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Schwab Downloads, Problems, Issues, Etc.

sfmng

Had problem with Schwab download. Incorrect cash balances, etc. Checked with Schwab re: problem and they said everything was okay with their end and that they are just the gatekeeper meaning they can only verify that Quicken is able to get all the data for the authorized accounts but what Quicken does with the data is on their end. I tried reauthorizing accounts and removed online access and added it back to no avail. Out of utter frustration, I deleted all the Schwab brokerage accounts and added them back which appears to have solved the problem. Been a Quicken user since the DOS days and it's not acceptable for Quicken to have such problems with on of the largest brokerages. Also, the way Quicken wants to treat MMF's as cash is incorrect. MMFs are securities even though they are cash-equivalent. Quicken doesn't seem to know what they want to do. They want to treat SWVXX (i.e., suggest treating as cash on account setup) as cash but SNAXX (doesn't even know this is also a MMF) as a security? Where's the logic in that? I don't know if deleting and re-adding the Schwab accounts fixes things. Need a few days or weeks of downloads to determine…..but all I have to say is Schwab downloads after the Connect+ update has been horrendous. Need to find a Quicken alternative if it doesn't get fixed.

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Tom Young

"the way Quicken wants to treat MMF's as cash is incorrect. MMFs are securities"

That's correct and the subject was pretty thoroughly discussed over here:

https://community.quicken.com/discussion/7904263/another-schwab-issue-swvxx-is-a-security-it-is-not-cash-edited

and elsewhere. The only quasi-logical reason I can come up with for Quicken deciding to take the approach is that over at Schwab SWVXX and SNAXX appear in a section titled "Cash & Money Market" in an account's Positions page.

You might try clicking on Update Cash Balance to see if you get the option to change how these money market funds are being treated in Quicken using the "Cash Representation" button. For some reason I only get that button in the Quicken Schwab Accounts that are tax-deferred, not the regular taxable brokerage Accounts.

sfmng

Thanks Tom! I read the older pasts and thought I was just lucky that the MMF issue didn't affect me. I always selected to treat MMF as a security, not the "as cash" recommendation. Everything was good until a week ago when my Schwab accounts stopped updating correctly. I waited a few days before doing the normal troubleshooting to no avail. Finally, I went for the nuclear option and deleted all my accounts and re-added them. The accounts now appear to be updating but here's the weird stuff after re-adding accounts (besides the many transactional issues with other accounts connected to my deleted/re-added Schwab accounts).

1.) Accounts with SWVXX automatically setup treating SWVXX as cash. No option was given on setup. I have the option to revert in the Account Details window but I will leave it for now out of fear it will screw things up again.

2.) Account with SNAXX automatically setup treating the it as a security. There is no option to treat it like cash. LOL.

I think Quicken did something recently for downloads to be screwed up. Maybe it's a temp thing associated with the TD Ameritrade account merging? Regardless, as discussed in many past posts, there is no rhyme or reason in what they elected to do. IMO, sounds like a programmer without any financial knowledge decided to do this. I don't believe this is a Schwab decision or anything they forced upon Quicken. If they did, Quicken wouldn't treat SNAXX and SWVXX differently since they are both MMFs. I have a relationship with Schwab going back 28 years and they pretty much confirmed this at many levels when I pushed the issue on them.

I use to use "Complete" tracking for my Schwab accounts but due to issues with that method over the years have relented to use "Simple" tracking. Now "Simple" tracking is starting to be a problem also with this MMF issue. Honestly, I'm at a point where I'm ready to leave Quicken but I'm currently stuck without any decent alternatives. I use Quicken Rental Property version to manage personal, small business, and rental properties and dealt with issues over years because I liked having everything in one app.

Tom Young

" I have the option to revert in the Account Details window but I will leave it for now out of fear it will screw things up again."

Right, I forgot to mention that option because the only Quicken Schwab Accounts that show that option are tax deferred Accounts, not the regular brokerage Accounts. That too doesn't seem to have any rhyme or reason.

sfmng

Funny…the my account holding SWVXX with the revert option is a regular brokerage account.

Bill10

Schwab has taken over TD Ameritrade but account contents remain the same. How do I either (1) change my TDA account login to Schwab to capture all new transactions without losing all the old transactions/downloads in the TDA account, or (2) set up a new Schwab account that will contain all old TDA transactions/downloads?

Schwab and Quicken have been silent on this one.

Tom Young

"(how do I) set up a new Schwab account that will contain all old TDA transactions/downloads?"

If you really want to have all old transactions in the Account - they aren't going to be downloaded with the transition - then go the route of simply retaining the old Account and connecting it with Schwab.

This FAQ will explains the process both the "create new Account" process and the "keep old Account" process:

https://community.quicken.com/discussion/7930273/faq-changing-brokerages