Wells Fargo connection update vs CD-containing IRAs
Version 7.3.2 (Build 703.50456.100)
I have 3 IRAs with WF. After it asked me to upgrade the connection type for my accounts, it did warn me that WF only supports the simple tracking (i.e. it doesn't track, just updates). I decided I could cope with that for these accounts despite decades of manual tracking. In establishing the connection, it did show the current balance in each account, which matched.
Imagine my surprise to find out that it zeroed out all three. It also grayed out the Transactions tab!
Fortunately, on disconnection, the Transaction tab was re-enabled, and I could examine the mess.
Account #1 added two duplicate interest transactions, no legitimate ones, a fake deposit of "Renewed Deposit", and then an adjustment today zeroing it all out.
Account #2 added 18 duplicate interest transactions, 4 legitimate new ones, no "Renewed Deposit" transactions, and then an adjustment today zeroing it all out.
Account #3 added 6 duplicate interest transactions, 2 legitimate new ones, 8 "Renewed Deposit" transactions on quarterly boundaries going back to 2022-01, and then an adjustment today zeroing it all out.
Removing the extra $100K or so of "Renewed Deposits" is one thing, removing the legitimate balance is quite another story.
I note that it marked the final "blow it all away" adjustment as Reconciled, despite the fact the resulting balance does not match the bank's!
Accounts #1 and #3 are described by WF as "RETIREMENT TIME ACCOUNT", and #2 as "TRADITIONAL IRA".
Fortunately, deleting all newly-entered transactions except the 6 legit interest transactions I had not yet entered restored the correct balances, and I reconciled successfully w/ the additional transactions against the bank's online balances.
But this is sure to confuse the hell out of a lot of people.