Schwab: $50K CD shown as $5 million in Mint Investment tab

[davidepope]

Hi, I recently purchased a certificate of deposit in my Schwab account. When imported into Mint, the value of this asset is shown as $5M instead of $50K.

It's understandable why Mint shows it this way, because if I log in directly to Schwab, the CD shows:

Quantity: 50,000
Quote: $99.60
Market Value: $49,800

and if you were to multiply the first two numbers together (as is done for a typical stock), you get $4.98M instead of what should be shown ($49,800).

I talked to Schwab, and they say they're required to show the current market value of the CD (what you would get if sold before maturity) -- i.e., the current quote of $99.60 and total value of $49,800. They also choose to show a quantity of 50,000 to represent my original purchase price of $50K.

So for Mint to properly show the value of this asset, it needs to only look at the "Market Value" field, and not multiply together the "Quantity" and "Quote" fields.

-- David

[eric1985]

Maybe you were the 1 millionth customer and won an extra zero?

[boofett]

I am having the same problem with my recently purchased CD ($10,000 reading as $1 Mil). I talked with Schwab and they said it was a mint issue.

[cephyn]

I have the same issue. No word from Mint?

[gaothfanai]

Same issue - the cost basis on all five of my bonds is incorrect, in the same way. It seems to me that this is relatively straightforward, but if it can't be fixed quickly, we should at least be able to edit the cost basis temporarily.

What is the status on this? I originally sent my bug report about three weeks ago when I determined that this bug wasn't going to be fixed after the initial rollout of investment accounts.

Thanks

[muthu]

My friend also had the same issue.Better you could change to another.
------------
muthu
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[Aysa]

Hi Minters,

Bugs with the new Investment feature such as incorrect price paid is on the top of our list of things to be fixed.

Users may edit their price paid by logging in to Mint and selecting "Transactions" tab, then under the left column under Type select "Investments". Locate your transaction and select "Edit Details".

1) Shares that you owned when the account was added to Mint assume cost basis, based on end-of-day value for the prior day. This value is editable, but only as an aggregate for all the shares. It is not a Minty solution (i.e. easy and automated), but it is a one time effort. It is probably best to calculate elsewhere and then enter it into Mint.

2) For transactions that take place after the date the account was added, you can edit cost basis within the transaction. The edit field is condition based on the category. Where category is 'investments -> Buy', you should see 'price paid'. Where category is 'investments -> sell' you will see 'original price paid'. Because mint has these transactions, we make our best efforts to automatically manage your cost basis after the add account date. Mint does not assume that we know the cost basis for "investment -> sell"...you will need to enter that manually.

Outstanding Issues:

1) We are not correctly taking into consideration when cost basis is edited for transactions that occur prior to when the account was added. We are working on a fix for this.

2) For some users, on some graphs the cost basis seems to move around with out good reason. This is a data issue that we are working through now.

You may contact our customer service at https://wwws.mint.com/contact.event#contact-form/ so that your issue will be addressed specifically.

We greatly appreciate your patience. Rest assured, we are doing our best to resolve issues asap.


Thank you,

[jimmora]

Aysa, The prices paid is showing up correctly in the CD's it is a market value problem.

[davidepope]

BUMP

I am the original poster of this problem and it's still occuring... as the last reply says, this is a "market value" problem as the amount paid is correct.

Need some way to manually correct either the "market value" or the "number of shares" fields otherwise there is no way to adjust for this type of problem.

Makes the investment tabs worthless because my actual net worth is skewed by millions due to the two CDs that I have in this state.

Some assistance would be greatly appreciated.

Regards,

-- David

[DaveN]

BUMP

I also have this problem, and when I reported it in January 2009 I got the response above (copy/paste, it seems). But (1) the data were not editable in the way described, and (2) see the post just above re the nature of the problem.

It makes the whole "Investments" view essentially worthless, as just a few CDs overwhelm all the other data.

C'mon Mint, isn't there something to be done here?

Thanks.

[nycmintuser]

Oh god, I have this same problem and the lack of response for over a year is quite disheartening. And this is such an easy fix (it seems from my non-programming expertise) since it just requires adding a multiplication factor to certain CDs or allowing the user to input their own info.

I really thought for a moment that i'd be able to leave quicken behind forever. Mint is so awesome but this bug, and the fact that my bank will no longer connect means the dream has died :-(. PLEASE SOMEONE DO SOMETHING!!!! please?