Schwab now using new "Express Web Connect Plus" (aka "Express Web Connect+"

[Andrew]

Just an fyi/heads up to the group:

So today, my d/l from Schwab failed as I thought it might due to the
notification we received about Schwab changing their method of connection.

I did go through the steps that were provided in the ONLINE SERVICES tab
for de-active and re-activate my Schwab account.

I do note that under the ACCOUNTS tab:

(1) The name of the FI is now "Charles Schwab...",no longer "zzCharles
Schwab..." (note the two "Z's" as it was in the recent past and:

(2) my account number no longer is visible (or any part of it). When I
hit the green "?", it is interesting that the text is telling me how
*CAPITAL ONE* (which I never have used) has changed their connection
method. Me things some help text needs to be changed by Q now that
apparently there are more than one new FI using this new connection method.

(3) There's some god-awful account id in my password value under the
"Account/Institution" name that has no resemblance to anything I've ever
seen concerning my account (number, ID, password,etc.) I presume this
is some new token that Q is using for the new connection type when
communicating with Schwab.

I presume that if Express Web Connect Plus provides some additional
security or processing benefits from the FIs, we'll see more FIs using this.

If anyone in the know can provide any technical details as to the
differences or changed behind the scenes processes, I'd love to hear
about it.

Some details can be seen at:
https://www.quicken.com/support/changes-your-account-services-quicken
--
-----------------------------------------------------------
Regards -

- Andrew

[Jeffrey]

Take a look at this post from James McAfee

https://community.quicken.com/discussion/comment/20215893#Comment_20215893
Page 6

This is what I did to get it to work for me.
I deleted only one of my Schwab Accounts FI name.
I then did Add Account and picked the Charles Schwab - Investor C
Entered ID and Password
Quicken and Schwab connect using EWC
Download proceeded - had to map (match) accounts - it downloaded 226 transactions to my Regular account which included a new Transaction
That transaction came down as a Deposit and not as a Reinv_Inc - all others I had to delete manually
My IRA account downloaded about 45 each - deleted manually
Each account had a popup about renaming Funds - I told one to ignore - Had to go to Security list - found duplicate Funds - just deleted those with no data. - the other accounts I just told it to ignore.
Placeholders showed up for my regular account I just ignored them.

When finished I ran OSU - It ran without a hitch but I did notice that if you go to One Step Summary after running OSU Schwab does not show up - Not sure if this normal for a EWC connected account.

I hope this helps.

This was not a clean conversion.
Top it all of they did it on a Thursday and Friday. That means no Phone help if you want it. Chat is available but Phone help is usually better.

[Jeffrey]

Oh yea.
Make sure you Back up your data file. Not just once but a couple of times just in case.

[Andrew]

Yes, I too had multiple years of "old" transactions downloaded as well,
and deleted them manually. But I had absolutely no problem with the
'conversion'. But then again, I only have ONE account at Schwab, and
there were plenty of warnings about having to understand some procedures
concerning multiple accounts which I didn't need to deal with. It was
actually very clean.

--
-------------------------------------------------------------
Regards -

- Andrew

[Jeffrey]

Glad you got it to work.
Just read on a post that Schwab said Quicken is to put out another update on Monday.
Will be interesting if true.
This sure did pi$$ed off a lot of people.
Especially releasing this so close to a weekend.
Like I said my connection is Charles Schwab - Investor C not Charles Schwab like before.

[Jeffrey]

Well I finally got to work and it now shows I am connect via EWC+ and Charles Schwab

Removed all of Quicken using Qclean and removed any other leftovers.
I then found a last good backup.
Reinstalled Quicken. Before opening Quicken I rebooted computer and then before opening Quicken I installed the R37.25 Patch.
When opening Q I had open the backup. When it did I went to use OSU and all it was try to download Quotes.
I did a Ctl A to open Acct List. None of my Accounts were activated for downloading. So I activated (Online Setup) my Checking and Credit Cards first. Just to make sure all goes right with them.
Next came Schwab. I noticed that my Regular Schwab account had "zzz-" in the Financial Name field. But my IRA accounts did not.
I removed the "zzz-".
Then proceeded with activating my Schwab accounts.
I used my Regular Schwab account for the activation. It also included my other Schwab accounts during this process.
It start and had to add ID and Password the Activation log in for Schwab showed up - logged in using Schwab log in & Password. Accepted the agreement.
After that was done it asked to click to go back to Quicken. I do so.
Once that was done Quicken went through the processing of updating activation and download any transactions. Be patient. It seems like it is not doing anything.
Once complete I had some matched and new transactions. Accepted the Matched and deleted the New.
I hope I covered everything. I hope it helps.

[John Pollard]

On Sunday, November 21, 2021 at 6:02:16 AM UTC-6, Jeffrey wrote:

> Once complete I had some matched and new transactions. Accepted the Matched and deleted the New.

Did you have many unwanted New transactions?
How did you delete the ones you did not want?

[Jeffrey]

I had about 223 in my Regular account and about 26 each in my IRA's.
I manually deleted those that said "New" and those that showed
"Accept" I accepted them.

I was lucky to just that many.
I saw that some people had a whole lot more and were not very happy.

[Jeffrey]

It will be interesting to see what happens when the week begins and transactions are downloaded under this new connection.

[John Pollard]

On Sunday, November 21, 2021 at 3:23:09 PM UTC-6, Jeffrey wrote:
> On Sunday, November 21, 2021 at 3:09:18 PM UTC-6, John Pollard wrote:
> > On Sunday, November 21, 2021 at 6:02:16 AM UTC-6, Jeffrey wrote:

> > > Once complete I had some matched and new transactions. Accepted the Matched and deleted the New.

> > Did you have many unwanted New transactions?

> I had about 223 in my Regular account and about 26 each in my IRA's.

> > How did you delete the ones you did not want?

> I manually deleted those that said "New" and those that showed "Accept" I accepted them.

I presume you mean you Accepted the downloaded transactions that showed a Status of "Match" (rather than "Accept").

And I presume you "deleted" the "New" transactions from the Downloaded Transactions tab, one by one.


The reason I asked the questions is because - depending on your answers - I wanted to point out that there is now a way to simplify the effort to delete multiple UNwanted downloaded investment transactions. A method, I suspect, many users may not be aware of.

Even deleting "only" 223 transactions from the Downloaded Transactions tab, one by one, is fairly time consuming.

I believe the method for dealing with unwanted downloaded investment account transactions I will describe below is fairly new for investment accounts; I can't recall exactly when it became available, but I think some users may be unaware of it.

In non-investment accounts, the simplest way to delete many unwanted New downloaded transactions is to:
- Deal with all the downloaded Match transactions (Accept as a Match, change to New and Accept, or Delete)
- Individually Accept all the wanted New downloaded transactions
- Manually add a dummy transaction to the non-investment account - details are irrelevant except that you insure you're able to identify that specific transaction later
- Accept all the remaining downloaded transactions (which should now all be New and all be UNwanted)
- Sort the account register by "Order Entered" (that should place all the transactions downloaded in the previous step, after the dummy transaction created two steps ago
- Select all the transactions in the register, starting with the first transaction after the dummy transaction you created, through the last displayed transaction (as you would select multiple files in Windows Explorer)
- Right-click a selected transaction
- Select "Delete"

That should delete all the unwanted downloaded transactions ... from any non-investment account.

It is now possible accomplish the same result in a similar manner in an investment account:
- Deal with all the downloaded "Match" transactions (Accept as a Match, change to New and Accept, or Delete)
- Individually Accept all the wanted New downloaded transactions
- Make sure all the existing investment account transactions you want to keep (including newly Accepted transactions) have been reconciled (have an "R" in the "Clr" column - you can use the Quicken Reconcile dialog for this
- Accept All the remaining downloaded transactions (which should now all be New and all be UNwanted)
- Select "Edit Multiple Transactions" from the Account Actions drop down
- Sort the resulting list of transactions by the "Clr" column (click in the column header)
- Select all the UNreconciled transactions in the above list (as you would select multiple files in Windows Explorer)
- Click the "Delete" button

[It would be helpful for this process, if Quicken would allow existing investment account transactions to be sorted by "Order Entered" (since that would eliminate the necessity to have all investment transactions the user wants to keep from having to be reconciled), but the current capability should be a big improvement over previous possibilities.]

[Jeffrey]

You said, "I presume you mean you Accepted the downloaded transactions that showed a Status of "Match" (rather than "Accept").

And I presume you "deleted" the "New" transactions from the Downloaded Transactions tab, one by one"

I did a whoops.
I Accepted all Matched transactions and Deleted all New transaction.
I did it one by one. Time consuming yes.
Before each Match I made sure Quicken actually was matching the Register entry.
Since there was no "Manual" match in the Investment register I just Deleted them.

I hope this explains what I did.
It will be interesting to how any New transactions will be handled when they are downloaded under this
new connection.

Thanks for the way to deal with unwanted transactions. I saved it for the future.

I have a feeling other Financial Institutions are going to go this route.
This is from Schwab in case you have not seen it.
https://www.schwab.com/legal/public-security-tips-popup
Here is link to the organization that Schwab belongs along with other FI's.
https://www.financialdataexchange.org/FDX/The%20Consortium/FDX/The-Consortium/Members.aspx

[John Pollard]

On Friday, November 19, 2021 at 10:28:40 AM UTC-6, Andrew wrote:

> I presume that if Express Web Connect Plus provides some additional
> security or processing benefits from the FIs, we'll see more FIs using this.
>
> If anyone in the know can provide any technical details as to the
> differences or changed behind the scenes processes, I'd love to hear
> about it.

In the following Community discussion, see Sherlock's reply to Chris_QPW (on November 23, 2021 @ 2:44PM).

Schwab Express Web Connect + Is Schwab using Capitol One as the interface for downloads?
Found at: https://community.quicken.com/discussion/comment/20217505#Comment_20217505

[Sherlock]

Just to be clear, Express Web Connect+ is less secure and less reliable
than Direct Connect or Web Connect. The motivation for Schwab's
decision to drop Direct Connect was financial. My advise is to
maintain the accounts manually or move the accounts to a financial
institution that supports Direct Connect or Web Connect.

[John Pollard]

On Monday, November 22, 2021 at 2:58:05 AM UTC-6, Jeffrey wrote:

> I Accepted all Matched transactions and Deleted all New transaction.
> I did it one by one. Time consuming yes.
> Before each Match I made sure Quicken actually was matching the Register entry.
> Since there was no "Manual" match in the Investment register I just Deleted them.

Did you check the "Cleared Status" (heading="Clr") of the existing Quicken transaction before and after you accepted each downloaded match?

I've been having a lot of trouble with this Schwab switch to Express Web Connect +, so I've done a fair amount of testing.

In my most recent test, after processing all other downloaded transactions, I did an Accept All on the remaining downloaded transactions (which were all Match transactions at this point). My evidence suggests that each of those downloaded "Match" transactions that matched a reconciled transaction, changed the Clr column from "R" to "c" in the pre-existing Quicken transaction.

Before I did that Accept All of the downloaded Match transactions, my Schwab account(s) were all reconciled through August of 2021. After I accepted all the Schwab downloaded Match transactions, a bunch of previously reconciled transactions had reverted to a Cleared Status of "c" -- going back to July of 2020.

Pretty bad when you consider that those downloaded Match transactions should never have been downloaded at all.

If you use your right hand to click "Edit", then "Delete" and your left hand to press Enter (in the Downloaded Transactions tab), you can make relatively quick work of deleting a bunch of downloaded transactions. And that may now be the best way to deal with the Schwab downloaded Match transactions. [I haven't yet tested re-reconciling the Schwab accounts.]

[Jeffrey]

You said, "Did you check the "Cleared Status" to be honest I did not. I just made sure that if it said Match the Register matched the Download Transaction. Note: that each of the Matched transactions were from 2019, 2020 and a few from 2021. The "New" were from the same time period but as I said before there was no way to Manually Match those transactions. Would have been nice to do.
But I did do a Reconcile of the Register after I did the "Accept" and "Delete" of the transactions.
From what I have seen I was sort of lucky to only have to this with about 223 in my Regular account and about 26 each in my IRA's.
I saw people had much more.
I am just waiting for some Month end and year of distributions to see if they are download properly.
Since I already know when some of the Month and Year End transaction will be hitting my account I will check the Schwab web site before I download any transactions.
See this Post about Resynching
https://community.quicken.com/discussion/7902328/resynching-charles-schwab-accounts-leads-to-17-months-of-transactions-being-downloaded#latest
See Chris_QPW last comment about why there are so many downloaded transactions.

[John Pollard]

On Friday, November 26, 2021 at 8:24:53 AM UTC-6, Jeffrey wrote:

> You said, "Did you check the "Cleared Status" to be honest I did not. I just made sure that if it said Match the Register matched the Download Transaction. Note: that each of the Matched transactions were from 2019, 2020 and a few from 2021.

Since my accounts at Schwab were opened in May 2020, I had no matches prior to that opening date. But the problem wasn't the time frame of the Match transactions: it was that accepting the match transactions UNreconciled the transactions they matched.

> The "New" were from the same time period but as I said before there was no way to Manually Match those transactions. Would have been nice to do.
> But I did do a Reconcile of the Register after I did the "Accept" and "Delete" of the transactions.

As I see it, that will be necessary for everyone who accepts Match transactions the first time they download from Schwab using EWC+ ... even it their Schwab account was already totally current (so no legitimate New transactions downloaded), and all existing transactions were reconciled before the download.

> From what I have seen I was sort of lucky to only have to this with about 223 in my Regular account and about 26 each in my IRA's.
> I saw people had much more.
> I am just waiting for some Month end and year of distributions to see if they are download properly.
> Since I already know when some of the Month and Year End transaction will be hitting my account I will check the Schwab web site before I download any transactions.

> See this Post about Resynching
> https://community.quicken.com/discussion/7902328/resynching-charles-schwab-accounts-leads-to-17-months-of-transactions-being-downloaded#latest
> See Chris_QPW last comment about why there are so many downloaded transactions.

I had already read that discussion; but I have known for a long time that switching to, or from, Express Web Connect usually downloads duplicate transactions ... and why. The problem is solvable, but it would require cooperation between the parties - given the length of time the problem has been happening, it seems that cooperation is not likely to happen. And given the fact that there were downloaded "Match" transactions, it seems unlikely that the typical inconsistencies between Transaction ID's when switching to/from EWC explain the problem - normally, there would be no "matches" after such a switch.

But to my knowledge, Accepting a downloaded Match transaction has never before changed the Cleared Status of the matched transaction from "R" to "c". The purpose of my most recent previous post was just to alert other users to this potential problem.

[Jeffrey]

Just came across this post
https://community.quicken.com/discussion/7902414/duplicate-transactions-downloading-into-quicken-from-schwab#latest
Did not know or just slip by some how about "Edit Multiple Transactions".
Just an FYI

[John Pollard]

On Friday, November 26, 2021 at 2:24:16 PM UTC-6, Jeffrey wrote:

> Just came across this post
> https://community.quicken.com/discussion/7902414/duplicate-transactions-downloading-into-quicken-from-schwab#latest
> Did not know or just slip by some how about "Edit Multiple Transactions".
> Just an FYI

Yes, I described the "Edit Multiple Transactions" approach in an earlier post in this discussion - on Nov 21, 2021, 9:13:47 PM (4 days ago).

In order to make the "Edit Multiple [investment] Transactions" approach reasonable, I believe the user will need to insure that all existing investment transactions in the account are reconciled, before Accepting any downloaded transactions.

And, in this specific (Schwab) situation, the user will still have a problem if they accept downloaded Match transactions and those Match transactions UNreconcile the transactions they match.

[Arthur Conan Doyle]

Sherlock <non...@nowhere.com> wrote:

>The motivation for Schwab's decision to drop Direct Connect was financial.

It's been reported that the fees Quicken charges financial institutions for
Direct Connect are substantial. As the number of users managing their finances
on PCs drop, I'm surprised there haven't been more major banks like USAA bailing
out.

--
Usenet: The world's first (and best) social network.

[Sherlock]

On 2021-11-27 14:11:09 +0000, Arthur Conan Doyle said:

> Sherlock <non...@nowhere.com> wrote:
>
>> The motivation for Schwab's decision to drop Direct Connect was financial.
>
> It's been reported that the fees Quicken charges financial institutions for
> Direct Connect are substantial. As the number of users managing their finances
> on PCs drop, I'm surprised there haven't been more major banks like
> USAA bailing
> out.

It is not Quicken charging the financial institutions fees for Direct
Connect. It is Intuit.

Intuit doesn't charge financial institution's a fee for Express Web
Connect as it enables them to gain access to valuable customer data.
Quicken pays Intuit for access to the data which may contribute to
Quicken's higher price.

[Sherlock]

If you're really interested, I suggest you review:
https://www.intuit.com/partners/fdp/implementation-support/ofx/

[John Pollard]

On Saturday, November 27, 2021 at 8:11:11 AM UTC-6, Arthur Conan Doyle wrote:

> It's been reported that the fees Quicken charges financial institutions for
> Direct Connect are substantial.

> As the number of users managing their finances on PCs drop,
> I'm surprised there haven't been more major banks like USAA bailing out.

Just for the record: USAA still offers free Direct Connect for their banking accounts. USAA only "bailed out" of investment accounts, and it's not clear to me that the cost of Direct Connect was the only reason for that.

[Arthur Conan Doyle]

Sherlock <non...@nowhere.com> wrote:

>It is not Quicken charging the financial institutions fees for Direct
>Connect. It is Intuit.

Quicken was spun off from Intuit in 2016.

https://techcrunch.com/2021/09/09/quicken-one-of-the-first-fintechs-resold-to-another-private-equity-firm/

[Sherlock]

On 2021-11-29 14:15:02 +0000, Arthur Conan Doyle said:

> Sherlock <non...@nowhere.com> wrote:
>
>> It is not Quicken charging the financial institutions fees for Direct
>> Connect. It is Intuit.
>
> Quicken was spun off from Intuit in 2016.
>
> https://techcrunch.com/2021/09/09/quicken-one-of-the-first-fintechs-resold-to-another-private-equity-firm/
>

Correct. H. I G.paid Intuit for Quicken. The financial insitituion's
pay Intuit for Direct Connect. Quicken pays Intuit for Express Web
Connect. It's been good being Intuit.

[John Pollard]

For those who might be interested, here is a link to some information from Schwab related to the switch to EWX+ that may be of interest.

https://www.schwab.com/legal/public-security-tips-popup

[John Pollard]

On Tuesday, November 30, 2021 at 4:12:22 PM UTC-6, John Pollard wrote:

> For those who might be interested, here is a link to some information from Schwab related to the switch to EWX+ that may be of interest.

When I wrote "EWX+", I should have written "EWC+".

[Andrew]

It was an interesting read; thanks for the post.

[AJay Misra]

On Friday, 19 November 2021 at 11:28:40 UTC-5, Andrew wrote:
> Just an fyi/heads up to the group:
>
> So today, my d/l from Schwab failed as I thought it might due to the
> notification we received about Schwab changing their method of connection.
>
> I did go through the steps that were provided in the ONLINE SERVICES tab
> for de-active and re-activate my Schwab account.
>
> I do note that under the ACCOUNTS tab:
>
> (1) The name of the FI is now "Charles Schwab...",no longer "zzCharles
> Schwab..." (note the two "Z's" as it was in the recent past and:
>
> (2) my account number no longer is visible (or any part of it). When I
> hit the green "?", it is interesting that the text is telling me how
> *CAPITAL ONE* (which I never have used) has changed their connection
> method. Me things some help text needs to be changed by Q now that
> apparently there are more than one new FI using this new connection method.
>
> (3) There's some god-awful account id in my password value under the
> "Account/Institution" name that has no resemblance to anything I've ever
> seen concerning my account (number, ID, password,etc.) I presume this
> is some new token that Q is using for the new connection type when
> communicating with Schwab.
>

> I presume that if Express Web Connect Plus provides some additional
> security or processing benefits from the FIs, we'll see more FIs using this.
>
> If anyone in the know can provide any technical details as to the
> differences or changed behind the scenes processes, I'd love to hear
> about it.
>

> Some details can be seen at:
> https://www.quicken.com/support/changes-your-account-services-quicken
> --
> -----------------------------------------------------------
> Regards -
>

> Charles Schwab - Does anyone have a New brokerage account Referral Code for Charles Schwab?

[John Pollard]

On Monday, January 10, 2022 at 10:32:37 PM UTC-6, AJay Misra wrote:

> Does anyone have a New brokerage account Referral Code for Charles Schwab?

Are you trolling for friends?


FAQs

What is Schwab's Referral Offer?
Schwab's Referral Offer rewards referred friends and family of Schwab clients with a Bonus Award for becoming a new Schwab client and making a qualifying net deposit with a Bonus Award for becoming a new Schwab client and making a qualifying net deposit.

What is a referral code, and how do I share it with friends and family?
Every client has a unique referral code. When you share it with friends and family, they can use it when they become a new Schwab client and open an eligible account. To share your referral code, click the Copy button on this page and share your code as a link via text or email.

Who gets the Bonus Award, and when do they get it?
The Bonus Award goes to the referred new client when they make a qualifying net deposit within 45 days of opening an eligible account and becoming a Schwab client. We’ll deposit up to $1,000 in their account about a week after the 45-day qualification period.

What accounts can be opened to get the Bonus Award?
Accounts that are eligible for the Referral Offer include: Schwab retail brokerage accounts and individual retirement accounts (IRAs), including accounts enrolled in Schwab-sponsored investment advisory programs such as Schwab Intelligent Portfolios®, Schwab Managed Portfolios™, Schwab Managed Account Select®, Schwab Managed Account Connection®, and Schwab Private Client™. Schwab Bank High Yield Investor Checking® accounts qualify when combined with Schwab One® accounts (stand-alone Schwab Bank High Yield Investor Checking accounts do not qualify). The offer does not apply to the Schwab Global Account™, ERISA-covered retirement plans, certain tax-qualified retirement plans and accounts, education savings accounts, or accounts managed by independent investment advisors.

Can this offer be combined with other offers?
No. This offer can't be combined with other offers.

Can two new clients in the same home get the award?
Yes. As long as both clients are new to Schwab, each can individually open an account and separately qualify for the Bonus Award, provided that each makes a qualifying net deposit.

What if I am uncomfortable making online referrals?
Please call 800-398-8640 for help with your referral. The representative can provide you with your unique referral code to share with friends and family.

Will I know when a friend or family member opens an account?
No. For privacy reasons, Schwab will not inform you when your referrals open an account. See our privacy policy to learn how we collect, share, and protect customer information.

See full terms and conditions.
Offer valid for referred individuals who do not currently have a Charles Schwab & Co., Inc. ("Schwab") account (other than a Stock Plan Services account) and who open and make a qualifying net deposit into an eligible retail brokerage account within 45 days of enrolling in the offer.

Net deposits are assets deposited into the enrolled account minus assets withdrawn from the account and transferred out of Schwab. Only outside assets new to Schwab qualify; assets transferred from affiliates other than Schwab Retirement Plan Services are excluded.

Net deposits will be calculated as of the 45th day after enrollment, and the bonus award will be credited to the enrolled account within approximately one week. For taxable accounts, you must maintain the net deposit amount (less any market losses) at Schwab for at least one year or Schwab may charge back the bonus award.

Schwab reserves the right to change the offer terms or terminate the offer at any time without notice. This offer is limited to one per account, with no more than one account enrolled per client. The offer does not apply to Schwab Bank High Yield Investor Checking accounts, the Schwab Global Account™, ERISA-covered retirement plans, certain tax-qualified retirement plans and accounts, education savings accounts, corporate accounts, or accounts managed by independent investment advisors. Custodial accounts are eligible for the award. This offer is not transferable, saleable, or valid in conjunction with other offers and is available to U.S. residents only.

Employees, contractors, or persons similarly associated with Schwab or a Schwab affiliate; their spouses; and employees of any securities regulatory organization or exchange are not eligible. Other restrictions may apply.

Consult with your tax advisor about the appropriate tax treatment for this offer and any tax implications associated with receipt before enrolling. Any related taxes are your responsibility. For taxable accounts, the bonus award will be reported on your Form 1099-INT. IRS guidance may impact your ability to make more than one IRA-to-IRA rollover in a one-year period.