E-delivery of transaction confirmations

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AAA
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E-delivery of transaction confirmations

Post by AAA » Sat Aug 12, 2017 1:42 pm

Although I have opted for e-delivery of such things, today I received a transaction confirmation in paper mail that listed the details of a CD purchase at Fidelity. I don't like this as the mail has been spotty in my neighborhood, with people too often getting each other's mail.

A Fidelity rep told me that there was a recent Dept. of Labor ruling that made transaction confirmations for CD's and some other items not eligible for e-delivery. Can anyone confirm this? And why the Dept. of Labor?

Sidney
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Re: E-delivery of transaction confirmations

Post by Sidney » Sat Aug 12, 2017 1:57 pm

Was this in an IRA or a taxable account?
I always wanted to be a procrastinator.

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AAA
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Re: E-delivery of transaction confirmations

Post by AAA » Sat Aug 12, 2017 5:11 pm

Sidney wrote:
Sat Aug 12, 2017 1:57 pm
Was this in an IRA or a taxable account?
IRA.

ResearchMed
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Re: E-delivery of transaction confirmations

Post by ResearchMed » Sat Aug 12, 2017 5:23 pm

AAA wrote:
Sat Aug 12, 2017 1:42 pm
Although I have opted for e-delivery of such things, today I received a transaction confirmation in paper mail that listed the details of a CD purchase at Fidelity. I don't like this as the mail has been spotty in my neighborhood, with people too often getting each other's mail.

A Fidelity rep told me that there was a recent Dept. of Labor ruling that made transaction confirmations for CD's and some other items not eligible for e-delivery. Can anyone confirm this? And why the Dept. of Labor?
I don't know if this is exactly the same, but it might be... and would also answer a similar question we had about Vanguard.

We could *not* get the online system about selecting "e-delivery" to work for ALL categories/accounts.
At first Vanguard thought there was a problem, but upon checking further, it turned out that one specific type of account simply was not eligible for e-delivery only.
I'm not quite remembering if it was required to be only snail mail or if it could be snail main and e-delivery.
But the point was that we could NOT stop that snail mail version.

We have the same concern. The amount of mis-delivered neighbors' mail that we receive obviously suggests that some neighbors are likely getting some of our mail. It's both a privacy concern and a concern about what about mail that a neighbor just tosses, and then we never find out about something important that was sent.

But Vanguard didn't give us any reason, other than "some account information for that type of account must go by regular paper mail."

RM
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whodidntante
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Re: E-delivery of transaction confirmations

Post by whodidntante » Sat Aug 12, 2017 5:45 pm

I'm as electronic as possible and I don't want anyone to send me mail about anything. I have tried every means to get Fidelity to stop sending me mail. They have proven incapable of complying with my request.

gkaplan
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Re: E-delivery of transaction confirmations

Post by gkaplan » Sat Aug 12, 2017 5:54 pm

Since I've signed up for e-delivery of transaction confirmations, I have never received a snail mail conformation.
Gordon

Geologist
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Re: E-delivery of transaction confirmations

Post by Geologist » Sat Aug 12, 2017 6:10 pm

AAA wrote:
Sat Aug 12, 2017 1:42 pm
A Fidelity rep told me that there was a recent Dept. of Labor ruling that made transaction confirmations for CD's and some other items not eligible for e-delivery. Can anyone confirm this? And why the Dept. of Labor?
The Dept. of Labor handles regulations under ERISA for pension and similar retirement plans. It is their regulation on making financial advisors have fiduciary responsibility, for example. Whether this has anything to do with your case or it is another regulation (or it isn't a regulation at all), I don't know. I have not bought CD's in an IRA in some time.

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jhfenton
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Re: E-delivery of transaction confirmations

Post by jhfenton » Sat Aug 12, 2017 6:10 pm

gkaplan wrote:
Sat Aug 12, 2017 5:54 pm
Since I've signed up for e-delivery of transaction confirmations, I have never received a snail mail conformation.
Same here, and since I was a new customer when I signed us up, we have never once received a snail mail confirmation from Vanguard. I have bought and sold mutual funds, ETFs, brokered CDs, treasury bonds, TIPs, and corporate bonds inside our IRAs. I have bought and sold mutual funds and ETFs in our taxable account. No snail mail confirmations.

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AAA
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Re: E-delivery of transaction confirmations

Post by AAA » Sat Aug 12, 2017 8:06 pm

jhfenton wrote:
Sat Aug 12, 2017 6:10 pm
Same here, and since I was a new customer when I signed us up, we have never once received a snail mail confirmation from Vanguard. I have bought and sold mutual funds, ETFs, brokered CDs, treasury bonds, TIPs, and corporate bonds inside our IRAs. I have bought and sold mutual funds and ETFs in our taxable account. No snail mail confirmations.
When was the last time you bought a CD inside your IRA? It sounded like this supposed regulation was fairly new.

AntsOnTheMarch
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Re: E-delivery of transaction confirmations

Post by AntsOnTheMarch » Sat Aug 12, 2017 8:24 pm

I have started receiving prospectuses via snail mail from vanguard recently event though I've been 100% e-delivery for all notices and confirmations for years. I don't know what changed. I checked my preferences and even reapplied them recently. I'll have to see if it continues. No snail mail for transactions or other notices yet.

stlutz
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Re: E-delivery of transaction confirmations

Post by stlutz » Sat Aug 12, 2017 8:49 pm

Yeah, I always get paper confirmations on CD transactions from Fido as well.

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jhfenton
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Re: E-delivery of transaction confirmations

Post by jhfenton » Sun Aug 13, 2017 6:36 am

AAA wrote:
Sat Aug 12, 2017 8:06 pm
jhfenton wrote:
Sat Aug 12, 2017 6:10 pm
Same here, and since I was a new customer when I signed us up, we have never once received a snail mail confirmation from Vanguard. I have bought and sold mutual funds, ETFs, brokered CDs, treasury bonds, TIPs, and corporate bonds inside our IRAs. I have bought and sold mutual funds and ETFs in our taxable account. No snail mail confirmations.
When was the last time you bought a CD inside your IRA? It sounded like this supposed regulation was fairly new.
Mid-May 2017.

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Kenkat
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Re: E-delivery of transaction confirmations

Post by Kenkat » Sun Aug 13, 2017 9:31 am

The Dept. of Labor Fiduciary Rule leaves a lot open to interpretation. I would say it is likely that this is Fidelity's interpretation of the rule and is how they chose to implement compliance to the rule rather than a hard and fast "thou shalt" rule from DOL.

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