How do I move an account from Banking to Investing?

dmaas

I'm trying to get Direct Connect set up for an account I have with Ameriprise. They call it an "Ameriprise One Brokerage Account" but when I set it up (years ago), I put it under Banking because it acts like a bank account. However, when trying to set up Direct Connect, Quicken only lists the Investing accounts, so I am unable to use Direct Connect for this account. Can I move the account from Banking to Investing?

RickO

You can't change the type of a Banking account to a Brokerage account. But here's what you can do: go ahead an create a new investing account with connection to Ameriprise. Then go back to the pre-existing banking account, select all transations, then drag and drop them to the new brokerage account in the sidebar. In the new account, they will become transaction type “Payment/Deposit”.

Be aware that as a brokerage account, you will not be able to do Direct Connect Bill pay as you might with a D/C checking account.

RickO

You can't change the type of a Banking account to a Brokerage account. But here's what you can do: go ahead an create a new investing account with connection to Ameriprise. Then go back to the pre-existing banking account, select all transations, then drag and drop them to the new brokerage account in the sidebar. In the new account, they will become transaction type “Payment/Deposit”.

Be aware that as a brokerage account, you will not be able to do Direct Connect Bill pay as you might with a D/C checking account.

dmaas

Thank you RickO! Very helpful!