Fidelity mySmart cash account - inserts "reconciled" transactions

Question

I have several Fidelity accounts that are linked to Quicken: two brokerage accounts, some IRAs, and a "mySmart Cash Account." The mySmart Cash Account shows the cash as a checking account.

After I do a One-Step Update, transactions are downloaded, which I can review and accept/match, except it's no longer doing that for the mySmart Cash Account. What does appear in the account's Checking register is a transaction, marked as Reconciled, that does not seem to correspond to any of the actual transactions that have taken place. If I delete that Reconciled transaction, and manually add the transactions, its balance matches what I see online with Fidelity.

* What is this bogus transaction, which re-appears every day?
* Why won't my normal transactions download?

Lois Lane · Answer

I believe I have a similar issue with the spurious "FDIC Insured Deposit at US Bank Not Covered by SIPC".   Why are these "internal" transactions to Fidelity now being downloaded to Quicken.  Fidelity manages the cash in my "Cash Management" account in various banks so it is insured by FDIC.  FYI:  I only have cash in this account, no securities etc.

Is this a new issue with Fidelity transactions?  I see that

Background:  My Quicken Classic Deluxe for Windows was at version R53.23 and would not find software updates.  I was receiving errors connecting to Fidelity Investments.  I downloaded the most recent version of Quicken Classic Deluxe for Windows R64.35 and installed.  When running this new version for the first time, I was informed to reauthorize my Fidelity Investment connection.  I reauthorized the Fidelity Investment connection and then the transaction updates were downloaded from Fidelity.

There are 2 problems:  First problem is the last 11 months of transactions were downloaded into my current Quicken account and are duplicates.  The second problem is that all of the internal transactions of Fidelity managing my money across various banks is being downloaded and is showing up as my transactions in Quicken.

When I look at the (non-"Cash") account I see a 11 months of entries labeled - "FDIC INSURED DEPOSIT XXXX BANK NOT COVERED BY SIPC".  Before today and my new install of Quicken, reauthorize connection to Fidelity and download/update transactions, I never saw items in the (non-"Cash") account view, just transactions in the "-Cash" account view.  I have Tracking Method always set to "Complete - Positions and Transactions".

Thanks so much for addressing the issue of receiving these internal Fidelity transactions.

NOTE:  The erroneous entries of the internal Fidelity transfers that have been downloaded have transaction dates between 11/2025 and 3/2025.  These transactions were downloaded on 10/23/2025 when I reauthorized Fidelity Account access.

mlweiland · Answer

Thanks for the follow-up. Answers:

* This account shows up in "Investing", type Brokerage, with the radio button "Show cash in a checking account" set to Yes. It also shows up in Banking as "mySmart Cash Account-Cash".
* The "-Cash" is listed with other (non-Fidelity) checking accounts, with Last Download as "Not Available." The account (without "-Cash") appears with other Investment accounts. The Last Download shows a time yesterday afternoon, whereas all my other downloads were this morning. The "Current Balance" is the amount of the spurious Reconciled entry.
* The amount varies. As shown in the last answer the date is different from all my other download dates.

If it helps, on the One Step Update Settings page, this account is separate from all my other Fidelity accounts; there are two Fidelity Investments rows.

I've just run another One Step Update. There are no flags indicating downloaded transactions to review, and in the Tools - Account List, the "Last Download" still shows up as yesterday. But a new Reconciled entry (same as the one I deleted earlier) has re-appeared.

Update: Looking at the (non-"-Cash") account, I see there is a single transaction, showing "FDIC Insured Depost at US Bank Not Covered by SIPC", of the same amount as the spurious Reconciled transaction. It dates back to August 27th, which may have been a date that I removed and re-added Online Update from all my Fidelity accounts to clear up other issues. I had the Tracking Method set to "Simple - Positions Only", but changed it to "Complete - Positions and Transactions" to try to delete this US Bank position. (Success: "sold" the shares, back-dated to August 28th, so that all the balance is Cash.) Will see if that solves the problem.

NotACPA · Answer

OK, it looks like the "mySmart Cash Account" is a regular MMF with a feature to notify you whenever the account balance goes outside of a range that you designate.

SO, a couple of questions:

1) Is this, in Q, tied to your taxable brokerage account via the "Show Cash in a Checking account" function?  If not, how is it represented in Q.

2) When you do TOOLS, Account list, what shows in the "Transaction Download",  "Last Download", "Financial  Institution" and "Last  Reconcile" columns across from the account?

3) Is the amount of that spurious transaction constant?  Or does it seem  to vary with each download?  How about the date of it?