Fidelity Core accounts showing settlements, causing double-entries

Fidelity accounts are showing double entries for every dollar drawn.

A Fidelity account technically contains 'FCASH' securities worth the equivalent of one dollar per; these are transparently exchanged for dollars whenever the customer withdraws dollars from their account. 

Fidelity calls this second entry a 'settlement' or 'redemption into core account'. There's one entry per day. On their web site, settlements are hidden by default, and can be shown with a checkbox. 

Mint Fidelity feeds look like this:

  November 1, 2014
  Cash Advance ATM -$120.00
  Whole Foods -$11.05
  Rent Landlord -$1800
  REDEMPTION FROM CORE ACCOUNT $1931.05

Mint's budgets will show the $1931.05 as *income*, which it's not, and will show a break-even on the day, when in fact I *paid out* $1931.05 in total expenditures. The 'redemption' entry is an internal Fidelity transaction transparent to the user.

I suspect redemptions/settlements should be filtered completely out of Mint.

Answer

4 people found this helpful

Same here! This seems like a gross oversight in both how to report transactions on fidelity's part and also how to handle the internal nature of this transaction. I am not sure why this level of detail needs to be noted by fidelity, but I am also curious why Mint is not filtering it out as it is not a user based transaction. It is fidelity's own internal transaction of showing cash being pulled out of an insured fund to cover for a net deposit or debit made by the user. 

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