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Posted by Margaret on October 3, 2008, 2:23 pm
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Hello,
I opened a Fidelity SmartCash account a month or so ago. It's a cash
management account, offering check writing, bill pay, and right now,
1.5% on deposits (FDIC insured). When I went to set the account up in
Quicken, it's recognized as an investment account, which means if I
elect to *not* use a linked checking account, I lose the flexibility of
cutting/pasting transactions, autoreconcile after download, etc. If I
use the linked checking account, I retain the flexibility I'm used to
with a checking account, but once again I lose the autoreconcile after
download feature, not to mention I have an empty, useless investing
account hanging around.
When I spoke with a Fidelity representative, he said that the account
was new and they were hoping to eventually have the SmartCash account
recognized as a checking account in Quicken. By the time this happens
(if it ever does), I'll have so many transactions that making the
transition from an investment account to a checking account will
probably be painful.
Does anyone out there have a SmartCash account, and do you have any
recommendations on how best to manage it in Quicken?
Thanks and Regards,
Margaret
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Posted by Jim Jensen on October 3, 2008, 3:04 pm
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> Hello,
>
> I opened a Fidelity SmartCash account a month or so ago. It's a cash
> management account, offering check writing, bill pay, and right now, 1.5%
> on deposits (FDIC insured). When I went to set the account up in Quicken,
> it's recognized as an investment account, which means if I elect to *not*
> use a linked checking account, I lose the flexibility of cutting/pasting
> transactions, autoreconcile after download, etc. If I use the linked
> checking account, I retain the flexibility I'm used to with a checking
> account, but once again I lose the autoreconcile after download feature,
> not to mention I have an empty, useless investing account hanging around.
>
> When I spoke with a Fidelity representative, he said that the account was
> new and they were hoping to eventually have the SmartCash account
> recognized as a checking account in Quicken. By the time this happens (if
> it ever does), I'll have so many transactions that making the transition
> from an investment account to a checking account will probably be painful.
>
> Does anyone out there have a SmartCash account, and do you have any
> recommendations on how best to manage it in Quicken?
>
> Thanks and Regards,
>
> Margaret
That investing account may not be so useless after all. Check out this
forum. Lots of good stuff about the mySmart Cash Account:
http://www.fatwallet.com/forums/finance/748607/
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Posted by Margaret on October 3, 2008, 4:49 pm
Please log in for more thread options
Jim Jensen wrote:
>
>
>> Hello,
>>
>> I opened a Fidelity SmartCash account a month or so ago. It's a cash
>> management account, offering check writing, bill pay, and right now,
>> 1.5% on deposits (FDIC insured). When I went to set the account up in
>> Quicken, it's recognized as an investment account, which means if I
>> elect to *not* use a linked checking account, I lose the flexibility
>> of cutting/pasting transactions, autoreconcile after download, etc.
>> If I use the linked checking account, I retain the flexibility I'm
>> used to with a checking account, but once again I lose the
>> autoreconcile after download feature, not to mention I have an empty,
>> useless investing account hanging around.
>>
<snip>
>
> That investing account may not be so useless after all. Check out this
> forum. Lots of good stuff about the mySmart Cash Account:
> http://www.fatwallet.com/forums/finance/748607/
Yes, the SmartCash account is very useful, a great deal, and of course,
has Fidelity's excellent customer service. However, several Fidelity
reps have told me that it's not designed to function as a brokerage
account. That is, we're not supposed to use it to purchase even money
market funds. To do any trading at all, we're supposed to open a
separate brokerage account which can be linked via the SmartCash Cash
Manager. My complaint is not with Fidelity's account, it's with how
this account integrates with Quicken. It's the *Quicken* investment
account that sits empty and useless if I configure it to use a linked
checking account.
Regards,
Margaret
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Posted by Jim Jensen on October 3, 2008, 5:25 pm
Please log in for more thread options
> Jim Jensen wrote:
>>
>>
>>> Hello,
>>>
>>> I opened a Fidelity SmartCash account a month or so ago. It's a cash
>>> management account, offering check writing, bill pay, and right now,
>>> 1.5% on deposits (FDIC insured). When I went to set the account up in
>>> Quicken, it's recognized as an investment account, which means if I
>>> elect to *not* use a linked checking account, I lose the flexibility of
>>> cutting/pasting transactions, autoreconcile after download, etc. If I
>>> use the linked checking account, I retain the flexibility I'm used to
>>> with a checking account, but once again I lose the autoreconcile after
>>> download feature, not to mention I have an empty, useless investing
>>> account hanging around.
>>>
>
> <snip>
>
>>
>> That investing account may not be so useless after all. Check out this
>> forum. Lots of good stuff about the mySmart Cash Account:
>> http://www.fatwallet.com/forums/finance/748607/
>
> Yes, the SmartCash account is very useful, a great deal, and of course,
> has Fidelity's excellent customer service. However, several Fidelity reps
> have told me that it's not designed to function as a brokerage account.
> That is, we're not supposed to use it to purchase even money market funds.
> To do any trading at all, we're supposed to open a separate brokerage
> account which can be linked via the SmartCash Cash Manager. My complaint
> is not with Fidelity's account, it's with how this account integrates with
> Quicken. It's the *Quicken* investment account that sits empty and
> useless if I configure it to use a linked checking account.
>
> Regards,
>
> Margaret
Just hide it in Quicken; that's what I do.
Another alternative is the Schwab version of this type of account. It
functions in Quicken much the same as a regular checking account, including
auto reconcile. I have both Fidelity and Schwab for different reasons.
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Posted by Margaret on October 3, 2008, 6:19 pm
Please log in for more thread options
Jim Jensen wrote:
>
>
> Just hide it in Quicken; that's what I do.
>
> Another alternative is the Schwab version of this type of account. It
> functions in Quicken much the same as a regular checking account,
> including auto reconcile. I have both Fidelity and Schwab for different
> reasons.
When I hide an account that is activated for OSU, none of the accounts
associated with the same financial institution download. I first
noticed this with my credit union, so I simply deactivated OSU for those
accounts I wanted to hide. I'm finding the same problem with Fidelity
when I hide the SmartCash investment account (still activated for OSU),
the linked checking account does not receive downloads.
Anyway, after I opened the SmartCash account, I learned of the Schwab
account. Right now I'd rather not add yet another financial institution
to my list. (But thanks for the tip.)
Fortunately Quicken (at least 2009R2) can easily and seemingly
accurately translate the transactions when I create or remove a linked
checking account.
Thx and Regards,
Margaret
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