Schwab interest payments are posted as Deposits
The Schwab web site shows "Bank Interest," but it appears in Quicken as a Deposit. How do we get this fixed?
Comments
-
@billflyer did your Schwab account recently transition over from Ameritrade? If so, this discussion will be relevant:
Quicken user since Q1999. Currently using QW2017.
Questions? Check out the Quicken Windows FAQ list0 -
Thanks. I DID transition from TDA in July and saw many of the issues mentioned in the above post. Everything is straightened out for me now, EXCEPT that interest payments from Schwab Bank are still posting in Quicken as Deposits. We Users should not have to be comparing notes and making guesses. Quicken should be proactive in notifying Users when they are aware of an issue and working on it, and then notifying us when it is fixed.
0 -
Bank interest posting as "Deposits" has been occurring for many years, long proceeding the TDA Transfer.
That's simply the way Schwab has always coded these transactions, even before Schwab changed from Direct Connect to EWC+ as the downloading method.
These transactions are easily and immediately identifiable and it's only a once a month thing, if it happens at all. I simply created a "security" called "Schwab Bank" and edit the interest income transactions to an IntInc action using that "security". From the point of view of the brokerage Account it IS a deposit as there's no security in the account that generated that income, it came from "outside" the account.
It's not a particularly big issue in my opinion, once you understand what's going on, and I'm sure Quicken isn't "working on it."
1 -
I agree that, in the grand scheme of things it's not a big issue. But, as I said, the transactions are posted correctly on the Schwab site. Schwab is not at fault here. Quicken is taking interest income and posting it as a deposit, and that is wrong. Just because it has always been this way is not a good reason to let it go. We are paying Quicken for their product and services, and we should be able to trust that third-party transactions imported into their program are correctly categorized.
0 -
When Schwab used Direct Connect to download bank interest transactions they presented in Quicken in the exact same way they do now, and with Direct Connect Schwab was responsible for the transaction coding. Presumably Intuit/Quicken just followed their lead.
I don't see anything "wrong" with the presentation; it actually, legally, is a deposit into the brokerage account by an outside party paying you your bank interest, and the bank is identified. Basically that's exactly what Schwab shows at their site. Inside a Quicken brokerage Account there's, basically, "interest income" and no "bank interest" identifier.
How do you think that transaction should show up in Quicken?
0 -
Yes, an interest payment from Schwab Bank is a deposit into my account. What’s wrong is that Quicken is not correctly characterizing it as Interest Income. That’s why you (and I) change it.
Quicken correctly shows Bond interest payments as “IntInc,” and the name of the bond. Bank interest payments should be handled the same way.
0 -
To improve this, have you considered setting up
- a Renaming Rule to change "Bank Interest" to your preferred Payee Name, e.g., "Schwab Bank Interest"
- an entry in the Memorized Payee List with the exact same Payee Name, categorized to "_IntInc" or any other Interest Income category with a correct tax line item, same as _IntInc
That should fix the categorization issue
0 -
Since the download only only comes once a month, (a download I rarely see since I typically don't have cash in the account), and since I've been changing it for so long, I actually can't remember if the download does come into the Account without a Category associated with it.
That bit of clarification does shed new light on what the actual problem is that you're reporting. The issue per se isn't that it's downloaded as a Deposit, it's that it's downloaded without a Category?
I wonder if that could be managed by creating a memorized Payee of some sort that has "Schwab Bank" in it?
I'll have to wait until mid October to reacquaint myself with that transaction - if I get any.
0 -
Thank you for the suggestions, but I don't see how Payees come into play here. There are no Payees in Quicken brokerage accounts. The issue is in the "Action" column, where the deposit of interest paid on the cash portion of the account is shown as "Deposit," instead of "IntInc" (Interest Income).
0 -
I'm fairly certain that the download does have "Schwab Bank" in it somewhere, but I'll have to wait until next month to refresh my memory.
0 -
I think it does too. And I think Quicken puts it in the "Security" field. Maybe something CAN be done with renaming and memorized payees. I 'm not very familiar with those features.
0
