CAP Accounts in First Union, Wachovia, & Wells Fargo
Zaidy036
Accounts since 1995. Over the years the banks have changed their ways of
interacting with Quicken and I thought that it might help someone if I would
record my experiences and the current settings that I have found work best with
Wells Fargo, the current bank.
The Command Asset Program (Wells Fargo's current name) or CAP is a combined
Brokerage/Checking account.
First Union offered the accounts such that cash was automatically transferred
between brokerage and checking. This was handled using Quicken's "linked" bank
and investment accounts. Checking was the only account needing reconciliation
since the balance in brokerage always netted to zero. Accessing accounts on the
First Union web site provided matching information to Q.
First Union purchased Wachovia and adopted their name. CAP accounts continued
but in Quicken the investment and banking accounts had to be "unlinked" because
Wachovia now provided the download transactions for both. The net cash in the
investment account (dividends+interest+sales-purchases) at day's end was
withdrawn and deposited into checking. This could produce duplicate
transactions in Q reports. Checking was the only account needing reconciliation
and the balance in brokerage was supposed to match. Accessing accounts on the
Wachovia web site provided matching information to Q.
Wells Fargo has taken over Wachovia (mid-March in CT) and continues the CAP.
They consider a CAP to be a brokerage account that one can write checks on but
NOT a brokerage/checking combination. They do NOT provide downloads of cash
transactions that occur in brokerage into checking, W/F still uses the same
brokerage and checking account numbers. On W/F's web site one sees that the
checking balance is correct BUT brokerage in/out transactions are NOT shown.
Checking transactions are in brokerage so the complete activity can only be
seen in the brokerage account.
A Q checking account is no longer required and would require a lot of manual
work to maintain. An investment account in Q2011 provides all of the functions
of a checking account including reconciliation.
W/F's CAP customer service phone is (800)733-8812. Unfortunately most operators
are NOT familiar with Q.
I am W/F customer and not affiliated with them in any other way.
--
Zaidy036
z1Barry
Zaidy036 thanks for the post on Q and Wachovia/Wells CAP accounts. My
Wachovia CAP account is scheduled to be converted to Wells Fargo this
weekend. My current Quicken setup has separate unlinked checking and
brokerage accounts. I periodically delete duplicate cash transactions
that are downloaded into my brokerage account. It sounds like I will
need to link my Quicken brokerage and checking accounts once the
conversion is finished ? Is that what you had to do ? Please advise
Zaidy036
z1Barry at barry...@verizon.net says...
<snip>
> > Wells Fargo has taken over Wachovia (mid-March in CT) and continues the CAP.
> > They consider a CAP to be a brokerage account that one can write checks on but
> > NOT a brokerage/checking combination. They do NOT provide downloads of cash
> > transactions that occur in brokerage into checking, W/F still uses the same
> > brokerage and checking account numbers. On W/F's web site one sees that the
> > checking balance is correct BUT brokerage in/out transactions are NOT shown.
> > Checking transactions are in brokerage so the complete activity can only be
> > seen in the brokerage account.
> >
> > A Q checking account is no longer required and would require a lot of manual
> > work to maintain. An investment account in Q2011 provides all of the functions
> > of a checking account including reconciliation.
> >
> > W/F's CAP customer service phone is (800)733-8812. Unfortunately most operators
> > are NOT familiar with Q.
> >
> > I am W/F customer and not affiliated with them in any other way.
> > --
> > Zaidy036
>
> Zaidy036 thanks for the post on Q and Wachovia/Wells CAP accounts. My
> Wachovia CAP account is scheduled to be converted to Wells Fargo this
> weekend. My current Quicken setup has separate unlinked checking and
> brokerage accounts. I periodically delete duplicate cash transactions
> that are downloaded into my brokerage account. It sounds like I will
> need to link my Quicken brokerage and checking accounts once the
> conversion is finished ? Is that what you had to do ? Please advise
>
Quite the contrary, One no longer needs a checking account at all. The
brokerage account handles everything and downloads from W/F.
I suggest that you follow the instructions W/F sent and then:
1. Copy your file to a new name as a "super backup"
- BUT continue to use the ORIGINAL file
2. Verify and correct as needed and Backup
3. Remove the on-line connections from CHECKING
- Then in BROKERAGE
4. Change the last entry which "zeros" the cash into a ZERO amount
transaction with a Memo field "Converted to Wells Fargo"
5. Reconcile to match W/F's cash balance (amount from #4).
6. Rename the brokerage account, if desired, to "Wells Fargo"
7. Update the account which should d/l all transactions, if any,
since the conversion. Backup.
Over the following days operate normally and look at your accounts on
the W/F web site. Compare their Checking and Brokerage to Q and you will see
that Brokerage cash transactions do NOT show in Checking activity BUT that the
Checking balance is correct. ALL transactions show in brokerage which is why
that is the only d/l (Q update) you need.
If there is a problem and you want to revert back just use the "super backup"
created in #1 above. It will get everything it does not have on its next d/l.
If OK then for 2011 Q reports and taxes you might want to make sure that all
categories and other info in Checking from Jan 1, 2011 forward are in the
Brokerage transactions. That way for 2011 you can ignore Checking and
eventually hide the account.
--
Zaidy
Zaidy036
NOS...@something.invalid says...
<snip>
> >
>
> Quite the contrary, One no longer needs a checking account at all. The
> brokerage account handles everything and downloads from W/F.
>
> I suggest that you follow the instructions W/F sent and then:
>
> 1. Copy your file to a new name as a "super backup"
> - BUT continue to use the ORIGINAL file
> 2. Verify and correct as needed and Backup
> 3. Remove the on-line connections from CHECKING
> - Then in BROKERAGE
> 4. Change the last entry which "zeros" the cash into a ZERO amount
> transaction with a Memo field "Converted to Wells Fargo"
> 5. Reconcile to match W/F's cash balance (amount from #4).
> 6. Rename the brokerage account, if desired, to "Wells Fargo"
> 7. Update the account which should d/l all transactions, if any,
> since the conversion. Backup.
>
Now that I am a few days into W/F I find a complication.
In order to use Q to send checks thru W/F one must have Checking's Online
Payment activated which also activates its One Step Update. That means Checking
will d/l all of its posted activity BUT one cannot reconcile it because the
brokerage transactions (div, int, etc) are not shown in Checking.
Then to use ONLY Brokerage information for all Q Reports it is necessary to
manually transfer the payment's Category info from Checking. If one uses BOTH
Checking and Brokerage for reports then there will be double entries.
It appears that Checks processed thru Checking show in Brokerage one day after
they are paid/cleared in Checking.
The other method to pay bills would be to use the W/F web site INSTEAD of Q and
then Checking's One Step Update and Online Payment can be turned off.
Neither is as simple/easy as Wachovia's interaction with Q.
--
Zaidy
Zaidy036
NOS...@something.invalid says...
>
<snip>
>
>
> In order to use Q to send checks thru W/F one must have Checking's Online
> Payment activated which also activates its One Step Update. That means Checking
> will d/l all of its posted activity BUT one cannot reconcile it because the
> brokerage transactions (div, int, etc) are not shown in Checking.
>
> Then to use ONLY Brokerage information for all Q Reports it is necessary to
> manually transfer the payment's Category info from Checking. If one uses BOTH
> Checking and Brokerage for reports then there will be double entries.
>
> It appears that Checks processed thru Checking show in Brokerage one day after
> they are paid/cleared in Checking.
>
> The other method to pay bills would be to use the W/F web site INSTEAD of Q and
> then Checking's One Step Update and Online Payment can be turned off.
>
> Neither is as simple/easy as Wachovia's interaction with Q.
I am now making a comparison test to the above setup with a second copy of my
original Q files with Checking and Brokerage LINKED.
When adding a link Q makes a NEW cash account "Brokerage-Cash" and links it to
Brokerage with ALL existing transactions. I then removed the on-line
connections from my old Checking, turned on the on-line functions for
Brokerage-Cash, d/l and accepted transactions, and reconciled the new account
to my March 31st W/F statement cash balance.
I now think that I may have jumped too fast and that Q linked accounts may work
OK no matter how W/F treats Checking on their web site. Time will tell.
--
Zaidy