Compare to Register when Cash is a Security

[Walt Bilofsky]

Is there a workaround for comparing downloaded and Quicken holdings
when the financial institution (FI) considers the cash to be a
security?

My FI sweeps cash into a Bank Deposit Program. Suppose for example the
account has $235.79 in cash. So after downloading, Quicken says that
the FI has 235.79 shares of Bank Deposit Program and Quicken has none,
and asks if I want to add those shares to Quicken.

Is there any way to tell Quicken 2005 that this is really cash, or to
tell it not to compare this particular "security"?

- Walt Bilofsky

[John Pollard]

Walt Bilofsky wrote: Is there a workaround for comparing downloaded and Quicken holdings when the financial institution (FI) considers the cash to be a security? My FI sweeps cash into a Bank Deposit Program. Suppose for example the account has $235.79 in cash. So after downloading, Quicken says that the FI has 235.79 shares of Bank Deposit Program and Quicken has none, and asks if I want to add those shares to Quicken. Is there any way to tell Quicken 2005 that this is really cash, or to tell it not to compare this particular "security"?

I doubt it. It sounds to me like the problem is with your fi;
but perhaps I am not totally understanding your situation.

If your Bank Deposit Program is similar to a mm fund in the
sense that your fi is treating it as a security (at least in the
"holdings" that they download), then they should also be sending
you the "sweep" transactions ... just as they should if you were
sweeping the funds into a mm fund.

Stating it a bit more generally, I think it is incumbent on the
fi to download transactions that will cause your Quicken
balances to match the holdings that your fi also downloads. And
if your fi is not doing so, you are not alone; I think many of
them are getting this wrong.

--
John Pollard
First initial underscore Last name at mchsi dot com
Please reply to newsgroup

[Stewart Berman]

John,

The problem is one of social engineering, not technology.

Most folks consider the mm fund as cash because for all practical
purposes it acts like cash. For example, you do not place a order
with your broker to sell x dollars of mm to pay for a stock purchase.
If you have an interest bearing checking account you do not have the
balance kept in an mm account -- interest is paid on the balance in
the checking account.

What probably happens is that the broker does send the appropriate
transactions but that the user changes it to cash instead of an mm
security since to the user it is cash.

Stu

"John Pollard" <invalid@invalid.com> wrote:
Walt Bilofsky wrote: Is there a workaround for comparing downloaded and Quicken holdings when the financial institution (FI) considers the cash to be a security? My FI sweeps cash into a Bank Deposit Program. Suppose for example the account has $235.79 in cash. So after downloading, Quicken says that the FI has 235.79 shares of Bank Deposit Program and Quicken has none, and asks if I want to add those shares to Quicken. Is there any way to tell Quicken 2005 that this is really cash, or to tell it not to compare this particular "security"?I doubt it. It sounds to me like the problem is with your fi;but perhaps I am not totally understanding your situation.If your Bank Deposit Program is similar to a mm fund in thesense that your fi is treating it as a security (at least in the"holdings" that they download), then they should also be sendingyou the "sweep" transactions ... just as they should if you weresweeping the funds into a mm fund.Stating it a bit more generally, I think it is incumbent on thefi to download transactions that will cause your Quickenbalances to match the holdings that your fi also downloads. Andif your fi is not doing so, you are not alone; I think many ofthem are getting this wrong.

[Walt Bilofsky]

John and Stu,

No, actually the FI is not sending the sweep transactions. That's a
good thing.

If they did, it would be awfully confusing as there is a sweep on
every day that there is any other transaction. So it would balloon
the register and add nothing to the understanding of what is
happening.

I agree that in the case of money market funds, it is technically
purchase and sales, although it is not helpful to account for it that
way. <rant> One could debate whether the users should accommodate
themselves to a technically correct but confusing situation. IMO
"social engineering" is not the way to deal with customers. Rather,
the computer system should be "software engineered" to serve the
customers. However in a society where the customer is ever more
processed instead of served, I guess we should just get used to it.
</rant>

In any event, this is irrelevant to the original question, because in
a Bank Deposit Program (which more FIs are going to - eTrade just
jumped on the bandwagon - or bankwagon), it is not a security, just
moving cash around between bank accounts and the cash account.

I guess the "system engineering" accidentally got more socially
friendly. :-) (They'll fix it soon.) :-(

- Walt

Stewart Berman <saberman@chesma.com> wrote:
John,The problem is one of social engineering, not technology.Most folks consider the mm fund as cash because for all practicalpurposes it acts like cash. For example, you do not place a orderwith your broker to sell x dollars of mm to pay for a stock purchase.If you have an interest bearing checking account you do not have thebalance kept in an mm account -- interest is paid on the balance inthe checking account.What probably happens is that the broker does send the appropriatetransactions but that the user changes it to cash instead of an mmsecurity since to the user it is cash.Stu"John Pollard" <invalid@invalid.com> wrote:Walt Bilofsky wrote: Is there a workaround for comparing downloaded and Quicken holdings when the financial institution (FI) considers the cash to be a security? My FI sweeps cash into a Bank Deposit Program. Suppose for example the account has $235.79 in cash. So after downloading, Quicken says that the FI has 235.79 shares of Bank Deposit Program and Quicken has none, and asks if I want to add those shares to Quicken. Is there any way to tell Quicken 2005 that this is really cash, or to tell it not to compare this particular "security"?I doubt it. It sounds to me like the problem is with your fi;but perhaps I am not totally understanding your situation.If your Bank Deposit Program is similar to a mm fund in thesense that your fi is treating it as a security (at least in the"holdings" that they download), then they should also be sendingyou the "sweep" transactions ... just as they should if you weresweeping the funds into a mm fund.Stating it a bit more generally, I think it is incumbent on thefi to download transactions that will cause your Quickenbalances to match the holdings that your fi also downloads. Andif your fi is not doing so, you are not alone; I think many ofthem are getting this wrong.