Shares "Removed" from account are reported as missing, i.e., a negative holding

W.N.M

On 4/15 Fidelity switched shares of Fidelity Government Cash Reserves (FDRXX) to FCASH, which doesn't have shares. The action was "Removed." In my Holdings Quicken reports the X number of shares removed as a -X shares of FDRXX , even though there should be no FDRXX in my account at all. The cash balance in that account matches the online balance. So how do I get rid of the -X shares?

Boatnmaniac

Fidelity generally downloads the value of the MMFs that are used as Core Accounts (the Settlement Fund) as Cash, not as Shares, even though in the online account they will show the shares held on the Positions tab. Most of the cash transactions into and out of the Core Accounts are done by Fidelity in the background so we do not see the MMF security transactions.

However, when there is a formal Buy or Sell order placed by Fidelity or by the account holder, Fidelity will download them as actual security transactions. It appears that this is what Fidelity has done in this case. You had 16K+ shares of the MMF which Fidelity was downloading as Cash value, not as shares. Then they placed a Sell order for that 16K+ shares of the MMF and it downloaded as a Sell transaction creating a shares held imbalance in your account in Quicken.

The solution is as @CaliQkn stated: Delete that 16K+ Sell transaction.

Then, if you have a Placeholder in your account for that transaction, it should go away or you should be able to delete it.

If anyone is interested, here is the link to an earlier discussion thread on this MMF Core Account—>FCASH migration subject: Re: Fidelity Cash Acct Changes\Fund Removed.

My two taxable brokerage accounts still have not been converted from the MMF Core Account to FCASH. But I suspect that will happen within the next 1-2 months.

NotACPA

You CAN create FCASH as a security … just use FCASH as the symbol. OR, what I do is to just carry cash in the account as cash, and ignore that it's really in a MMF.

W.N.M

My problem is that the Holdings list says:

Fidelity Government Cash Reserves -X shares

when there should be no Fidelity Government Cash Reserves listed at all. And I keep getting this message:

How do I fix that?

CaliQkn

@W.N.M it seems like you never had the FDRXX cash security in you investment lineup and just held the amount as cash. If this is the case then all you need to do is delete the two downloaded cash transactions. In your case, cash is cash, so those two transactions are meaningless.

Boatnmaniac

Fidelity generally downloads the value of the MMFs that are used as Core Accounts (the Settlement Fund) as Cash, not as Shares, even though in the online account they will show the shares held on the Positions tab. Most of the cash transactions into and out of the Core Accounts are done by Fidelity in the background so we do not see the MMF security transactions.

However, when there is a formal Buy or Sell order placed by Fidelity or by the account holder, Fidelity will download them as actual security transactions. It appears that this is what Fidelity has done in this case. You had 16K+ shares of the MMF which Fidelity was downloading as Cash value, not as shares. Then they placed a Sell order for that 16K+ shares of the MMF and it downloaded as a Sell transaction creating a shares held imbalance in your account in Quicken.

The solution is as @CaliQkn stated: Delete that 16K+ Sell transaction.

Then, if you have a Placeholder in your account for that transaction, it should go away or you should be able to delete it.

If anyone is interested, here is the link to an earlier discussion thread on this MMF Core Account—>FCASH migration subject: Re: Fidelity Cash Acct Changes\Fund Removed.

My two taxable brokerage accounts still have not been converted from the MMF Core Account to FCASH. But I suspect that will happen within the next 1-2 months.

W.N.M

Thank you @CaliQkn and @Boatnmaniac. Deleting the sell transaction did the trick. And without causing any other problem.