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Cannot deactivate investment account after error during transferring brokerage account

gksmith5

My investments were with TD Ameritrade, which Schwab purchased. Consequently I am having to change my Quicken investment accounts information. An error took place in one of the accounts and I need to deactivate the changed account as I get an error message when trying to do an update. However, when I go to the account properties, I do not have the option to deactivate. I merely have the option to "Set UP Now" to add account information, which has been done. Further confusion exists in that if I go ahead and try to set the account up, I get the message that it was successful. However I get the message with an unselected Nickname in Quicken that refers to a credit card account and an Action message of "Don't add to Quicken" with no other options available. And, of course, the problem still exists.

I am using Quicken Home and Business on a Windows PC. And I am using the transfer method of keeping the same Quicken accounts and changing the connection methods.

How do I get around this problem? Thanks in advance!

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Comments

Tom Young

If this JUST happened and you're kind of stuck, I think one thing to try here is to open "yesterday's" known good backup (assuming you have one) and taking another stab at it. Maybe whatever gremlin that messed up the first try won't repeat.

What is the error message you're getting here? That "Setup Now" message certainly suggests the Account isn't connected.

Another alternative that I might try here in the current file is to deactivate all the TD Ameritrade Accounts that clearly ARE connected and trying again to see if that problem Account can be properly included. That "Don't add" action with no other option could be result of some data corruption in the file I suppose, so a Validate & Repair might fix things if that is in fact the case.

gksmith5

Super confused here. I liked your idea of using a backup, whichi I perform quite frequently. So, I tried the same procedure with another TDA investment account as a test on the restored file. I was able to deactivate the TDA account and then was able to navigate to the Schwab site through the prompts. I had to OK having a third party (Quicken) access my Schwab information. But then the next Setup screen asks me to enter my TDA account and password, NOT Schwab! And again, on this investment account, I cannot again deactivate it, but only continue the Setup. And if I continue, it is asking for my TDA information, not Schwab, even though I previously deactivate the account. This seems strange to me. Comments?

I am tempted to completely eliiminate my 3 TDA accounts and then import the information from Schwab into new accounts. I realized that I would lose all Quicken history, but two of the acounts are managed by my financial advisor and I do very little investing in the third as it is mainly cash. Would this be a viable approach? Or would I regret it down the road?

Tom Young

I'm not sure what's going on here exactly, but the approach of creating new Accounts - the alternative to "reusing" the old Accounts - might be just the ticket.

First I'd set up the 3 new brokerage Accounts as offline, manual Accounts, unconnected to any financial institution. Next I'd use Tthe "Transfer Shares Between Accounts" in each of the old Accounts to transfer their holdings into the new Accounts. There will be a Remove action in the old Accounts for each security and then multiple Add actions in the new Accounts resulting in each security's lots being correctly stated as to basis and holding periods. The historical transactions will remain in the old Accounts, where they took place, and always available to you if you need to refer to them.

At that point I'd make a backup.

You can instead move all the old transactions to the new Accounts as outlined here:

https://www.quicken.com/support/moving-your-td-ameritrade-accounts-schwab-quicken

but in my experience I've very, very seldom actually needed to refer to old transaction and leaving them behind does make does make for a smaller Transaction List for the new Account.

At that point you, presumably, can connect the Accounts to Schwab.

If this doesn't work then I'd take the plunge and call Official Quicken Support. I've had to do that early on in the Schwab conversion to EWC+, with good success.