Adding different Schwab accounts to different Quicken files

kbrin

I use three files in Quicken, each for a different purpose, and two of them need to download different accounts from Schwab. However, with the latest update, I can’t download different Schwab accounts into the separate Quicken files. When I authorize 3rd party Quicken access to all of my Schwab accounts, both of the Quicken files set up accounts for ALL of my Schwab accounts—thus defeating the purpose of being able to use different files for different purposes. At this point, I have stopped using one of my Quicken files—and have authorized the Schwab 3rd party access for only those Schwab accounts that link to the accounts in the Quicken file most important to me. This is a major change from the prior Schwab download process wherein I was able to choose which Schwab accounts would be downloaded into each Quicken file. In the past, when I chose to add accounts from Schwab, it would list my accounts and allow me to choose which would be downloaded, allow me to choose to link them to current accounts in Quicken, and then reconcile. At present, it does not display that set of choices—it just links as before and creates new accounts in Quicken for files which I don’t want. Will Quicken work with Schwab to solve this issue?

Quicken Alyssa

Hello @kbrin,

Thank you for coming to the Community to report the issues you have experienced with Schwab, although I apologize for the inconvenience. 

When Schwab migrated this was one of the new restrictions that they put in place. Customers can only connect to one Quicken File. There are also new restrictions they added for account types, not all are supported for use in Quicken anymore. 

Here is a Knowledge Base article that explains a little more in-depth about the supported account types.

As for Quicken and Schwab working together to change this, I don't know if that is currently happening. I do know that Schwab is aware of these restrictions, as they are the ones that put these in place. Some Schwab/Quicken customers have mentioned Schwab saying that they are working on changing this, but I can't confirm that this is actually the case.

We do apologize for the inconvenience that this has caused you. 



Quicken Alyssa

kbrin

Thank you, Alyssa. Some thoughts:

1. The decision by Schwab that customers can only connect to one file is very disappointing. Is there a person at Schwab that I can contact to express my unhappiness with that decision and try to convince them to change that policy?
2. PLEASE inform your help line personnel of that limitation. I spent countless, obviously wasted, time trying to connect to the second file and spoke to two of your telephone support team members. Neither told me of that limitation and both spent much time trying to resolve the consequences. Had they or I been aware, all of that effort would not have been wasted.
3. Can you tell me whether any other brokerage firms will be establishing the same policy? I download different accounts from another brokerage firm into separate accounts and, if that same problem occurs, I'll need to find a solution to replace Quicken (which I don't want to do).

Thanks, again.
kbrin

Quicken Alyssa

Hello again @kbrin,

Thanks for the response! I answered your questions in order below.

1. As far as who you should contact at Schwab, I would suggest contacting your broker directly. You can also use this number, 877-906-4670, and ask for someone in online banking. 

2. I looked into your interactions with our agents and have sent instructions to their supervisors for the necessary coaching. I do apologize on our behalf that the agents you spoke to were not up to date on the new Schwab restrictions. 

3. At this time there are no other brokerage firms that have informed us that they will be implementing changes like this. 

Hope this answers your questions.



Quicken Alyssa