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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

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Comments

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!

RoatanJim

Thank you for the input. I use a similar workaround by deleting all buy and sell transactions in the money market fund when I go through the process of accepting downloaded transactions.

I still cannot figure out how to get dividends to download. Below is a screenshot showing a dividend of 0, but it isn't 0. So I have to look it up online and enter it manually.

Quicken Kristina

Thank you for your reply,

Does your cash balance increase by the amount of the dividend, or is the $0 transaction the only acknowledgement of the dividend in Quicken at all?

Thank you!