program the data manipulation required.

I called Schwab yesterday to open a ticket with them but haven't had a call-back yet from online banking group. Sigh.

LarryNolan

I ended the week with a long support call with Schwab. I showed him my test Quicken file and added one of the IRA accounts. No portfolio of investments, but the transactions view looked up to date and correct. Concluded with Schwab rep saying he would escalate the problem. In summary Schwab -> Quicken Mac works for one non-IRA account; positions shown, transactions shown.
For four IRA accounts 3/4 show no positions but show transactions; 1/4 that has only one position is shown with its transactions.

RMP

I, too, am having the identical problem of Schwab IRAs only downloading cash. No securities information is downloaded. I am adding this to the discussion so the software folks at Quicken and Schwab know this is not an isolated incident.

LarryNolan

@RMP I will post any improvements here when hopefully Schwab or Quicken fix the cause. Be sure you call Quicken to log your situation with IRAs at Schwab. And similarly with Schwab.

RMP

As of this morning, still not working. Talk to both Schwab and Quicken and they have had "lots" of calls with continuing problems. Cash balance of IRA is correct, and shows buys and sells of securities accurately, but none of the non-cash items appear in the portfolio. In fact, nothing appears in the portfolio.

David Roehl

I am on windows, but same deal. Can't connect all my accounts and when I want to add the accounts back that the auto connect didn't do, it comes with the zz pre-cursor, which who knows what is right. Who screwed this one up so bad? Same people that did the new dashboard...sure hope I don't have to look for a new resources on tracking my financials!!

RonRP

I have similar issues but have not seen a discussion on them: In my Schwab investment accounts, after the connection change, the updates created a new security for most of my positions, by adding the stock symbol to the name (for example, where I owned Dodge, it created Dodge (DOGX)). Then it added placeholder shares with a grayed out entry in 1992 to reconcile to the “new” security. So my account now shows double the value and double the positions, but with 2 security names. Deleting the new entry doesn’t help, since each update creates it again. And I can’t edit the security names because it won’t “duplicate” the existing one. I don’t know of a way to change the hundreds of historical transactions on a macro basis (search and replace) to conform to the “new” securities that Quicken or Schwab seems to want to use. Yikes.

RMP

Still not fixed. Rather than keep posting this (as both vendors have "tickets" on the problem, so there is no point in continuing to say "no change"), I will post when the problem has been fixed. There seems to be little motivation on either end to figure out what the problem is and take care of their customer.

jacobs

RMP said:

There seems to be little motivation on either end to figure out what the problem is and take care of their customer.

Just because the problems haven’t yet been fixed doesn’t mean the parties aren’t motivated to resolve the issues. Some fixes take mere hours, some take weeks.

RMP

It has been weeks. I stand by my comment.

jacobs

So just because they haven't been able to fix a problem, you conclude they aren't motivated to do so? (I'm glad I'm not an employee of yours struggling to complete a project! )

These are complex issues which involve development teams for Quicken Mac and Quicken Windows as well as Intuit and Schwab, as well as security and legal people at Schwab. (If you haven't seen it, take a minute to read this reply in another thread from Quicken Mac product manager Marcus, just to get some insight into some of the complexities they're dealing with and working through.) Quicken is obviously the most motivated of the parties to get this fixed, but both technical work and policy decisions involving three parties can take time to work through.

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Conrad

I'm having the same issue with Quicken for Windows (subscription version) After deleting the Schwab accounts that had the "zz" prefix and re-establishing them as new accounts, I have lost all my IRA investments. THey are replaced with placeholder transactions that show the correct history going back to 2001, but attempting to "Enter Cost" simply creates a duplicate transaction and doubles the number of shares in the placeholder transaction. All my investment listing shows for the IRA is the cash value in the account.

LarryNolan

I was able to use a correct saved Mac Quicken file from November 6, 2021 and successfully go through all the necessary steps with 4 IRA Schwab accounts to disconnect, reconnect, download then delete duplicate transactions. All securities are now in their portfolios including CDs and Bonds and totals match with the Schwab web account page. Finally.