Add CD Fitfh Third Bank
I have a checking and Money market account at 53 bank with corresponding accounts on Quicken Classic for Windows. I recently transferred money from my money market and purchased 2 CDs. I tried to set up new account in Quicken using banking install and logging into my 53 account. When I logged in, the 2 CD do not appear so I cant download the data. How do I set up my CDs into Quicken?
Answers
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@magordon there are two different types of CDs - Bank CDs or Brokered CDs. From your description it sounds like you have a Bank CD. You should then set up the CD accounts on Quicken as a savings account. Then, the first transaction should be he buy for the CD. Interest gets posted to the account like a savings account. The frequency and method depend on the FI. Some post monthly, some post less often, but accrue interest monthly. If your FI accrues interest, then only the online balance changes.
I would set up two offline savings accounts, one for each CD. If you do not see your CDs when you try to connect them with online services, that could mean that your bank does not have the option for online services for CD accounts. If that is the case then you would need to manually update your CDs based on the online transactions, or the CD's statements.
If the bank has online services for CDs, then after you set up the manual savings accounts, you can go to the Online Services tab in Account Details to set up online services for the CDs. Then the transactions should update automatically when you do a One Step Update (OSU) or "Update Now".
In the off chance that you purchased brokered CDs, they would need to be set up as a security with the correct CUSIP. Then a brokerage account would need to be setup. Only one brokerage account would be needed, that would hold both CD securities. I would start out with a manual brokerage account, and then add online services after the account is set up.
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