Merrill Lynch - Investment Account incorrect cash balance

gabes
gabes Quicken Mac Subscription Member ✭✭✭
edited 2:29PM 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%.

Tagged:

Comments

  • 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

    Make sure to sign up for the email digest to see a round up of your top posts.

Categories