Fidelity investment transaction fees show as "Late Settlement Fee" (online sync)

Paul3
Paul3 Member ✭✭✭
edited January 13 in Investing (Mac)
I sync a number of investment accounts from Fidelity. In a variety of situations I have "Late Settlement Fee" entries showing "Uncategorized" and no memo or holding information. In Fidelity's web interface, I can see "Fee Charged" entries with holding information. Generally speaking, these are ADR fees from foreign holdings, and typically have a related "Foreign Tax Paid" transaction which shows up correctly in Quicken.

Fidelity says that since the information is showing up correctly in their system, its Quicken's issue or the intermediate sync services to record it correctly.

Anyone else seeing this? It's easy enough to replace the transactions with "Misc Expense" but I'd like to have the details that Fidelity obviously has for each.
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Answers

  • garysmith87
    garysmith87 Member ✭✭✭✭
    What's on the web interface isn't what's necessarily in the .qfx download file that Quicken uses.

    Investment companies are famous for messing up transaction data.  One of my accounts has Long Term Gains reinvested as Interest Reinvested.  I have to manually change each of those transactions.

    Fidelity is giving you a load of BS.  It's their server that is relaying the improper transaction type or category.  Which is nothing unusual.  Financial institutions love to blame Quicken for their errors.  That way it shifts blame and gets you off the phone.  
  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    @Paul3, is your brokerage account set to "Show Cash in a Checking account"?
    Have you taken cash out of your account and paid a couple of dollars "service fee" for such transaction?
    The "Late Settlement Fee" is, probably, Fido reimbursing you for that service fee.
    Say that I take $100 from brokerage checking.  The ATM owner will charge me (Fidelity) $103.  A day or so later Fidelity will reimburse me the $3 difference.
    Is that what you're seeing?
    If so, I split that initial $103 transaction and use a transfer to Cash for the $100 and a transfer to "Receivables" for thew $3.  Then, when I receive the reimbursement for the $3, that uses "Receivables" as the offset account also ... so that the 2 transactions of $3 offset each other.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • RickO
    RickO SuperUser, Mac Beta Beta
    Good answer from @garysmith87. You can actually dig into the OFX log and prove if this is the case.

    You can find the OFX log by going to (user) > Library > Application Support > Quicken > Logs > OFXLog.txt

    Open this file with a text editor and try various searched to find one of these transactions. You can try searching for the security name/symbol or the FITID (which you can find in Quicken by using the transaction inspector (View menu)). The format's not easy to read, but you should be able to decode enough to figure out what was sent. 
    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    @garysmith87 is just plain wrong. 
    NOTE that he doesn't mention what brokerage he has had problems with.
    I've used Quicken & Fidelity together for about 30 years ... and I've NEVER seen what he claims.
    Fidelity, in general, has a reputation for being one of the best for functioning with Q.
    Lastly, Fidelity has no way of knowing what Categories and accounts (other than their accounts) you use in Q. 
    So HOW could they possibly download such info???
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Paul3
    Paul3 Member ✭✭✭
    edited December 2021
    I am syncing transactions directly in Quick, not via a downloaded QFX file.

    <a rel="nofollow" href="https://community.quicken.com/profile/NotACPA" title="Link: https://community.quicken.com/profile/NotACPA">@NotACPA<;/a> this I've got brokerage and IRA accounts I see this in, so it's not fee reimbursements as you asked.

    <a rel="nofollow" href="https://community.quicken.com/profile/RickO">@RickO<;/a> I grabbed the OFXlog.txt file and it looks like what's coming back from the service is what's getting recorded. Here's an example of a typical pair of records:

    <div> <STMTTRN><TRNTYPE>OTHER<DTPOSTED>20211223000000.000[-5:EST]<b><TRNAMT>-00000000000000.1600</b><FITID>XXXXX<NAME><b>FOREIGN TAX PAID</b><MEMO>FOREIGN TAX PAID<CURRENCY><CURRATE>1.00<CURSYM>USD</CURRENCY></STMTTRN><SUBACCTFUND>CASH </INVBANKTRAN><INVBANKTRAN>
    </div><div><STMTTRN><TRNTYPE>OTHER<DTPOSTED>20211223000000.000[-5:EST]<b><TRNAMT>-00000000000000.1800</b><FITID>XXXXX<NAME><b>LATE SETTLEMENT FEE</b><MEMO>LATE SETTLEMENT FEE<CURRENCY><CURRATE>1.00<CURSYM>USD</CURRENCY></STMTTRN></div><div><SUBACCTFUND>CASH </INVBANKTRAN><INVBANKTRAN> </div>
    On Fidelity's web site, the same transactions details look like this:

    Date: 12/23/2021
    Description: Foreign Tax Paid SoftBank Group Corp UNSP ADR EACH REPR (SFTBY) (CASH)
    Amount: -$0.16

    Date: 12/23/2021
    Description: Fee Charged SoftBank Group Corp UNSP ADR EACH REPR (SFTBY) (CASH)
    Amount: -$0.18

    So I guess the question now is this Quicken's aggregator service dropping the details or Fidelity? I probably need to open a Support case...
  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    edited December 2021
    Your 1st paragraph makes no sense.  How can you be synching if you're not downloading?  AND, the fact that the txn appears in the OFXLog indicates that you ARE downloading.
    I've highlighted in your post the significant portions.
    Also, I suspect that the description on Fido's website is simply too long for inclusion in Q's Name field ... so it's being truncated by Fido before they download.
    Lastly, Fidelity downloads into Q using Direct Connect ... so Fidelity is solely responsible for the content that's downloaded and no "aggregator" is involved.  You can verify Direct Connect by doing TOOLS, Account List and looking in the "Transaction Download" column across from your Fido accounts.
    BTW, I'm a Fidelity customer also.
    Lastly, X'ing out the FITID field was to no benefit ... since you subsequently named Fidelity in your display from their website.

    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Paul3
    Paul3 Member ✭✭✭
    Odd, I edited my reply post to clarify that Direct Connect is in use, now I'm not seeing that entry at all. No secret this is Fidelity - I said that in the first post. I X'ed out my account number in the OFX file output.

    Looks like the OFX log puts this back in Fidelity's court.
  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    The FITID is the Financial Institution Transaction ID ... NOT your account number.  It's a unique number that the FI (Fido in this case) attaches to every transaction to identify it.
    The 2 transactions should have had different FITIDs, so they couldn't have been your account number (which is much longer in any case).
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • garysmith87
    garysmith87 Member ✭✭✭✭
    First off, the investment company I was referring to in my previous post is American Funds Capitol Group...which I have to import into Quicken via Web Connect.  So the .ofx/.qfx comes DIRECTLY from American Funds.

    The op has posted his Web Connect .ofx.

    It clearly states in that file that the transactions are "Foreign Tax Paid" and "Late Settlement Fee".

    So...how else would you like Quicken to interpret those?  Since they are downloaded directly from Fidelity via Web Connect, Fidelity is providing the wrong information.  And then the OP states he is getting the file from Direct Connect...which STILL puts the ball directly in Fidelity's court as designating the transaction type incorrectly.  

    Period.  

    BTW, NotACPA owes me an apology.  
  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    First off, the investment company I was referring to in my previous post is American Funds Capitol Group...which I have to import into Quicken via Web Connect.  So the .ofx/.qfx comes DIRECTLY from American Funds.

    The op has posted his Web Connect .ofx.

    It clearly states in that file that the transactions are "Foreign Tax Paid" and "Late Settlement Fee".

    So...how else would you like Quicken to interpret those?  Since they are downloaded directly from Fidelity via Web Connect, Fidelity is providing the wrong information.  And then the OP states he is getting the file from Direct Connect...which STILL puts the ball directly in Fidelity's court as designating the transaction type incorrectly.  

    Period.  

    BTW, NotACPA owes me an apology.  

    Fidelity doesn't support Web Connect ... ONLY Direct Connect. So both you and the OP are wrong.
    And, in the case of American Funds, it's the fund company that's screwing things up ... since as you stated yourself the QFX comes directly from them.

    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Paul3
    Paul3 Member ✭✭✭
    I appreciate the input, not sure about the attitude, but hey, now I know a few more things about the OFXLOG.txt file and can go back to Fidelity and ask why they are providing less information in the Direct Connect vs what show up in their web interface.
  • garysmith87
    garysmith87 Member ✭✭✭✭
    @NotACPA

    Regardless of whether the download is Web Connect or Direct Connect, the .ofx log specifically shows that it's Fidelity's issue...and not Quicken's.  

    How could Quicken translate Late Settlement Fee, which was in the .ofx, into Fee Charged?

    What I'm saying is that this is a Fidelity issue...despite them saying otherwise.  
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