When will money market mutual funds download correctly.

rjm

For years SWVXX Schwab (money market account, not a cash account) is not recognized as a valid investment and Quicken sets it to zero when I download transactions. This is a very very old problem. Why can't Quicken fix it?

Quicken Kristina

Hello @rjm,

I'm sorry to hear you're encountering this. Is the balance reflecting in the cash balance for the account? If it is, then it's possible that what you're running into is intended behavior. Please see this post:

https://community.quicken.com/discussion/7907735/swvxx-value-advantage-money-market-fund-and-swgxx-schwab-government-money-fund

I hope this helps!

Boatnmaniac

@rjm - To clarify: This change was made by Schwab. There is nothing for Quicken to fix because it is not a software issue. In order to change the download behavior Schwab will need to reverse their decision on this.

Schwab has joined several other large investment companies on this matter. Fidelity has been doing it this way for over 20 years. Their thinking is that the particular MMF is used much in the same way as a Sweep Deposit Account is used and it's share value is always $1.00. So, for them they want everyone to think that MMF shares value = Cash and that Cash = MMF shares value.

I don't have a Schwab account but I do have several Fidelity accounts. I no longer get any Buy, Sell or ReinvDiv transactions for the designated MMF that is used by Fidelity like this. I still get Div transactions for that MMF that are deposited to the account cash balance. And Fidelity does all the buys and sells to support orders for other securities, distributions, deposits and misc expenses in the background without requiring any input from or orders placed by me. I just need to keep reminding myself that the designated MMF = Cash and Cash = the MMF.