Fidelity Investments, Cash Management checking Account downloading

Question

It seems Quicken windows version has classified all Fidelity Investments accounts as investment accounts and does not give a single Fidelity account the option to be classified as a checking account. I have tried all the recommendations on the community homepage but none have worked. I would suggest Quicken need to update the software to give a single Fidelity account the option be classified as a checking account. Any input is welcome.

sjwilling · Answer

This sounds just like the problem I've been having, except Quicken has treated my Fidelity checking accounts as normal checking accounts for at least 10 years. Something has broken in a recent release, and it is recategorizing checking accounts as brokerage accounts with a linked cash accounts. In the process, it recategorizes previously reconciled transactions, and has made a complete mess of the reconciliation process I've worked so hard to maintain.

bsantelli · Answer

I would like to see this as well to use for my fidelity hsa account.  I tried to create the pseduo checking account when I added the hsa account, but it wasn't working (I forget now what it was or wasn't doing that it needed to because that was early this year).   Has anyone successfully done this with a fidelity hsa account?

NotACPA · Answer

Fidelity is a brokerage firm, not a bank.  Thus, legally, they CAN'T offer a true checking account, only investment accounts.

Q is acting properly.

Now, in QWin, there's an option to create a pseudo-checking account for the cash portion of a taxable account that acts as if it were a checking account … but it's still an investment account as the funds are usually held in a money market fund which is an investment … not a bank account.

I don't know if that feature is available in QMac, but if it isn't there's probably already an IDEA thread for such.

NOTE,  that the pseudo-account is even "typed" in Q as being "Checking"