zzz-Fidelity Updates

This morning, I had 106 notifications of new posts. I don't have time to read all this but do need the information. I asked ChatGPT to read all postings and to create a bulleted list of issues and suggestions for users. I don't know how accurate the results are. I don't intend this to trigger a bunch of discussion as there's enough other comments.

Here’s a consolidated summary of the “zzz‑Fidelity Updates” thread on Quicken’s community forums, based on all seven pages, highlighting reported issues in bullet points:

🔍 Key Issues with Fidelity → Quicken (Express Web Connect+) Migration

• Account Naming Renamed with “zzz‑” Prefix
  • Fidelity accounts now appear as “zzz‑Fidelity” during One Step Update (OSU), indicating pending transition to a new connection method Quicken+11Quicken+11Quicken+11.
• Loss of Complete Investment Tracking
  • Direct Connect (DC) has been removed or no longer available for new/reactivated accounts, forcing users into EWC+ with only “Simple” tracking—which lacks transaction details and limits tax reporting and investment analysis Quicken+9Quicken+9Quicken+9.
• Duplicate Transactions on Migration
  • Users reporting 20–30 duplicate entries per account post-migration, requiring extensive manual cleanup Reddit+11Quicken+11Quicken+11.
• Incorrect or Missing Share Balances
  • Share quantities are rounded inconsistently (e.g. 2 decimal places instead of Fidelity’s typical 3), causing miscalculated holdings, especially for mutual funds and reinvestments Reddit+7Quicken+7Quicken+7.
• Misclassification of Securities, Especially Money Market Funds & CDs
  • Fidelity cash sweep funds (e.g., FDRXX, SPAXX, SPAXX) are being treated as securities instead of cash, or vice versa, leading to placeholder transactions and mismatches. CDs are misidentified as stocks with inflated share quantities and distorted prices Reddit+9Quicken+9Quicken+9.
• Transaction Mismatches & Placeholder Entries
  • Historical trades redownloaded as new entries, failing to match existing register items, forcing manual resolution. Inaccurate placeholders and doubled balances frequently occur in cash management accounts Quicken+3Quicken+3Quicken+3.
• Net Worth Balance Errors & Reconciliation Failures
  • Rounding issues, duplicate/missing transactions, and misclassified holdings contribute to incorrect net worth projections. Some users report discrepancies in the millions due to massive cumulative errors Quicken+7Quicken+7Quicken+7.
• Incomplete Data Download / Missing Updates
  • Some migrated accounts report no transaction updates despite indicating success in OSU. Fixed‑income prices (e.g. bonds, CDs) sometimes fail to update or download incorrectly Quicken+1.
• Migration Timing & Backups as Workaround
  • Users recommend restoring a backup created before migration, then postponing reauthorization prompts ("Remind me later") to maintain legacy DC connection—buying time before being forced into EWC+ by August 20 deadline Quicken+1Reddit+7Quicken+7Quicken+7.
• Active Investigation & Support Ticket (CTP‑13955)
  • Quicken moderators confirm multiple specific issues (account mismatches, rounding errors, misclassification, transaction duplications) are under investigation, with escalation tickets open and a tentative 4–5 business days expected for resolution Quicken+8Quicken+8Quicken+8.

🔧 Short-Term Workarounds (Preventative & Corrective)

✅ If you haven't migrated yet:

• Delay migration: When prompted to "reauthorize" Fidelity accounts, click “Remind me later”.
  • This keeps the existing Direct Connect (DC) active until August 20, 2025 (estimated cutoff).
• Back up your file: Before any update or account change, create a manual backup of your Quicken data file.
  • File → Backup and Restore → Back up Quicken File.

❌ If you already migrated:

• Restore from backup: If migration caused major corruption (duplicate transactions, bad balances):
  • File → Restore from Backup → Choose backup file created before reauthorization.
  • Delay EWC+ prompt as above.
• Switch to "Simple Tracking" temporarily:
  • Edit account → Online Services → Use Simple tracking (not ideal, but prevents transaction corruption).

🛠️ Mid-Term Fixes (After Migration)

• Clean up duplicate transactions:
  • Sort register by date or amount.
  • Use Ctrl+Click or tag transactions for deletion.
• Fix placeholders:
  • Look for gray "Placeholder" transactions that Quicken inserts for reconciliation mismatches.
  • Either delete (if incorrect) or adjust manually to match real share counts.
• Reclassify incorrectly labeled securities:
  • For CDs or sweep funds (e.g., SPAXX/FDRXX), consider reentering manually or adjusting investment type.
• Turn off automatic entry of investment transactions:
  • Edit > Preferences > Downloaded transactions → Uncheck “Automatically add to investment transaction lists.”

📣 Report & Monitor the Issue

• Upvote and follow the main thread:
  ZZZ-Fidelity Updates
• Reference CTP-13955 when contacting support.
• Submit Feedback → Report a Problem via Quicken app to add your voice to the known issue.

🔄 Alternatives While Awaiting Fix

• Use Fidelity's CSV exports as a temporary import method:
  • Download CSV of transactions from Fidelity.
  • Manually enter or import via File → File Import → Web Connect (.QFX) or CSV (3rd-party tools may be required).
• Track manually or use third-party portfolio tracker (e.g., Empower, Personal Capital, Yahoo Finance) until Quicken’s EWC+ implementation improves.

🧠 Best Practices Going Forward

• Always back up before accepting EWC+ conversions.
• Keep a separate testing Quicken file for verifying account migrations before accepting changes in your main file.
• Track key forum threads or check Quicken Alerts for resolution announcements.