Additional entries, incorrect balance with Fidelity cash management account

flyfishertn
flyfishertn Member ✭✭✭
edited April 22 in Investing (Mac)

I looked thru the lengthly Fidelity threads and couldn't find this problem I'm having with Fidelity downloads … in my cash management account when transactions are downloaded, Quicken takes those and adds an additional transaction and calls it "FDIC INSURED DEPOSIT AT BNY MELLON NOT COVERED BY SIPC" which I have to delete each time. The cash management account is comprised of regular checking and a mutual fund and Quicken combines the two (incorrectly) so I have to manually reconcile the balance each day. This problem has been ongoing for several weeks.

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  • Quicken Laura
    Quicken Laura Quicken Windows Subscription Moderator mod

    Hi @flyfishertn,

    Thank you for reaching out and for the detailed description of what you’re seeing; I’ve seen similar behavior reported with Quicken accounts connected to Fidelity Investments.

    To help narrow down exactly what’s happening in your case, could you please confirm a few details:

    • Is your account set to Simple or Complete Investing mode?
    • Did Quicken ever prompt you to add “FDIC INSURED DEPOSIT AT BNY MELLON…” as a new security?
    • Are these appearing as downloaded transactions, or as placeholder entries?
    • What is your core position in Fidelity (for example, a money market fund or an FDIC sweep)?
    • Do you recall if this started after a connection reset or a recent Fidelity authorization/update?

    These details will help determine whether this is related to how the sweep activity is being mapped in Quicken versus how the transactions are being downloaded.

    I look forward to your reply!

    Quicken Laura

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