Fidelity as a one stop shop

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Lyrrad
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Re: Fidelity as a one stop shop

Post by Lyrrad »

ronako wrote: Wed Jun 17, 2020 5:02 pm
- Only ~500 debit card limit: Sometimes I need to take out $600-800. The majority of debit cards at least allow up to 1k. I suspect it has something to do with this being only a Visa Gold card as opposed to a Platinum debit card. I'm aware Fidelity can temporarily increase the limit for a day, but I don't really consider that a solution because you have to call them each time.
One workaround could be to open multiple CM accounts, since each account has a separate ATM limit Unfortunately one would either need to keep a balance in there or transfer in funds before a withdrawal, since a brokerage account can be a overdraft for only one CM account.
bawr
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Re: Fidelity as a one stop shop

Post by bawr »

ronako wrote: Wed Jun 17, 2020 5:02 pm These have been some observations of mine with Fidelity when trying to use it as a one-stop shop. I hope Fidelity will eventually fix some of these:

- Only ~500 debit card limit: Sometimes I need to take out $600-800. The majority of debit cards at least allow up to 1k. I suspect it has something to do with this being only a Visa Gold card as opposed to a Platinum debit card. I'm aware Fidelity can temporarily increase the limit for a day, but I don't really consider that a solution because you have to call them each time.
...
I am assuming you are referring to the debit card's daily ATM cash withdrawal limit. The limit for your card will not necessarily stay at that $500 level.

For many years, my Fidelity CMA debit card's daily ATM cash withdrawal limit was $1,000. More than a year ago, the limit was changed to $1,020. I noticed recently that it has been increased to $1,530. Its cash advance limit (presumably at a bank teller) is currently $5,000 and its daily debit card purchase limit is $20,000.
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heartwood
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Re: Fidelity as a one stop shop

Post by heartwood »

bawr wrote: Fri Jun 19, 2020 1:35 am
ronako wrote: Wed Jun 17, 2020 5:02 pm These have been some observations of mine with Fidelity when trying to use it as a one-stop shop. I hope Fidelity will eventually fix some of these:

- Only ~500 debit card limit: Sometimes I need to take out $600-800. The majority of debit cards at least allow up to 1k. I suspect it has something to do with this being only a Visa Gold card as opposed to a Platinum debit card. I'm aware Fidelity can temporarily increase the limit for a day, but I don't really consider that a solution because you have to call them each time.
...
I am assuming you are referring to the debit card's daily ATM cash withdrawal limit. The limit for your card will not necessarily stay at that $500 level.

For many years, my Fidelity CMA debit card's daily ATM cash withdrawal limit was $1,000. More than a year ago, the limit was changed to $1,020. I noticed recently that it has been increased to $1,530. Its cash advance limit (presumably at a bank teller) is currently $5,000 and its daily debit card purchase limit is $20,000.
I've tried to reduce my debit card limits especially for cash advance and for debit card purchase, neither of which I have ever used. Last I looked I had ATM/purchases/cash advance limits of $520/$10000/$2500. I see no reason to have a large purchase limit that might be scammed. BOA lets me change my limits. Fidelity does not. I've tried online and have also called Fidelity Customer Service. I was told its not an option. I'd prefer just an ATM card rather than a debit card. Again told not available.
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indexfundfan
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Re: Fidelity as a one stop shop

Post by indexfundfan »

ronako wrote: Wed Jun 17, 2020 7:11 pm
mervinj7 wrote: Wed Jun 17, 2020 6:13 pm
ronako wrote: Wed Jun 17, 2020 5:02 pm - Unable to link my Merrill Edge account in Fidelity for EFT. The bank linking system keeps assuming it is a Bank of America account (because of the routing number) and asks me to login to it. So I'm unable to link it online.
I also noticed a similar problem with connecting my Merrill Edge with my Fidelity account. As a workaround, I attached my BofA checking since transfers are instant between BofA and ME. However, then I was worried that monies transferred to ME via BofA may not be considered as new assets for the purposes of getting the new account bonus.
Yea, I have my BofA checking attached already. But just very unusual given that many other brokerages handle this scenario easily by letting you do 'test deposits' when Fidelity's 'instant linking' is not flexible enough and doesn't let you verify manually.
As a workaround, you can submit the ACH link request by mail to Fidelity. Complete the form and attach a check from the Merrill Edge account.

I have a trust account with Fidelity, and all ACH links have to be requested by paper/mail. No online request allowed.
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ronako
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Re: Fidelity as a one stop shop

Post by ronako »

bawr wrote: Fri Jun 19, 2020 1:35 am
ronako wrote: Wed Jun 17, 2020 5:02 pm These have been some observations of mine with Fidelity when trying to use it as a one-stop shop. I hope Fidelity will eventually fix some of these:

- Only ~500 debit card limit: Sometimes I need to take out $600-800. The majority of debit cards at least allow up to 1k. I suspect it has something to do with this being only a Visa Gold card as opposed to a Platinum debit card. I'm aware Fidelity can temporarily increase the limit for a day, but I don't really consider that a solution because you have to call them each time.
...
I am assuming you are referring to the debit card's daily ATM cash withdrawal limit. The limit for your card will not necessarily stay at that $500 level.

For many years, my Fidelity CMA debit card's daily ATM cash withdrawal limit was $1,000. More than a year ago, the limit was changed to $1,020. I noticed recently that it has been increased to $1,530. Its cash advance limit (presumably at a bank teller) is currently $5,000 and its daily debit card purchase limit is $20,000.
It seems I finally got both my ATM cards (cash management + brokerage) boosted to a $1000 ATM withdrawal limit! At least that is what is currently showing in my 'Fidelity debit card' screen now. I had to call at least 3-4 times. Most of the time, they would tell me it wasn't possible or you could only temporarily increase it 1 time by calling. Then I finally got to someone who admitted they weren't able to change it but was able to manually submit an internal request/ticket for me along with a reason for requesting the limit increase. I didn't throw out a number, but he said 1k was the max and that was all I was looking for.
bawr
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Re: Fidelity as a one stop shop

Post by bawr »

ronako wrote: Sat Jun 20, 2020 6:36 pm ...

I didn't throw out a number, but he said 1k was the max and that was all I was looking for.
I am pretty sure that $1K is not the max:

Image
mptfan
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Re: Fidelity as a one stop shop

Post by mptfan »

bawr, thanks for posting that screenshot, I did not know that information was available on the Fidelity website.
Gadget
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Re: Fidelity as a one stop shop

Post by Gadget »

My daily limit is also $1530. Daily purchase limit is $20,000. No idea if it's always been that way, but I never requested an increase.
GeraniumLover
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Re: Fidelity as a one stop shop

Post by GeraniumLover »

aj76er wrote: Wed May 29, 2019 11:32 am
GeraniumLover wrote: Wed May 29, 2019 11:00 am There are two features Capital One 360 has that I would really love Fidelity to implement:

(1) You can click on a check deposit transaction to view the image of the check that was deposited
(2) You can enter a memo/description for a transfer transaction

These features make it much easier to peruse and make sense of the activity history.
Perhaps you should suggest this to Fidelity? Those both sounds like great features.
Fidelity has now implemented the first of these features.

They also finally made it so you can transfer funds from a sole proprietorship account to a personal account online. Previously, you had to phone them to accomplish that.
Last edited by GeraniumLover on Fri Jun 26, 2020 11:43 am, edited 1 time in total.
mervinj7
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Re: Fidelity as a one stop shop

Post by mervinj7 »

mptfan wrote: Sun Jun 21, 2020 8:06 am bawr, thanks for posting that screenshot, I did not know that information was available on the Fidelity website.
Here's the link:
https://fidelitydebitcard.com/?from=fidelity
Cash
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Re: Fidelity as a one stop shop

Post by Cash »

Cash wrote: Sat May 02, 2020 1:18 pm
jumbopapa wrote: Wed Apr 29, 2020 7:59 am Does anyone else have seemingly random orders placed on their account? I have the CMA that maintains a $0 balance w/ automatic overdraft protection from my brokerage account. This morning I signed on and at 1:30AM there was a sell order for ~$315 of SPRXX, but I don't have any activity that should have triggered this. I've noticed things like this before, but there doesn't really seem to be a rhyme or reason for it.
The same thing happened to me on 4/29 with FZEXX for $228. Not sure what triggered it but assumed it was a forthcoming autopay. Looking back at the account activity, I still don’t see why it was sold.
I finally contacted Fidelity about this, and they said it was because I have an automatic withdrawal set up to withdraw funds proportionately from my account. So it withdraws from both the core and money market positions proportionately, which is why I couldn't initially match the trade amount to anything. But I use the CMA as my checking account (rather than keeping a $0 balance in it), so not sure if this would apply to your situation.
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indexfundfan
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Re: Fidelity as a one stop shop

Post by indexfundfan »

Recently, I set up the automatic withdrawals of the dividends from my Fidelity brokerage account to an online bank. I am quite disappointed with the implementation. Here’s what I observed

Day T : dividends posted, night: money withdrawn from account
Day T+1 : no action taken
Day T+2 : money credited to the online bank

It took two business days to credit the money to the online bank. If I take action myself, I could have logged on to the account on day T and submitted the transfer on day T. With the same day ACH, the money would have been credited on day T itself at the online bank.

After I made the first observation, I then tried to cancel the automatic withdrawals. But I was unable to, because as long as a transfer is pending, cancellation is not allowed in the 3-day window. With the posting of the quarterly dividends in the past 10 days or so, I have not been able to cancel the automatic withdrawals for the past 10 days. I think I should be able to catch a break later this week and cancel it.

Just for comparison, at Merrill Edge, my experience is that the dividends would have been credited to the online bank on the next day.
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Leif
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Re: Fidelity as a one stop shop

Post by Leif »

Two days seems fast to me. I was waiting 6 calendar days to make some transfers from my bank to Fidelity. Not sure if that was Fidelity's fault. Probably my bank wanting to hold the money a bit longer. 6 days seems ridiculous to me.

It took about 5 days from check deposit to me being able to withdraw the funds. Recently I've seen this improve a lot to around 2 days. While before I was not happy, now I'm happy with Fidelity's check/EFT speed.
IowaFarmWife
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Re: Fidelity as a one stop shop

Post by IowaFarmWife »

Leif wrote: Mon Jul 06, 2020 11:04 am Two days seems fast to me. I was waiting 6 calendar days to make some transfers from my bank to Fidelity. Not sure if that was Fidelity's fault. Probably my bank wanting to hold the money a bit longer. 6 days seems ridiculous to me.

It took about 5 days from check deposit to me being able to withdraw the funds. Recently I've seen this improve a lot to around 2 days. While before I was not happy, now I'm happy with Fidelity's check/EFT speed.
Mine usually moves in one to two days at most, and my bank is just a smallish regional bank.
“The quickest way to double your money is to fold it in half and put it in your back pocket.” —Will Rogers
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indexfundfan
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Re: Fidelity as a one stop shop

Post by indexfundfan »

Leif wrote: Mon Jul 06, 2020 11:04 am Two days seems fast to me. I was waiting 6 calendar days to make some transfers from my bank to Fidelity. Not sure if that was Fidelity's fault. Probably my bank wanting to hold the money a bit longer. 6 days seems ridiculous to me.

It took about 5 days from check deposit to me being able to withdraw the funds. Recently I've seen this improve a lot to around 2 days. While before I was not happy, now I'm happy with Fidelity's check/EFT speed.
If you want the check money to go to Fidelity, why not use mobile check deposit to directly deposit to Fidelity?
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mervinj7
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Re: Fidelity as a one stop shop

Post by mervinj7 »

ronako wrote: Sat Jun 20, 2020 6:36 pm
bawr wrote: Fri Jun 19, 2020 1:35 am
ronako wrote: Wed Jun 17, 2020 5:02 pm These have been some observations of mine with Fidelity when trying to use it as a one-stop shop. I hope Fidelity will eventually fix some of these:

- Only ~500 debit card limit: Sometimes I need to take out $600-800. The majority of debit cards at least allow up to 1k. I suspect it has something to do with this being only a Visa Gold card as opposed to a Platinum debit card. I'm aware Fidelity can temporarily increase the limit for a day, but I don't really consider that a solution because you have to call them each time.
...
I am assuming you are referring to the debit card's daily ATM cash withdrawal limit. The limit for your card will not necessarily stay at that $500 level.

For many years, my Fidelity CMA debit card's daily ATM cash withdrawal limit was $1,000. More than a year ago, the limit was changed to $1,020. I noticed recently that it has been increased to $1,530. Its cash advance limit (presumably at a bank teller) is currently $5,000 and its daily debit card purchase limit is $20,000.
It seems I finally got both my ATM cards (cash management + brokerage) boosted to a $1000 ATM withdrawal limit! At least that is what is currently showing in my 'Fidelity debit card' screen now. I had to call at least 3-4 times. Most of the time, they would tell me it wasn't possible or you could only temporarily increase it 1 time by calling. Then I finally got to someone who admitted they weren't able to change it but was able to manually submit an internal request/ticket for me along with a reason for requesting the limit increase. I didn't throw out a number, but he said 1k was the max and that was all I was looking for.
After your post, I send a online secure message to increase my limit to $1k. They said they would put in the internal request. Now I have a $1020 daily limit which covers most of my use cases. Nice.
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Leif
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Re: Fidelity as a one stop shop

Post by Leif »

indexfundfan wrote: Mon Jul 06, 2020 7:33 pm
Leif wrote: Mon Jul 06, 2020 11:04 am Two days seems fast to me. I was waiting 6 calendar days to make some transfers from my bank to Fidelity. Not sure if that was Fidelity's fault. Probably my bank wanting to hold the money a bit longer. 6 days seems ridiculous to me.

It took about 5 days from check deposit to me being able to withdraw the funds. Recently I've seen this improve a lot to around 2 days. While before I was not happy, now I'm happy with Fidelity's check/EFT speed.
If you want the check money to go to Fidelity, why not use mobile check deposit to directly deposit to Fidelity?
That is what I'm talking about. Mobile check deposit.
BUBear29
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Re: Fidelity as a one stop shop

Post by BUBear29 »

What backup credit card does everyone use in case the Fido card rejects?

I wish they still offered the Amex so I could get rid of my other banking login at Citi.
There is no dignity quite so impressive, and no one independence quite so important, as living within your means.
IowaFarmWife
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Re: Fidelity as a one stop shop

Post by IowaFarmWife »

BUBear29 wrote: Thu Jul 09, 2020 10:25 am What backup credit card does everyone use in case the Fido card rejects?

I wish they still offered the Amex so I could get rid of my other banking login at Citi.
I've never had Fido reject any purchase attempt, but I always carry Discover or Chase with me just in case. The only card I've ever had an issue rejecting my attempt at a purchase is Citi double cash. Citi has a pretty aggressive security team.
“The quickest way to double your money is to fold it in half and put it in your back pocket.” —Will Rogers
Rajsx
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Re: Fidelity as a one stop shop

Post by Rajsx »

I am getting tired of the arm twisting from Vanguard Flagship Select Rep to enroll in their Advisory Service (0.3%). A 30 yr romance with Vanguard may be ending soon if they pester me. Checking out other avenues.
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sarabayo
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Re: Fidelity as a one stop shop

Post by sarabayo »

Rajsx wrote: Thu Jul 09, 2020 1:15 pm I am getting tired of the arm twisting from Vanguard Flagship Select Rep to enroll in their Advisory Service (0.3%). A 30 yr romance with Vanguard may be ending soon if they pester me. Checking out other avenues.
I don't usually call Vanguard on the phone but I can sympathize since I keep getting popups on the Vanguard website urging me to sign up for their advisory service. But I see plenty of messages on the Fidelity website too, urging me to sign up for various of their services or to buy their high-ER mutual funds. It makes sense since that's how they make their money, so I don't really begrudge them that, I suppose.

One way to look at it is that my ability to resist advertising is what enables me to get good deals on things. The more advertising a company does, the more nice things they'll do for me to get me to look at their ads. It's like how internet ad blockers are kind of a superpower -- all those people out there watching ads on YouTube are paying for my privilege of watching YouTube videos for free with no ads thanks to my ad blocker. Or coming back on topic, all those people out there succumbing to Fidelity's ads and buying their advisory services or their expensive mutual funds are what's paying for the great customer service I receive from Fidelity in managing my self-directed low-cost index fund portfolio. So in a way, I'm kind of glad they advertise so much, as long as it remains relatively easy for me to ignore their ads.
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Leif
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Re: Fidelity as a one stop shop

Post by Leif »

Rajsx wrote: Thu Jul 09, 2020 1:15 pm I am getting tired of the arm twisting from Vanguard Flagship Select Rep to enroll in their Advisory Service (0.3%). A 30 yr romance with Vanguard may be ending soon if they pester me. Checking out other avenues.
Perhaps that is an advantage of NOT having Flagship status. I've not been bothered, except for congratulating me when I log into the website, that I qualify for them to take more of my money (with the advisory services).

Fidelity as well. I've not gotten sales pitch when I call, but I noticed the main accounts page has some ads on it. I had not notice that before.

Maybe you could ask your Vanguard rep to make a note to not sell you when you call.
spammagnet
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Re: Fidelity as a one stop shop

Post by spammagnet »

I have Flagship status but don't get pop-ups. I believe I corresponded with "my representative" when I got to that level, indicating that I'm happily self-directed and don't need other services for now.
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obafgkm
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Re: Fidelity as a one stop shop

Post by obafgkm »

My goal is to set up automatic monthly transfers from my Fidelity Cash Management Account (CMA) to my Fidelity Roth IRA brokerage account, and I want to know if I have set it up properly.

I have set it so that once a month, I automatically "withdraw" from the CMA a set amount and it is "directed" to the Roth IRA brokerage. On the same day (in a separate transaction), I automatically invest that amount in my chosen funds in the Roth IRA.

Is that the proper way to move money from the CMA to the Roth IRA?

The CMA is entirely cash -- some in the FDIC-insured core position, the rest in the SPAXX money-market fund. It is where my paycheck is deposited.

Previously I had automatically "transferred" from my credit union account the set amount, and then automatically invested that in the Roth IRA. What is confusing me slightly is the wording -- I was thinking of a transfer from the CMA to the IRA brokerage, and Fidelity calls it a withdrawal "directed" to the IRA brokerage.
zie
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Re: Fidelity as a one stop shop

Post by zie »

I've just started this year on the Fidelity as a one-stop shop plan. Do you all think about what would happen if something happened to Fidelity? I don't mean like Fidelity going bankrupt, but some temporary issue where funds were not available for some reason? A temporary outage if you will. We have seen a few cases where the auto-pull from a brokerage to a CMA account didn't work out very well over some holidays.

I'm thinking about doing taxable investing in Vanguard, since VG has better funds for taxable investing anyway(for now), might as well let them hold that money. The chances of both being out of service at the same time seems not worth trying to diversify against.

The downside (besides having 2 accounts) is if I needed to sell off some taxable it might take a week to get it to Fidelity, instead of 1 business day if it was all @ Fidelity.
BUBear29
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Re: Fidelity as a one stop shop

Post by BUBear29 »

zie wrote: Wed Jul 29, 2020 9:41 am I've just started this year on the Fidelity as a one-stop shop plan. Do you all think about what would happen if something happened to Fidelity? I don't mean like Fidelity going bankrupt, but some temporary issue where funds were not available for some reason? A temporary outage if you will. We have seen a few cases where the auto-pull from a brokerage to a CMA account didn't work out very well over some holidays.

I'm thinking about doing taxable investing in Vanguard, since VG has better funds for taxable investing anyway(for now), might as well let them hold that money. The chances of both being out of service at the same time seems not worth trying to diversify against.

The downside (besides having 2 accounts) is if I needed to sell off some taxable it might take a week to get it to Fidelity, instead of 1 business day if it was all @ Fidelity.
I was depositing cash into brokerage then transferring as need (auto pull) to CMA for checks and atm but got tired of looking at two accounts. I recently switched to just the CMA with the plan to hold excess funds in MM fund when rates return. I also keep a HYSA account at Citi where I have my non Fidelity credit cards. Pretty simple set up and easy to maintain.
There is no dignity quite so impressive, and no one independence quite so important, as living within your means.
zie
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Re: Fidelity as a one stop shop

Post by zie »

BUBear29 wrote: Wed Jul 29, 2020 12:55 pm I was depositing cash into brokerage then transferring as need (auto pull) to CMA for checks and atm but got tired of looking at two accounts.
That's basically what I do, my brokerage gets my paychecks/income. Every month I calculate out my bills and transfer that from brokerage to my CMA, and it then pays the bills. 90% of my expenses are on Credit Card, so I only have like 3 billpays a month.

I don't mind the 2 clicks to transfer the money, as I have to click to put in the credit card billpay anyway(since the # fluctuates a little every month)
dachshunddad
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Re: Fidelity as a one stop shop

Post by dachshunddad »

zie wrote: Wed Jul 29, 2020 9:41 am I've just started this year on the Fidelity as a one-stop shop plan. Do you all think about what would happen if something happened to Fidelity? I don't mean like Fidelity going bankrupt, but some temporary issue where funds were not available for some reason? A temporary outage if you will. We have seen a few cases where the auto-pull from a brokerage to a CMA account didn't work out very well over some holidays.

I'm thinking about doing taxable investing in Vanguard, since VG has better funds for taxable investing anyway(for now), might as well let them hold that money. The chances of both being out of service at the same time seems not worth trying to diversify against.

The downside (besides having 2 accounts) is if I needed to sell off some taxable it might take a week to get it to Fidelity, instead of 1 business day if it was all @ Fidelity.
I think the simplicity of one stop shop is better than the risk of a temporary outage. Taxable investing at fidelity is cheap. You can buy vanguard VTI for $0 fee.
BUBear29
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Re: Fidelity as a one stop shop

Post by BUBear29 »

zie wrote: Wed Jul 29, 2020 2:49 pm
BUBear29 wrote: Wed Jul 29, 2020 12:55 pm I was depositing cash into brokerage then transferring as need (auto pull) to CMA for checks and atm but got tired of looking at two accounts.
That's basically what I do, my brokerage gets my paychecks/income. Every month I calculate out my bills and transfer that from brokerage to my CMA, and it then pays the bills. 90% of my expenses are on Credit Card, so I only have like 3 billpays a month.

I don't mind the 2 clicks to transfer the money, as I have to click to put in the credit card billpay anyway(since the # fluctuates a little every month)
You could set up CashMin and have cashmanager auto transfer. I used to do that and it was very easy.
There is no dignity quite so impressive, and no one independence quite so important, as living within your means.
spammagnet
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Re: Fidelity as a one stop shop

Post by spammagnet »

obafgkm wrote: Tue Jul 28, 2020 2:02 pm My goal is to set up automatic monthly transfers from my Fidelity Cash Management Account (CMA) to my Fidelity Roth IRA brokerage account, and I want to know if I have set it up properly.

I have set it so that once a month, I automatically "withdraw" from the CMA a set amount and it is "directed" to the Roth IRA brokerage. On the same day (in a separate transaction), I automatically invest that amount in my chosen funds in the Roth IRA.

Is that the proper way to move money from the CMA to the Roth IRA?

The CMA is entirely cash -- some in the FDIC-insured core position, the rest in the SPAXX money-market fund. It is where my paycheck is deposited.

Previously I had automatically "transferred" from my credit union account the set amount, and then automatically invested that in the Roth IRA. What is confusing me slightly is the wording -- I was thinking of a transfer from the CMA to the IRA brokerage, and Fidelity calls it a withdrawal "directed" to the IRA brokerage.
If something technical interferes with the transfer to the IRA (it's rare, but happens), Fidelity won't buy the investment because there's insufficient cash in the IRA account. Consider delaying the purchase transaction a couple of days after the transfer, to avoid that. You still will be investing once a month on a regular basis.
CCD
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Re: Fidelity as a one stop shop

Post by CCD »

Hello,

I was trying to set up a Wire transfer to a family member using Fidelity brokerage account. Do they really require a medallion signature for this? Or is there a way around?

Thanks
CC
Oilcans
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Re: Fidelity as a one stop shop

Post by Oilcans »

I just had our credit card duplicated last week. We were out to a restaurant entertaining our friends from Florida. Used the card, came home and had two charges, one for $730 charged to Hertz and $18 charged to a taco restaurant. Called the number on back of the card and disputed the charges. They customer service guy said it appeared our card was duplicated since they used the chip. Both charges were removed. They will investigate. It seems to me that it was somebody at the restaurant that duplicated the card but I'm not really up on the technology. It could have been someone a thousand miles away. :(
bondsr4me
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Re: Fidelity as a one stop shop

Post by bondsr4me »

CCD wrote: Wed Sep 02, 2020 3:14 pm Hello,

I was trying to set up a Wire transfer to a family member using Fidelity brokerage account. Do they really require a medallion signature for this? Or is there a way around?

Thanks
CC
I’ve done many outbound wire transfers with Fidelity brokerage and have never been required to supply a medallion signature for any of them.
Fidelity has never charged me for any wire...they have always been very prompt to do the wire transfers.
drk
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Re: Fidelity as a one stop shop

Post by drk »

CCD wrote: Wed Sep 02, 2020 3:14 pm Hello,

I was trying to set up a Wire transfer to a family member using Fidelity brokerage account. Do they really require a medallion signature for this? Or is there a way around?

Thanks
CC
You only need the medallion signature when adding a recipient via paper form and mailing/faxing it in. You can avoid this by adding the recipient online or taking the paper form into a Fidelity office yourself.
CCD
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Re: Fidelity as a one stop shop

Post by CCD »

drk wrote: Wed Sep 02, 2020 4:35 pm
CCD wrote: Wed Sep 02, 2020 3:14 pm Hello,

I was trying to set up a Wire transfer to a family member using Fidelity brokerage account. Do they really require a medallion signature for this? Or is there a way around?

Thanks
CC
You only need the medallion signature when adding a recipient via paper form and mailing/faxing it in. You can avoid this by adding the recipient online or taking the paper form into a Fidelity office yourself.
Thanks, I'll take a look again I guess I missed something or maybe because my account is only one week old. I'll contact their CS.
CCD
Posts: 73
Joined: Wed Mar 09, 2016 10:17 am

Re: Fidelity as a one stop shop

Post by CCD »

CCD wrote: Wed Sep 02, 2020 5:27 pm
drk wrote: Wed Sep 02, 2020 4:35 pm
CCD wrote: Wed Sep 02, 2020 3:14 pm Hello,

I was trying to set up a Wire transfer to a family member using Fidelity brokerage account. Do they really require a medallion signature for this? Or is there a way around?

Thanks
CC
You only need the medallion signature when adding a recipient via paper form and mailing/faxing it in. You can avoid this by adding the recipient online or taking the paper form into a Fidelity office yourself.
Thanks, I'll take a look again I guess I missed something or maybe because my account is only one week old. I'll contact their CS.
Just to close this, I contacted CS and they told me that a wire transfer OUT can be initiated over the phone without need for medallion signature, but not online directly.
Cash
Posts: 1541
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Re: Fidelity as a one stop shop

Post by Cash »

CCD wrote: Fri Sep 04, 2020 11:21 am
CCD wrote: Wed Sep 02, 2020 5:27 pm
drk wrote: Wed Sep 02, 2020 4:35 pm
CCD wrote: Wed Sep 02, 2020 3:14 pm Hello,

I was trying to set up a Wire transfer to a family member using Fidelity brokerage account. Do they really require a medallion signature for this? Or is there a way around?

Thanks
CC
You only need the medallion signature when adding a recipient via paper form and mailing/faxing it in. You can avoid this by adding the recipient online or taking the paper form into a Fidelity office yourself.
Thanks, I'll take a look again I guess I missed something or maybe because my account is only one week old. I'll contact their CS.
Just to close this, I contacted CS and they told me that a wire transfer OUT can be initiated over the phone without need for medallion signature, but not online directly.
That’s bizarre. I’ve initiated many wires online, never needed a medallion signature guarantee.
Shaka
Posts: 41
Joined: Sat Jul 04, 2020 8:04 pm

Re: Fidelity as a one stop shop

Post by Shaka »

Question for those with a Fidelity Cash Management Account (CMA):

I opened a Fidelity CMA account yesterday...consider it dipping my toe in the water...my first step in moving toward Fidelity as my one stop shop.

The CMA account balance is current zero. When I click the "Fund This Account" button it takes me to the Move Money page to initiate a transfer. I want to transfer money in from my outside Bank of America checking account, which I have previously linked in order to fund my existing taxable brokerage account.

Under "Which account do you want to move money from" I select Bank of America

However, when I do this the "Where will the money be transferred to" drop down list only gives me my pre-existing taxable brokerage account as an option, not my newly-opened CMA account.

If I select my taxable brokerage account as the funding source, it will allow me to transfer that money to the CMA account.

How do I transfer money from my outside bank to the CMA account?
The Big Apple
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Re: Fidelity as a one stop shop

Post by The Big Apple »

Shaka wrote: Sat Sep 05, 2020 10:22 pm However, when I do this the "Where will the money be transferred to" drop down list only gives me my pre-existing taxable brokerage account as an option, not my newly-opened CMA account.
You need to go to Money Movement > Link an Account (link to site). You will be able to select your new CMA + existing account to link. Fidelity requires you link each outside account to each individual Fidelity account.
djheini
Posts: 98
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Location: Boston area

Re: Fidelity as a one stop shop

Post by djheini »

Shaka wrote: Sat Sep 05, 2020 10:22 pm Question for those with a Fidelity Cash Management Account (CMA):

I opened a Fidelity CMA account yesterday...consider it dipping my toe in the water...my first step in moving toward Fidelity as my one stop shop.

The CMA account balance is current zero. When I click the "Fund This Account" button it takes me to the Move Money page to initiate a transfer. I want to transfer money in from my outside Bank of America checking account, which I have previously linked in order to fund my existing taxable brokerage account.

Under "Which account do you want to move money from" I select Bank of America

However, when I do this the "Where will the money be transferred to" drop down list only gives me my pre-existing taxable brokerage account as an option, not my newly-opened CMA account.

If I select my taxable brokerage account as the funding source, it will allow me to transfer that money to the CMA account.

How do I transfer money from my outside bank to the CMA account?
Linked accounts are on a per-account basis, not shared across all accounts under the same login. So you would have to go in to account features and add it as a new linked external bank account on the CMA account, even though it's already linked to your brokerage. If you add a new account in the future it should give you the option to link it to multiple Fidelity accounts at once, however.
Shaka
Posts: 41
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Re: Fidelity as a one stop shop

Post by Shaka »

The Big Apple wrote: Sat Sep 05, 2020 10:29 pm
Shaka wrote: Sat Sep 05, 2020 10:22 pm However, when I do this the "Where will the money be transferred to" drop down list only gives me my pre-existing taxable brokerage account as an option, not my newly-opened CMA account.
You need to go to Money Movement > Link an Account (link to site). You will be able to select your new CMA + existing account to link. Fidelity requires you link each outside account to each individual Fidelity account.
djheini wrote: Sat Sep 05, 2020 10:30 pm
Shaka wrote: Sat Sep 05, 2020 10:22 pm How do I transfer money from my outside bank to the CMA account?
Linked accounts are on a per-account basis, not shared across all accounts under the same login. So you would have to go in to account features and add it as a new linked external bank account on the CMA account, even though it's already linked to your brokerage. If you add a new account in the future it should give you the option to link it to multiple Fidelity accounts at once, however.
Thanks! Here are the actual steps that worked for me:
ACCOUNTS & TRADE > MONEY MOVEMENT > MANAGE BANK ACCOUNTS >
Under "Bank of America" > LINK ANOTHER FIDELITY ACCOUNT > Select my CMA account
tryingtogetahead
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Re: Fidelity as a one stop shop

Post by tryingtogetahead »

I don’t understand why anyone would open a CMA. Isn’t it easier to just have a checking account with a local bank and a brokerage account with Fidelity or another broker? You can use the local bank for spending and typical cash flow needs and transfer excess monthly to Fidelity for investing? What am I missing?
Topic Author
BogleMelon
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Re: Fidelity as a one stop shop

Post by BogleMelon »

tryingtogetahead wrote: Sun Sep 20, 2020 3:22 pm I don’t understand why anyone would open a CMA. Isn’t it easier to just have a checking account with a local bank and a brokerage account with Fidelity or another broker? You can use the local bank for spending and typical cash flow needs and transfer excess monthly to Fidelity for investing? What am I missing?
You are missing:
Free checks, same moment instant transfers between CMA and brokerage, Free unlimited ATM withdrawals worldwide, Free incoming and outgoing wire transfers, Free ACH transfers, Unlimited ATM fees refund from the other bank worldwide, the ability to invest the money in the CMA directly, getting paid a small interest (dividends) on the non-invested money (may that is currently irrelevant due to low-interest rate environment), No miminum to keep in the account, No monthly fees, and higher FDIC limit ($1.25 million).
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather
Tattarrattat
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Re: Fidelity as a one stop shop

Post by Tattarrattat »

I have an Ally account and an FD CMA. Very little difference, really. Free international ATM with FD, (1% w Ally), free wires, that's mostly it. All the other stuff is pretty similar. The backup of Ally checking with linked HYSA is similar to CMA/Brokerage, edge to HYSA for interest these days. The differences may amount to literally a few dollars.here or there. The Ally user interface, particularly the app, is very clean, clear and well designed for banking. The Fidelity info is kind of buried in there, so I use Ally more, but could easily get used to the FD CMA, if I had to or wanted to. The idea of "one-stop" isn't that big an advantage in an era where everything is two clicks away from everything else.
Lastrun
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Re: Fidelity as a one stop shop

Post by Lastrun »

Tattarrattat wrote: Sun Sep 20, 2020 4:18 pm ....... The idea of "one-stop" isn't that big an advantage in an era where everything is two clicks away from everything else.
And a disadvantage if you need something critical and Fidelity is down.

https://www.bogleheads.org/forum/viewt ... p?t=304841
https://www.bogleheads.org/forum/viewt ... p?t=118400
https://www.bogleheads.org/forum/viewt ... p?t=233359

Nothing against Fidelity, a comment on a disadvantage of one-stop in today’s environment.
User avatar
anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

Lastrun wrote: Sun Sep 20, 2020 5:17 pm
Tattarrattat wrote: Sun Sep 20, 2020 4:18 pm ....... The idea of "one-stop" isn't that big an advantage in an era where everything is two clicks away from everything else.
And a disadvantage if you need something critical and Fidelity is down.

https://www.bogleheads.org/forum/viewt ... p?t=304841
https://www.bogleheads.org/forum/viewt ... p?t=118400
https://www.bogleheads.org/forum/viewt ... p?t=233359

Nothing against Fidelity, a comment on a disadvantage of one-stop in today’s environment.
+1. Imagine if you had your retirement, taxable, HSA, bank and CC all at Fidelity and you lost access for a couple weeks...
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Artsdoctor
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Re: Fidelity as a one stop shop

Post by Artsdoctor »

Tattarrattat wrote: Sun Sep 20, 2020 4:18 pm I have an Ally account and an FD CMA. Very little difference, really. Free international ATM with FD, (1% w Ally), free wires, that's mostly it. All the other stuff is pretty similar. The backup of Ally checking with linked HYSA is similar to CMA/Brokerage, edge to HYSA for interest these days. The differences may amount to literally a few dollars.here or there. The Ally user interface, particularly the app, is very clean, clear and well designed for banking. The Fidelity info is kind of buried in there, so I use Ally more, but could easily get used to the FD CMA, if I had to or wanted to. The idea of "one-stop" isn't that big an advantage in an era where everything is two clicks away from everything else.
Of course you’re right. Everything is so interconnected.

It’s really just a matter of everything in 1 or 2. I had investments spread out everywhere at one point, and it wasn’t burdensome.

However, my dad died and my in-laws died; I wound down those financial holdings. I also had to manage a friend’s finances because of an illness. THAT’S when you really appreciate things being in only 1-2 spots. My mom still has CDs spread out all around town just for a few basis points and it drives me nuts because it’s a lot of busy work tying up estates when you have to deal with multiple institutions individually.
CCD
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Re: Fidelity as a one stop shop

Post by CCD »

Hello,

Have you been able to add Fidelity Brokerage or CMA as a bank in Schwab? I was only able to do it the other way around.

Thanks,
CC
User avatar
SmileyFace
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Re: Fidelity as a one stop shop

Post by SmileyFace »

The Big Apple wrote: Sat Sep 05, 2020 10:29 pm
Shaka wrote: Sat Sep 05, 2020 10:22 pm However, when I do this the "Where will the money be transferred to" drop down list only gives me my pre-existing taxable brokerage account as an option, not my newly-opened CMA account.
You need to go to Money Movement > Link an Account (link to site). You will be able to select your new CMA + existing account to link. Fidelity requires you link each outside account to each individual Fidelity account.
Each account is treated as a stand-alone.
So much so that when I initiated a cash move from my CMA to my brokerage account it doesn't move the money instantly - it shows status "Processing" and I can't use the money to buy anything yet. This is the OPPOSITE of what Fidelity customer service told me yesterday (they said there was no waiting period when moving money between accounts at fidelity - only if pulling money in from external accounts). This is a big annoyance for me. Perhaps others simply buy directly into their CMA account rather than their brokerage account? Or always move cash directly into Brokerage (and move 2% rebates from credit card directly to brokerage versus through CMA first). Having to wait for cash to clear between two accounts at the same institution is not anything I experienced before.
It seems there are a lot similarities between CMA and Brokerage account types (both can have Debit Cards; both can hold securities; former has FDIC while latter does not).
dachshunddad
Posts: 166
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Re: Fidelity as a one stop shop

Post by dachshunddad »

DaftInvestor wrote: Tue Sep 22, 2020 12:01 pm
The Big Apple wrote: Sat Sep 05, 2020 10:29 pm
Shaka wrote: Sat Sep 05, 2020 10:22 pm However, when I do this the "Where will the money be transferred to" drop down list only gives me my pre-existing taxable brokerage account as an option, not my newly-opened CMA account.
You need to go to Money Movement > Link an Account (link to site). You will be able to select your new CMA + existing account to link. Fidelity requires you link each outside account to each individual Fidelity account.
Each account is treated as a stand-alone.
So much so that when I initiated a cash move from my CMA to my brokerage account it doesn't move the money instantly - it shows status "Processing" and I can't use the money to buy anything yet. This is the OPPOSITE of what Fidelity customer service told me yesterday (they said there was no waiting period when moving money between accounts at fidelity - only if pulling money in from external accounts). This is a big annoyance for me. Perhaps others simply buy directly into their CMA account rather than their brokerage account? Or always move cash directly into Brokerage (and move 2% rebates from credit card directly to brokerage versus through CMA first). Having to wait for cash to clear between two accounts at the same institution is not anything I experienced before.
It seems there are a lot similarities between CMA and Brokerage account types (both can have Debit Cards; both can hold securities; former has FDIC while latter does not).
Moving funds between accounts is instant for me. I just have to refresh the screen. You may want to call them and get clarity why it isn't.
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