TD Ameritrade / Schwab - converted IRA account now shows as Checking Acct (edit)

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Big Jake
Big Jake Member ✭✭
edited October 2023 in Investing (Windows)

Schwab purchased my brokerage. During setup in Quicken for the new Schwab accounts one of my brokerage accounts was set up as a checking account in the Quicken account setup process. My only account type editing options were checking and savings. I deleted and reestablished the account several times with the same result. 4 other brokerage accounts were set up as expected. I have no checking accounts with Schwab.

Answers

  • Quicken Kristina
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    Hello @Big Jake,

    Thank you for reaching out to the Community and telling us about this issue.  I'm sorry to hear you're running into this problem. Was the account that kept thinking it was a checking account trying to link to an existing account, or was it adding as a new account, but showing as checking? If it was trying to link to an existing account, then changing the action to Add can sometimes give you the option to change it to Brokerage account type.

    Thank you.

    Quicken Kristina

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  • Ps56k2
    Ps56k2 Alumni ✭✭✭✭
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    Is this a "cash linked" type of account -
    linked to your new Schwab brokerage account to handle buy/sell/div cash ?

    look at your Schwab Account details -

  • Big Jake
    Big Jake Member ✭✭
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    The account name as populated automatically during conversion is Rollover IRA …222 xxxxx222,

  • Big Jake
    Big Jake Member ✭✭
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    When I originally tried to create the account somehow it was linked to a bank account. Upon subsequent attempts I did change that so it was not linked.

  • Big Jake
    Big Jake Member ✭✭
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    screenshot

  • Ps56k2
    Ps56k2 Alumni ✭✭✭✭
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    interesting…

    So any ideas on why this Ameritrade IRA account was tagged as a “checking” type of account

  • Big Jake
    Big Jake Member ✭✭
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    That is the question. BTW, not sure that it matters, but it is a Schwab account.

    Thanks for the feedback!!

  • Ps56k2
    Ps56k2 Alumni ✭✭✭✭
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    I guess I was looking for any insight as to how it looked over at TD Ameritrade -
    and why it would have come across as a Checking Account and not a Brokerage type account ?

  • Big Jake
    Big Jake Member ✭✭
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    i had 2 rollover IRAs converted to Schwab from TDAmeritrade. Both TDAmeritrade accounts were "Brokerage" accounts in Quicken. One converted with no issues. The account at issue seems to want to be linked to a local bank account that has been closed in Quicken and had no activity for 11 years.

  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
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    When you say "Linked to a local bank account" is that what Quicken would call a linked checking account - an account with a name like <IRA account name> - Cash?

    Those accounts were often created when users converted from Microsoft Money. Did you do that?

    QWin Premier subscription
  • Big Jake
    Big Jake Member ✭✭
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    Additional info:

    Screenshot after creating the account in Quicken

    Issues: Nickname in Quicken populated with an account that has been closed for years. Options under Action 1)Add to Quicken 2)Link to existing account 3)Don't add to Quicken. Under Link to Existing accounts are all of my current and closed cash accounts. National Bank of Kansas was the account selected automatically upon setup. I changed the Action to Add to Quicken, the Nickname then changed to Rollover IRA …208…, Type became a dropdown list with only Checking and Savings as options.

  • Big Jake
    Big Jake Member ✭✭
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    One additional note, the account setup brought across brokerage transactions from the past 2-3 months. A few of those transactions related to Exchange Traded Funds had a "Dining Out" category assigned to them, which I use but not for ETFs.

  • Big Jake
    Big Jake Member ✭✭
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    Update…i restored a backup from prior to setting up the new Schwab accounts and went through the process of setting up the accounts again. All accounts are set up correctly now.

  • Ps56k2
    Ps56k2 Alumni ✭✭✭✭
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    glitch in the matrix 😎

This discussion has been closed.