Can I connect Fidelity Cash Management account up to Bill Pay

Perry Smith

This type of account from Fidelity is essentially a checking account with ATM, check writing, etc. You can also buy CDs and other investments. When I connect to Fidelity and update the list of accounts, it makes this account a Brokerage account and there is no way for me to make it a checking account. That didn't bother me much. But now it appears as if Bill Pay => Manage Payment Accounts will only let me use what Quicken considers Checking and Savings accounts and so my Fidelity checking account is not in the list.

Is there a way around this situation? I was hoping to somewhat abandon my old credit union and just have everything in Fidelity (don't take that as any type of endorsement though).

Perry Smith

I’m sorry if this is a repeat. I typed all this up and I thought I posted it but I can’t find it.

@NotACPA was essentially on the right track. This is specifically for Quicken on the Mac. I’m using Version 6.5.1 (Build 605.42638.100)

1. Add a new Checking account by hitting the “+” sign towards the top left corner and selecting Checking.
2. Hit “Options”. The “Enter Transactions manually” will be selected.
3. Hit “Continue”
4. I prefer “Opening Balance” instead of “Live Opening Balance” but salt to taste.
5. Hit “Finish”

You now have a new empty Checking account. Let’s rename it “Faux Checking”:

1. Right Click
2. Rename
3. “Faux Checking”
4. Return

The name doesn’t matter but I’ll use that name from here on out.

Now we set up Quick Pay:

1. Right click on “Faux Checking”
2. Pick “Edit ‘Faux Checking’ Settings”
3. Select the “Bill Pay” tab
4. Select “Enable Quick Pay…”
5. Enter all of your information: Routing, Account, Address, etc.
6. Hit “Save”

Rinse and repeat with “Check Pay”

1. Right click on “Faux Checking”
2. Pick “Edit ‘Faux Checking’ Settings”
3. Select the “Bill Pay” tab
4. Select “Enable Check Pay…”
5. Enter all of your information…
6. Hit “Continue”
7. Hit “Send Verification Deposits”
8. When the micro deposits are seen in your account, enter them here. I can’t give precise details on this step because I already completed it.

Specifically do NOT try and connect this account up to automatically download transactions. Just connect it to Bill Pay.

As far as asking Fidelity for help, the response clearly didn't understand my situation. They simply punted the ball back to Quicken.

I am currently sending a $5 check to my son via Check Pay on this account to see if it works. I will try to remember to report back.

Quicken Jared

Perry Smith said:

This type of account from Fidelity is essentially a checking account with ATM, check writing, etc. You can also buy CDs and other investments. When I connect to Fidelity and update the list of accounts, it makes this account a Brokerage account and there is no way for me to make it a checking account. That didn't bother me much. But now it appears as if Bill Pay => Manage Payment Accounts will only let me use what Quicken considers Checking and Savings accounts and so my Fidelity checking account is not in the list.

Is there a way around this situation? I was hoping to somewhat abandon my old credit union and just have everything in Fidelity (don't take that as any type of endorsement though).

Hello @Perry Smith ,  

I am sorry to hear that you are experiencing this difficulty with your Fidelity account. I am so glad you chose to take the opportunity to ask us the Quicken Community about this issue. I was wondering: what instance of Fidelity were you using to add/link accounts in the Quicken bank list? It may be worth your while to speak with Fidelity regarding the specific option they would recommend for this kind of account. I also want to mention that it could help to ask to speak to an escalation team or Tier 2 support, as agents at the Tier 1 level may not be familiar with Quicken software.

Thanks,

Quicken Jared 

NotACPA

Do TOOLS, Account List and check EDIT adjacent to your taxable Fidelity Brokerage account.

Check "Show Cash in a Checking account".

This will cause Q to create a fictitious checking type account and to move all of your Cash transactions that are in the brokerage account to this new account.

The new account functions just like a checking account ... and can be used with PayPal.

The new account, because it's fictitious is NOT, itself, set up for download.  Instead, any cash transactions that are downloaded to the brokerage account are automagically moved to the fictitious checking account.

Fidelity CMA is my primary checking account, and I've done this for YEARS.

NotACPA

OH, I just realized that his is a QMac thread ... and I gave a QWin response.  Hopefully, some of it will apply to QMac also.

Perry Smith

> @NotACPA said:
> OH, I just realized that his is a QMac thread ... and I gave a QWin response.  Hopefully, some of it will apply to QMac also.

Yea... @#$%!! I don't have TOOLS and I can't find "Show Cash in a Checking account" anywhere. I'll keep looking.

jacobs

@NotACPA  This is a Quicken Mac thread, and your solution for Quicken Windows does not exist in Quicken Mac.

Perry Smith

> @Quicken Jared said:
> Hello @Perry Smith ,  
>
> I was wondering: what instance of Fidelity were you using to add/link accounts in the Quicken bank list?

I'm connecting to Fidelity Investments Mac. I will try a few others and see if they work. You suggestion about Tier 2 makes sense too. I'll keep you posted if I learn anything positive.

Quicken Jared

Perry Smith said:

> @Quicken Jared said:
> Hello @Perry Smith ,  
>
> I was wondering: what instance of Fidelity were you using to add/link accounts in the Quicken bank list?

I'm connecting to Fidelity Investments Mac. I will try a few others and see if they work. You suggestion about Tier 2 makes sense too. I'll keep you posted if I learn anything positive.

@Perry Smith ,

That sounds excellent, and I will be happy to hear about any further developments. Thanks so much for choosing to keep in touch with us, as the information is always helpful.

Best regards,

Quicken Jared 

NotACPA

jacobs said:

@NotACPA  This is a Quicken Mac thread, and your solution for Quicken Windows does not exist in Quicken Mac.

I said that 4 minutes before your reply.

Perry Smith

@Quicken Jared Can you perhaps ask your developers what field Quicken is looking at when it decides to classify the account as an Investing type account rather than a Banking type of account. I don't know the chatter that Quicken and the bank or brokerage is using but I assume it is a standard and there is probably a field or an attribute that Quicken is keying off of. If you could find that out, it might help the Fidelity folks zone in on what they need to change on their side -- assuming of course I can find someone who can understand what it is I'm trying to describe and request.

Perry Smith

Also... how do you use an "@ ...." when there is a space in the account name?

jacobs

@Perry Smith  for the "@" function on this site, type the @ sign and then enclose the name in quote marks. In most browsers, as you type, it will pop up matching names you can select to auto-complete. that is, I type @, a " mark, then start typing the name, and pick from the list; or finish typing the name and add a closing " mark.

Perry Smith

I’m sorry if this is a repeat. I typed all this up and I thought I posted it but I can’t find it.

@NotACPA was essentially on the right track. This is specifically for Quicken on the Mac. I’m using Version 6.5.1 (Build 605.42638.100)

1. Add a new Checking account by hitting the “+” sign towards the top left corner and selecting Checking.
2. Hit “Options”. The “Enter Transactions manually” will be selected.
3. Hit “Continue”
4. I prefer “Opening Balance” instead of “Live Opening Balance” but salt to taste.
5. Hit “Finish”

You now have a new empty Checking account. Let’s rename it “Faux Checking”:

1. Right Click
2. Rename
3. “Faux Checking”
4. Return

The name doesn’t matter but I’ll use that name from here on out.

Now we set up Quick Pay:

1. Right click on “Faux Checking”
2. Pick “Edit ‘Faux Checking’ Settings”
3. Select the “Bill Pay” tab
4. Select “Enable Quick Pay…”
5. Enter all of your information: Routing, Account, Address, etc.
6. Hit “Save”

Rinse and repeat with “Check Pay”

1. Right click on “Faux Checking”
2. Pick “Edit ‘Faux Checking’ Settings”
3. Select the “Bill Pay” tab
4. Select “Enable Check Pay…”
5. Enter all of your information…
6. Hit “Continue”
7. Hit “Send Verification Deposits”
8. When the micro deposits are seen in your account, enter them here. I can’t give precise details on this step because I already completed it.

Specifically do NOT try and connect this account up to automatically download transactions. Just connect it to Bill Pay.

As far as asking Fidelity for help, the response clearly didn't understand my situation. They simply punted the ball back to Quicken.

I am currently sending a $5 check to my son via Check Pay on this account to see if it works. I will try to remember to report back.