Schwab misreporting bank CDs

I have reauthorized my Schwab downloads and done the updates. Transaction reporting is working fine. Most balance reporting is now working when I reconcile. However, all bank CDs held in my brokerage account are misreporting shares. The convention has been to report each $100 of face value as one share. So a $5000 investment is 50 shares. Schwab is now reporting 5000 shares instead so the download doesn't reconcile. The pricing is still consistent with the old method. This appears to be a problem at Schwab's end with their new software.

Comments

  • I have same problem, plus some CD's prices do not update at all even though they are shown correctly on Schwab's customer portal. I have no evidence that it is Schwab's problem instead of Quicken. Everything worked correctly prior to the recent Quicken change to Web Connect and reauthorizing.
  • L_R_B
    L_R_B Member
    Same problem here. Quicken version R36.45. Schwab CD prices have not updated in Quicken since 11/17, although they are reported correctly on the Schwab web site. Was working fine before Quicken's change to Schwab access.
  • Mike360IM
    Mike360IM Member ✭✭
    Same problem with me, a quicken user for 30+ years, this is a frustrating problem.
  • maeagle
    maeagle Member ✭✭
    My cd and option prices are not updating. In addition I keep getting a notice of mismatch on the the number of shares of cds as well as options in account. Example: Schwab shows 8000 cds at $1 and Quicken shows 80 cds with $100 price. This did not happen until this switchover. I have been with Quicken and Schwab over 20 years. Hope this gets fixed soon.
  • David7172
    David7172 Member ✭✭
    Same problem here. Many equity prices are not updating as of 11/30. Also a 20+ year Quicken user.
  • maeagle
    maeagle Member ✭✭
    Additional problem: I bought a CD today and the downloaded transaction did not break out the accrued interest. Guess this is still not fixed.
  • Update as of 12/02/2021 at 10:30AM, Used Chat support. They had no useful suggestions, after all the normal questions about versions, validating files, etc. discussed in other threads on this subject they concluded "Unfortunately, this is an ongoing issue, and it has already been escalated, however, there is no estimated time of arrival for the resolution, we apologize about the inconvenience."
  • Reconcile now working for me. Still no price updates. I had to redo one CD I bought during the problem period. It used the $1 share convention and I had to edit it to do the $100 share convention.
  • Ed Perry
    Ed Perry Member ✭✭
    Schwab has long had a problem with the "units" of bonds and CDs. See the screenshot from a months-ago statement here, showing 116,000 units were purchased at price of 100.00, which somehow becomes 116,000 of cost basis (which is actually correct) rather than unit * cost per unit: 116,000 * 100.00 = 11,1600,000. Same issue with Treasuries, etc.
    Par, Market Price , Market Value, Cost Per Unit and Cost Basis are correct. But not Units Purchased.
    So now they are enforcing this mis-definition on Quicken?
  • David7172
    David7172 Member ✭✭
    CD updates from Schwab not working since 11/17/21 for me. Problem started with Quickens change to Schwab updating. Not resolved.
  • scomisk
    scomisk Member ✭✭
    > @David7172 said:
    > CD updates from Schwab not working since 11/17/21 for me. Problem started with Quickens change to Schwab updating. Not resolved.

    Same problem, same date. No resolution.
  • Mike360IM
    Mike360IM Member ✭✭
    So are Quicken and/or Schwab working on this problem? I'm beginning to feel like we've arrived at a new normal.
  • maeagle
    maeagle Member ✭✭
    So a new issue on cds. One of my accounts downloaded today and told be there were zero cds in the account and I know they are there on the website. I hope this means someone is finally figuring out why CDs are not being updated.
  • David7172
    David7172 Member ✭✭
    edited December 2021
    Spent a couple hours on the phone with Quicken support. Erik certainly tried but no solution. CD rates have not updated on Schwab since 11/17/21. I sent 6 log files to Quicken under Ticket #9074295. It was not clear if Quicken will look at the log files, or not. I do note that CD prices ARE updating if you look at Online Center. But the CD price updates get stuck there and do not populate anywhere else, including in reports, or under that CD's Price History. I do not think this issue is fully understood at Quicken yet - so I spent hours trying to help by troubleshooting with them and providing log files. If we want this corrected, other users need to weigh in.
  • David7172
    David7172 Member ✭✭
    The latest Quicken update seems to have fixed the problem with CD prices not updating from Schwab. Fingers crossed it keeps working!
  • I agree. Finally seems to be fixed. :)
  • Mike360IM
    Mike360IM Member ✭✭
    The latest update is 36.57?
  • Mike - Yes, 36.57
This discussion has been closed.