Fidelity Cutover recognizes the wrong money market fund as cash balance

R64.30 seems to have solved the Money Market as Cash problems for my accounts where SPAXX is my cash balance. In other accounts where my cash balance is in FDRXX, the problem still exists. I do not see a "reset the money market securities/cash options" button.

Fidelity offers several different money market options for cash balances. I believe SPAXX is the default for taxable accounts and FDRXX is the default for retirement accounts.

The other problem I continue to see is the first time I switch from Direct Connect to Express Web Connect, the initial download includes previously downloaded (and cleared) transactions for approximately the past month. For me this is over 100 transactions that I must manually delete. I have tried migrating to Express Web Connect five different times over the past few weeks. It is very frustrating.

Kristina:

Once everything works, I can deal with the duplicate transaction download. So, no worries.

The good news is I believe things are getting closer to working, and I partially misspoke on my prior post.

The accounts that use FDRXX for the cash may now be better than I thought. FDRXX is definitely not showing up as a security in the portfolio view. I now believe the cash balance is correct – both in the register and in the portfolio view. The only definite problem I still see is a pop-up window after downloading and accepting new transactions. The Quicken popup tells me there is a discrepancy between the FDRXX balance in Quicken vs what is reported by the financial institution. Quicken is $0.00 and the other is a few hundred dollars different from the actual cash balance. If I close the window, things seem to be fine.

For the SPAXX accounts, I get no pop up and the cash balance remains correct.

One more thing - the accounts that use SPAXX have a separate linked cash account in Quicken. The ones that use FDRXX do not have a linked cash account. Not sure if this makes any difference.

This morning, I downloaded transactions on one QDF file using Direct Connect and in another using Express Web Connect. The Direct Connect continues to work flawlessly.

I will try again tomorrow morning and see what happens. I will also take a few screenshots in case they might help.

One more update. In a prior post I said all of my accounts using SPAXX for the cash balance have a separate linked cash account in Quicken. I actually have an account that uses SPAXX as the cash balance without a separate linked cash account. This account works fine. So it still seems to be SPAXX works and FDRXX does not.

Fidelity offers other money market funds for cash balances. Others I am aware of are: FZFXX, FCASH, and an FDIC-Insured Deposit Sweep. I suspect there are others depending on your state. I use the FDIC sweep fund in one account and that does not work (it behaves like FDRXX). I do not use any of the other funds.

I tried Express Web Connect today and no change. I still see exactly what @Waitingtoretire reports. When I called Support last week they told me everything looks fine to them, they did not understand what I was complaining about and unless I could offer further proof they could not offer any assistance. I tried the chat support and they were more sympathetic, but they could offer no help.

Also, the Express Web Connect was much slower than Direct Connect. 2 minutes vs 10 minutes. I am still trying to figure out the benefits of "upgrading".

Edit: Express Web Connect did not require any new reauthorizations today. So that hopefully was just a Saturday issue.

When I use Direct Connect, it still keeps telling me to upgrade.

@Quicken Kristina - I appreciate that you at least understand the issues much better than the support people. But if Quicken wants people to migrate, they really need to make this work. I have used Quicken for at least 35 years starting with the DOS version. I have been a Fidelity customer for longer than that. So I don't want to leave either one. Hopefully it gets straightened out.

Edit: I have attached two screenshots to show my online services tab and the window I get if I click on the cash balance at the bottom right of the register for the same account.

@Jim_Harman Did any of your accounts have end of month DIV's. DIV's for linked cashed investment account downloaded as deposits with a "DIVIDEND RECEIVED…" in the memo. No correct tax handling at all.

Looking at this, I think I can see where the problem comes from (Fidelity) and Quicken Inc's attempt to work around Fidelity not coding things right. And I might add my misunderstand on how this can get complicated depending on what the financial institution is actually coding their transactions as and how the user has things setup.

The R64.30 code change was stated as if the money market fund has a price of $1.00 it will be treated as a cash, and not really stated at the time, but has shown that actually means it will turn on its "cash representation" option.

So, what does this option really do?

It removes the buys and sells, which results in the cash staying in the account balance.

But what about dividends/interest?

If that was coded by the financial institution as a regular dividend that goes to the cash balance and then a buy of the money market fund, it would work fine (the buy would be removed). But what if it is coded as a dividend where you get more shares? Notice that this not only isn't a buy or a sell it also can't just be removed, you need to get that amount into the cash balance.

And I have also been glossing over something else even though I have noticed it in the past and that is how the comparison for the number of shares is done.

Watch this in my Chase account (which is working properly):

I put in this transaction:

So, one would expect if I did the share comparison I would get an imbalance.

Doesn't happen, because Quicken knows to ignore this security in the comparison.

And that goes for this one too:

Another one Chase uses is US DOLLAR. Looking at all of these the Asset class is Cash (Cash or Other is used for the type).

Looking through the Cloud Sync log it is interest to see how these are coded. The security type is "OTHER" for the QDERQ security (which is in fact an internal account that Chase never shows on their website except as a memo in the transferring of money around). But what is surprising is the CUSIP (the "name" part).

{"resources":[{"id":"[Removed]","createdAt":"2025-09-15T21:00:18Z","modifiedAt":"2025-09-18T06:22:41Z","dbVersion":8,"ownerId":"[Removed]","securityId":"A000CU7","securityIdType":"CUSIP","name":"CHASE IRA DEPOSIT SWEEP JPMORGAN CHASE BANK NA","symbol":"QDERQ","securityType":"OTHER","currentUnitPrice":1.00000000,"currentUnitPriceDate":"2025-09-16T12:00:00Z"}

Here what an actual security looks like:

{"resources":[{"id":"[Removed]","createdAt":"2025-09-17T19:03:41Z","modifiedAt":"2025-09-17T19:03:41Z","dbVersion":0,"accountId":"[Removed]","symbol":"VUSXX","securityName":"VANGUARD TREASURY MONEY MARKET FUND INVESTOR SHARES","quantity":12.300000000000000000,"marketValue":12.3000,"currentPrice":1.000000000000000000,"currentPriceAt":"2025-09-16T12:00:00Z","securityId":"921932109","securityIdType":"CUSIP","localSecurityId":"503556088385856513"}

The bottom line is that Chase isn't doing what Fidelity is doing. It isn't sweeping the cash in and out of a security, it is sweeping it in and out of different internal accounts.

And Fidelity isn't doing the same thing it did with Direct Connect. What it clearly did before is understand which fund was being used as "cash" and not sending any transactions for it except to add to the cash amount when dividends where being paid (a dividend transaction paid in cash not more shares).