To Whomever in Quicken deals with the program processing EWC+ for Schwab

Tom Young
Tom Young SuperUser ✭✭✭✭✭
edited May 17 in Investing (Windows)
A dividend from General Electric has been downloaded twice, once with a date of 4/22 and then again with a date of 4/25.  The 4/25 date is correct and I had to delete the 4/22 dividend.
A sale of Schwab Value Advantage made on 4/22 for $145,000 has never shown up in the download.  After today's download Quicken notified me that there was a $145,000 difference between Schwab's record of of how much Schwab Value Advantage was in the Account vs. what Quicken was reporting.  I had to enter that sale manually.
Please fix this.

ADDED: Today Quicken told me that the holding of one of the securities in my wife's IRA was "off" from what Schwab reported by .0368 shares.  Turns out that Quicken was correct, the Quicken Account did not match Schwab, and the source of the discrepancy was a March Div/Bought pair of transactions that did not download.

ADDED: On 5/7/22 Quicken threw up another "shares in Quicken don't agree with Schwab" message.  This time the source of the discrepancy was a missing download of the 4/28/22 "Buy" of Comcast shares associated with the 4/27/22 Comcast dividend, which was downloaded.

ADDED: On the evening of 5/9/22 I entered a sale for $200,000 of the Schwab Value Advantage Fund (SWVXX) and the trade was executed 5/10/22.  At around 6PM (Pacific) time on 5/10 I downloaded information from Schwab and the trade was downloaded, appropriately. 
However, Quicken told by that the amount of this fund "reported by Schwab" was -$187,184.83, a number that very obviously was wrong.  I signed into Schwab and on the Positions page - a page that provides the details of each security in the account - I saw the following notation in the "Cash & Money Market" section:
SWVXX SCHWAB VALUE ADVANTAGE MONEY INV 194,989.32
SWVXX SCHWAB VALUE ADVANTAGE MONEY INV -187,184.83
Talking to a Schwab representative she told me that all mutual fund trades are entered manually and that I should wait until the following morning following a trade to expect to see "correct" amounts in this area.  (Mathematically the difference between those two numbers, - and I have no idea where those numbers come from - represent the remaining balance of my SWVXX holdings after the sale.)  Essentially it seems like Schwab is posting intermediate "scratch entries" into the Positions page while it works out internally how the mutual fund trades will be settled among its own accounts.
Quicken might want to soup up it's script here to try and present the correct number of "per Schawb" shares reported.

ADDED:  On 5/16/22 all Schwab Accounts that had received a Schwab Value Advantage Fund reinvested dividend - downloaded as separate DIV and BUY actions - reported Securities Comparison Mismatches, even though Quicken's share numbers were correct. 
Separately, one Securities Comparison Mismatch screen for one of the Accounts did, properly, show a mismatch between Schwab and Quicken.  Further investigation revealed that a 4/2/22 BUY action (reinvestment of a 4/1/22 dividend) for Cisco Systems was not downloaded to Quicken, and that neither a 5/2/22 JP Morgan Chase dividend of  $217.93 nor the 5/3/22 BUY action (dividend reinvestment) for 1.782 shares JP Morgan Chase were downloaded.

Comments

  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    It is my general observation that the place to submit these kinds of requests are to Quicken Support.
    For a problem posted here to “get fixed” seems to require it to be one that many people are having and as such, then pushed from this side.
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  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    Oh, I know that.  Just a small reminder that EWC is extremely error prone and a potential danger to your data. 
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    Yeah, I’m not with Schwab so luckily I don’t have make that call.  Since the beginning of the year I made the call not to have any Express Web Connect accounts since at that point they made it impossible to use the old FDS system.

    I had two accounts that had the possibility to be setup with Express Web Connect, a Macy’s credit card and a Synchrony savings account.  My wife wants the Macy’s card even though it is seldom used.  I just took it completely out of Quicken.  For the Synchrony savings account it mostly just has one interest payment a month so I have a reminder for that, and manually update it.

    And these days I won’t even try to help people with Express Web Connect problems.  It is such a hot mess.  Besides the “help” is just like the old days of telling people to reboot Windows.  You have Reset/deactivate/reactivate with all its problems, and then “see announcement” and contact Quicken support.  You could probably handle those kind of “solutions” with a FAQ or a “bot”.

    The fact that they went to that system for investment accounts which are tons more complicated to than banking accounts, just tells me how the whole financial system that doesn’t really have a proper solution for downloading transactions, is one hot mess.  
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    (I'm always using the latest Quicken Windows Premier subscription version)
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