Anyone use Fido as your bank?

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jjunk
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Anyone use Fido as your bank?

Post by jjunk » Sun Jul 13, 2014 11:58 am

I’m thinking about moving the remainder of my banking to Fido and getting a cash management account with them. I know the topic has come up here in the past but I couldn’t find the thread and had a couple of questions for those of you that use them. I’ve already called Fido but got slightly different answers and I’m hoping someone here might have a real world answer to these.

1. Can you do large cash deposits in some way? If I have 3-4k in cash for some reason, is there any way to deposit that with them?
2. When you use an ATM, does the receipt show your available balance as the available settled cash balance or the entire account balance? For example, say I have 100k in investments and 3k in settled cash. If I withdraw 1k, does it show available balance as 2k or 102k? It's more of a personal security question than a problem, wouldn't want the guy behind me to have a reason to rob me because my balance is some crazy number.
3. Has anyone tried to do a certified check with this account for a large purchase such as a car/house?
4. How long does it take to get ATM reimbursements?

If anyone has any other impressions/gotchas for using the account as your only banking source, I’d love to hear them.

sscritic
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Re: Anyone use Fido as your bank?

Post by sscritic » Sun Jul 13, 2014 12:05 pm

junk wrote: I know the topic has come up here in the past but I couldn’t find the thread
Is the one you are thinking of one of these?
https://www.google.com/search?sitesearc ... gws_rd=ssl

Note that your answers don't have to be in the one thread you remember. The same answers and more could be in the other threads.

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Jake46
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Re: Anyone use Fido as your bank?

Post by Jake46 » Sun Jul 13, 2014 12:13 pm

jjunk wrote:I’m thinking about moving the remainder of my banking to Fido and getting a cash management account with them. I know the topic has come up here in the past but I couldn’t find the thread and had a couple of questions for those of you that use them. I’ve already called Fido but got slightly different answers and I’m hoping someone here might have a real world answer to these.

1. Can you do large cash deposits in some way? If I have 3-4k in cash for some reason, is there any way to deposit that with them?
2. When you use an ATM, does the receipt show your available balance as the available settled cash balance or the entire account balance? For example, say I have 100k in investments and 3k in settled cash. If I withdraw 1k, does it show available balance as 2k or 102k? It's more of a personal security question than a problem, wouldn't want the guy behind me to have a reason to rob me because my balance is some crazy number.
3. Has anyone tried to do a certified check with this account for a large purchase such as a car/house?
4. How long does it take to get ATM reimbursements?

If anyone has any other impressions/gotchas for using the account as your only banking source, I’d love to hear them.

I've used Fidelity cash management for my banking since 2006. Here's my experience with your questions:
1. The only time I did a large cash deposit I went to a local branch office.
2. No. ATM receipt does not show available balance.
3. Not used a certified check. I used wire transfers for two different house purchases & electronic funds transfer for auto purchases.
4. Within 24 hours the ATM fee is reimbursed.

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jjunk
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Re: Anyone use Fido as your bank?

Post by jjunk » Sun Jul 13, 2014 12:17 pm

Thanks Jake, appreciate the information.

sscritic, I looked over the search before I posted but aside from the ATM question, didn't see anything recently that mapped to what I was asking which is why I posted.

Spirit Rider
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Re: Anyone use Fido as your bank?

Post by Spirit Rider » Sun Jul 13, 2014 4:56 pm

Both of the Fidelity Investor Centers nearest me do not accept cash deposits. They also do not accept money orders. I keep my B&M credit union for such issues.

Also, be aware that while ACH deposits are immediately available for investment, there is a 4-5 day hold for withdrawals (they do not want to be used as a hub). Payroll direct deposits are available immediately. In fact, they show up one day before the pay date. The other way is fast also, if I transfer out by 4:00 PM ET, it is available the next morning.

It is simple to get a check, they have a "request a check" option. It will be mailed to your account address. I do not know if this service is available at an investor center (I have never tried).

ab80
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Re: Anyone use Fido as your bank?

Post by ab80 » Fri Jul 25, 2014 5:54 pm

If I go to a Fido branch, do I have free access to services like notaries, coin counters, or getting rolls of quarters? I have a CM account if that matters. I've been happy with my CM account so far (though haven't used it much), but never actually been to a branch. If so, I think I'd rather just use them instead of looking for some free checking B&M bank.

The only other concern would be cash deposits, but it sounds like it depends on the branch. If I needed to deposit cash, it'd probably only be something small like $200 or something. I guess I could get a money order and pay a small fee on the rare occasion that happens.

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prudent
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Re: Anyone use Fido as your bank?

Post by prudent » Fri Jul 25, 2014 6:06 pm

The Fido branch ("investor center") near me has no cash and does not accept cash. No coin counters. I never asked about a notary.

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Re: Anyone use Fido as your bank?

Post by LadyGeek » Fri Jul 25, 2014 9:51 pm

This thread is now in the Personal Finance (Not Investing) forum (banking).
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tetractys
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Re: Anyone use Fido as your bank?

Post by tetractys » Fri Jul 25, 2014 10:58 pm

There are no Fido banks in my area. Sometimes a fellow human being with a proximate tangible aura comes in handy. And even if there were a Fido bank in the vicinity, I'm not sure "fellow human being" would apply. -- Tet

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leonidas
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Re: Anyone use Fido as your bank?

Post by leonidas » Sat Jul 26, 2014 6:16 am

I use Schwab Investor Checking. Its a pretty similar service with free everything. Lots of threads about these types of financial institutions recently and I post in each one.

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JoMoney
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Re: Anyone use Fido as your bank?

Post by JoMoney » Sat Jul 26, 2014 7:06 am

The only way I've found to deposit cash is to get someone to write you a check... and it has to be a proper check (not money order) to use their smart-phone check deposit app. Finding banks that will write you a cashiers check without having an account with them can be hard to do. I finally found a grocery store branch of "US Bank" that was willing to do it (I think US Bank charge $7 for the check).

I haven't noticed account balances showing on my receipt at all (but most of the ATM's I use ask if I want a receipt and I choose "no").

I can't remember any time writing physical checks from the account, I don't think they offer "certified checks", I have made several large payments (<$10,000) using the electronic bill-pay. I'm not sure how it would work with a really large purchase like a house, I'd imagine you'd want to use an escrow service anyway that would take your personal check or wire the money and ensure the funds cleared.

I spend a lot of time overseas and enjoy the no foreign transaction fee on foreign ATM withdrawals. They reimburse the fees charged by the ATM operators in about a day (when I look at my transaction history they make it look like the transaction and refund happened on the same day, but I know it's not that quick.. it seems to be about one business day IIRC).

I have been very pleased with the account, but I'm fairly low-maintenance. Even when I had a brick-and-mortar bank the only reason I went in the branch office was for the coffee.
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Re: Anyone use Fido as your bank?

Post by Snow Boarder » Sat Jul 26, 2014 7:11 am

I love my Cash Management Account at Fidelity. I was hesitant to transition to it from a brick & mortar bank but I have no regrets.
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