Schwab Accounts with Limited Power of Attorney cannot be downloaded

wcca

After recent changes from Schwab and Quicken, any limited Power of Attorney accounts are not able to be accessed. Downloads of transactions are not possible for people managing other family accounts. This was easily done until last week.[Removed-Soliciting]

Chris_QPW

For what it is worth, this is a decision made by Schwab, not Quicken Inc or Intuit.

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bhinkston

> @JBorendame said:
> I am impacted by this LOSS of my LIMITED POWER OF ATTORNEY LEGAL RIGHT TO VIEW these accounts. Quicken Support TODAY REFUSEDto open a ticket on the loss of function (which I had in Quicken Windows for more than 15 YEARS. I CONFIRMED WITH Charles Schwab management that this is a decision by Quicken. I pay for support and they refused to even CONSIDER opening a ticket. Quicken Support would not even notify a Supervisor or manager as an escalation. Why do I pay a support subscription when I lose functionality and Quicken did not even notify paying customers about the reduced support! I spent hours on this today…. Quicken Management needs to respond with an explanation or restoration of the function. I have LEGAL RIGHT of access, which is no longer being honored. I hope OTHERS raise the issue as well. I am meeting with my attorney on this after the holidays.

Not that you shouldn't be upset, but I was told something different by Charles Schwab tech this morning. First, they confirmed that if you have LPOA on accounts on your specific Schwab login ID, you won't see them with the new Quicken connection. Its the security they've (Charles Schwab) implemented in the new connection world, or so the Charles Schwab agent implied it was Charles Schwab who decided for the change.
Anyway, you have two ways around it:
1. Get POA on those accounts (replacing LPOA). Charles Schwab agent offered up the forms to me.
2. You use two IDs to access accounts in Quicken. I have the same issue as you with my wife's accounts on which I have LPOA. So, I can setup Quicken to access my accounts with my Charles Schwab login ID and my wife accounts with her Charles Schwab ID in the same instance. (Saying that, I am told this will work but I haven't tested it. But, it makes complete sense. Just another process to connect into Schwab accounts with a different login ID.)
Anyway, I hope this helps. I'm super frustrated at the whole process, and the lack of detailed and timely communications, technical testing, and the fragility of the Quicken-Windows connection to Charles Schwab .. when it works. It better get better.

Good luck!

maeagle

Same issue here...had to use my spouses id and password to access accounts I have limited power of attorney for over 16 years. Schawb told me it was their decision. What a poor transition this has been.

Chris_QPW

You got to love it when the support people of a given financial institution gives you conflicting information.

I will state one thing, I should have put in "I believe" before my statement because in fact I have no official notification from either Quicken Inc, Intuit, or Charles Schwab of what the real fact is.

But I see absolutely no reason why Quicken Inc/Intuit would care in the least if the accounts are "view only" or "POA".  In fact, I can't even see how they would even know that fact.  That is the kind of information that only the financial institution has.

So short of some kind of strange bug, I can't imagine how Quicken Inc/Intuit would discover this information let alone make the decision to not allow them in Quicken.

Chris_QPW

JBorendame said:

 I CONFIRMED WITH Charles Schwab management that this is a decision by Quicken.

By any chance did you ask Charles Schwab management why they would give an aggregator privileged information like that the account is setup with POA?

There isn't any practical reason that Intuit/Quicken Inc should have access to such information, let alone decide what accounts to support based on it.

I would personally be quite upset if my broker was sending out information like that, that a third party has no right to know about.

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