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Schwab CGLong and CGShort transactions downloading as type RtnCap

dgood

This is occurring for 3 of my Schwab accounts since the 11/17/2021 connection changeover. Quicken Kathryn has acknowledged this error in a separate thread but does not yet have a resolution. I have sent two problem reports with log files describing the account numbers, dates, stock symbols marked ATTN: Kathryn. @Quicken Kathryn What is the recommendation for correcting transactions that have already downloaded?

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Tom Young

Delete the erroneous transactions and re-enter them properly. Actually, you should be able to simply change the "action" associated with the transaction from a return of capital to a long term or short term distribution, but sometimes, for some reason, a transaction gets crossways in the data base (maybe one of these you've downloaded) and it just feels safer (to me) to delete a transaction and re-enter it correctly.

dgood

Thank you, Tom. I chose to use the "Action" drop down to change them. At first I was using the "Edit" icon on the transaction line, and the capital gains types were not offered to replace return of capital. That had me really confused. I sure hope Quicken can get this resolved soon. @Quicken Kathryn

pippy

@Quicken Kathryn : Same issue here with STCapGain showing up as RtnCap (Return of Capital) in Quicken while Schwab online transaction history correctly shows it as STCapGain. This was for a mutual fund. Previous to the new download mechanism between Quicken and Schwab this worked correctly but is not anymore and end of year capital gains distributions season is here. I sure hope this Schwab issue is resolved quickly. I've already had to manually download Capital One credit card transactions due to the unresolved download / reconnect issue that has been outstanding for multiple months. As a very long time Quicken customer, much of the value of Quicken is lost if transactions cannot be reliably and accurately be downloaded.

Thanks, in advance, for your help on this.

artg

@dgood
@pippy

First, I have little to zero confidence in Q downloads for our investments. Therefore, every morning BEFORE I do a OSU (One Step Update) I go into Schwab and manually check for new transactions.

If there are any new transactions I manually enter them into their respective investment account. Then I do the OSU and see what matches. Or, in other words, see how lucky I get today. I accept the matches and delete the bogus downloads.

What used to (before 18 Nov) take minutes for the results of a One Step Update now takes a significant amount of time because of the preparation required before the OSU.

Now, one of the Q moderators is going to read this and tell me to validate, super validate, deactivate, reactivate and then report a problem. I have less confidence in those instructions then I do the OSU. In other words, in the last four weeks I've learned to depend on my fellow Q Community members like you for guidance, counsel and suggestions.

rickatie

@artg
I do the same for all Schwab accounts then always reconcile with Schwab website balances. (I have 5 accounts).
Also, real time trades used to download via Quicken in real time. No longer. Have to wait until next day. Seems like this is a real step BACKWARDS.

Have been reading that PERSONAL CAPITAL is a good alternative to Quicken. Wondering if any users here have experience trying it... ?

Really disappointed with Quicken as of now. Unless they get their act together, it is unlikely I will renew my subscription when it expires. Heck, I am just about manually downloading all transactions now. Don't need a sub to do that!

pippy

@artg @rickatie

Agree with you both that this is a significant step backwards with Quicken. And it's not just Schwab, although Schwab seems to be getting the most attention due to the magnitude of the changes. Whatever the "new and improved" / more secure protocols that Quicken is asking financial institutions to use have clearly not been Beta tested with live users (oh wait we are the Beta testers). And I say this as a retired software developer and manager of large scale software projects for 30 years. Live testing with real users before roll out always finds issues. Fixing them before 10s of thousands of users encounter them causes less headaches for everyone. This is not rocket science.

I logged on to my Schwab account about an hour ago and there were more end of year cap gains and dividend transactions. I tried to download them to Quicken several times. Absolutely nothing downloads. Used to be that within a few minutes of being live on the web site they could be downloaded in Quicken. Not any more.

Many users still cannot download from Capital One and it has been since October for some people. The issue has supposedly been escalated a couple of weeks ago but does that escalator go anywhere? Not so far. And Cap One had implemented the more secure protocol at least a year or two ago and things were working just fine until Quicken undoubtedly changed something.

Very frustrating indeed.

pippy

@Quicken Kathryn
The handling of Reinvested STCG, LTCG and Div since the Schwab changeover is a mess. My transactions which were posted on the Schwab website were finally downloaded into Quicken and they are nothing like what I expected. They are for 2 Vanguard funds I own For each fund there are supposed to be Reinvested LTCG, Reinvested STCG and Reinvested Dividends. The Schwab website shows entries labeled "Long Term Cap Gain Reinvest", "Short Term Cap Gain Reinvest", "Reinvest Dividend" with associated dollar amounts but no indications of how many shares were purchased or at what price for each transaction. Then there are 3 more transactions all labeled "Reinvest Shares" each of which corresponds to one of the dollar amounts previously mentioned with correct shares and prices. I checked and this is the same way they have done it for years.

What used to show up in Quicken was 1 ReinvLg transactionfor LTCG, 1 ReinvSh for STCG and 1 ReinvDiv for Reinvested Dividends for each fund.

Quicken now shows a ReinvInt for LTCG so LTCG have been incorrectly classified as Interest with no shares or price shown for reinvestment.

Quicken shows ReinvDiv for STCG so STCG have been incorrectly classified as Dividends with no shares or price shown for reinvestment.

Quicken shows ReinvInt for Dividends so Dividends have been incorrectly classified as Interest with no shares or prices shown for reinvestment.

Then Quicken shows 3 Buy transactions, with what appear to be correct shares and prices for each of the LTCG, STCG and Dividends.

There appear to be 2 problems. First the Schwab Reinvested LTCG, STCG, Div transactions without shares associated with them should be treated as cash transactions not reinvestments. Then the Buy transactions would used the cash for the purchase of shares. Or Quicken could be smart enough, as it was previously, to convert the Income and Buy into a single Reinvest transaction. The second issue is the Schwab transactions are not being correct categorized since LTCG is being classified as Interest, STCG is being classified as Dividends and Dividends are being classified as Interest.

Bottom line is this is a mess and I now have to edit and correct all the transactions manually. How is it possible that the process of converting reinvested LTCG, STCG or Dividends from Schwab was never tested? And just to add top it all off, there are no OFX log entries for the Schwab transactions so I can't even see or send you what the Schwab server sent to Quicken, unless there is some other log I need to search for. I am running R36.56 which appears to be the most current public release.

Q_comm_red

@Quicken Kathryn
please get development to fix these issues.

dgood

I had 6 capital gains transactions download this morning with R36.56. 3 correctly show actions of CGShort. But the 3 that were long term capital gains show incorrectly as CGShort as well, instead of CGLong.
I documented this in a problem report to Quicken just now.
I do see that there is a new R36.57 available. So will call Quicken about that before installing it.

dgood

I just spoke with Quicken technical support. He was very helpful. He did NOT ask me to update to R36.57. He did review my problem log, and gave me a case number for the escalation team. I hope I can get connected with them in about an hour, as after today they will not be available again until Monday 12/27.

pippy

> @dgood said:
> I just spoke with Quicken technical support. He was very helpful. He did NOT ask me to update to R36.57. He did review my problem log, and gave me a case number for the escalation team. I hope I can get connected with them in about an hour, as after today they will not be available again until Monday 12/27.

@dgood : The latest on this issue is at
https://www.quicken.com/support/charles-schwab-transaction-download-changes

LTCG will still be incorrectly reported as STCG until sometime in January per the statement below which is at the link I posted above. Until then manual editing will still be required to get LTCG transactions from Schwab correctly categorized

"UPDATE: An interim fix for these transaction download issues is in place as of 12/22/2021. Capital Gains Distributions will download correctly and Reinvest Gains transactions will be accurately downloaded as an income transaction accompanied by a Bought (Buy on Mac) transaction. We expect to have a permanent fix in place in January which will distinguish between Long and Short term capital gains; for the interim fix, all income will show up in Quicken as CGShort."

dgood

@pippy
Thank you so much for the update! You provided more useful information than Quicken technical support today. They were of no help in even acknowledging that the problem is known to them.

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RJN

I have been experiencing the exact same issue with transactions from Schwab and I am on the latest release. I'm not sure how much attention is being placed on the issue, but this is disruptive enough that after many years of using Quicken, I am starting to question the long-term value or viability. I cannot afford to waste time correcting a bunch of incorrect entries each month.

I also recently started experiencing a problem where Quicken is treating a Schwab money market investment (SWVXX) as cash in my brokerage account. This just started showing up in the last couple of weeks and there does not seem to be any way to make it stop.

A very frustrated long-term customer!

RJN

dgood

@RJN See post from @pippy above on 12/23 concerning fix for capital gains coming in January.