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Schwab Roth IRA is showing linked to previously closed 5/3 Checking Account

Johnny Youts

As the title says, this has mistakenly happened over the last day, as I had to deactivate/reactivate all my online connections. I do not have the radio button on the Roth IRA that gives the option to link use a separate checking account for transactions, but you can see that it is doing so. When I go to "Enter Transaction," the account wants to use cash from "Fifth Third Checking 1." Again, this checking account is a closed account.

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mshiggins

Based on your other recent troubles, it seems you have some serious data issues. In your other post, you had a checking account with no online services tab. Is that the same checking account you are mentioning in your new discussion?

Prior discussion for reference:

https://community.quicken.com/discussion/7976949/missing-online-services-tab-on-main-checking-account

Johnny Youts

No, entirely different checking account and I was able to get the previous issue remedied. Again this 5/3 account is an old closed account, but I have no idea how it got linked to a Schwab Roth IRA.

mshiggins

If I recall correctly, the way to expose the show cash on linked account control is to toggle the tax deferred control to No. Assuming that does expose the show cash in linked account control, toggle the show cash in linked account to No. Once the process completes, toggle tax deferred back to Yes.

Of course, it t would be prudent to create a backup before trying these steps.

Johnny Youts

My concern with doing this is that it'll want to transfer all the old 5/3 Checking transactions into the Schwab ledger, creating a huge mess. Is there any way to avoid this?

mshiggins

I think the only way to avoid the checking account transactions from going over to the brokerage account would be to move all the checking account transactions to a different account.

Sceptic

@Johnny Youts I totally agree with @mshiggins. In your previous post, I outlined steps to move transactions from the old checking account to the new one. We ultimately found another way (Quicken Copy) to accomplish what you needed, but for this issue, I can't see a way around using the Move function.

I have reposted the steps here and updated them for this situation.

Step 1: Back Up Your Quicken File - VERY IMPORTANT

Before making any changes:

Select File → Copy or Backup File.
Select Create a complete backup.
Save the backup somewhere easy to find.

Step 2: Create a transaction report for the closed Fifth Third Checking account. Save for verification purposes after the transactions have been moved to the new account

Step 3: Create a New Offline Checking Account

Select Tools →Add Account.
At the bottom of the Add Account window, select Advanced Setup.
Select Checking.
Select I want to enter my transactions manually.
Click Next.
Give the account a temporary name, such as: Checking-New
Click Finish.

Step 4: Move Transactions to the New Account

Before you move any transactions, delete the Opening Balance transaction created with the new checking account.
Open the old checking account.
Click in the register.
Select all transactions by clicking the first one, and then while holding the Shift key, click on the last one.
If you have a lot of transactions, you might want to move them in groups and highlight only a group of transactions at a time.
Right-click on any highlighted transaction.
Select Move Transactions.
Select the newly created checking account.
Confirm the move.
Important, if you get any pop-up messages, always click "Yes" or "OK".
Quicken will move the transactions, including reconciliation status (the R).

The process might take a while. Depending on how many transactions you need to move, the process might take some time to complete. Let it finish, even when it seems like it stalled, it hasn't. If you have a lot of transactions, you might want to move them in groups rather than all at once.

Step 5: Verify the Move

Open the new checking account.
Confirm:
- Transaction count appears correct.
- Beginning balance looks correct.
- Current ending balance matches the old account (is zero).
- Reconciled transactions still show as reconciled (R).

Step 6: Delete the Old Fifth Third Account

Only after confirming that:

The ending balance in the new Fifth Third account is zero.
Transaction history is intact.

Then:

Open the old checking account.
Select Edit Account Details.
Confirm there are no remaining transactions.
Select Delete Account.

If you have any questions or issues, please circle back. I quickly updated the old instructions I provided previously, but hopefully, they all make sense.

Johnny Youts

The "Move Transactions" feature was greyed out and not active. I was going to cut/paste transactions to a new account, but it was wanting to confirm 1-by-1. I just opened a new account and moved CURRENT open positions trades (as group) over to the new account and closed the old brokerage within Quicken. Had to essentially do the same thing with the previous checking account I was having issues with on my first issue.

Sceptic

@Johnny Youts If the Move feature was not available in the old checking account, then closing the IRA and moving transactions to a new IRA was your other option.

Keeping the old accounts may be a reasonable workaround, but it does not completely eliminate the possibility of file corruption if the problematic data remains in those accounts. The old transactions are still part of the data file and may still be referenced by reports or other Quicken functions. The goal is to completely remove potentially damaged data. Moving all valid transactions to new accounts and deleting the old accounts would be the more thorough solution. However, if the new accounts are working correctly and the old accounts are kept only for historical reference, you may find that the workaround is sufficient in practice.

I am still concerned that there might still be lingering issues with your data file. I am not sure what happened but I myself have never seen the type of errors you are having. Please check your other accounts, and functions to make sure you don't see anything else that looks out of place, or doesn't seem to work as intended.

Again, please circle back if you experience any other issues or need help.

Johnny Youts

I hear you. Things just haven't been right for the last couple weeks. Closed accounts showing negative balances, losing the Online Services tab on my main checking account and brokerage accounts being linked to closed checking accounts at completely different institutions. I've tried to preserve as much history as possible, as I have over 20 years of history, but at some point, I may just have to start completely fresh if things continue to be buggy.

Sceptic

With more than 20 years of history, moving transactions to new accounts or starting over is not a decision most users take lightly.

What concerns me is not any one issue by itself, but the number of unrelated issues that have appeared in a relatively short period of time. Closed accounts showing incorrect balances, the Online Services tab disappearing from an active checking account, and brokerage accounts becoming linked to closed checking accounts are all behaviors that would not normally be expected.

Since you've already worked through the usual troubleshooting steps, the question becomes whether the effort required to continue repairing individual problems is worth it if new issues continue to surface. If the file eventually stabilizes, preserving the existing history may still be the best path. However, if additional account anomalies start appearing, there may come a point where creating new accounts or even a new data file becomes less work than continually correcting unexpected behavior.

For now, I think your approach is reasonable: continue monitoring the file and address issues as they arise but keep good backups so you have recovery points available if the situation worsens.