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QWin: Add transaction download to an existing 401k

unknown

My employer's 401k account was taken over by OneAmerica Retirement. The old account had a Quicken download capability that worked well (manual but it worked none the less). There is no such link on the OneAmerica site and no help for downloading to Quicken but Quicken has them in their list of supported investment services.

I have switched everything on my 401k over to OneAmerica but when I try adding download capability to the account it ALWAYS wants to add a new account. So, I've tried adding a new 401k account but when I try adding a download to the new account it once again wants to add a new account. Thus I'm in a never ending cycle. I have no idea what is going on here but it's driving me nuts. My preference is to be able to add the download capability to my current set up so I don't lose my history.

Any help would be appreciated. Thank you.

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NotACPA

Take another look at that download issue. My wife's 401k is also with OneAmerica ... and we have Direct Connect download into Q.

Maybe, it's an employer by employer option ... but I'd suggest that you contact OneAmerica about this.

unknown

I've looked at it several different times since it was taken over. I'm currently trying to add a new one completely from scratch just to make sure. I'm not new to this. I've been using Quicken since the mid 90's and have never had an issue like this. Frustration doesn't even come close to my feelings.

The fact that the option to ADD the download to an existing account exists but DOES NOT WORK but, instead, forces me to add a new account is beyond infuriating. Thus far Quicken Help has been worthless.

NotACPA

NO it does NOT force you to add a new account. Use that download box, that defaults to ADD to select the LINK option.

unknown

I know what you are referring to. It does not exist on this account for some reason. These pictures show the two steps that I get in sequence. No drop down box with the options....

Initial Option:

unknown

Did you try to continue on with the dialogue box you showed, by pressing NEXT?

Eventually you will get to the connection part where OneAmerica is connected to Quicken.

At that time, you should see a dropdown box with ADD already entered. You need to click on the dropdown and change it to LINK.

That will give you the opportunity to link that account to the one already in Quicken.

unknown

Yes, I did. No such drop down ever appears. The next entry asks me if I want to track loans, and then it asks me to enter my securities. After that it creates the new account that I didn't want.

unknown

Incidentally, I really appreciate your assistance.

mshiggins

From C. D. Bales:

In addition to not providing your Quicken Edition and its year version/release; I believe you have over-dramatized a fairly minor issue.

First of all: creating a new Quicken account for future downloads does NOT "lose [your] history". Changing financial institutions is a common occurrence, and it does not necessitate the ability to continue downloading to the same Quicken account as you downloaded to before the financial institution change. NO history is lost in the process.

When a financial institution change occurs for investment accounts, there are a couple of straight-forward choices.

_ One choice: You can create a new Quicken investment account for the new financial institution, and TRANSFER the holdings from the old account to the new account. No history is lost (the original transactions remain in the original account - accessible at any time), and no cost basis is lost (cost basis is transferred to the new account when you employ the "Transfer Shares Between Accounts" investment pseudo-transaction. This approach has the advantage of reflecting what occurred in the real-world.

_ Another choice: you can deactivate downloading to the old investment account, remove ALL references to the old account using the old account Edit Account Details dialog, then Activate downloading to the old account. The old account MUST be deactivated for this approach to work.

To reactivate downloading to the old account, use the "Add New Account" dialog (Yes, the "Add New Account" dialog).

That may call for you to choose the option "Advanced Setup" in the Add Brokerage Account setup; then key your financial institution name in the "Enter the name of your financial institution" in the "Add Brokerage Account" dialog. Make sure the correct financial institution name is selected before clicking Next.

If offered, chose the desired "connection method" in the next dialog box.

Click Next.

Assuming the old account is not activated for downloading and the new account is of the exact same type as the old account; the old account should appear in the "Link" drop down at the end of the Add Account process. In the "Link" drop down, you should be able to select the old investment account.

unknown

My version is Quicken 2017 R10 which is, obviously, the latest. FWIW, I have tried everything that you suggested. If you had read through the entire thread you would realized this. As I mentioned earlier I have been using Quicken since the mid 90's so I'm well aware of how things are supposed to work. My One America Retirement account is NOT allowing me to set it up properly. I have rolled over several of my 401k accounts over the years with no issues so, yes, I know how to do this. If you look at the screen captures that I supplied, there is NO drop down with a Link option. When I type in the name of the account I'm setting it up for it tells me that it already exists so, obviously, it is defaulting to adding a new one. When I look in my list of accounts it shows that this account is NOT set up for download and when I click on the link it goes straight to Add (the first screen capture) with NO drop down. This is either a problem with Quicken (which I suspect) or a problem with One America Retirement Services, or, perhaps, a combination of both. I am a programmer by trade and the way it is acting suggests to me that there are parameters for the One America Retirement account that are NOT set up properly. As an example, after I posted this I added a new IRA from my Edward Jones account with absolutely no problems.

Am I being overly dramatic? No, I don't think so. The process for One America Retirement Services is broken and needs to be fixed. I will be calling One America to see what they have to say.

unknown

One other thing, when I go through the entire process to add the account there is no option to set up the download until AFTER it is set up, so it requires me to provide the funds as well as the number of shares that I have of each fund. This shouldn't be required if the download option was included in the set up. Even so, the download option that it does provide assumes that I will be initiating the download on the One America site. Since there is NO option on that site to initiate the download, it doesn't work.

mshiggins

From C. D. Bales:

I read all your posts before I submitted my comments.

I provided you correct information about how Quicken works - your posts indicated there were some things you did not understand

Including the incorrect notion that creating a new account would lose your holdings.

In your replies to me, you've made another incorrect statement, namely that creating a new account:

" ... requires me to provide the funds as well as the number of shares that I have of each fund ...".

Quicken does NOT "require" you to provide your holdings during new account setup; it "asks" you to provide your holdings - you can refuse that request. When you see the dialog "What securities are in this account", do not enter anything, just click "Next". When Quicken then asks, " ... Are you sure you want to create this account without any security holdings?", click "Yes".

When you see the next dialog box, click "Done".

If you take the new account approach (without naming the financial institution during the Add Account process - using the "Advanced setup" link and electing to " ... enter my transactions manually"): after the new account is created, you would transfer your holdings from the old Quicken account to the new Quicken account using the pseudo-transaction, "Shares Transferred Between Accounts". And only then, setup downloading to the new account.

You say, " ... I'm well aware of how things are supposed to work". That was not (is not) apparent from your posts. With so much apparent confusion on your part, it seemed important to try to clear up that confusion, as I tried to do.

But I believe your biggest problem may be in selecting the Quicken financial institution name for your 401k account. I have no idea what name your real-world financial institution expects you to use, but I can tell you that there are two financial institution names for "OneAmerica". And it matters which one you use.

There is the just plain "OneAmerica" which offers ONLY "Direct Connect" downloads (the best Connection Method - and the one used by almost all investment financial institutions)... you would not be able to initiate a download from their web site, but that should be a welcome "limitation". When I initiate the Add Account process for "OneAmerica", I am not asked to create a new account (but I can't get past the user-id/password request as I do not have an account there).

Then there is the name you appear to be using: "OneAmerica Retirement Services": they offer ONLY "Web Connect" downloads, which you DO initiate from their web site. And I suggest, that if you could initiate a download from their web site, you would then get the opportunity to link that download to your existing Quicken account ... rather than being asked to create a new account.

If "your" OneAmerica web site does not offer Web Connect downloads, you may be using the wrong financial institution name in Quicken.

I believe you do what was suggested earlier in this discussion, and what you probably should have done in the first place: take the time to contact your financial institution to find out which financial institution name to use in Quicken - at the same time, you can confirm what "Connection Method(s)" they support, and get any instructions they may have for setting up accounts with them.

NotACPA

The Financial Institution name that I'm using, to get Direct Connect into my wife's 403b account, is simply "OneAmerica'.

unknown

Just so you know, this is the website that I go to for my 401k, which is also the website that Quicken links to when I select them from the list: https://oaretirement.com/

It is, indeed, One America Retirement Services and there is NO link anywhere on the site for Web Connect downloads. I will be calling them when I have the time to do so. I was given incorrect information on their user forum (and, yes, it was for One America Retirement) concerning Direct Connect which led to my wrong assumption.

NotACPA

"NO link anywhere on the site for Web Connect downloads. "

So, switch to using One America as the FINANCIAL INSTITUTION name for the account. This means that you'd need to disconnect/deactivate the account, exit Q, restart Q and then re-activate the account using the new FI name.

Which FI name you select determines which URL Q selects ... so don't go by the URL name alone.

12841 12841 12841 OneAmerica http://www.accountservices.aul.com 1-800-249-6269 http://www.accountservices.aul.com ACTIVE ACCOUNTINFO,INVESTMENT,401K&DIRECT NOT_QBP NA

07693 07693 07693 OneAmerica Retirement Services http://oaretirement.com/ 800-660-6282 http://oaretirement.com/ ACTIVE 401K&WEB-CONNECT NOT_QBP NA

unknown

While they are technically the same company, access to each site is discreet so I cannot log in to OneAmerica with my OneAmerica Retirement credentials.

The response that I received from them is that neither Web or Direct Connect is available to the former BMO account holders, however they are planning on adding it. There is no timeline as to when this will happen.

NotACPA

Well, I guess that explains it.

And, BTW, I just tried to login to oaretirement.com with my wife's credentials ... and, indeed, they were rejected.