Manual account - can't change account type for investment accounts

ejs · May 2

I have a manual account that I created as a brokerage account. I want to edit the account type to make it "Banking—>Other Banking", but Simplifi won't let me change it to anything other than another Investment account type. Is this a bug? Simplifi does allow changes in the other direction (for example, a manual account that is created as any type of Bank account can be edited to change it into an Investment account).

Coach Natalie · May 2

@ejs, thanks for posting your inquiry to the Community!

It looks like as of the 4.57.0 Web Release, users can no longer change Investment Account Types to anything other than a different Investment Account Type. So, users will no longer be able to turn their Investment Accounts into Checking Accounts.

I'm not sure why this change was made, but I apologize for any inconvenience it may cause!

SRC54 · May 3

@ejs I don't know if you really need to turn your manual account into a banking account or not, but the iPhone app apparently still lets you do it. I just created a test account as an investment and the web app wouldn't let me change it, but I changed it in the phone app and now it is a banking account.

I have experimented some with making my brokerage account a cash management account because I have checks and a debit card but they are useless to me since I cannot do splits in the Investment accounts in Simplifi. I ended up reverting it to a brokerage account and luckily it didn't mess anything up. It was a connected account and probably wasn't a good idea.

However, if you want full transaction control and need splits, etc., then yeah, you should probably make it a banking account.

I need to ask for splits in investment accounts I guess. Even though we've had transactions in Investment accounts for a while, it still says Beta!

It would probably be easier for us to open a cash management account if that's what we need.

ejs · May 3

@SRC54, thanks for the tip! That’s good to know. I already “converted” the account in question by deleting it and creating a new account to replace it (and recreating the transactions, of which there were luckily very few). But good to know for the future that the mobile app still has the capability to change account types.

SRC54 · May 4

@ejs Glad you were able to fix it. Of course, they may restore the capability to change account types in the web app in the future or take it out of the phone app. You just never know.

WJB · May 9

This got removed from the app to — and not just for manual accounts. This is actually a real issue because the only way to split transaction categories or export transactions in an investment account is to change it to a checking account, do the split / export, and then change it back.

Please please PLEASE reverse this and let us convert investment accounts to checking, at least until you offer splits / exports from investment accounts. Absent this I have to quit Simplifi and start over somewhere else.