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Fidelity Disaster

sycamore1234

What's going on with Fidelity downloads. Started with my 401k contributions which still is messed up and posting the asset purchases for my contribution but taking it from cash creating a negative cash position instead of posting the contributions from me and my employer. Now this morning I see my cash positions are all messed up across my other Fidelity accounts and doubling nearly everything. Anyone else having this issue? Resolution to the problem?

[Edited - Language]

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StephenCO

I had to restore to backup after changing connection types messed up my Fidelity balances. Seemed like it added a whole bunch of manual transactions. Haven't even loaded the app again since, waiting for some confirmation these ongoing issues are resolved. Then I have to do the same with Merrill and cross my fingers?

[Edited - Language]

Quicken Kristina

Hello @sycamore1234,

Thank you for sharing your experience. Based on the information you provided, it sounds like you're being impacted by the change in how Fidelity reports Money Market Funds in Quicken. To resolve this issue, please follow these instructions from the Community Alert about this change:

Customers whose cash balance is incorrect should perform a reconciliation with the online balance and enter an adjustment to correct the cash balance. From that point on, you will be good to go.

Hello @StephenCO,

Thank you for reaching out! If it added a bunch of manual transactions, those were most likely placeholder transactions (transactions that Quicken automatically creates when it is missing history for a security). The most likely cause of this would be if Quicken saw securities that were not already in your account. Did you have any duplicate securities appear (same security, but with a slightly different name)? If not, what exactly did you see?

I look forward to your response!

jabecker

I have a question about the Community Alert. It says:

The Money Market security will disappear automatically and be set to cash. Customers whose cash balance is incorrect should perform a reconciliation with the online balance and enter an adjustment to correct the cash balance. From that point on, you will be good to go.

What exactly is meant by "The Money Market security will disappear automatically and be set to cash"? When I downloaded using the new connection method I had the same result as the others in this thread. I end up with several mutual funds that are cash equivalents, plus "Cash" as a separate entry, making the cash amount doubled. This is the same problem I've had every time I allowed Fidelity to convert to the new method.

What is supposed to automatically disappear? The actual cash balance changes frequently, as does the amount in each of the cash equivalent funds, and the funds themselves change from time to time as Fidelity moves things around. Either the cash equivalent funds shouldn't show up in the download at all, or we should be given a choice of whether to download the funds or only the total cash amount.

I don't understand the instructions in the Community Alert. Can you please clarify?

Maria52Girgis

All of this is not working for me, every time I download a transaction I end up with the same issue and it wants to "adjust the balance". At this point I am going crazy this is a big issue especially in the account I am quite active in and creating numerous trades a day.

cmcanter

https://community.quicken.com/discussion/comment/20512386#Comment_20512386

Same. I'm having a difficult time understanding the instructions and implications when cash balances change often.

Quicken Kristina

Hello All,

Sorry for the delayed response. Money Market Funds that are recognized as core positions should be automatically converted to cash. If this is not happening, and it's causing your accounts to reflect incorrectly, then I recommend you contact Quicken Support directly for further assistance. They have access to tools that we can't access on the Community, and they're able to escalate the issue as needed. The Quicken Support phone number can be found through this link here. Phone support is available from 5:00 am PT to 5:00 pm PT, Monday through Friday.

https://community.quicken.com/discussion/comment/20512390#Comment_20512390

If you are referring to the issue you posted about in the discussion linked here, I responded to you in that discussion. If you're referring to a different issue, please provide more details so I can assist.

Thank you!