Merrill Lynch - Investment Account incorrect cash balance

gabes
gabes Quicken Mac Subscription Member ✭✭✭
edited March 5 in Errors and Troubleshooting (Mac)

(Quicken Classic for Mac) In 2025 Merrill Lynch began moving cash into a "sweep" account called "ML Direct Deposit PR …". Merrill seems to have a daily process grouping together cash transactions and making one entry to move funds into "ML Direct Deposit". Since this began, my cash balance in Quicken is incorrect. I worked with support to make a one time transaction to correct the cash balance a month ago, but it is incorrect again. It is now low by about 30%.

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  • gabes
    gabes Quicken Mac Subscription Member ✭✭✭

    Follow up … I spoke with Merrill Lynch and they verified that they have added a "sweep account". There still seems to be a cash account, now more of a temporary holding area until funds are moved to the sweep account. Quicken is not recognizing the sweep account and therefore my cash balance is not correct. First question would be why isn't Quicken picking up the sweep account?

  • Quicken Laura
    Quicken Laura Quicken Windows Subscription Moderator mod

    Hi @gabes,

    Thank you for reaching out and sharing what you are experiencing. I don’t have a specific answer to your question at this time, as we first need to identify the source of the problem.

    To help narrow it down, could you please provide a bit more information?

    • Do you receive any error messages when you update the account?
    • Have you tried disconnecting and reconnecting the account?
    • Aside from the sweep account, are your holdings updating properly in Quicken?
    • Is more than one Merrill Lynch account affected?

    I look forward to your response!

    Quicken Laura

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  • gabes
    gabes Quicken Mac Subscription Member ✭✭✭
    1. There are no error messages regarding the account.
    2. The account has been disconnected and reconnected several times. Including several times with Quicken Support help.
    3. Everything else in all my Quicken accounts is accurate. This includes another Merrill Lynch account. The other Merrill account is an IRA which does not use the sweep account.
    4. Again, 2 ML accounts. One brokerage and one IRA. The brokerage account has the sweep account and resulting issues with no listing of the sweep account in Quicken and incorrect cash balance. The IRA account does not use sweep account feature.
  • Quicken Laura
    Quicken Laura Quicken Windows Subscription Moderator mod

    Hi @gabes,

    Thank you for taking the time to answer the questions; that’s very helpful.

    As a final troubleshooting step, could you please test the account in a new test file to confirm the behavior? This will not affect your current file.

    NEW FILE

    1. Go to the File menu and select New Quicken File.
    2. Select New Quicken File and click OK.
    3. In the File Name field, enter a name for the new file, then click Save.
      • Do not use any of these characters: * ? < > | " : \ /
      • Do not add the .qdf extension; Quicken adds it automatically.
    4. Sign in with your Quicken ID.
      • If prompted to create a new Quicken ID but you already have one, click Sign In under the Create Account prompt.
    5. Choose whether to enable Mobile.
    6. Click Add Account to begin adding accounts to the new file.

    Add account:

    1. Go to Tools > Add Account.
    2. Search for and select your financial institution.
    3. If prompted, choose the appropriate connection method.
    4. Follow the on-screen instructions.
    5. When the list of found accounts appears, please click connect.

    Please let me know the results from the test file; this will help determine whether the issue is specific to your current data file.

    Quicken Laura

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  • gabes
    gabes Quicken Mac Subscription Member ✭✭✭

    Added the New File and Cash Balance was slightly off. I performed this test previously with Quicken Support and the cash balance was also slightly off but as time went on with more cash transactions, the cash balance comparison worsens.

  • Quicken Laura
    Quicken Laura Quicken Windows Subscription Moderator mod

    Hi @gabes,

    Thank you for performing the test and sharing the results. Based on that, we can likely rule out data file corruption or an incorrectly configured setting.

    I noticed, as you mentioned, that the cash balance was adjusted in previous tickets. Since the issue appears to be recurring, I would recommend contacting Quicken Support again so they can review the case in real time and escalate it if necessary.

    You can find the Quicken Support phone number here: Support Home | Quicken. Phone support is available Monday through Friday, from 5:00 AM PT to 5:00 PM PT.

    I apologize that I could not be of more assistance, but I hope they will be able to help resolve this for you.

    Quicken Laura

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