Maturing CD or Bond Adds Cash but does not remove Shares (Schwab)

djoelson

Every time a CD or Bond Matures the cash is added to my account but the shares are not removed. So I always have to go into transactions and remove them manually. Source of data is Schwab.

Shouldn't this work without going through this procedure?

Frankx

Hi @djoelson

Yes, you should not need to manually remove those matured investments.  However, the transactions to remove those investments need to come from Schwab, not from Quicken.  You are having to manually remove them because Schwab - for whatever reason - fails to send those transactions to Quicken.

I suggest that you contact your Schwab rep and complain to them and ask that they fix their downloads.

Frankx

Tom Young

It seems like Quicken is claiming Schwab is the problem and Schwab is claiming that Quicken is the problem.  I investigated this issue by purchasing a T-Bill that had a maturity date only a few days away to see what Schwab's "history" page showed at maturity:

The information shown here if pretty useless when it comes to actually creating correct accounting entries in Quicken.  The correct entries in this case would be a "sale" of the T-Bill, typically at no gain or loss, followed by an IntInc entry for the interest that's included in that $1,000 "Full Redemption Adj" transaction.  A Removed action just isn't appropriate here.  While it accomplishes the removal of the security from the Account it doesn't record the interest income, and there can be gains or losses at the time of a bond's maturity.

Of course Express Web Connect doesn't necessarily "look" at this page for information, (the whole EWC collection method is, to me, a big black box), so it's not clear who's actually at fault here.