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Linked securites/bank account

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neolith

05 Nov, 2010 12:43 PM

I have a brokerage account at Merrill that is linked to a money market account. In Quicken, the two accounts are linked. I saw that you were planning to add this function to Moneydance 2010 and it might be ready by the 2nd quarter. Have you made any progress with this?

1. 1 Posted by Angie Rauscher on 05 Nov, 2010 07:12 PM

   

   Neolith,

   This is definitely a priority for us but it's not been implemented yet. I have attached the ticket for this feature to this thread so you'll be notified when progress is made. I'm sorry we haven't added this feature yet, but please let me know if I can be of further assistance,

   Angie Rauscher
   Moneydance Support

   Check out our new blog series, Moneydance on the Road.

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2. Angie Rauscher closed this discussion on 05 Nov, 2010 07:12 PM.

3. Angie Rauscher re-opened this discussion on 05 Nov, 2010 07:13 PM

4. 2 Posted by Mike on 13 Dec, 2010 04:31 PM

   

   I'd second this request - I'm evaluating Moneydance as an alternative to Quicken, which I've used for many years. One of the largest stumbling blocks I see is the cumbersome workarounds I've read about for linked brokerage/bank accounts. Many financial firms (Merrill, Schwab, Fidelity, etc.) offer these types of accounts, and something really needs to be done to enhance Moneydance's usability in this area.

   Is there any update as to when we can expect to see something in this area?

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5. 3 Posted by -Kevin N. on 13 Dec, 2010 04:54 PM

   

   Dear Forum,
   I treat the associated Money Market Fund as just another investment in it's parent investment account.
   I'm not sure I see the advantage or conveniece of allotting another entire account just for the Money Market Fund.
   I'd be interested in hearing the thoughts of other forum members.
   -Kevin N.

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6. 4 Posted by Mike on 13 Dec, 2010 05:46 PM

   

   Many of these types of accounts offer services such as bill paying, check writing, etc. The associated/linked account is effectively a bank account, with all the associated transaction types - which aren't permitted in an account of type "Investment" - unfortunately, the electronic download (at least from my institution) requires that the account be "Investment" for the download to work.

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7. 5 Posted by -Kevin N. on 13 Dec, 2010 07:06 PM

   

   Hi Quicken User,
   Thanks for your insights.
   Essentially your associated MM account is used as a day-to-day checking account. Correct? I can see now the need for it to be set up as a seperate account. Much like the bank checking account that I transfer funds to when I sell MM shares in my investment account.
   It's actually the same process except that since your F.I. requires the account to be Investment type, you're left without the txn options required for it to operate as a checking account.
   Presently this doesn't effect me due to the way my accounts are set up but I give this ticket my up vote since everything is subject to change.
   Thanks again for your insights.
   -Kevin N.

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8. System closed this discussion on 31 Mar, 2015 03:30 PM.