How to transfer investment accounts to a new financial institution

dmoore24
dmoore24 Member
edited April 2023 in Investing (Windows)
In the real world I have executed transfer in kind from one institution to another. I can no longer download transactions from the previous institution because the accounts there have been closed. How in Quicken do I associate those accounts with the new institution so that I can download new transactions executed by the new institution and preferably, I think, retain the transaction history from the prior institution so that current and future transactions by the new institution will accurately account for cost bases, gains, and/or losses? I'm using Quicken Home, Business & Property, R47.15 on Windows 10.

Best Answers

  • bmciance
    bmciance SuperUser ✭✭✭✭✭
    Answer ✓

    You should be able to simply disable online services for the account which would remove the login information for the old institution (right click on the account in the account bar and go to Online Services tab) and then re-enable the online services specifying the new institution and login information. The only thing you may need to do once re-enabled is NOT accept any “add” transactions which would double your positions.

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    Answer ✓

    What should work here - make a back up first - is to disconnect the Account from the old financial institution, then edit out the “institution” information on the General tab. With that done go back to the online services tab and re-enable downloading. You should be able to specify the new finanacial institution that holds the account and make sure to LINK, not ADD the financial institution's account to your existing Quicken Account.

    You probably will get a bunch of Add actions with the first download so delete those transactions, only accept genuine New transactions.

  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    Answer ✓

    There are a couple of ways to do this, but I would use the method below because it mimics what happened in real life. This will enter one Removed transaction for each security currently held in the old account(s) and an Added transaction in the new account for each tax lot of each security. It preserves the cost basis and acquisition dates of the securities transferred. The original cash and security transactions will remain in the old accounts.

    1. Make sure the holdings in your old account(s) prior to the transfer are up to date and accurate. 
    2. Back up your data file in case something goes wrong.
    3. In the old account(s), click on the gear, pick Edit account details, and on the Online Services tab, click on Deactivate.
    4. If there are transactions in the old account(s) that remove the holdings for the transfer, delete them.
    5. Set up the new account in Quicken if you have not already. If there are already transactions that transfer the holdings into the account, delete them.
    6. In the old account(s), click on Enter Transactions and pick Shares transferred between accounts.
    7. Select All securities and click on Enter/Done.
    8. If there is any cash in the old account(s), enter a Cash Transferred out of account to move it to the new account.

    When reporting on performance over a period that includes the transfer, include both the old and new accounts in the analysis.

    The alternate method redirects your existing account so that the current holdings remain there and new transactions are downloaded from the new financial institution (FI). Follow steps 1-4 above, then re-activate the account for downloading, using the new financial institution. When it finds your new account, be sure to choose the option to link it to the current account, not add a new account. If transactions are downloaded to add the currnet holdings, delete them.

    QWin Premier subscription

Answers

  • bmciance
    bmciance SuperUser ✭✭✭✭✭
    Answer ✓

    You should be able to simply disable online services for the account which would remove the login information for the old institution (right click on the account in the account bar and go to Online Services tab) and then re-enable the online services specifying the new institution and login information. The only thing you may need to do once re-enabled is NOT accept any “add” transactions which would double your positions.

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    Answer ✓

    What should work here - make a back up first - is to disconnect the Account from the old financial institution, then edit out the “institution” information on the General tab. With that done go back to the online services tab and re-enable downloading. You should be able to specify the new finanacial institution that holds the account and make sure to LINK, not ADD the financial institution's account to your existing Quicken Account.

    You probably will get a bunch of Add actions with the first download so delete those transactions, only accept genuine New transactions.

  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    Answer ✓

    There are a couple of ways to do this, but I would use the method below because it mimics what happened in real life. This will enter one Removed transaction for each security currently held in the old account(s) and an Added transaction in the new account for each tax lot of each security. It preserves the cost basis and acquisition dates of the securities transferred. The original cash and security transactions will remain in the old accounts.

    1. Make sure the holdings in your old account(s) prior to the transfer are up to date and accurate. 
    2. Back up your data file in case something goes wrong.
    3. In the old account(s), click on the gear, pick Edit account details, and on the Online Services tab, click on Deactivate.
    4. If there are transactions in the old account(s) that remove the holdings for the transfer, delete them.
    5. Set up the new account in Quicken if you have not already. If there are already transactions that transfer the holdings into the account, delete them.
    6. In the old account(s), click on Enter Transactions and pick Shares transferred between accounts.
    7. Select All securities and click on Enter/Done.
    8. If there is any cash in the old account(s), enter a Cash Transferred out of account to move it to the new account.

    When reporting on performance over a period that includes the transfer, include both the old and new accounts in the analysis.

    The alternate method redirects your existing account so that the current holdings remain there and new transactions are downloaded from the new financial institution (FI). Follow steps 1-4 above, then re-activate the account for downloading, using the new financial institution. When it finds your new account, be sure to choose the option to link it to the current account, not add a new account. If transactions are downloaded to add the currnet holdings, delete them.

    QWin Premier subscription
  • dmoore24
    dmoore24 Member
    Thanks for the advice y'all. Deactivating the old online service, then reconnecting with the new institution details and linking to existing account worked as described.
This discussion has been closed.