Downloading Schwab dividend transactions

I am experiencing a problem downloading reinvested capital gains and dividends from Schwab. Schwab processes reinvestment as two transactions: one is a dividend announcement and the second is a buy. The buy appears to be handled correctly. The dividend announcement is treated as reinvested interest which debits the dividend from the cash account and increments the shares held a second time. Very annoying. Does Quicken test their software before they release it?

Comments

  • Sherlock
    Sherlock Member ✭✭✭✭
    Of course, Quicken tests their software before the release it.  Quicken is coded to import transactions following OFX standard.  If the transactions Quicken received were a dividend and a buy, Quicken would import a dividend and a buy transaction. 

    Schwab recently decided only support the Express Web Connect connection method to save money.  Schwab provides the transactions to Intuit using a Schwab proprietary API.  Intuit converts transactions obtained from Schwab into OFX format.  Quicken pulls the OFX data from Intuit.  If you want this issue addressed,  I suggest you contact Schwab.
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    With the conversion to EWC+ from Direct Connect - a change initiated by Schwab to save money - the "style" of downloaded reinvestment transactions has changed from a Dividend one day and a Buy the following day.  Now these transactions come to us as one "reinvest" transaction. 
    I assume this is Schwab's doing, (I've asked this question of the Quicken moderator but have never heard back), even though Schwab's site continues to show two distinct transactions for reinvestments.  
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    One of the biggest mysteries to me in all of this is if there is "action mapping" and who does it (or both, or all three!).

    With Direct Connect it is pretty straight forward.  The financial institution sends the transactions using the OFX protocol that has all the possible actions app described in the protocol and then Quicken gets that and maps that into a transaction in Quicken.  Note unlike some of the "wizards" that Quicken has for special transactions like ESPPs, this is always a one-to-one mapping.

    Now with Express Web Connect no one is saying what the financial institution is sending, or if Intuit maps it, or how Quicken might see it map it to an actual transaction.  I would certainly not expect Quicken to have been changed much, as in it would probably still have a one-to-one mapping, and if there is any more complicated mapping it would happen either at the financial institution (this is the most likely) or by Intuit.

    The great pain of this is the lack of visibility.  Even the logs aren't going to be much help because they are logging just the syncing between the Quicken data file and the Quicken Cloud data set.
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  • DetroitRick
    DetroitRick Member ✭✭✭
    edited November 2021
    crinct - I have experienced exactly what you describe. The only difference is that, since the conversion (Nov 17 for me), I have received several downloads exactly as you describe. But most Schwab transactions have been downloading as single transaction reinvestments (and more-importantly with the correct classifications).

    The latter cases have the correct category (dividend, st gain, lt gain), while the former do not (interest vs. dividend, etc.).

    At the moment, I'm trying to see exactly when it happens (and when it doesn't), before I report it as an issue. It does seem to happen across multiple Schwab accounts, but in my case so far only for two specific funds in the past 1.5 weeks. I'm doing manual corrections until I determine whether there are going to be a lot of these. Like I said, so far only two, but time will tell me more.
  • M B
    M B Member ✭✭✭
    I am getting downloads, but only "withdraw" or "add". Dividends, reinvestments, purchases, etc. are not processing as in the past. I suspect it has to do with the new connection method, but what use is simply showing add or withdraw? The download functionality needs to be improved to be similar/identical to the prior download action from Schwab so that I don't have to manually adjust every transaction download from Schwab to show the correct action (buy, reinvest, dividend, etc.) Otherwise the current functionality is not useful.
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    edited December 2021
    I haven't had too many transactions download from Schwab to Quicken since the conversion but what has come down has been presented properly as DIVs, BOUGHTs, etc., not the vague and useless withdraws and adds you're seeing.
    I'd suggest calling Quicken support
    because what you're seeing is wrong, for some reason.
  • Rsta
    Rsta Member ✭✭✭
    edited December 2021
    My REINVEST distributions from Schwab are importing as 2 transactions - BOUGHT transaction with the share qty and dollar amount and a second REINVEST transaction with the total $ amount and no share information; and it is [messing] up the account balance. The chat and phone [Agents] keep telling me they have fixed duplicate transactions and they only occur when you reconnect. It occurs on every REINVEST transaction.

    This is not duplicate transactions; it is parsed by Quicken into two transactions from one Schwab transaction. Quicken obviously has the correct transaction information from Schwab because they are parsing it as a reinvest transaction, and then incorrectly adding it to the register as two transactions. The reason I pay $100+ a year is for Quicken to download correctly and safely - I don't care what Schwab does - Quicken is getting paid for this, and pretty much only this. 
  • Sherlock
    Sherlock Member ✭✭✭✭
    Rsta said:
    My REINVEST distributions from Schwab are importing as 2 transactions - BOUGHT transaction with the share qty and dollar amount and a second REINVEST transaction with the total $ amount and no share information; and it is f-ing up the account balance. The zombies on the chat and phone keep telling me they have fixed duplicate transactions and they only occur when you reconnect. It occurs on every REINVEST transaction.

    This is not duplicate transactions; it is parsed by Quicken into two transactions from one Schwab transaction. Quicken obviously has the correct transaction information from Schwab because they are parsing it as a reinvest transaction, and then incorrectly adding it to the register as two transactions. The reason I pay $100+ a year is for Quicken to download correctly and safely - I don't care what Schwab does - Quicken is getting paid for this, and pretty much only this. 
    It is not being parsed into two transactions by Quicken.  Quicken is obtaining two transactions from Intuit.  Intuit is obtaining two transactions from Schwab.  

    You should care what Schwab does because bad data from Schwab results in bad data in Quicken.
  • William Toperzer
    William Toperzer Member ✭✭✭
    When in the process of EWC+ initially, Quicken was still passing the months of historic Schwab transactions when the accounts were reenrolled. It was a real PITA when the new download of the reinvest transactions came as the two part (Div paid and Bought) line items versus the historic single Reinvest already accepted on the ledger.  That meant they were not showing as a Match which I could have easily accepted to drop them.  Instead, I had to go the laborious multi-keystroke steps to delete both transaction lines for each.  Yes, I later read that there is a process to have somehow accepted them all and then done a sort for a batch delete, but I wasn't going to take the chance to learn and implement a new trick.