Fidelity Cash Management Account

LedgerLynx · October 2

How are you supposed to setup a Fidelity Cash Management Account with the latest update? Quicken doesn't seem to handle the moves in and out of the account's core position correctly. Before it completely ignored the default position. Now Quicken keeps adding a share purchase transaction that doubles the account balance.

I deleted the account and started fresh, now the running balance is all over the place.

Quicken Kristina · October 4

Hello @LedgerLynx,

Thank you for sharing your experience! To help troubleshoot, please provide more information. What fund is the account's core position? Do you track the cash in a linked cash account in your Quicken?

You mentioned that the running balance is all over the place after you started completely fresh. Are you able to see what is causing the issue?

I look forward to your response!

garyrapp · October 4

I am also seeing some difficulties. After I re-validated the Fidelity connection, it asked how I want to manage the cash portion of my account and asked if I want to remove all past transactions for that position. Of course, since I have multiple accounts at Fidelity and this dialog box did not explain which account it was talking about, I wrongly said yes and now I am having trouble managing this also. In the past, for my core account selection, if a dividend was paid, Quicken would just pay it, not try to reinvest it, and add it to my cash balance. It worked great. Now, I have to keep a keen eye out because it is trying to reinvest. Even when I locate the transaction after the fact, it adds shares as LedgerLynx mentions. If I change to transaction to "Div" from "ReinvDiv", it still keeps the share purchase and I have to remove the shares. Why can't quicken simply allow me to select which investment is holding my cash and then it does not reinvest that. This would also allow me to change what money market is my cash position, just as Fidelity allows me. This should be a setting for each and every account. Maybe it already is and I just cannot find it. Thank you.

Gary

Gary Fisher · October 5

Quicken Mac has never had the depth of features present in the Windows versions. There has always been a major limitation for Fidelity CMA's in Quicken Mac. You can't set up a Fidelity CMA as a true checking account even though it behaves as such. It can only be set up as a Brokerage account which I don't believe allows its use as a payment option for Bill Manager for example. Also, from what I can see, in Quicken Mac there is no option to link a corresponding phantom checking account either unlike Quicken for Windows.

More serious short term problem however is that since the change from direct download connections for Fidelity a couple months ago their CMA's now always show 0$ download cash balances. From what I can see Quicken Mac does not allow for all core positions to report downloaded balances in simple cash again unlike the Windows versions. Constantly making manual entries to buy cash security positions to get the account to balance is both tedious and should be unnecessary. Hopefully this will get corrected soon.

Jon · October 5

I keep my CMA cash in SPAXX and the SPAXX balance is reported as the cash balance. I don't see any buy/sell transactions for SPAXX.

I think you're only going to have the problem you describe if you keep your cash in something other than one of the core positions.

Bernie M · October 16

Using Quicken Classic Premier R64.30 on a PC. Quicken will not add my Fidelity CMA. Trying to set it up in Quicken it takes me through the logon to Fidelity step; Fidelity shows the CMA and I select it and then Fidelity tells me accounts are linked. But it isn't showing up in Quicken at all.

Suggestions?

leishirsute · October 17

https://community.quicken.com/discussion/comment/20515986#Comment_20515986

Curious. Is your CMA a new account for Quicken or are you trying to reconnect it?

Fidelity Cash Management Account

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