Quicken creating "offline" Checking account when setting up online accounts

lagunajim

During the process of linking accounts to online downloads Quicken prompts me to create an additional offline account called "Checking".  

Anyone else having this problem?

Quicken Jared

lagunajim said:

During the process of linking accounts to online downloads Quicken prompts me to create an additional offline account called "Checking".  

Anyone else having this problem?

Hello @lagunajim,   

I am sorry to hear about this problem linking accounts. Thank you for asking about this here on the Quicken Community. 

In order to answer this question, there are a couple of details I am wondering about. Is this occurring with multiple accounts? Also, can you tell if any of the account credentials seem to match an account that already exists; are accounts being duplicated? Lastly, what steps are you taking when trying to link your accounts?

I look forward to your answers.

Thank you,

Quicken Jared 

lagunajim

Hi Jared, it happens with Schwab.  Because of problems with Quicken deciding that a mutual fund I hold should be represented as cash, I have had to deactivate and then activate my 3 Schwab accounts several times for download.

Each time after I am presented with the screen showing the accounts and I "Link to Existing", the next screen I'm presented with is offering to create an offline account called "Checking".  Doesn't seem to matter whether I say cancel or let it complete.

If I let it complete I can then go and delete it..  And the online connections are good.

Now that another user has pointed me at the preferences option to "Never interpret downloaded money market funds as cash" I'm hoping things are settled down now and I won't have to continually deactivate and activate.

Quicken Jared

lagunajim said:

Hi Jared, it happens with Schwab.  Because of problems with Quicken deciding that a mutual fund I hold should be represented as cash, I have had to deactivate and then activate my 3 Schwab accounts several times for download.

Each time after I am presented with the screen showing the accounts and I "Link to Existing", the next screen I'm presented with is offering to create an offline account called "Checking".  Doesn't seem to matter whether I say cancel or let it complete.

If I let it complete I can then go and delete it..  And the online connections are good.

Now that another user has pointed me at the preferences option to "Never interpret downloaded money market funds as cash" I'm hoping things are settled down now and I won't have to continually deactivate and activate.

Hello @lagunajim,          

Thanks for getting back to me with answers to my earlier questions. I do apologize that the issue has been ongoing since the problems with the mutual fund. To be clear: does the situation seem to be resolved following your changing of the Preferences regarding Downloaded transactions?

I look forward to your reply, and feel free to get back to us if any other difficulties arise. 

Thank you,

Quicken Jared 

lagunajim

I won't know if it's resolved for a couple days -- new transactions need to arrive via OSU.

I'll report back. 

That issue with Quicken changes the money market fund to cash was maddening -- and it would NOT  reverse even after going into Edit Account Details -> Online Services -> "..Change treatment of cash.." and instructing Quicken to change it back to treating it as a security instead of as cash.

/jim

Chris_QPW

For what it is worth, I have seen the same thing when setting up my investment accounts at Chase (which is also Express Web Connect +).  Note I can even cancel out of it creating the offline checking account and everything is fine.

It seems that there is a bug in Quicken’s reauthorization process that just insists on having at least one non-investment account create during the process.  Note that for when I setup my Chase non-investment accounts this didn’t happen.

lagunajim

Jared, please communicate with your resources on this issue.

Quicken is determined to treat "SWVXX" as cash whether I want it to or not, and whether I command Quicken not to.

Quicken ignores the option to "Never interpret downloaded Money Market funds as cash".

Quicken also ignores the command to change the treatment in account details with the option "Reset Money Market securities/cash options".

Please help!  Thanks.

Quicken Anja

Hello @lagunajim,

Thank you for reaching out to the Community and sharing your feedback.

Please be aware that SWVXX being treated as cash is not considered a bug as it was an intentional design changed that came with Charles Schwab switching their connection method over to Express Web Connect+ and an announcement about this was posted here at the time.

While we can certainly pass along your feedback, please be aware this change was initiated by Charles Schwab.

We apologize for any inconvenience! Thank you.

lagunajim

Hi.  Thank you for your post and link to that announcement.

Do you not consider Quicken refusing to allow me to override this default behavior a bug?

Quicken has commands that would appear to allow you to reverse this behavior, and another option to "Never" do it -- you're telling me those don't count with regard to this FI?

Surely Quicken should honor Schwab's desire and also allow the end user to make the final determination.

Thanks.

Chris_QPW

@lagunajim @Quicken Anja the way I read this is that Charles Schwab made the decision to send the SWVXX transactions as cash transactions instead of security transactions rendering Quicken no choice in the matter.

GLG

I am having this same problem but with Vanguard. I had to delete the Vanguard account because of other issues (a separate Quicken problem) and now when I go to add the account back by creating a new account, it asks me about adding an offline checking account.

lagunajim

I've found that if you just hit cancel when prompted to create that extra offline checking account you're setup for your brokerage (Vanguard) is good to go.

lagunajim

Chris_QPW said:

@lagunajim @Quicken Anja the way I read this is that Charles Schwab made the decision to send the SWVXX transactions as cash transactions instead of security transactions rendering Quicken no choice in the matter.

Buys and sells for SWVXX come down as bought or sold transactions which doesn't really match the "treat them as cash" concept - very confusing.

I have managed to get Quicken to stop forcing the SWVXX to be treated as cash - by NOT turning off that option in Preferences.  It no longer asks me if I want to convert SWVXX to cash, but it does come up with mismatched share balances which I can just ignore.

To be clear, the problem with Schwab (according to Quicken) wanting SWVXX to be treated as cash is that you ALSO have a cash balance of actual cash.  See the problem?

SWVXX as cash and also cash as cash -- yet only real cash can be used to buy securities, pay checks, ATM, or ACH withdrawals.  Schwab will not automatically liquidate SWVXX to pay cash needs, nor does it "sweep" cash into SWVXX.

So Schwab - tell me why SWVXX is cash again?