Transfers between accounts
I understand how to transfer between accounts, using the account as the category. But how do I transfer into a specific security within the account? For example, let's say I want to transfer from my checking account to a specific mutual fund (money market for example) within my Fidelity brokerage account. How do I do this? The best I can achieve is to transfer into the Fidelity brokerage account, but then it goes into cash. How can I get it to go directly into the money market account?
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2 Posted by -Kevin N. on 22 Nov, 2009 05:22 PM
Hi santella1,
The short answer is, there isn't any way.
When you transfer money to Fidelity they take that cash and then sweep it into your money market fund and that's exactly what you should do in MD.
Transfer the cash into your Fidelity account and then "Buy" Money Market Shares to zero out the cash balance.
The process may appear seamless at Fidelity but it is a two step process of receiving your cash and then buying money market shares for you.
It's a two step process at Fidelity and it's a two step process in MD.
HTH -Kevin N.
3 Posted by John Selden on 22 Nov, 2009 05:31 PM
Well said, Kevin N. You're exactly right.
4 Posted by rlsantella on 22 Nov, 2009 09:38 PM
This makes sense and I now understand the process. So is the following scenario correct? If I have a memorized transaction in MD that transfers cash from my bank account into my Fidelity brokerage account, this manual transfer will be recorded at the date set in the Reminder. Then when I download from Fidelity I would click "Delete" for the cash purchase so as not to duplicate what MD has entered manually (via memorized transaction). I would then click "Record" for the "buy" money market shares from cash transaction.
5 Posted by -Kevin N. on 22 Nov, 2009 09:52 PM
Hi santella1, The Reminder would be a transfer from your bank account and would most likely show up as such when you download from Fidelity. At that point MD should match those transactions. "Record" would be proper response to both the "Reminder/transfer" and the 'Buy" transactions. HTH -Kevin N.
6 Posted by rlsantella on 22 Nov, 2009 10:32 PM
Thanks Kevin N.
I have not downloaded yet, but I presume it should be apparent when I do so. MD must let me know if it considers a downloaded transaction a "match" so that I would click "Record". The more I get to know MD, the more I like it better than Quicken.