Issue with Short-Term CD Maturities and Transfers Not Updating Correctly
Hello,
I’m running into an ongoing issue with how Simplifi handles short-term CDs when they mature and close, and I’m hoping to find a recommended workflow.
Here’s the scenario:
I regularly open short-term CDs (for example, 3–5 months). When the CD matures, the full balance (principal + interest) is automatically transferred into my savings account, and the CD account is closed at my bank.
The problem is that once the CD account is closed, Simplifi no longer shows the CD as the source of the transfer. As a result:
- The savings account just shows a single deposit for the total amount received.
- The transaction is categorized incorrectly (since there’s no longer an active CD account for Simplifi to recognize as the transfer source).
- This breaks the transfer linkage and affects reporting.
I’ve tried to work around this by manually creating the transfer before closing the CD account. However, that introduces another issue:
- The CD balance shown before closure does not include the final interest payment.
- When the CD closes, the actual amount deposited into savings is higher due to the interest.
- This leaves a mismatch between the manually created transfer and the actual deposited amount, so there’s always a difference that has to be reconciled.
I am eventually able to fix this with a lot of manual work (closing the cd acct in the software, adding a 'Transfer' Transaction, etc.).
Has anyone found a reliable way to handle this workflow in Simplifi? Or is there a recommended best practice for CD maturities that I’m missing?
It would be great if Simplifi could preserve the CD account long enough to properly record the closing transfer.
Thanks in advance for any guidance or insights.
Comments
-
Hello @Eman321,
Thank you for reaching out! Can you clarify your issue a little further, please? Is the issue just that the transfer from the closed CD account is not showing as being transferred from that account? Does it just show as 'Transfer' instead? Maybe including a screenshot showing the issue would help here. Let us know!
-Coach Jon
-Coach Jon
0 -
Thanks for the response. I think it would take too many screenshots. Let me try to explain one more time and if still unclear, I can try the screenshots.
The transfer of funds from the closed CD is the only thing that is happening correctly. The full amount transfers to my SAV account but with an incorrect categorization ("Personal Income"). The CD account is now closed (at the bank) so (I'm guessing) it doesn't (can't) communicate anything with Simplifi. As a result, the CD is still showing opened in the Simplifi but with an "Account Needs Attention" icon (understandably—its closed at the bank).
I will eventually have to make a manual 'Transfer' from the CD account and then close it via settings. But there is no transaction in that CD account that shows the transfer of funds to the SAV (so currently my Savings balance is elevated by the CD amount—until I close the CD). And, when I do that, the CD shows a negative balance ( off by the last interest payment).
Question: How is this supposed to work? I ask b/c this issue has happened with every one of my maturing CDs this year (4 or 5 of them).
I think it is a Issue of timing. When Simplifi 'reads' my Bank info, the CD has already matured (not there) so it can't close out that account properly (which would be showing the 'out' transfer of fund from the CD. The SAV account (where the funds go) is still there so is 'sees' the full amount in the SAV account . This is just my guess of why it is happening.
Thanks for any thoughts!
E
0 -
Thank you for your reply,
Which financial institution is this happening with? You mentioned that you see the "account needs attention" icon. What error message/code to you see for the account?
If I'm understanding correctly, it sounds like the account is getting closed on the financial side before the last couple transactions (final interest payment and transfer to savings) are sent, resulting in Quicken Simplifi never receiving that data, but receiving the information about the money being deposited into savings.
If that is what is happening, maybe the simplest way to correct it is to make the CD account a manual account (for instructions, click here) then manually document the final interest payment into the account. Once that is done, you should be able to edit the deposit into the savings account so that it properly reflects the transfer and brings the balance in the CD account to $0. Then, close the account.
I hope this helps!
-Coach Kristina
0 -
Hi - I don't know what 'error message' you mean. It is just the icon that shows the account is not connecting with the bank (in this case b/c it has matured.) See the screen clip below of the icon.
Yes, I think you have it correct. The FI is Apple Fed Credit Union. All other money transactions are working fine there except CDs. I suppose I could switch it to manual b4 it matures but it would be nice if it would just work. I'm guessing this is not a problem for others so this is an issue with Apple FCU and how their OLB software handles it?
Thanks for your help and follow up.
0 -
@Eman321, thank you for confirming!
Once an account is considered closed with the bank directly, the ability to aggregate data will be cut off. This is likely to occur with any financial institution where the account is no longer available for connectivity. I agree with Coach Kristina that making the account manual would be your best bet. This gives you full control over the transactions, the balance, and when to mark the account as closed within the program.
Let us know if this works for you!
-Coach Natalie
0 -
Okay, thanks for this information.
1
