Schwab cash sweep funds and Quicken cash balance (continued)

Ray
Ray Member ✭✭✭✭
edited July 5 in Download, Add/Update Accounts (Windows)

Why was Schwab cash sweep funds and Quicken cash balance — Quicken closed? I had the same issue with Schwab's SWGXX sweep fund for the last several years. I've reported it through Quicken multiple times. Sweep funds are securities with a value of $1.00 per share that pay higher dividends than money market. They are bought or sold daily whenever there's a buy, sell, or dividend. Because Quicken treats them as a security, I'm forced to delete their buy or sell nearly daily so Quicken and Schwab cash match. Quicken should ignore buy and sell transactions.

The original post suggested "Actions (gear) > update cash balance > Cash Representation" to change the treatment of the security. Cash Representation is no longer an option.

Schwab's site shows a dividend and a buy transaction. Notice the amount for the dividend is blank.

OSU in Quicken has both transactions but the dividend is zero. Quicken needs to calculate it (Quantity times $1) or work with Schwab so I don't have to look it up and edit the transaction.

Schwab Dividend no amount.jpg OSU downloads.jpg

Quicken could add "Sweep Account" to the Security Type List. It would ignore buys and sells of the security.

Security Type List.jpg

As others have noted, sweep securities are used by other institutions besides Schwab.

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Comments

  • Quicken Kristina
    Quicken Kristina Quicken Windows Subscription Moderator mod

    Hello @Ray,

    Thank you for reaching out with this question. Per policy, discussions on the Community are closed after roughly a month of inactivity, even if the issue discussed is not resolved.

    SWGXX should be mapping to cash, per the information that Schwab provided to us back in 2022.

    https://community.quicken.com/discussion/7907735/swvxx-value-advantage-money-market-fund-and-swgxx-schwab-government-money-fund

    I can see there is already an open ticket for the issue with dividend transactions downloading showing $0. That ticket number is CTP-5526.

    I hope this helps!

    Quicken Kristina

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  • Ray
    Ray Member ✭✭✭✭

    How did you find out there's a ticket number CTP-5526? The original post simply says, "This discussion has been closed." Did they open the ticket? If so, why didn't they say so?

    There's no mention in the Community or Quicken for ticket number CTP-5526. From what I've read, I have to call Quicken Support to determine if the ticket applies to this issue. If it is, is it being worked on and does it have a date for resolution.

    Around a year ago, I called both Quicken and Schwab support about it. Each said it was the other company's issue to fix. It's easy for either of them to fix. Schwab could put the dollar amount in the Account column, or Quicken could calculate it.

  • Quicken Kristina
    Quicken Kristina Quicken Windows Subscription Moderator mod

    Thank you for your reply,

    I was able to find out there was a ticket for the dividend transactions downloading showing $0 because I have access to internal tools and performed a search to see if that particular issue had already been reported. We do not have an ETA, but I can see that it is being worked on.

    Thank you!

    Quicken Kristina

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  • Ray
    Ray Member ✭✭✭✭

    In February 2022, I posted Quicken needs to a way to treat a sweep security as cash — Quicken. In February 2023, I posted Sweep funds are not handled correctly — Quicken. Both suggest clicking on the Update Cash Balance item in the Account's gearwheel icon dropdown list. It's supposed to have an option, "Cash Representation." Below shows that this option isn't available in R62.16 build 27.1.62.16. One comment was that the option might be specific to the institution.

    I called support on ticket CTP-5526. This illustrates how poor Quicken's process of fixing problems for customers is.

    1. She doesn't know when it was posted.
    2. She can't tell me anything about the problem. Will it fix Schwab's SWGXX?
    3. She says the solution will be posted in this discussion.
    4. She can't say when that might be.
    5. Likely, this discussion will be closed (as the 2022 and 2023 were). If closed, will it still be posted?
    6. If posted, how will I and others know?

    The solution is easy. As I said when I created this discussion, Quicken could add "Sweep Account" to the Security Type List. It would ignore buys and sells of the security and calculate (if necessary) the dividend amount.

    Update Cash Balance.jpg
  • Ray
    Ray Member ✭✭✭✭

    I just updated to Quicken Version R63-19 Build 27.1.63.19. This issue still occurs. I called support. This issue is CTP-5526. Because it's been escalated, there's no information and support can't add information. All they can do is suggest that I wait!

This discussion has been closed.

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