USBank investments QFX download makes dividends into "Add Shares" transactions

Josip L.

Downloading a QFX file from U.S. Bancorp Investments doesn't identify dividends properly on import into Quicken for Mac. They come out as "Add Shares" transactions which multiply holdings but don't properly record dividends. Is this a malformed USBank QFX file problem or a Quicken QFX interpretation problem?

jacobs

@Josip L. Usually it's hard or impossible for us as end users to know where the problem lies. But in this case, you can look for yourself and see. The QFX file is a plain-text document, so you can open it in TextEdit or Pages. Look for the transaction and it will be apparent what the financial institution is sending. 

Josip L.

I already did that. Other institutions send records including <INCOMETYPE>DIV</INCOMETYPE>. USBank QFX doesn't include a comparable record, but it's tricky to interpret QFX. USBank QFX lists <TRNTYPE>CREDIT to <SUBACCTSEC>CASH with amounts, but they aren't explicitly labeled as dividends. Instead, <NAME> lists where it came from (and FITID contains embedded CUSIP). One could deduce that this is a dividend, but that's not what Quicken for Mac does.

Josip L.

Confirmed that this is USBank QFX problem: Quicken, iBank, and Moneydance all interpret dividends as adding shares based on the information downloaded from USBank. I let USBank know, maybe they will fix this technical problem with their QFX files, but I would not hold my breath.

Downloads used to work fine for decades until we switched to a different account type to make investing easier. Clearly, malformed QFX file is to blame. Until this is fixed, beware.