Fidelity core sweep with FDIC funds in mySmart accounts

RandallW
RandallW Quicken Windows Subscription Member ✭✭
in Errors and Troubleshooting (Windows)

There are a lot of posts about how Fidelity sweeps into core funds are causing users to create transactions to cause accurate data. I haven't seen any comments about how a "mySmart" account has had superfluous transactions created or how [at least as far as I'm concerned] a mySmart account is just a checking account and trying to make an EWC connection to that account forces me to treat it as Brokerage with $1.00 FDIC funds that each have their "dividends" rather than allowing me to treat that account as Checking where the "dividends" are simply "interest" that happens to come from multiple sources.

My mySmart account has never been an investment account to me. I don't care which FDIC insured bank holds my "cash" balance or pays my "interest".

I gave up trying to correct my "shares" with Added/Removed transactions to have an accurate accounting of "my cash on hand" and changed my core positions to a single fund. Maybe that will get rid of all of the warning message about the bank reporting different shares on multiple FDIC funds. Hopefully it will at least reduce the number of manual transactions I have to enter to treat this account as a "basic checking account".

Hopefully EWC is going to eventually recognize that my mySmart account is just a basic checking account. Funds be damned!

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  • RandallW
    RandallW Quicken Windows Subscription Member ✭✭

    It occurs to me that this might be the same problem users are having with HSAs. Fidelity, in its benevolence, has tried to protect their clients' cash balances by having them under an FDIC insured fund. What they haven't recognized with the EWC is that their clients don't care about the particular fund that is insuring their cash balance. What their clients care about is whether the next time that they use their debit card or write a check or issue a bill pay from the Fidelity site is, does my account have sufficient cash balance to pay that bill? If you want to figure out why EWC isn't working for some types of accounts, figure out what type of accounts allow debit cards, check writing or Fidelity bill pay. Fix those and you'll fix a lot of what got broken during the switch from Direct Connect to Express Web Connect.

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