various problems with automatic account maintenance


P

Paul Pedersen

I've had really quite a few problems with investment account updates over
the years, with different brokers. I can't say that any of them really work
well.

Recently there's the problem with MMF prices being reported incorrectly. I
also have accounts with many spurious "Add shares" transactions, followed a
few days later by "Remove shares" transactions, all entered automatically.
Dividend reinvestments are routinely added as purchases, followed by
dividend received. Same for capital gains. I have account adjustments added
from I don't know where, which I have to fix. And miscellaneous other
troubles. I had to remove one broker completely from updates because it was
constantly getting hosed so badly.

Frankly, paper statements were a lot less trouble. Is it just me? Or is
automatic online account maintenance really not ready for prime time?

(Perhaps I shouldn't ask this here, but is Quicken any better?)
 
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C

Cal Learner-- MVP

I've had really quite a few problems with investment account updates over
the years, with different brokers. I can't say that any of them really work
well.

Recently there's the problem with MMF prices being reported incorrectly.
The recent episode is not due to the brokers, and it would have hit
you even if you hand-entered the transactions.

I
also have accounts with many spurious "Add shares" transactions, followed a
few days later by "Remove shares" transactions, all entered automatically.
Dividend reinvestments are routinely added as purchases, followed by
dividend received. Same for capital gains. I have account adjustments added
from I don't know where, which I have to fix.
It's too bad that there is not a setting to change the default about
having Money update the holdings or tell Money you will do it
yourself. I routinely change the radio buttons when presented with
that choice.

And miscellaneous other
troubles. I had to remove one broker completely from updates because it was
constantly getting hosed so badly.
You might find that there is a window in time when it is better not
to fetch your statements. If you avoid the hour or so after midnight
at the location of the broker, then you might see less of that.

Frankly, paper statements were a lot less trouble. Is it just me? Or is
automatic online account maintenance really not ready for prime time?
It's not just you. Dick Watson is one of the proponents of hand
entry of transactions. It's definitely not me, tho.
 
P

Paul Pedersen

I'm guessing, but it might have a lot to do with the banks and brokerages
themselves. I suspect that they don't want a reliable standard for
transmission of this kind of information. They probably want people to go to
their web site instead, see their ads.
 
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C

Cal Learner-- MVP

I'm guessing, but it might have a lot to do with the banks and brokerages
themselves. I suspect that they don't want a reliable standard for
transmission of this kind of information. They probably want people to go to
their web site instead, see their ads.
IMO, the brokers do want a reliable method, since they are more
fee-based. I think that the accounting can be more complex than with
a bank tho. Think of the reorgs, symbol changes, splits, spinoffs,
etc. Think of T+3 and T+1. Think of the revised 1099Bs. I would
agree that they are not as motivated to address some flaws as they
should be.

Many brokers are providing a basis tracking to their customers. I am
thinking they are more trying to retain customers rather than drive
the customer to the website. Besides, for the broker you go to the
web site anyway for trades. So I think that theory would seem to
more apply to banks than brokers.
 

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