Issue with Merrill Lynch account since reauthorization - account balance is wrong [Edited]

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  • jdparker225
    jdparker225 Member ✭✭✭✭

    @MELCO Question: You say it isn't that easy. But does it include doing what I suggested? I didn't mean to suggest that that would be all that was involved.

    Sounds like the bulk of this particular problem preceded the switch to EWC+. The downloading of pending purchases and sales that came with EWC+ may have aggravated it but it did not create it. I would think that you want the date of the transaction for purchases and sales in Quicken to be the settlement date rather than the trade date and what we are getting now and before the switch to EWC+ is the trade date. Such a change would probably have some interesting ripple effects. There may be other non-EWC+ related and, maybe, some other EWC+ related changes you'd like to see to completely solve this problem. But shouldn't that be another thread?

    Note: I have only one dividend reinvestment going on in my ML accounts. The dividend is paid quarterly. For at least the last year, the trade/settlement dates of all 3 transactions that appear on the LM website (Translated pre-EWC+ to Div, Add, Withdraw in Quicken) to cover a dividend reinvestment are the same day. Lucky me. But, in solving the whole problem, we probably should go back to the 3 transactions in Quicken we got pre-EWC+ so that the dividend and purchase can be in different months (years) if necessary. Also note that Ameriprise, which is on Direct Connect, uses ReinDiv.

    Jim

  • MELCO
    MELCO Quicken Windows Subscription Member ✭✭✭

    @jdparker225 I didn't put my head to your scenario, so I'm not sure. If I understood it correctly, I'm not sure that resolves the issue. Personally, I update just about every day given all of the accounts and transactions I manage in Quicken. This keeps my daily Quicken process manageable.

    For me, and I would suspect most everyone else, in the end, Direct Connect is now in the past and so everything needs to be related to EWC+ for which is Quicken's current solution. We can't even download transactions manually via Merrill Lynch anymore. I've accepted this. I just want the correct data downloaded, with the correct dates and matching the information on the Merrill Lynch web site and official Merrill Lynch statements. I want my Quicken life simplified, not added in work and complexity, and that is what I am currently getting today. With few exceptions, specifically related to Merrill Lynch, I have to touch every transaction and rarely can I just accept the downloaded transactions with confidence. I'm not saying that Direct Connect was perfect either, via Merrill Lynch, but I did trust the data and categorizations. Quicken's recent adjustments did help with some Merrill Lynch transactions, for which I am thankfully. Quicken should understand basic accounting rules for which they need to follow as well. Hopefully we get there.

    Merry Christmas, Happy Hanukah and Happy Holidays…

    MEL

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