Schwab Interface is not working correctly

The Schwab interface is still not working correctly - at least on a Mac. When I update my files now, Quicken imports all of the sweep transactions. Historically it did not do this, and when I want to reconcile my accounts at month end Schwab includes sweep investments in the cash balance - and does not show the sweep investments as a separate item.

In addition when my description on an manually entered entry does match Quicken now duplicates the entry. Previously, Quicken would see the date and amount and recognize the entry as a match. (And some of these duplicate entries are showing up for months old transactions.)

Further, Quicken is now entering a series of bogus entries that all offset. These entries are labelled as Adjustments and are offsetting. They are also marked as reconciled when downloaded.

I have talked to Quicken Support and they tell me Quicken is interpreting the data exactly as it did before (using direct connect) and the problem has to be with what Schwab is sending them. Schwab technical support tells me that they are sending the exact same data they sent via direct connect.

Clearly someone is wrong here and we the paying customers are not being served.


  • sonomaron
    sonomaron Member ✭✭✭
    Same issue regarding sweep transactions. I’m on the windows version. Have to delete all the sweep buys and sells.
  • John Prewitt
    John Prewitt Member ✭✭✭
    I think this is due to the fact that Quicken wants you to request Detail Investment Method rather than Simple. Try deleting the extra transactions and request Simple.
  • Daffy Duck
    Daffy Duck Member ✭✭
    With respect to sweep transactions - I think the problem is on Schwab's end - and I have had a discussion with Schwab Tech Support about that. Before I started using Quicken I was using Banktivity and when they went to their latest version they stopped using OFX and the new product had the exact same problem - suggesting that despite best intentions, Schwab may be sending out different information on different output channels.
  • Daffy Duck
    Daffy Duck Member ✭✭
    When you use the Simple Investment Tracking Method this impacts what Quicken displays not what it brings in. The result is that Quicken will not display the the individual transactions and only displays the Portfolio and Dashboard screens for the selected investment account.
  • Daffy Duck
    Daffy Duck Member ✭✭
    On further examination, for some reason this problem does not occur where the sweep is handled as a bank sweep. The problem does occur when the account uses a Schwab Money Market type fund (such as SWGXX) as the sweep item. Schwab claims that they provide Quicken with exactly what shows in the History for the account on the Schwab website. This appears to be what is happening. However, prior to the change that took place in November for the interface with Schwab, either Schwab has in fact changed what they are transmitting relative to these sweeps or Quicken has eliminated a filter. I have told Schwab Tech Support that I believe the issue is on their side, but I don't think I have gotten their attention.
This discussion has been closed.