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Schwab Govt Money Fund (SWGXX)

B Greenway

I have been waiting for a resolution to this problem for several years.

I have set the Schwab brokerage accounts to treat sweep accounts as cash, but still, when the transaction download is delivered, it includes buy/sell of SWGXX. If I do not edit>delete these prior to accepting the transactions, the Reconcile shares goes out of balance.

Please fix this mess

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B Greenway

Windows 11, Quicken Classic Premier

[Deleted User]

@B Greenway have you tried deactivating and reactivating the account? After you deactivate, blank out the FI Name and Account Number on the General tab. Use "Add Account" to reactivate your account, and map to the account set up on Quicken.

B Greenway

This did not work. It took a while to see if it worked. Today I have a downloaded transaction to buy SCHWAB GOVT MONEY FUND, which I need to delete to keep everything in balance

[Deleted User]

@B Greenway the other thing to verify is if this option is checked -

If it is checked, uncheck it. If this option is checked, it will force the creation of buys and sells for money market funds.

B Greenway

That seemed like a good thing to check, but it has been UNCHECKED.

[Deleted User]

@B Greenway take a look at this thread. It might provide some insight to what you are experiencing -

https://community.quicken.com/discussion/7963212/schwab-cash-sweep-funds-i-have-same-issue-how-was-this-fixed

Boatnmaniac

I don't have any accounts with Schwab so I don't have good insight into what might be causing this issue but a thought that might be applicable to you: Are you placing the buy/sell orders for this MMF on Schwab's website? Or are the orders being placed by Schwab on your behalf?

Fidelity has a small number of MMFs that are used as a type of cash sweep account. Fidelity downloads the value of these MMFs to Quicken as the Cash Balance.

Generally, Fidelity holds all cash in these accounts in these MMFs. Whenever cash is added or removed from the account, Fidelity will do the necessary buys and sells of these MMFs on our behalf without us ever needing to be directly involved. Fidelity also never downloads these buys and sells into our accounts in Quicken and instead downloads the value of these MMFs into Quicken as the Cash Balance. So, in Quicken we never show any holdings of these MMFs.

This process generally works pretty smoothly and flawlessly but it falls apart when the account owner generates the buys and sells of these MMFs instead of letting Fidelity automatically do the buys and sells. Then Fidelity will download the shares of those transactions as well as the value of the held MMF shares as the Cash Balance which duplicates the values of those transactions.

It also falls apart when the account holder has set dividends from these MMFs to be reinvested instead of being paid into the account cash balance. When dividends are set to be reinvested, Fidelity will download the transactions as ReinvDiv shares and will also include the value of those shares in the downloaded Cash Balance…again, causing a value duplication issue.

So, if you are placing the buy/sell orders for SWGXX, do you really need to be doing that? Or will Schwab automatically do that on your behalf? Then maybe Schwab will stop downloading those transactions into Quicken.

And, if Schwab is downloading ReinvDiv transactions for SWGXX are you able to change the setting in your online account so dividends are paid into the account's cash balance instead of being reinvested?

Like I said, I don't know anything about Schwab but if Schwab's cash management functions similar to Fidelity's cash management then maybe this is something to look into.

B Greenway

I have elected to NOT reinvest dividends. The Schwab sweep funds have been broken for over a year. Quicken support was aware of this problem and was "working" to correct it, but nothing has been done.

jeff.schmitz

Agree, Quicken please fix this mess! Does anyone know why the "Reset Money Market securities / Cash options" shows up on some accounts and not on others? I'm trying this for one of my accounts but it's not showing up on the other two.

As always, thanks for your help! I don't know what I would do without the forum. Quicken has so many quirks.