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CAP Accounts in First Union, Wachovia, & Wells Fargo

I have been using Quicken with First Union, Wachovia, & Wells Fargo CAP 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 The net cash in the investment account (dividends+interest+sales-purchases) at day's end was withdrawn and deposited into checking.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.

Reply to
Zaidy036
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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.

Reply to
Zaidy036

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.

Reply to
Zaidy036

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.

Reply to
Zaidy036

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