Fidelity Redesiging Online Cash Management

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c.Alvin
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Fidelity Redesiging Online Cash Management

Post by c.Alvin » Sat Nov 23, 2013 2:01 pm

Fidelity is in the process of making a lot of changes to their online Cash Management website. It is really starting to look good. I edited this posting to include a link to a video of the site.

https://www.fidelity.com/learning-cente ... .com-video
Last edited by c.Alvin on Mon Dec 02, 2013 2:18 pm, edited 1 time in total.

livesoft
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Re: Fidelity Redesiging Online Cash Management

Post by livesoft » Sat Nov 23, 2013 2:14 pm

My beef was the lack of visibility of pending transactions which seems to be partially addressed by this redesign. They seem to be getting closer to what WellFargo offers, so that's a big improvement.
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hicabob
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Re: Fidelity Redesiging Online Cash Management

Post by hicabob » Sat Nov 23, 2013 2:18 pm

features look ok - but that .07% interest rate - sigh

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Toons
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Re: Fidelity Redesiging Online Cash Management

Post by Toons » Sat Nov 23, 2013 2:24 pm

hicabob wrote:features look ok - but that .07% interest rate - sigh
.07? :shock: Ouch
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stan1
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Re: Fidelity Redesiging Online Cash Management

Post by stan1 » Sat Nov 23, 2013 2:25 pm

0.07% is 7 times higher than Prime Money Market Fund.

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Toons
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Re: Fidelity Redesiging Online Cash Management

Post by Toons » Sat Nov 23, 2013 2:28 pm

stan1 wrote:0.07% is 7 times higher than Prime Money Market Fund.
But less than these rates. :happy

https://home.capitalone360.com/online-checking-account
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee

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c.Alvin
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Re: Fidelity Redesiging Online Cash Management

Post by c.Alvin » Sat Nov 23, 2013 4:48 pm

livesoft wrote:My beef was the lack of visibility of pending transactions which seems to be partially addressed by this redesign. They seem to be getting closer to what WellFargo offers, so that's a big improvement.
. . . and the transaction download file is a lot cleaner. It can be used as is - no editing required.

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c.Alvin
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Re: Fidelity Redesiging Online Cash Management

Post by c.Alvin » Sat Nov 23, 2013 5:00 pm

hicabob wrote:features look ok - but that .07% interest rate - sigh
I agree the returns for the money market funds are terrible. I keep a separate online savings account for my rainy day fund. I do like the services provided by Fidelity and love the 2% cash back Fidelity American Express card and all ATM fees being reimbursed. Yea, I am hooked on their banking services, the customer reps are excellent. My IRA's are still with Vanguard.

Saving$
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Re: Fidelity Redesiging Online Cash Management

Post by Saving$ » Sat Nov 23, 2013 6:29 pm

But it also says the FDIC limits for deposits are $750k because they use three different deposit institutions.

Does this mean Fidelity just take the money in the Cash Mgmt accounts and farms it out to three different banks equally?

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c.Alvin
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Re: Fidelity Redesiging Online Cash Management

Post by c.Alvin » Tue Nov 26, 2013 12:26 pm

Saving$ wrote:But it also says the FDIC limits for deposits are $750k because they use three different deposit institutions.

Does this mean Fidelity just take the money in the Cash Mgmt accounts and farms it out to three different banks equally?
Yes, the funds in the Cash Management account are assigned to three different banks, but it is all transparent to the account holder. The customer has one checking account number and never communicates with the assigned banks. The Fidelity reps answer all account related questions. Your funds are deposited to the Fidelity account and withdrawn using Fidelity checks and debit cards. I could careless what banks actually hold my funds, because Fidelity sorts it out - total transparency.

Spirit Rider
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Re: Fidelity Redesiging Online Cash Management

Post by Spirit Rider » Tue Nov 26, 2013 4:20 pm

Saving$ wrote:But it also says the FDIC limits for deposits are $750k because they use three different deposit institutions.

Does this mean Fidelity just take the money in the Cash Mgmt accounts and farms it out to three different banks equally?
First, the limit is $750K (3 * FIDIC $250K limit), but is not limited to just three banks.

They will sweep up to $245K to the first bank to prevent interest from causing the balance to exceed the $250K limit. As each bank reaches the $245K limit they will switch over to the next bank. However, from time to time individual banks become unavailable (probably they reach certain caps on individual banks). In this case they will go to the next bank even though your balance is much lower than $245K.

As stated it is totally transparent to you. However, you can see what banks your money is swept to by clicking on the FDIC-insured Deposit Sweep link. As of today my list shows deposits at two banks even though my balance is less than 1% of the limit. It also shows that there are eight banks (out of eleven) available.

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c.Alvin
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Re: Fidelity Redesiging Online Cash Management

Post by c.Alvin » Mon Dec 02, 2013 2:10 pm

Looks like the updates to the Fidelity Cash Management site are complete. All the changes I requested are addressed. It makes me feel like someone was actually listening and cares. Here is a video for those lacking access to the site.

https://www.fidelity.com/learning-cente ... .com-video

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BrandonBogle
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Re: Fidelity Redesiging Online Cash Management

Post by BrandonBogle » Mon Dec 02, 2013 3:03 pm

c.Alvin wrote:I could careless what banks actually hold my funds, because Fidelity sorts it out - total transparency.
It is doubtful you would ever run into this, but I would not say you should "care less". This is because if you have accounts with the same category directly at that bank, then your FDIC coverage is 250k over that whole category and you could be over the FDIC limit at that institution.

But it is rare to have an account with the FI, be over the limit, and experience a situation where the FDIC coverage would need to be invoked.

G-Force
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Re: Fidelity Redesiging Online Cash Management

Post by G-Force » Sat Dec 07, 2013 6:46 pm

Have they added the feature where you can pay some directly by entering the recipient's checking account number? So few banks have this, but to me it seems really useful.

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c.Alvin
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Re: Fidelity Redesiging Online Cash Management

Post by c.Alvin » Sun Dec 08, 2013 4:55 pm

G-Force wrote:Have they added the feature where you can pay some directly by entering the recipient's checking account number? So few banks have this, but to me it seems really useful.
I am not aware of Fidelity supporting payments directly to a checking account, cellphone#, or email account. There probably is not that much demand for it from their customers - seems to be primarily an older crowd.

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Jake46
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Re: Fidelity Redesiging Online Cash Management

Post by Jake46 » Sun Dec 08, 2013 5:20 pm

c.Alvin wrote:
G-Force wrote:Have they added the feature where you can pay some directly by entering the recipient's checking account number? So few banks have this, but to me it seems really useful.
I am not aware of Fidelity supporting payments directly to a checking account, cellphone#, or email account. There probably is not that much demand for it from their customers - seems to be primarily an older crowd.
Not sure I understand the question but under "Transfer Money/Shares" you can transfer money to a recipient's checking account. You identify the recipient's bank's routing number & the recipient's account number. I use it monthly.

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c.Alvin
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Re: Fidelity Redesiging Online Cash Management

Post by c.Alvin » Sun Dec 08, 2013 6:00 pm

Jake46 wrote:
c.Alvin wrote:
G-Force wrote:Have they added the feature where you can pay some directly by entering the recipient's checking account number? So few banks have this, but to me it seems really useful.
I am not aware of Fidelity supporting payments directly to a checking account, cellphone#, or email account. There probably is not that much demand for it from their customers - seems to be primarily an older crowd.
Not sure I understand the question but under "Transfer Money/Shares" you can transfer money to a recipient's checking account. You identify the recipient's bank's routing number & the recipient's account number. I use it monthly.
You are correct, but I am not sure how long it takes for Fidelity to validate the account prior to transfer. I though he was referring to the quick pay service. Bank of America for example allows their customers to readily transfer cash to checking accounts, cellphones, or email accounts on the fly which is a very different service.

insein
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Re: Fidelity Redesiging Online Cash Management

Post by insein » Sun Dec 08, 2013 6:22 pm

Transferring funds form your external accounts to Fidelity Cash Management, then to your investment accounts will take 3-4 days for funds to be available for investing.

However, transferring funds directly to your investment accounts will take only a day or two.

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Jake46
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Re: Fidelity Redesiging Online Cash Management

Post by Jake46 » Sun Dec 08, 2013 6:23 pm

c.Alvin wrote:
Jake46 wrote:
c.Alvin wrote:
G-Force wrote:Have they added the feature where you can pay some directly by entering the recipient's checking account number? So few banks have this, but to me it seems really useful.
I am not aware of Fidelity supporting payments directly to a checking account, cellphone#, or email account. There probably is not that much demand for it from their customers - seems to be primarily an older crowd.
Not sure I understand the question but under "Transfer Money/Shares" you can transfer money to a recipient's checking account. You identify the recipient's bank's routing number & the recipient's account number. I use it monthly.
You are correct, but I am not sure how long it takes for Fidelity to validate the account prior to transfer. I though he was referring to the quick pay service. Bank of America for example allows their customers to readily transfer cash to checking accounts, cellphones, or email accounts on the fly which is a very different service.
Generally takes one to two days.

G-Force
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Re: Fidelity Redesiging Online Cash Management

Post by G-Force » Sun Dec 08, 2013 9:48 pm

c.Alvin wrote:
Jake46 wrote:
c.Alvin wrote:
G-Force wrote:Have they added the feature where you can pay some directly by entering the recipient's checking account number? So few banks have this, but to me it seems really useful.
I am not aware of Fidelity supporting payments directly to a checking account, cellphone#, or email account. There probably is not that much demand for it from their customers - seems to be primarily an older crowd.
Not sure I understand the question but under "Transfer Money/Shares" you can transfer money to a recipient's checking account. You identify the recipient's bank's routing number & the recipient's account number. I use it monthly.
You are correct, but I am not sure how long it takes for Fidelity to validate the account prior to transfer. I though he was referring to the quick pay service. Bank of America for example allows their customers to readily transfer cash to checking accounts, cellphones, or email accounts on the fly which is a very different service.
Honestly I was referring to either payment option. Basically , I was wondering if you can send money to someone's checking account without having to first validate deposits. The quick pay service would be ideal, but if you can send money to another checking account without first verifying the deposits at the receiving bank, that works too! Am I understanding correctly that you can do this?

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Re: Fidelity Redesiging Online Cash Management

Post by Dandy » Mon Dec 09, 2013 9:34 am

I have VG's Advantage acct but have never used the checks or card since interest rate on Prime went south - was also interested in Fido's but nice features but no interest either. Have been tempted to use Ally checking that pays at least something (.40 and .75 on $15k and above). They also give free checks and reimburse ATM fees. Haven't made the move -- yet but my children did and are satisfied.

I'm hoping that VG or Fido will decide to link their cash mgt to a bank product with better interest rates rather than a mutual fund money mkt. I don't see much hope for mutual fund money markets to yield as they have done in the past - much tougher rules in place and prospects of breaking a buck. Breaking a buck will probably force VG or Fido to stop using their money funds in their cash management product -- I hope.

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c.Alvin
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Re: Fidelity Redesiging Online Cash Management

Post by c.Alvin » Mon Dec 09, 2013 10:50 am

G-Force wrote:
c.Alvin wrote:
Jake46 wrote:
c.Alvin wrote:
G-Force wrote:Have they added the feature where you can pay some directly by entering the recipient's checking account number? So few banks have this, but to me it seems really useful.
I am not aware of Fidelity supporting payments directly to a checking account, cellphone#, or email account. There probably is not that much demand for it from their customers - seems to be primarily an older crowd.
Not sure I understand the question but under "Transfer Money/Shares" you can transfer money to a recipient's checking account. You identify the recipient's bank's routing number & the recipient's account number. I use it monthly.
You are correct, but I am not sure how long it takes for Fidelity to validate the account prior to transfer. I though he was referring to the quick pay service. Bank of America for example allows their customers to readily transfer cash to checking accounts, cellphones, or email accounts on the fly which is a very different service.
Honestly I was referring to either payment option. Basically , I was wondering if you can send money to someone's checking account without having to first validate deposits. The quick pay service would be ideal, but if you can send money to another checking account without first verifying the deposits at the receiving bank, that works too! Am I understanding correctly that you can do this?
It has been over a year since I setup an account for funds transfer - my memory not that good.

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