Etrade - MSBNK
On 2/1/2024 - ETrade has started to show interest as: MORGAN STANLEY BANK N.A. (Period 01/01-01/31).
Quicken seems to think this is a new /unknown security: MSBNK (MSBNK) [ETMSBNKE]
It want's to add it as a security to Quicken. But- this feels wrong - as it's not a security - it's a cash deposit.
What's the best way to handle this in Quicken? I'm not sure I want a new security - that I then have to "sell" - to move it to cash. That feels clunky and stupid.
Comments
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What's most likely happening here is that your cash in the ETrade Account is being automatically "swept" to Morgan Stanley Bank and it's actually the MSB that's paying you the interest, not ETrade.
(As an aside and having really nothing to do with your question, this is a common ploy with Investment Firms that have an associated bank. Because the money is "in a bank" and the money is backed by the FDIC, they can justify paying you a much lower interest rate than you might earn in that same Investment Firm's Money Market Fund. You might want to consider opting out of this sweep and instead actually owning the bought and sold Money Market Fund.)
So yes, in a way, this is a different "security" that's paying you this interest and really it's up to you how you want to handle the downloaded transaction. If you create a "new" security - Morgan Stanly Bank - you don't have to "buy and sell" this security, it's simply the security that you attach to an IntInc transaction and it's still counted as "cash" in your Quicken ETrade Account.
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