Change Account Type and Account Intent

patmdavis

I recently opened a Cash Management account at Fidelity, which supports traditional bill pay, check writing, deposits/withdrawals, etc. - just like a regular bank account.

When the account was downloaded into Quicken Windows, the Account Type was "Brokerage" and the account intent was "Investment" - my current account Wells Fargo has an Account Type of "Checking" and an Account Type of "Spending".

The result is that the Fidelity account's register supports buy/sell type activity, not deposit/withdrawal type activity, and the account is not eligible in Quicken's Bill Pay Calendar.

Is there a way to change the Account Type and Account Intent for my Fidelity account, so that I can transition to it for all of my bills?

patmdavis

Fidelity offers several account types (Brokerage, IRA, 529). Fidelity also offers a Cash Management Account, which supports traditional banking (check writing, deposits, withdrawals, bill pay, etc.).

When the Add Account dialog is used to add a Fidelity account to Quicken Windows, “Checking” is not available in the drop-down list of available Account Types. If “Checking” is added as an option (and the Account Intent is “Spending”), this account can be utilized effectively in Quicken for traditional banking functions.

Could you please add “Checking” to the options in the Account Type drop-down for accounts added from Fidelity?

NotACPA

That "checking" account in Q is actually tied to a taxable brokerage account … so create the brokerage account and use the "Show Cash in a checking account" feature.

Fidelity can't, since it's not a bank, actually offer checking, per federal law. What you've got is a Money Market Fund that acts LIKE checking.

p.s., I've got multiple accounts at Fidelity, and both my wife and I have the "Show cash … " feature turned on. They're our primary checking accts.

patmdavis

That works! Thanks so much!