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amateur said:@sma: The steps you list are exactly what I did too and I was able to re-establish my Schwab download links to existing Quicken accounts.However, all of my dividend and reinvest transactions come into Quicken as ReturnCap or some such oddly named transaction type. I have to edit each one to establish the correct "Div", "LT" or "ST" transaction type and then delete the extra download entry that also comes in for each one. Is anyone else having this issue with their downloaded transactions from Schwab brokerage for Mutual Funds? If I find the solution, I will share it here. Unfortunately for me, I already renewed my annual subscription. Very disappointed in this whole mess at the busiest time of the year for mutual fund transactions!
@sma: The steps you list are exactly what I did too and I was able to re-establish my Schwab download links to existing Quicken accounts.However, all of my dividend and reinvest transactions come into Quicken as ReturnCap or some such oddly named transaction type. I have to edit each one to establish the correct "Div", "LT" or "ST" transaction type and then delete the extra download entry that also comes in for each one. Is anyone else having this issue with their downloaded transactions from Schwab brokerage for Mutual Funds? If I find the solution, I will share it here. Unfortunately for me, I already renewed my annual subscription. Very disappointed in this whole mess at the busiest time of the year for mutual fund transactions!
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I've been using Quicken for a very long time and this is the worst software snafu I've encountered. Forcing us to manually enter transactions at the end of the year is very time-consuming and defeats the purpose of using their software.
Here is one example from the Quicken Support website. We are not alone:
1) ensuring that "Schwab" is listed as the brokerage name, not "zz-Schwab" or zzz-Schwab" on the account details window ( this is in the recommendations)
But this still would not allow me to "Activate" the accounts with the "Schwab brokerage" link, but there is another Schwab.com listed in the "add account" drop down menu
This seems to work for several of the accounts but not all
I am very discouraged by this disaster. As you mention, this is the worst snafu from Quicken in the 25 years I have been using it
@sma3 - Please share what Schwab says about "Schwab Bank - Investor C". My accounts are not "bank" accounts; however if that's the only way to link our brokerage accounts, then I'll try it too.
Maybe I'll install Quicken on a separate laptop and do my testing there so I don't mess up my eons of Quicken historical data.
He admits Quicken has yet to fix it.
Yesterday, with his help I was able to download my transactions using "Schwab Bank Investor-C" one of the options that pops up it you type "schwab" into the search bar at "Add an account". Others have used this successfully.
Investor Bank C is a legitimate Schwab web site
First you have to erase the "zz or zzz- Schwab" nomenclature in the financial institution, and deactivate the account.
Then add the accounts back by searching for Schwab in the add account window but use Investor C instead of "Schwab & co"
Some people have had trouble getting accounts listed but I got all my accounts linked to this Bank Investor C
Unfortunately, although it still works, it has changed my brokerage accounts transaction menu into bank types. So no more dividend reimbursements, just deposit and wthdrawals. Even sales are just "withdrawals". You can edit them
The other idea Schwab guy had was to go into
TOOLs> Online center
Click on "contact info" at top while holding downs CTRL SHIFT
a window will pop up
click boxes next to "financial branding " and "download F1 list"
He assumed that would instantaneously change the "Investor C" to "Schwab & Co" which it did not
This morning I am still able to download transactions , but only from Investor C, per above and all as bank account transactions. I am able to edit them to "sales" and reinvestments
Deactivating the account and using Schwab & Co to log in gives me the CC-501 error message, where all this started.
So nothing has really changed, other than I have accurate balances in my accounts
I will touch base with schwab and when I have the entire day to spend will try Quicken support
The first question that popped into my head was this: if Quicken is treating all your brokerage buys and sells as "bank transactions", how does that affect the cost basis of your transactions?
Thanks again for keeping us posted. I'll also share any news that I am able to verify.
Schwab says they have done all they can do and now Quicken has to fix it
Since I don't use Quicken, this external account link problem I had may not be related to the discussion here, but it sure seems like a glitch on the Schwab side.
If TRP was in this third party category, even though the data was coming from TRP, it may have been affected too
I’m on Quicken for Mac and switched over to the new Schwab connection early in the process and haven’t encountered any issues.
The CEOs letter has the key problem
"On top of that, our Customer Care capacity had been planned based on our earlier, largely incident-free, migrations. As a result, we were not adequately staffed to handle the contacts, and Care wait times were far higher than usual."
It makes you wonder if they flub this, how well are they handling security?
I followed the steps on this web Support page; specifically the sections titled "What if my Schwab accounts aren't all available for reauthorization" followed by the section titled "What if I am getting a CC-501 error".
After following those steps (except for the "Cloud reset" - I don't use their web version. I only use my Desktop software), I was able to successfully download transactions.
BEWARE: The download brought in a bunch of "Match" and "New" transactions that were already in Quicken. I reviewed every downloaded transaction and deleted the downloaded line items that were already in Quicken - even the ones marked as Match. I ONLY accepted the transactions that were truly NEW.
Now let's see how long it lasts!
Nothing has changed in over a week.
Still CC-501 error with "Schwab & Co" and as with the other account I can link it to "Investor -C" but the account is not listed in the "link to existing account" drop down.
Why do I think Quicken has done nothing to fix this in a week?
I can't imagine anyone signing up for renewal ( mine is due in February) unless this is fixed quickly.
Just think, being a loyal Quicken customer for almost 30 years get me what???
A big fat ZERO!!
IT is lengthy but in sum
deactivate all your Schwab accounts, especially hidden ones. Then Erase the account numbers and financial institution name
On SChwab.com, go to "Services" then "security center" and allow Quicken access to all of the accounts you want to link
@gsundel suggests you log out of quicken and log back in
In Quicken "Add account" Use "Schwab& co" log in
A list of all your accounts should pop up allowing you to link to existing accounts
IF anyone has a recommendation for another portfolio management program I am all ears
However, all of my dividend and reinvest transactions come into Quicken as ReturnCap or some such oddly named transaction type. I have to edit each one to establish the correct "Div", "LT" or "ST" transaction type and then delete the extra download entry that also comes in for each one.
Is anyone else having this issue with their downloaded transactions from Schwab brokerage for Mutual Funds?
If I find the solution, I will share it here.
Unfortunately for me, I already renewed my annual subscription. Very disappointed in this whole mess at the busiest time of the year for mutual fund transactions!
Worried about Quicken security given this major snafu, I deactivated "share with Quicken " on the SChwab website ( Service- Security) REactivating today Schwab downloads worked, but none of Fidelity or Vanguard did
Had to go in and deactivate/reactivate all of those
On my Schwab accounts there are two transactions for each re investment, one with the source and dollar amount and a separate with "Reinvest shares
Highlight the "Bought" downloaded entry, Quicken adds it to the register; click "Edit" in the register, change transaction from "Bought" to "Reinvest", cut/paste the amount and shares into the correct box, click Save, go back to Downloaded transaction list and "Edit/Delete" the downloaded transaction that I just entered. Find the other "extra" downloaded transaction to delete it as well. Repeat with the next "Bought" line item. Then repeat with any that are "Cash Distributions" instead of Reinvested. Ugh!
I am pretty sure other brokerages use the double-entry style of listing transactions and theirs come into Quicken correctly as a single transaction. Seems fixable!
I am working on this week's updates and started seeing balances that did not match WITHIN Quicken! I ran a "Networth" report and the balances per account did not match what I see for each account in the "Account List" bar.
Digging deeper, I discovered that I have Schwab transactions that have been duplicated into other accounts that are not related in any way to the security and/or Schwab. Some of those accounts are "hidden" because they were taken to zero balances years ago.
In one Schwab account, I found an "Interest" transaction of $19,000+ dollars that had nothing whatsoever to do with the security in which it was found and was causing my account balance in the Networth report to be inflated; yet the Account List view ignored that transaction and thus showed the correct balance.
I literally discovered this a few hours ago. My next step is to run a report that will give me all Quicken transactions by Security/Account to find the rogue entries and then go one by one for every Schwab account to verify Cost Basis and Market Value.
I am no longer going to use the download feature until Quicken and Schwab get this fixed.
OH - and Vanguard uses the double-entry accounting method for transactions and they come into Quicken correctly matched with their DIV, ST, LT designations as single entries. No excuse for Quicken and Schwab to get this so wrong.
There are still bugs. The double entry accounting persists, but is a minor irritant as one line is just blank. Most of my Schwab transactions download, but several from over a week ago are missing. Why who knows? The only way I knew was I saw a large drop in the NAV of a fund, that was due to an unrecorded distribution.