schwab generic descriptions

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iseealine
iseealine Member ✭✭
edited February 2023 in Registers & Transactions (Windows)
on dec 18,2022 schwab dowloads into 4 brokerage accounts contained 20 or so transactions. They all had generic descriptions such as brokerage sweep to bank, brokerage sweep fr bank, tfr fnds to type 1, & tfr funds from type 2. When checking the accounts online they were dividend tranactions and one or two buy/sell transactions. I notified quicken with details. Anyone else seeing this? My vanguard account download perfectly today. Thanks.

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  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
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    On Sunday 12/18/22 I received a couple of downloads into one of my Schwab brokerage Accounts that were similar to what you describe:
    The $.13 amount seems to be associated with Schwab Bank interest of $.13 that got downloaded 12/16/22.  Oddly enough another Schwab brokerage Account in the same file that also had downloaded Schwab Bank interest on 12/16/22 didn't get a similar oddball download. 
    I've been having a chronic problem of missing transaction downloads for most of my 8 Schwab Accounts.  All in all it's quite frustrating.
  • iseealine
    iseealine Member ✭✭
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    Thanks for the feedback. I reviewed all the transaction with my online statement and they are one month's worth of duplicate transactions so I deleted them all. No problems since. I am assuming it was a one time duplicate dump.
  • Ed Perry
    Ed Perry Member ✭✭
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    As of December 8, four of my six Schwab accounts are showing these extra Withdrawals "Brokerage Sweep Fr Bank" and and Deposits "Bank Sweep To Brokerage" entries, despite the fact that all six accounts have had dividends or interest deposited since then. Some of the six that show the extra transactions are swept to "Schwab Bank" (per Schwab), some just to an affiliated FDIC deposit institution. So the bank involved is not correlated with the extra entries.

    Why did this suddenly start happening, and why only in 4 of 6 accounts? All six accounts DO NOT use a money market fund for the sweep.
  • Ed Perry
    Ed Perry Member ✭✭
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    Update: after 45 minutes with Quicken phone support, finding no resolution for the problem of phantom and incorrect transactions in the register of one of my Schwab accounts, can you guess what the recommendation was?
    Manually delete the three erroneous transactions, and contact support again if this problem repeats.
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