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Schwab money market dividends not reinvested

unknown

Hi —

I’m hoping this helpful community can help me once again.

When downloading from Schwab, Schwab’s monthly dividend - which is automatically reinvested - downloads as only a dividend. I have to create a corresponding “buy” transaction every month for every account - ugh.

This doesn’t happen with any other security.

It’s not a major problem, but it’s been going on for many many versions - is this something I can fix?

This has been going happening over many many versions but in this case I’m running Quicken 2016 Premier Version R14 Build 25.1.14.5

Thanks,
Mike

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unknown

Just curious...why maintain your money market as a separate security? I just keep it as cash for each of my accounts and it works fine.

unknown

Thank you, and that's an interesting idea. The only issue is see that is in very rare instances I end up with a bit of actual cash in the account. So I might use this as a workaround.

But this should still just work - every other security in those accounts downloads reinvested dividends just fine - including other money market funds. I have a hunch that it's related to the fact that they are sweep accounts and that the problem may be on Schwab's side. But it's hard to imagine that there aren't man others who find correcting this every month unnecessarily tedious.

mshiggins

I typically change the dividend to a reinvest dividend transaction.

unknown

The problem is with what Schwab is sending, not what Quicken is doing.
Only Schwab can change it.

Quicken can't make up transactions just because some users want this or that.

To do it properly Schwab should be sending a reinvest transaction, or at least a dividend and a buy transaction.

jr7107

Try waiting an extra day after downloading the first "Div" transaction. What's the behavior on the second day after the first transaction shows up?

And QPW is correct on Schwab, its on them and not on Q.

jr7107

I typically change the dividend to a reinvest dividend transaction.

I do the opposite. Personal preference. https://getsatisfaction.com/quickencommunity/topics/when-running-the-standard-investment-performance...

unknown

jr7107 - There's no difference. :-(

It makes sense that the root cause of this is with Schwab. But given what I assume is a huge overlap in Quicken & Schwab customers, and how long this issue has existed, I had hoped for a better answer than manual tweaks each month. Alas, I guess not.

Thanks!

jr7107

Call the tech support at Schwab and ask for the Quicken server guys. I have spoken to them before a long time ago. See if you can make headway there that they can generate a Buy transaction.

mshiggins

jr7107 - There's no difference. :-(

It makes sense that the root cause of this is with Schwab. But given what I assume is a huge overlap in Quicken & Schwab customers, and how long this issue has existed, I had hoped for a better answer than manual tweaks each month. Alas, I guess not.

Thanks!

From C.D. Bales;

" ... given what I assume is a huge overlap in Quicken & Schwab customers ....".

I believe you are significantly mistaken.

I believe the number of Quicken customers at virtually all financial institutions is an extremely small percentage of that financial institution's customer base.

If you can not provide definite proof otherwise, you're just failing to acknowledge reality: the customers of financial institutions have extremely little clout (regarding Quicken) with their financial institution (and Quicken, Inc. has far less clout with the financial institutions ... which are also basically Quicken "customers").

If more Quicken users were to realize, and accept, how little clout they have (with their financial institutions, and with Quicken, Inc), perhaps they would consider a more effective approach than to threaten to quit using Quicken - an approach that is 100% guaranteed to fail.