Fidelity as a one stop shop

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arf30
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Re: Fidelity as a one stop shop

Post by arf30 »

DaftInvestor wrote: Tue Sep 22, 2020 12:01 pm 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).
Moves between accounts are near-instant for me, less than a minute and the money can be used - you should contact support.
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SmileyFace
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Re: Fidelity as a one stop shop

Post by SmileyFace »

arf30 wrote: Fri Sep 25, 2020 7:05 am
DaftInvestor wrote: Tue Sep 22, 2020 12:01 pm 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).
Moves between accounts are near-instant for me, less than a minute and the money can be used - you should contact support.
Thanks - I will call them and find out why it's just me (sits in "processing" for 3-6 hours or more - and I can't buy ETFs from either place during the full extent of time).
masrepus
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Re: Fidelity as a one stop shop

Post by masrepus »

Are you sure you can't use the money immediately after the transfer request? In my case it shows processing and not settled but I can use the money right away to buys shares.
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imak
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Re: Fidelity as a one stop shop

Post by imak »

Just curious if anyone here has any experience with Fidelity securities lending program?
Is it worthwhile to enable securities lending for taxable/IRA accounts? Any tax related or dividend related consequences to be considered?

https://www.fidelity.com/trading/fully-paid-lending

From the above site:

What is the Fully Paid Lending Program?
Fidelity's Fully Paid Lending Program provides you with the opportunity to lend securities in your portfolio and earn income. If there is demand in the securities lending market, generally due to short selling, scarce lending supply, or corporate events, Fidelity may borrow certain eligible securities until either you or Fidelity elect to close the loan.
AA: 30% FNDX, 30% FNDA, 10% FNDF, 10% FNDC, 10% REET+VWO+DGS, 10% TMF; EF = VTEB; "Discipline matters more than allocation" ~ W Bernstein
arf30
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Re: Fidelity as a one stop shop

Post by arf30 »

imak wrote: Wed Oct 07, 2020 2:17 pm Just curious if anyone here has any experience with Fidelity securities lending program?
It's generally not recommended as there are some drawbacks:

1. You don't receive dividends, you instead receive "payments in lieu of dividend" from the borrower. This is taxed as income instead of dividends (generally a much higher tax rate). This is the main drawback - you'll probably pay more in taxes than you make. Some brokers try not to lend around dividend record dates but it's not guaranteed.

2. The interest rate is very low unless you're lending shares of something in high demand (ie. garbage stocks), you won't make much lending index funds.

3. It's not SIPC insured
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imak
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Re: Fidelity as a one stop shop

Post by imak »

arf30 wrote: Wed Oct 07, 2020 2:38 pm
imak wrote: Wed Oct 07, 2020 2:17 pm Just curious if anyone here has any experience with Fidelity securities lending program?
It's generally not recommended as there are some drawbacks:

1. You don't receive dividends, you instead receive "payments in lieu of dividend" from the borrower. This is taxed as income instead of dividends (generally a much higher tax rate). This is the main drawback - you'll probably pay more in taxes than you make. Some brokers try not to lend around dividend record dates but it's not guaranteed.

2. The interest rate is very low unless you're lending shares of something in high demand (ie. garbage stocks), you won't make much lending index funds.

3. It's not SIPC insured
Thanks! Looks like its more trouble than worth it.
AA: 30% FNDX, 30% FNDA, 10% FNDF, 10% FNDC, 10% REET+VWO+DGS, 10% TMF; EF = VTEB; "Discipline matters more than allocation" ~ W Bernstein
Aelron
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Re: Fidelity as a one stop shop

Post by Aelron »

I just wanted to say that this forum and this thread in particular are just wonderful. I've learned a lot, and I thought I'd register for the forum to share a couple of small things on this topic that people might find useful.

1. I asked a Fidelity chat rep what the order of Fidelity money market automatic sales was (to fund a purchase or withdrawal). This answer appeared to be researched, so I'd rank it as "probably true": core is used first, taxable money market funds are used second in order from highest to lowest balance, and non-taxable money market funds are used third in order from highest to lowest balance. I didn't have the heart to be "that guy" and ask what happens if two funds have exactly the same balance, but it does bug me that I don't know the answer to that. :happy

2. I was curious if a CMA could be a funding account (for purposes of minimum target balance or automatic overdraft)--after all, a CMA is itself a brokerage account. So, I created another CMA account specifically to determine that through experimentation--a chat rep told me this wasn't possible, but I wasn't convinced. It turns out that a CMA can be used as a funding account for another CMA. However, a CMA that is used as a funding account cannot itself have minimum target balance or automatic overdraft enabled. That's too bad, because I was hoping to create a chain of CMAs drawing from one another (a debit card CMA funded by a "checking" CMA which was in turn funded by a "savings" brokerage account). I can see why that's not allowed, though, because that would create some peculiar order-of-operations cases to worry about in their software.
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TimeRunner
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Re: Fidelity as a one stop shop

Post by TimeRunner »

Aelron wrote: Wed Oct 07, 2020 7:10 pm I just wanted to say that this forum and this thread in particular are just wonderful. I've learned a lot, and I thought I'd register for the forum to share a couple of small things on this topic that people might find useful.

1. I asked a Fidelity chat rep what the order of Fidelity money market automatic sales was (to fund a purchase or withdrawal). This answer appeared to be researched, so I'd rank it as "probably true": core is used first, taxable money market funds are used second in order from highest to lowest balance, and non-taxable money market funds are used third in order from highest to lowest balance. I didn't have the heart to be "that guy" and ask what happens if two funds have exactly the same balance, but it does bug me that I don't know the answer to that. :happy

2. I was curious if a CMA could be a funding account (for purposes of minimum target balance or automatic overdraft)--after all, a CMA is itself a brokerage account. So, I created another CMA account specifically to determine that through experimentation--a chat rep told me this wasn't possible, but I wasn't convinced. It turns out that a CMA can be used as a funding account for another CMA. However, a CMA that is used as a funding account cannot itself have minimum target balance or automatic overdraft enabled. That's too bad, because I was hoping to create a chain of CMAs drawing from one another (a debit card CMA funded by a "checking" CMA which was in turn funded by a "savings" brokerage account). I can see why that's not allowed, though, because that would create some peculiar order-of-operations cases to worry about in their software.
Cool first post. Welcome aboard! :beer
One cannot enlighten the unconscious.
VictorStarr
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Re: Fidelity as a one stop shop

Post by VictorStarr »

Lately, I faced a problem of transfering money to accounts that I do not own (my adult children).
If you co-own an account you can use ACH transfer, but it is not possible to link account that does not belong to you.
I found that I can use BillPay to transfer money to arbitrary Fidelity accounts (and bank accounts).

Create BillPay payee using "Add a company".
For brokerage or CMA accounts use
Company: "Fidelity Brokerage Services LLC"
Account number: <account-number>

For IRA accounts use
Company name: "FIDELITY INVESTMENTS"
Account number: <account-number>

Fidelity BillPay "knows" about these companies so no need to type address and phone number.

For brokerage account (company - "Fidelity Brokerage Services LLC") payment is electronic and takes one day.
For IRA account (company - "Fidelity Investments") payment is by check and takes longer.

I used the same approach to transfer money to bank accounts that I do not own - find address to deposit checks by mail and use this address to create payee. For payments made with check I usually add "FBO <account-number>".
wanderer
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Re: Fidelity as a one stop shop

Post by wanderer »

Great suggestion.

I've used bill pay to send money to adult children, but to these were traditional banking accounts. never thought about how to transfer within Fido. Thanks!
HomeStretch
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Re: Fidelity as a one stop shop

Post by HomeStretch »

VictorStarr wrote: Wed Oct 14, 2020 6:48 pm Lately, I faced a problem of transfering money to accounts that I do not own (my adult children).
If you co-own an account you can use ACH transfer, but it is not possible to link account that does not belong to you.
I found that I can use BillPay to transfer money to arbitrary Fidelity accounts (and bank accounts).
Another option is to call Fidelity to have a rep transfer funds from your account to your adult child’s account (you need their Fidelity account #). The transfer posts immediately. But unfortunately there is no way to do this online oneself.
VictorStarr
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Re: Fidelity as a one stop shop

Post by VictorStarr »

HomeStretch wrote: Wed Oct 14, 2020 6:58 pm
VictorStarr wrote: Wed Oct 14, 2020 6:48 pm Lately, I faced a problem of transfering money to accounts that I do not own (my adult children).
If you co-own an account you can use ACH transfer, but it is not possible to link account that does not belong to you.
I found that I can use BillPay to transfer money to arbitrary Fidelity accounts (and bank accounts).
Another option is to call Fidelity to have a rep transfer funds from your account to your adult child’s account (you need their Fidelity account #). The transfer posts immediately. But unfortunately there is no way to do this online oneself.
Calling Fidelity and asking CSR to do a transfer is certainly an option. In my case, I wanted automatic solution to send money periodically.
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Leif
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Re: Fidelity as a one stop shop

Post by Leif »

VictorStarr wrote: Wed Oct 14, 2020 7:11 pm Calling Fidelity and asking CSR to do a transfer is certainly an option. In my case, I wanted automatic solution to send money periodically.
You can also fill a form at Fidelity and have them periodically send a fixed amount. But, I like the BillPay option, since that gives you the flexibility to change amounts/dates easily online. Thanks for the heads up.
VictorStarr
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Re: Fidelity as a one stop shop

Post by VictorStarr »

FYI: it seems that it became easier to change ATM daily limit for CMA accounts.

Six month ago my wife spent at least half an hour on a phone with CSR to increase ATM limit to $1000 and decrease other limits to $1000.
This week, I decided to increase withdrawal limit to $1020 for another CMA account. I requested this change by secure message and next day got positive reply.
So if your request was rejected before maybe give it another try.

Image
mervinj7
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Re: Fidelity as a one stop shop

Post by mervinj7 »

VictorStarr wrote: Thu Oct 15, 2020 10:40 pm FYI: it seems that it became easier to change ATM daily limit for CMA accounts.

Six month ago my wife spent at least half an hour on a phone with CSR to increase ATM limit to $1000 and decrease other limits to $1000.
This week, I decided to increase withdrawal limit to $1020 for another CMA account. I requested this change by secure message and next day got positive reply.
So if your request was rejected before maybe give it another try.

Image
In general, secure message is my first go to fire ant requests. I did this six months ago with similar success.
arsenal_fan
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Re: Fidelity as a one stop shop

Post by arsenal_fan »

Does anyone use the Net Worth link in the Fidelity Mobile App? I was hoping it would display data from Full View but those net worth numbers are just wrong and don't seem to have refreshed since months. Fidelity Full View is up to date. Anyone have any luck using Full View/Net Worth from their mobile phones/apps?
spammagnet
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Re: Fidelity as a one stop shop

Post by spammagnet »

arsenal_fan wrote: Mon Oct 19, 2020 6:25 pmDoes anyone use the Net Worth link in the Fidelity Mobile App? ...
I found it only recently (a couple of weeks?) but have noticed improvements already since then. For instance, you can now hide Fidelity accounts and edit non-Fidelity accounts, including adding new ones and refreshing the data of existing ones. I just did that. My actions were promptly reflected in both the web app and the phone app.

A remaining functional gap is that there does not seem to be a linkage between "manual" accounts added on the web and those added on the phone app. On the phone, you can create those only by assigning a value, where the web allows adding holdings including symbols. My holdings (an employer 401k) don't have publicly-traded investments but I suspect the account value would update automatically (on the web) if they had symbols.
geegecko
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Re: Fidelity as a one stop shop

Post by geegecko »

Did Fidelity close the CMA + brokerage loophole? Earlier posts had a number of people who opened a CMA with little or no balance with a brokerage account holding Fidelity's money market fund used as an overdraft. Charges against the CMA account would automatically pull from the brokerage account without user intervention.

I recently opened a Fidelity CMA account and received the following notice:

Please note that all checks written from this book are drawn from your Fidelity core account. Other holdings in your Fidelity Account will not be automatically redeemed to cover checks that you write. To avoid bouncing your checks, please make sure you have available funds in your core account.

Am I misunderstanding this notice or the strategy used in this post?

Thank you.
arsenal_fan
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Re: Fidelity as a one stop shop

Post by arsenal_fan »

spammagnet wrote: Sun Oct 25, 2020 11:54 pm
arsenal_fan wrote: Mon Oct 19, 2020 6:25 pmDoes anyone use the Net Worth link in the Fidelity Mobile App? ...
I found it only recently (a couple of weeks?) but have noticed improvements already since then. For instance, you can now hide Fidelity accounts and edit non-Fidelity accounts, including adding new ones and refreshing the data of existing ones. I just did that. My actions were promptly reflected in both the web app and the phone app.

A remaining functional gap is that there does not seem to be a linkage between "manual" accounts added on the web and those added on the phone app. On the phone, you can create those only by assigning a value, where the web allows adding holdings including symbols. My holdings (an employer 401k) don't have publicly-traded investments but I suspect the account value would update automatically (on the web) if they had symbols.
Hmm, I can't seem to update the values on the phone for manually added accounts (show old values) and they are already with the correct values in the Full View app.
spammagnet
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Re: Fidelity as a one stop shop

Post by spammagnet »

arsenal_fan wrote: Tue Oct 27, 2020 5:13 pmHmm, I can't seem to update the values on the phone for manually added accounts (show old values) and they are already with the correct values in the Full View app.
Scroll to the bottom of the Net Worth page. Select Edit Non-Fidelity Accounts. Select an account that's linked to a bank. You'll find "Refresh information" at the bottom of that page.

That works on both Android and Apple. The Android app version is 3.53; the Apple app version is 3.49.1.215.
arsenal_fan
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Re: Fidelity as a one stop shop

Post by arsenal_fan »

spammagnet wrote: Tue Oct 27, 2020 8:34 pm
arsenal_fan wrote: Tue Oct 27, 2020 5:13 pmHmm, I can't seem to update the values on the phone for manually added accounts (show old values) and they are already with the correct values in the Full View app.
Scroll to the bottom of the Net Worth page. Select Edit Non-Fidelity Accounts. Select an account that's linked to a bank. You'll find "Refresh information" at the bottom of that page.

That works on both Android and Apple. The Android app version is 3.53; the Apple app version is 3.49.1.215.
Thanks for the tip. I was able to edit some of the accounts. For Vanguard, it didn't allow me to enter holdings through the app yet Full View has the details. I guess it works well if I link it to Vanguard.
bling
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Re: Fidelity as a one stop shop

Post by bling »

all the nagging to transition my account to a vanguard brokerage account finally pushed me over the edge.

monday, created a roth account with fidelity and initiatied a transfer. all holdings disappeared from vanguard end of day.
tuesday, everything appeared in fidelity. holdings were still "locked", as i couldn't even preview a sell order.
wednesday, today, transfer complete.

i was expecting it to take like a week but wow this was so quick and painless.
bling
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Re: Fidelity as a one stop shop

Post by bling »

hmmm, tried to place an exchange of my existing vanguard fund for the equivalent fidelity one and got the warning message that it's a trade, not an exchange, and would take two business days.

i don't feel comfortable being out of the market for a day given how volatile the market is right now... should i...

a) wait until the dust settles a bit and (gasp) market time for when i think i'll have 1 day of low volatility, or
b) exchange a little bit every couple days until it's done. selling is free, even for partial shares right?
lstone19
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Re: Fidelity as a one stop shop

Post by lstone19 »

bling wrote: Thu Oct 29, 2020 5:44 pm hmmm, tried to place an exchange of my existing vanguard fund for the equivalent fidelity one and got the warning message that it's a trade, not an exchange, and would take two business days.
That's correct. Exchanges can only be done within a fund company. If changing fund companies, an extra day is needed as there needs to be available cash (even if waiting for settlement) to do so. Of course, if you have enough cash in the account, then you need not wait. If you have a bond fund, sell some of that to free up the cash to let you do same-day trades in your equity funds which will minimize your out-of-market risk.
Aelron
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Re: Fidelity as a one stop shop

Post by Aelron »

bling wrote: Thu Oct 29, 2020 5:44 pm hmmm, tried to place an exchange of my existing vanguard fund for the equivalent fidelity one and got the warning message that it's a trade, not an exchange, and would take two business days.

i don't feel comfortable being out of the market for a day given how volatile the market is right now... should i...

a) wait until the dust settles a bit and (gasp) market time for when i think i'll have 1 day of low volatility, or
b) exchange a little bit every couple days until it's done. selling is free, even for partial shares right?
Why not both a and b? That's what I did in that situation after moving to Fidelity. Then you can feel like your amazing market timing skills have a chance to do some good and when they fail, it doesn't matter anyway since you are averaging over multiple days. :happy
mervinj7
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Re: Fidelity as a one stop shop

Post by mervinj7 »

bling wrote: Thu Oct 29, 2020 5:44 pm hmmm, tried to place an exchange of my existing vanguard fund for the equivalent fidelity one and got the warning message that it's a trade, not an exchange, and would take two business days.

i don't feel comfortable being out of the market for a day given how volatile the market is right now... should i...

a) wait until the dust settles a bit and (gasp) market time for when i think i'll have 1 day of low volatility, or
b) exchange a little bit every couple days until it's done. selling is free, even for partial shares right?
Is this in an taxable account? Any tax consequences? Can you temporarily change a portion of your bond allocation to stock? Then you won't be out of the market.
bling
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Re: Fidelity as a one stop shop

Post by bling »

mervinj7 wrote: Thu Oct 29, 2020 6:23 pm
bling wrote: Thu Oct 29, 2020 5:44 pm hmmm, tried to place an exchange of my existing vanguard fund for the equivalent fidelity one and got the warning message that it's a trade, not an exchange, and would take two business days.

i don't feel comfortable being out of the market for a day given how volatile the market is right now... should i...

a) wait until the dust settles a bit and (gasp) market time for when i think i'll have 1 day of low volatility, or
b) exchange a little bit every couple days until it's done. selling is free, even for partial shares right?
Is this in an taxable account? Any tax consequences? Can you temporarily change a portion of your bond allocation to stock? Then you won't be out of the market.
it's my roth, so no tax consequences. if i need to wait a day i'm just gonna buy ETFs instead once the cash settles.
MisterBill
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Re: Fidelity as a one stop shop

Post by MisterBill »

bling wrote: Thu Oct 29, 2020 5:44 pm i don't feel comfortable being out of the market for a day given how volatile the market is right now... should i...
Here's hoping that you didn't decide to do this and are out of the market today!
masrepus
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Re: Fidelity as a one stop shop

Post by masrepus »

I think when you make the sell, you get an unsettled cash balance. But you can make purchases with the balance. It all settles in a couple days.
bling
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Re: Fidelity as a one stop shop

Post by bling »

MisterBill wrote: Wed Nov 04, 2020 12:26 pm
bling wrote: Thu Oct 29, 2020 5:44 pm i don't feel comfortable being out of the market for a day given how volatile the market is right now... should i...
Here's hoping that you didn't decide to do this and are out of the market today!
i was out yesterday, but in today! :sharebeer

sold some shares at 3:55pm on monday, filled a couple hours later. money was ready to trade on market open on tuesday, and i bought the equivalent ETF.

i'll be doing multiple transfers "dollar cost average" style as i sell all my vanguard mutual funds. one day i may sell all my ETFs at 3:58pm and buy the equivalent fidelity funds at 3:59pm, since ERs tend to be lower.
radiowave
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Re: Fidelity as a one stop shop

Post by radiowave »

VictorStarr wrote: Thu Oct 15, 2020 10:40 pm FYI: it seems that it became easier to change ATM daily limit for CMA accounts.

Six month ago my wife spent at least half an hour on a phone with CSR to increase ATM limit to $1000 and decrease other limits to $1000.
This week, I decided to increase withdrawal limit to $1020 for another CMA account. I requested this change by secure message and next day got positive reply.
So if your request was rejected before maybe give it another try.

Image
Is it possible to put Purchases and Teller Advance to 0 (zero) dollars? Essentially making the Fido debit card an ATM only card?
Bogleheads Wiki: https://www.bogleheads.org/wiki/Main_Page
VictorStarr
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Re: Fidelity as a one stop shop

Post by VictorStarr »

radiowave wrote: Wed Nov 04, 2020 9:02 pm
Is it possible to put Purchases and Teller Advance to 0 (zero) dollars? Essentially making the Fido debit card an ATM only card?
I am not sure, Fidelity reduced Purchases and Teller Advance limits to $1000 (on one of my debit card).
Just send them a message a request a change. If request for zero limit would not go through ask for low limit, like $100.
Fidelity debit card is serviced by PNC Bank and BNY Mellon and this makes harder for Fidelity to make changes.
radiowave
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Re: Fidelity as a one stop shop

Post by radiowave »

VictorStarr wrote: Thu Nov 05, 2020 1:50 pm
radiowave wrote: Wed Nov 04, 2020 9:02 pm
Is it possible to put Purchases and Teller Advance to 0 (zero) dollars? Essentially making the Fido debit card an ATM only card?
I am not sure, Fidelity reduced Purchases and Teller Advance limits to $1000 (on one of my debit card).
Just send them a message a request a change. If request for zero limit would not go through ask for low limit, like $100.
Fidelity debit card is serviced by PNC Bank and BNY Mellon and this makes harder for Fidelity to make changes.
I asked Fidelity a couple years ago to reduce my daily limits on the debit card and they said they could only increase daily limits. Just checking if they changed their policies. Thanks
Bogleheads Wiki: https://www.bogleheads.org/wiki/Main_Page
bling
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Re: Fidelity as a one stop shop

Post by bling »

bling wrote: Wed Nov 04, 2020 7:42 pm i'll be doing multiple transfers "dollar cost average" style as i sell all my vanguard mutual funds. one day i may sell all my ETFs at 3:58pm and buy the equivalent fidelity funds at 3:59pm, since ERs tend to be lower.
unbelievable. i sold a portion on friday and missed out on the 5%+ gains today. :oops:
frugalfisherman
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Re: Fidelity as a one stop shop

Post by frugalfisherman »

Can someone clarify for me what the 'best' money market fund to have in the sweep/CMA account is right now? I am thinking of starting to use this more like a High yield checking account. Currently I've got a little bit in there and it says it is in SPAXX.
Earlier in this thread I saw people mentioning SPRXX.
Reading the factsheets on each seems to suggest they both have 0.42% Gross Exp Ratio and both try to get the best yield while preserving capital. Is there a difference between the two? How do I see what they are 'yielding' now?
Thanks!
VictorStarr
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Re: Fidelity as a one stop shop

Post by VictorStarr »

frugalfisherman wrote: Mon Nov 16, 2020 3:08 pm Can someone clarify for me what the 'best' money market fund to have in the sweep/CMA account is right now? I am thinking of starting to use this more like a High yield checking account. Currently I've got a little bit in there and it says it is in SPAXX.
Earlier in this thread I saw people mentioning SPRXX.
Reading the factsheets on each seems to suggest they both have 0.42% Gross Exp Ratio and both try to get the best yield while preserving capital. Is there a difference between the two? How do I see what they are 'yielding' now?
Thanks!
All core funds produce the same 0.01% - https://www.fidelity.com/mutual-funds/f ... unds-fcash
frugalfisherman
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Re: Fidelity as a one stop shop

Post by frugalfisherman »

VictorStarr wrote: Mon Nov 16, 2020 4:01 pm
frugalfisherman wrote: Mon Nov 16, 2020 3:08 pm Can someone clarify for me what the 'best' money market fund to have in the sweep/CMA account is right now? I am thinking of starting to use this more like a High yield checking account. Currently I've got a little bit in there and it says it is in SPAXX.
Earlier in this thread I saw people mentioning SPRXX.
Reading the factsheets on each seems to suggest they both have 0.42% Gross Exp Ratio and both try to get the best yield while preserving capital. Is there a difference between the two? How do I see what they are 'yielding' now?
Thanks!
All core funds produce the same 0.01% - https://www.fidelity.com/mutual-funds/f ... unds-fcash
Ok --so are the posts from the beginning of this thread quoting such high yields on that fund because the posts are so old? Back in 2015...better days for money market funds?

"The cash management account allows you to purchase their money market fund, SPRXX, yielding around 2.1%. It will automatically sell some to cover ATM withdrawals, any checks you write, or any bills you pay.
-----
I will just respond to item number one. What you described is exactly what we have at Fidelity. A sweep money market account that right now I think it’s around 1.7% interest, checking comes out of that account, and we get free ATM. Actually, whenever use an ATM account gets charged, and then credited back for the same amount. So, it’s free.
"


Thanks
VictorStarr
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Re: Fidelity as a one stop shop

Post by VictorStarr »

frugalfisherman wrote: Tue Nov 17, 2020 10:08 pm
VictorStarr wrote: Mon Nov 16, 2020 4:01 pm
frugalfisherman wrote: Mon Nov 16, 2020 3:08 pm Can someone clarify for me what the 'best' money market fund to have in the sweep/CMA account is right now? I am thinking of starting to use this more like a High yield checking account. Currently I've got a little bit in there and it says it is in SPAXX.
Earlier in this thread I saw people mentioning SPRXX.
Reading the factsheets on each seems to suggest they both have 0.42% Gross Exp Ratio and both try to get the best yield while preserving capital. Is there a difference between the two? How do I see what they are 'yielding' now?
Thanks!
All core funds produce the same 0.01% - https://www.fidelity.com/mutual-funds/f ... unds-fcash
Ok --so are the posts from the beginning of this thread quoting such high yields on that fund because the posts are so old? Back in 2015...better days for money market funds?
Money market funds hold investments in short-term U.S. Treasury securities, federal agency notes, certificates of deposit,
commercial paper, and munies. Treasury's yields crashed back in March and MM interest rate followed treasury.
Here is relevant data: https://www.treasury.gov/resource-cente ... &year=2020
bling
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Re: Fidelity as a one stop shop

Post by bling »

bling wrote: Wed Nov 04, 2020 7:42 pm one day i may sell all my ETFs at 3:58pm and buy the equivalent fidelity funds at 3:59pm, since ERs tend to be lower.
in case anyone wants to try exactly this, it does not work. ETFs must settle T+2. so while the proceeds from the sale could be used to purchase another stock/ETF immediately, it cannot be used to purchase a mutual fund, which apparently needs to be in cash. and because i literally did this at 3:59pm once i realized what had happened the market was closed already. lucky for me the next two days did not fluctuate too much in price.
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AerialWombat
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Re: Fidelity as a one stop shop

Post by AerialWombat »

After nearly a year of contemplating this, I'm finally taking the plunge.

I already have the Fidelity 2% Cash Back Visa card, a CMA, brokerage account, and my Roth IRA at Fido. On January 1, I will be obtaining a consumer product called "health insurance" for the first time in a decade, and will be opening an HSA at Fido since my plan will be HSA-eligible. Tonight, I will start on the paperwork to move my solo 401k from eTrade to Fido.

Tonight, all of my positions at Vanguard will be sold, and the money transferred to personal checking at brick/mortar bank. Once deposited, I will use most of those funds to pay off a large unsecured business loan, then transfer whatever is left over to the Fido brokerage. My former portfolio of VWITX, VWALX, and VTSAX at Vanguard will be replaced with.... VTI and VTEB at Fidelity.

Simplification feels good.
tj
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Re: Fidelity as a one stop shop

Post by tj »

AerialWombat wrote: Mon Nov 23, 2020 8:50 pm After nearly a year of contemplating this, I'm finally taking the plunge.

I already have the Fidelity 2% Cash Back Visa card, a CMA, brokerage account, and my Roth IRA at Fido. On January 1, I will be obtaining a consumer product called "health insurance" for the first time in a decade, and will be opening an HSA at Fido since my plan will be HSA-eligible. Tonight, I will start on the paperwork to move my solo 401k from eTrade to Fido.

Tonight, all of my positions at Vanguard will be sold, and the money transferred to personal checking at brick/mortar bank. Once deposited, I will use most of those funds to pay off a large unsecured business loan, then transfer whatever is left over to the Fido brokerage. My former portfolio of VWITX, VWALX, and VTSAX at Vanguard will be replaced with.... VTI and VTEB at Fidelity.

Simplification feels good.
I hope you didn't incur massive capital gains taxes!
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AerialWombat
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Re: Fidelity as a one stop shop

Post by AerialWombat »

tj wrote: Mon Nov 23, 2020 9:21 pm I hope you didn't incur massive capital gains taxes!
Nothing that won't be offset by past tax loss carryovers.
tj
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Re: Fidelity as a one stop shop

Post by tj »

AerialWombat wrote: Mon Nov 23, 2020 10:44 pm
tj wrote: Mon Nov 23, 2020 9:21 pm I hope you didn't incur massive capital gains taxes!
Nothing that won't be offset by past tax loss carryovers.
Why waste them though? The VTSAX could have been converted to VTI without tax impact, at least.
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AerialWombat
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Re: Fidelity as a one stop shop

Post by AerialWombat »

tj wrote: Mon Nov 23, 2020 10:49 pm
AerialWombat wrote: Mon Nov 23, 2020 10:44 pm
tj wrote: Mon Nov 23, 2020 9:21 pm I hope you didn't incur massive capital gains taxes!
Nothing that won't be offset by past tax loss carryovers.
Why waste them though? The VTSAX could have been converted to VTI without tax impact, at least.
My Vanguard account was 3/4 muni bond funds, 1/4 VTSAX. None of the holdings were more than two years old. All the VTSAX was only a few months old at most. It really isn't a big deal from the tax perspective. It's also much more important to me to pay off the unsecured business loan, and just be done with it and some of the nonsense that came with it.
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