Fidelity NetBenefits Downloads Doubling Value amount still a Problem after a year

!henrisahut

For those of you, dealing with Fidelity Benefits downloads doubling the cash value of your accounts in simple mode. There is a work around after the download that's working for me. Highlight the account in the account screen. Then in the up right select the gear and select update cash balance to zero (enter zero for update). Do this for each account is my case its a 401 and 403. Then select update quotes next to the gear. The account will show the correct amount. In my case I suspect the download does not consider at our company you are fully invested on day one. And yes, I have tried selecting those options in the account setup. Still did not fix the problem. Hope it works.

Jim_Harman

Thanks for reporting the workaround, @!henrisahut

This issue dates back to at least December of 2021. Searching the Community for "NetBenefits doubled" shows over 40 separate discussions on this topic. See this post for example

https://community.quicken.com/discussion/7908226/why-is-the-401k-entry-doubled

It appears to be an issue with the data that Fidelity is sending when a NetBenefits account is set to Simple mode in Quicken.

According to a footnote here, https://www.fidelity.com/about-fidelity/Q4-2023-retirement-analysis Fidelity had 22.7 million 401(k) participants at the end of 2023, so this affects a lot of Quicken customers. It would sure be nice if Quicken and Fidelity could work together to resolve this issue.

I edited the title to change Benefits to NetBenefits.

Quicken Jasmine

Hello @!henrisahut,

Thank you for sharing this workaround with other users!