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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Comments

  • 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.

  • leishirsute
    leishirsute Quicken Windows Subscription Member ✭✭✭✭

    I have a Fidelity My Smartcash account, and have it set up as a linked cash account in Quicken. Fidelity allows the MySmartCash account to use SPAXX as the core position instead of FDIC. It does not seem to be having issues in Quicken. If not already setup as a linked checking account, is that a possibility for you to try on a test datafile? It may fit your needs. A Fidelity MySmartcash account can have fund and stock positions just like other Fidelity account types. That may be why it is treated as a brokerage account.

    Deluxe R65.29, Windows 11 Pro

  • RandallW
    RandallW Quicken Windows Subscription Member ✭✭

    Thanks. A few days ago I made the switch from FDIC funds to a single SPAXX fund. Having a single "cash" fund has worked fine with my other brokerage accounts. I suspect I'll have a few manual entries to make to square up the shares balances. We'll see how that goes. You're correct that other funds could exist in a mySmart and an HSA. That might be why they show as brokerage. I guess the missing piece is that if the "cash balance" utilizes multiple funds (FDIC-), Quicken does not currently allow treating them all as one cash balance. My HSA also has FDIC- funds. I'm going to wait for the EWC connection to get more stable before I use the link to cash account feature. For now, I have my mySmart set up as a disconnected cash account. It doesn't have many transactions to enter manually. But definitely fewer than trying to balance FDIC- shares after a download.

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