schwab dividend is still zero

leonard kearney
leonard kearney Member ✭✭✭
edited December 6 in Reports (Windows)

this has been reported before - still happening.

monthly downloaded transaction for dividends from Charles Schwab amount is zero. — Quicken

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  • Quicken Anja
    Quicken Anja Moderator mod

    Hello @leonard kearney,

    We looked into this issue for you and found the following information provided below from an older ticket on this topic:

    SWVXX is a money market fund. The share price is always $1 because it is cash and is placed in that fund for a higher interest rate than normal accounts. Quicken for Windows will convert these funds to cash in product but the share balance is the same as the cash balance. You can set the preferences to show the money market as the security if you prefer but it is not the optimal configuration and may cause a discrepency in cash that will need a placeholder when it is switched over. What will happen when you select that option to never show as cash is you should see zero for cash balance from that point forward. If they prefer to see it as a security rather than cash, then make the change in preferences.

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    Full list of Money market funds can be found on https://client.schwab.com/secured/money-market-fundsError

    One item to find out is if you show SWVXX in holdings. Under normal configuration the answer should be no. If you do see it in holdings there we may need to take further action to escalate.

    I hope this helps!

    -Quicken Anja
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  • Tom Young
    Tom Young Quicken Windows Subscription SuperUser ✭✭✭✭✭

    I will disagree with @Quicken Anja as to this comment if indeed you do have SWVXX as your money market fund:

    "You can set the preferences to show the money market as the security if you prefer but it is not the optimal configuration and may cause a discrepency in cash that will need a placeholder when it is switched over.

    SWVXX is NOT a "sweep" fund where cash is automatically, and without your intervention, moved into into the fund when cash shows up in your Schwab account and then out of the fund when cash is needed, e.g., you purchase a stock. SWVXX requires you to initiate buys and sells of the fund and there is a settlement period (1 day) between the initiation of a transaction and the reduction or increase of actual cash in the account. Having SWVXX reported as "cash" in your Quicken Account can lead to errors, if you're not careful. For example you buy a stock thinking that you have enough "cash" in the account to cover that buy, only to find out on that stock's settlement date that the "cash" shown in your Quicken Account isn't really cash, it's SWVXX, triggering the creation of a margin loan.

    True sweep funds certainly can me called "cash" in you Quicken Account because funds get moved automatically, not relying on a buy or sell order.

    SWVXX transactions download as a Dividend followed by a Buy, both occurring on the same day.

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