Fidelity as a one stop shop

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snowman
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Re: Fidelity as a one stop shop

Post by snowman » Thu Dec 05, 2019 12:14 pm

jumbopapa wrote:
Thu Dec 05, 2019 11:27 am
I can take the more expensive MM in exchange for the other benefits seeing that I have little cash on hand at any given time.
There is no reason for you to do that. Just keep your MMF at Vanguard, move the rest to Fidelity, and set up ACH between Fidelity and Vanguard. You get the best of both worlds.

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JoMoney
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Re: Fidelity as a one stop shop

Post by JoMoney » Thu Dec 05, 2019 12:23 pm

snowman wrote:
Thu Dec 05, 2019 12:14 pm
jumbopapa wrote:
Thu Dec 05, 2019 11:27 am
I can take the more expensive MM in exchange for the other benefits seeing that I have little cash on hand at any given time.
There is no reason for you to do that. Just keep your MMF at Vanguard, move the rest to Fidelity, and set up ACH between Fidelity and Vanguard. You get the best of both worlds.
True, but the premise of this thread is/was about making Fidelity a "one stop shop" including checking/savings.
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham

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BogleMelon
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Re: Fidelity as a one stop shop

Post by BogleMelon » Thu Dec 05, 2019 12:26 pm

snowman wrote:
Thu Dec 05, 2019 12:14 pm
jumbopapa wrote:
Thu Dec 05, 2019 11:27 am
I can take the more expensive MM in exchange for the other benefits seeing that I have little cash on hand at any given time.
There is no reason for you to do that. Just keep your MMF at Vanguard, move the rest to Fidelity, and set up ACH between Fidelity and Vanguard. You get the best of both worlds.
OP here.
The only reason is for "simplicity". It depends on the dollar amounts anyways. I only keep around $20K in MM fund in Fidelity, so doesn't worth it for me to chase the extra points by having both (V and Fido). I still keeping my Ally checking and a NoP CD though. I just decided to keep at least one more financial institution active instead of putting all the eggs into one basket. But other than that, I have now Roth IRA's, Brokerage and CMA at Fidelity and I am happy so far with them
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather

808
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Re: Fidelity as a one stop shop

Post by 808 » Thu Dec 05, 2019 1:47 pm

plmd wrote:
Thu Dec 05, 2019 12:06 am
However, I suddenly couldn't log into my accounts last night. I called Fidelity, and I was told that I had to call back in the morning, because the fraud department was closed. Called again this morning and found out that Fidelity doesn't want me as a customer, and they won't tell me why. I was instructed to fax a copy of my driver license and a bank statement or voided check, so they could return the money to me.
Since Fraud department is involved, I'm guessing it has to do with the Patriot Act and/or Know Your Customer. Meaning, there is probably some discrepancy in your digital identity. For what it's worth, I suggest you get copies of all your CRA (credit reporting agency) reports, not just the "big three", and check for errors.

Check out the Wiki (https://www.bogleheads.org/wiki/Credit_freeze) for CRAs that keep track of you. The CFPB PDF link is key.

I recently requested my LexisNexis report and was surprised at the volume of "information" (not all correct) they had on me; all 408 double-sided pages that came in four 8.5 x 11 envelopes.

plmd
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Re: Fidelity as a one stop shop

Post by plmd » Thu Dec 05, 2019 4:59 pm

808 wrote:
Thu Dec 05, 2019 1:47 pm
Since Fraud department is involved, I'm guessing it has to do with the Patriot Act and/or Know Your Customer. Meaning, there is probably some discrepancy in your digital identity. For what it's worth, I suggest you get copies of all your CRA (credit reporting agency) reports, not just the "big three", and check for errors.

Check out the Wiki (https://www.bogleheads.org/wiki/Credit_freeze) for CRAs that keep track of you. The CFPB PDF link is key.

I recently requested my LexisNexis report and was surprised at the volume of "information" (not all correct) they had on me; all 408 double-sided pages that came in four 8.5 x 11 envelopes.
I called a regional Fidelity rep that I had a lengthy conversation with early this week, and he called the fraud department last night to inquire about the situation and was told the same thing that there was nothing that could be done, but apparently, the fraud department suddenly called him this morning to tell him that they took a second look, and they will let me keep my accounts. The rep couldn't share too much with me, but it did have something to do with identity theft, which I did experience a few years ago when I got denied for a credit card I didn't apply for. I thought I was in the clear, but apparently not.

One of the things that the Fidelity rep told the fraud department was that I had spoken to him for 30 minutes early this week asking questions about the trading platform and discussing financial goals, and the fraud department agreed that a fraudster probably wouldn't have spent so much time discussing those things! It's still annoying that the fraud department didn't even give me a chance to prove that I actually am who I claimed to be. I'm glad that I thought of contacting the regional rep, since none of the other Fidelity phone reps were able to help.

I do periodically look at my TransUnion and Equifax reports, but I'll have to check Experian and the other smaller ones. Thanks for the recommendation.

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TimeRunner
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Re: Fidelity as a one stop shop

Post by TimeRunner » Thu Dec 05, 2019 8:59 pm

Plmd, look at it this way - Fido's doing due diligence and making it tougher for anyone to impersonate you or gain access to your accounts. That's a good thing.
One cannot enlighten the unconscious.

Topic Author
BogleMelon
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Re: Fidelity as a one stop shop

Post by BogleMelon » Thu Dec 05, 2019 9:58 pm

TimeRunner wrote:
Thu Dec 05, 2019 8:59 pm
Plmd, look at it this way - Fido's doing due diligence and making it tougher for anyone to impersonate you or gain access to your accounts. That's a good thing.
It is good for you (until you become a victim of identity theft as well), but not for him? not sure.
Imagine if every broker treated him the same way because of a past incidence he had no control on? Fidelity has walk-in offices, they could simply take the initiative and require him to go to one of those to prove his identity. But to kick him out without an explanation?! That is something I wouldn't appreciate. Glad they offered him to stay afterward, but if I were him I would probably leave anyway.
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather

plmd
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Joined: Wed Dec 04, 2019 11:42 pm

Re: Fidelity as a one stop shop

Post by plmd » Thu Dec 05, 2019 10:44 pm

BogleMelon wrote:
Thu Dec 05, 2019 9:58 pm
It is good for you (until you become a victim of identity theft as well), but not for him? not sure.
Imagine if every broker treated him the same way because of a past incidence he had no control on? Fidelity has walk-in offices, they could simply take the initiative and require him to go to one of those to prove his identity. But to kick him out without an explanation?! That is something I wouldn't appreciate. Glad they offered him to stay afterward, but if I were him I would probably leave anyway.
The Fidelity regional rep also said that even though he works for Fidelity, he wouldn't want to do business with them after how they treated me. Even if they really thought the account was created by an imposter, it doesn't make sense that they would reach out to me and ask where to wire the funds. Wouldn't they just be returning the funds to the imposter? And if they decided that it was ok to wire the funds back to me, by then they must feel confident that I'm who I say I am, so there wouldn't be any reason to close the account.

I'm still going to use the account now that I'm allowed to keep it, but I'm definitely going to slow down the pace at which I bring over more funds, assets, and retirement accounts to make sure they don't try to pull this on me again. I'm just glad this didn't happen while I was traveling overseas. I'm out of the country about 1-2 months every year, and it would have been a disaster if they pulled this crap while I was gone causing me to lose the ability to withdraw cash at the ATM. I'll definitely be carrying my Schwab ATM card as a spare for my next trip.

The bottom line is that their fraud department really needs to change their policies and criteria for identifying fraudulent accounts. Someone trying to steal my identity wouldn't transfer in almost the exact amount of money needed to buy FZDXX in order to squeeze out the extra interest over SPAXX or SPRXX and keep almost no funds in the lower paying CMA. And they really need to at least have an appeal process to give you a chance to prove that you're not committing fraud.

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