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Schwab naming of securities

Hen

Some but not all of my stock purchases in Quicken are named, not with the stock name but TDA TRAN - Bought XXX(actual stock symbol) @XXX.0000

I saw similar nomenclature when I was transferred from TDA to Schwab but the XXX and the @XXX.0000 are entirely new.

The stocks involved are GS and SMCI, Quicken version 58.9 It started on 08/04/2024, perhaps with the previous Quicken version, however it is doing it now as well as on 8/4

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Comments

Jim_Harman

Downloaded security names are not standardized. The first time you accept a transaction for a new security, you have the opportunity to match it to an existing security in Quicken or create a new one with whatever name you want. After the securities are matched, Quicken uses the CUSIP ID rather than the downloaded security name to match new transactions.

If you want to change the name of a security in Quicken, you can go to Tools > Security List and click on the security name to open the Security Detail view. Click on Edit details and type in the name you want.

Hen

That worked, thanks.

Tom Young

That's very strange nomenclature and I don't think it has anything to do with naming conventions at Schwab, and you'd think that if somehow the Quicken version has something to do with the problem that a lot of users would be complaining. The "Some but not all of my stock purchases" aspect is also a puzzler. Are the securities with these odd names "new to you" securities that haven't existed previously in your file, or do they have some other feature in common that makes them "special?"

When you make a purchase do you make a manual entry at the time, waiting for a subsequent download "match", or are you relying on downloads to make the entries?

This suggests some sort of data corruption to me.

Hen

One security was new to me, one I bought and sold previously.

I am relying on the downloads to enter the data.

The TDA is what I saw after the transfer from TDA to CS. For some reason all the option trades that were transferred were titled TDA TRAN then the option name. The TDA account has been gone for 5 months but that nomenclature must be something from Schwab. It does not appear that way in my Schwab history of account transactions.

This is a pic of the option trades I had at the time of transfer

Boatnmaniac

This looks very similar to what happened in my Fidelity accounts in a test file a few months ago.

These accounts previously had been set up with DC and Complete Tracking for some time.

I hadn't run OSU for a few weeks so I decided to see what would happen if I first changed the connection method from DC to EWC+ (EWC+ was a fairly new option for Fidelity at that time).

So, I deactivated those accounts and then set them up with EWC+ (via Fidelity - Investment and Retirement Accounts) but did not first change them from Complete Tracking to Simple Tracking. My assumption was that changing the connection method to EWC+ would have automatically changed the tracking to Simple but that did not happen. The new EWC+ connection downloaded data but it populated the Complete account register with these weird transactions where many, not all, of the transactions set up new securities based upon the transaction action rather than on the ticker/CUSIP. I then assumed that this was caused by trying to force an EWC+ download that supports only Simple Tracking into a Complete Tracking account producing these weird results.

Switching these EWC+ accounts from Complete to Simple did not resolve the issue. These weird "action" securities also showed up in the Dashboard as actual securities and they were not automatically fixed when running OSU, again.

I then restored a earlier backup of that test file, deactivated the DC accounts and changed all of them to Simple Tracking. Then I set them up with EWC+ which then functioned properly and there were none of these weird "action" securities added.

I don't have any Schwab accounts but it is my understanding that Schwab supports only EWC+ now but that their EWC+ supports both Complete and Simple Tracking methods. However, one must select which tracking method is to be used and stick with it. Maybe I'm mistaken about this but if it is true: Is there a possibility that the EWC+ connection got switched from Complete to Simple downloads while the accounts themselves remained set up for Complete Tracking and that this incompatibility is what is causing the issue that @Hen is seeing?

I'm just thinking out loud so my conjecture and speculation could be really off base. Since I don't have any Schwab accounts I can't test this to see if I can duplicate this issue. But just maybe it might be worth trying to test this in a unique test file to see if this might possibly be the cause.

Tom Young

As I recall, the move from TDA to Schwab was happening in phases. I do remember that one of the last phases was working on accounts that for whatever reason would continue to reside at TDA until all the wrinkles got ironed out. Maybe that's what's going on here? That "TDA TRAN" certainly suggests that the activity here is still going on under TDA and then ported over to Schwab. I did see this 2024 Q&A:

Maybe that's not exactly the case, or some aspect of the changeover is being mangled on Schwab's end? I'd pick up the phone and call Schwab to see if that might not be the problem.