Schwab Money Market Download issues

RoatanJim

Longtime Issue of Incorrect Money Market fund download from Schwab

Quicken Version: 65.29 Build 27.1.65.29

Security: Schwab Govt Money Fund SWGXX - Security Detail view shows Type: Mutual fund /Security Edit detail screen: changed to cash - does not change the type in initial detail view

Download Issue : - as below type of transactions - 2 in error / 1 correct

Dividend transactions - date correct - amount is always O (incorrect)

Buy/sell transactions - Correct

Share Balance reported: always O

Share balance remains 0 even after accepting buy/sell transactions - show it downloads transactions that change share balance in Quicken, but Schwab reports: 0

Have tried in Preferences: Download Transactions - toggled "Never Interpret download Money Market Funds as cash", No change with toggle

RoatanJim

may have found an answer - if anyone familiar with these screens /behavior please confirm??

Path: Account - Action - Edit account details - Online service tab: At bottom - "Treat this Money Market as Cash" - current pull down for indicating MM fund shows only none,

Click Set/Edit - Result

Note list of funds includes SWVXX is only fund listed -

Note: indicates next download you will be asked

Click Customize:

Money Market fund used in this account - pull-down option is only none

Do I expect after the next update, this will populate with the Money market fund??

JeffreyA

Almost 2 hours on the phone with Quicken support today. This is a known issue. Needs to be worked out on Schwab's end according to Quicken. Tier 1 support eventually gave me a workaround: every time I do a download, I need to hit enter transactions, and enter a transaction to "sell all shares" of the money fund. This achieves removing the fund as a security position, and adds to the cash balance. Clunky. Certainly not ideal. I hope Quicken and Schwab get this worked out soon.

Quicken Kristina

Hello @RoatanJim & @JeffreyA,

Thank you for reaching out! Those funds typically reflect as cash in Quicken due to a change in 2022. See this announcement for more information:

https://community.quicken.com/discussion/7907735/swvxx-value-advantage-money-market-fund-and-swgxx-schwab-government-money-fund

The cash balance and money market preference option that you found was added in R65.29 as a fix for cash representation issues with Fidelity. I expect that it should work for other financial institutions as well, but I haven't seen anyone confirm if it let them change how SWVXX & SWGXX are handled in Quicken.

I hope this helps!