Fidelity cash sweep account interest does not change cash balance in Quicken

Steve Huston

This is on Windows, Quicken R64.35

I have some Fidelity Investments accounts that have their cash position in the FDIC Sweep program (QIWSC) and when Fidelity records monthly interest it also has a line that says Reinvested (since this is the account's core position). In Fidelity, the Interest line increases the cash balance, and the "reinvested" line does not change cash. However, when Quicken downloads these, it records one transaction as "reinvested interest" and makes no change to the cash balance. Then when done accepting downloaded transactions, Quick pops up a "Verify Cash Balance" window; when the cash balance is verified, Quicken adds its on Xin transaction to increase the cash balance.

The corrective action on my end is to change the "reinvested interest" transaction in Quicken to a simple "Interest" (which increases cash) and remove the Quicken-added Xin for the same amount.

See in the above that the "Interest earned" line increases cash, and the "reinvestment" line makes no change - this is from Fidelity. Quicken changed that pair into one that makes no change in cash.

Quicken Kristina

Hello @Steve Huston,

Thank you for reaching out! To help troubleshoot, please provide more information. Is this happening in one account or multiple accounts? Is it happening only with this one specific sweep fund, or do you see the same behavior with other reinvested interest?

I look forward to your reply!

Steve Huston

It happened with three different accounts (all those I have at Fidelity that have cash interest that appeared in the Fidelity register with those two types of entries). I believe two had that sweep account and one had FCASH (a different type of cash holding account).

Quicken Kristina

Thank you for your reply,

Due to the nature of the issue, I recommend that you contact Quicken Support directly for further assistance, as they have access to tools 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.

I apologize that I could not be of more assistance! 

Ray

I've spent 3 full days diagnosing Fidelity issues. I have the same issue in my older (working) data files but not the new test file. The older files used Direct Connect (DC) until I was forced to update to Express Web Connect + (EWC+). The new file was created with EWC+. In my two Roth accounts, Fidelity uses FDRXX. A few weeks ago, the Cash Representation window popped up, suggesting using FDRXX to represent cash. It was followed by the offer to remove buy and sell transactions. This process created the following problems.

1. FDRXX (Fidelity Govt Cash) is now downloaded as FIS (Fidelity Nat'l Info) with the correct amount.
2. It is a ReinDiv instead of a Div, so the cash balance isn't correctly increased.
3. The Cash Representation button in Update Cash Balance is missing (click the register's gear, then Update Cash Balance).
4. Some downloaded transactions have the wrong security.

In the new file, these 3 issues are absent. However, when I clicked the Cash Representation button, the button permanently disappeared! I ran account verify and about 25 transactions were listed, saying they had been miscategorized as realized gain.

Schwab updated their connection method around 5 years ago. It was a similar mess taking weeks to repair. It hasn't handled cash correctly ever since. I have to delete its buys and sells as well as enter the amount of the dividend. Its Cash Representation button is also missing.

On 10/20 I reported cash balance issues as ticket 12005189 for Schwab and 12008817 for Fidelity. Today's issue is 12047782.