Fidelity Cash Acct Changes\Fund Removed

denmarfl

On 3/19/24 Fidelity changed the type of cash acct in their Non-Qualified accts. prior to 3/19/25 it has been symbol FDRXX which was a Money Market Fund, they changed it to Symbol FC Core So Prior to 3/19/25…HOLDINGS had Money Market Fund with Money in it and CASH acct also with Money in it. Just an aside, it wasn't just the Fungs symbols that were changed, the Core Cash Acct also returns a lower Interest rate.

Fidelity pushed down ONE Transactions….FIDELITY MONEY MARKET REMOVED (Shares removed) with memo that read TRANSFERRED FROM FDRXX TO FC.

My Holding now shows a negative Dollar amt in the MMF…..Holding still displays MONEY MARKET even tho that Fund was closed…..removed

The MMF Cash was NOT Transferred to the CASH Acct (There was NO Transaction labeled BROUGHT or TRANSFERRED….downloaded).

I know I can Update, the CASH Acct Manually…but do not know how I would removed the incorrect MMF Gund and its negitive balance….

NotACPA

Was that really a 2024 txn, as you wrote in your 1st sentence? OR, is that a typo for 2025.

And, neither happened to me and I have 6 accounts with Fidelity (3 retirement, 3 retail) plus the account of a non-profit where I manage the finances.

What you described didn't happen in any of my accounts, so I'm a bit mystified as to your situation. Is it possible that Fido moved you to a "Sweep" bank account?

Also, why can't you simply record sale/xfer transactions to bring your Q records into conformity with Fido?

denmarfl

My error…was 3/19/25….

I confirmed with Fidelity that on 3/19/25 Non-Qualified accts….if they HAD a Fidelity MMF as a Sub Fund….the MMF were Closed OUT…leaving the Only CASh account as the CORE CASH Acct. Perhaps prior to 3/19/25 your Non-Qualified accts did NOT have a Fidelity MMF…as all your cash was totally in the Core cash Acct. My Non-Qualified had both the Fidelity MMF and core cash…the reason…the MMF Paid almost 1% more in Interest.

Boatnmaniac

On 1/14/2025 I got an email from Fidelity with a link to this message. Is your issue related to this Core Account change from one of the MMFs to FCASH?

My accounts haven't been converted, yet, but I've been closely watching for it to happen.

I'm pretty ticked off about this FCASH transition because it buys most personal investors absolutely nothing and actually cuts the investment return for the Core Account in half (from about 4% down to about 2%). Day traders, investment managers and institutional investors will benefit from FCASH because FCASH is more like a traditional Sweep Account where the cash is available immediately upon demand (but it is not a bank so not really a Sweep Account). The previous Core Account MMFs are still mutual funds so Fidelity can only transact orders for them after the markets close which can be problematic for anyone who wants and needs that cash for trading during market hours.

If this is FCASH transition is what your post is about, then I think I know what might be causing the issue you are seeing. Let me know and I'll provide additional information as well as what steps you can take that can perhaps resolve the issue for you.

denmarfl

Thats it…and my conversation with 1st level Fidelity Customer Service, and, his "Back office Contact" revealed neither knew noting about this…so I requested a Supr/manager…and he was aware of this change. He told me that all Non-Ira MMF were terminated 3/19/25….so I wonder why that has not taken place in your accts? Is it possible, this process did take place 3/19/25…and your accts handled it seamingless…you no longer have MMF and all that cash was Transferred to the Core cash fund…at the lower Interest rate.

Await your further assistance…

Boatnmaniac

I have 2 accounts that will be affected but are not yet. One is mine and one is my mother-in-law's. I just checked the Positions tab for these accounts on Fidelity.com and one still shows SPAXX and the other still shows FDRXX as the Core Accounts. And each still shows holdings of them.

Given that the letter from Fidelity gave a 5-months transition window it makes me thinks that accounts will be phased in over that time period instead of it being a light switch cut over.

Anyway, did your account in Quicken ever show any holdings of FDRXX before now? If so, it should not have. Fidelity downloads the dollar value of the Core Accounts into Quicken as Cash. There should not have been any shares transactions of the Core Account MMF downloaded into Quicken because that would have caused a duplication of transaction value.

If you have held shares of FDRXX in your account in Quicken you might want to read through the thread at Downloads from Fidelity do not included activity into the settlement fund . It explains Fidelity's thought process and practice regarding Core Accounts in more detail. It also gives step-by-step instructions (make sure you backup your data file before doing them) for how to get discrepancies with the Core Account holdings and the Cash Balance corrected.

Also, because of the way Fidelity downloads Core Account values into Quicken, I don't think your account in Quicken should ever show any shares held of FCASH for the very same reason. (Note: You will still need this security in Quicken for when interest is paid out by FCASH.)

If you don't want to go through all the transaction changes listed in that post thread (it can be somewhat time consuming to go through all of the steps) you might want to consider doing the following.

1. Back up your data file.
2. Change the Remove Shares transaction that was downloaded to a Sell transaction at $1.00 per share and check the box for Sell all shares in this account.
3. Run OSU to make sure the downloaded holdings and cash balance in Quicken are up to date.
4. Account Register > upper right Gear icon > Reconcile Shares. The popup should show no shares discrepancy for FDRXX nor FCASH between what Fidelity reported and what is currently in the account Holdings in Quicken.
5. Blue font Cash Balance below the register on the right: Click on this. Does it show your cash balance in Quicken matches what Fidelity reported to Quicken? If not, you might need to enter a 1X cash balancing transaction to resolve it.

Let me know if you have any questions or if you encounter any issues with this process.