Two Fidelity Money Market Accounts?

Question

I've seen several postings on the Fidelity conversion problems but can't find how to fix my specific problem.  I have two money market funds in my brokerage account.  Before the conversion, my SPAXX money market was my cash account and my FMPXX was treated as a security with downloaded buys and sells.  Now, it treats both as cash and runs my account negative in Quicken and gets out of balance with the security listed as FMPXX.  I have to go out and do manual transactions to get the cash balance and investment balance agreed.  It's a pain.  When I look at the account detail for online services, it shows that only SPAXX is the cash account but that's not what's happening.  Anybody know how to fix this problem?

Scout_998 · Answer

Tom, Thanks for the feedback.  I'll give it a try.  I have had to reauthorize a time or two with the changes Fidelity made that created this barrage of issues we're facing.  Maybe Schwab works cleaner than Fidelity after the Direct Connect fiasco!

Tom Young · Answer

From time to time I have needed to reauthorize downloading from Schwab and when I do that the question comes up as to how to treat Schwab's "traded" (one day settlement) money market fund, which I've always treated as a security.

What you might try is shutting down Quicken, then going over to Fidelity's web site and disallowing sharing of information with 3rd parties and apps.  Then start up Quicken again, make a backup, and click on "Update Transactions."  That might bring up the questions about how to treat SPAXX and FMPXX.