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 »

JoMoney wrote: Fri Jan 29, 2021 9:07 am
Fidelity1977 wrote: Thu Jan 28, 2021 11:13 pm I wish the CMA allowed you to view the image of a check that has been deposited. I am hoping they upgrade this feature with the coming enhancements.
It's been a long time since I wrote a check on my Fidelity CMA, but I thought they did provide an image on your monthly statement :confused
He is talking about a check from another bank being deposited into Fidelity CMA. You are talking about Fidelity check you wrote out of your CMA account. Two different things. Most banks provide image for both, Fidelity only for one.
jumbopapa
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Re: Fidelity as a one stop shop

Post by jumbopapa »

bugleheadd wrote: Fri Jan 29, 2021 9:59 am it appears to be back to normal now
Yeah, just got in and completed my transactions.
VictorStarr
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Re: Fidelity as a one stop shop

Post by VictorStarr »

BUBear29 wrote: Wed Jan 27, 2021 9:47 am
VictorStarr wrote: Wed Jan 27, 2021 2:27 am
Yes, sure one can freely transfer money between individual, join or trust accounts that belongs to the same individual.
I specifically referred to case of transferring money to Fido account that belongs to other individual. In my case, I wanted to transfer money to account that belongs to my adult daughter. And it was necessary to file a form with medallion guarantee.
I see. Would you be able to set it up in the Billpay format?
Yes, you can transfer money to third party using BillPay. The key that payee's bank supports check deposit by mail.
catnapper
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Re: Fidelity as a one stop shop

Post by catnapper »

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).

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.
I just tried this, but "Fidelity Brokerage Services LLC" does not come up in Billpay search. I do see "Fidelity Investments", but the account I want to send to is a CMA account.

I want to send money to a family member, who is also a Fidelity Customer (I am not Joint on their account).
corp_sharecropper
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Re: Fidelity as a one stop shop

Post by corp_sharecropper »

Anyone here ever figure out a way to be able to WIRE money FROM Fidelity TO your Interactive Brokers account only using Fidelity's website? I don't see how it's possible given they don't let you input info/memo with a wire (which is crazy since about 50% of companies/banks/exchanges require some sort of reference code/account info/name on their incoming wire instructions).

I guess it doesn't even apply solely to Interactive Brokers, basically wiring money to lots of places, at least every single place I've ever wanted to be able to wire money to.
VictorStarr
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Re: Fidelity as a one stop shop

Post by VictorStarr »

catnapper wrote: Sun Jan 31, 2021 11:00 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).

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.
I just tried this, but "Fidelity Brokerage Services LLC" does not come up in Billpay search. I do see "Fidelity Investments", but the account I want to send to is a CMA account.

I want to send money to a family member, who is also a Fidelity Customer (I am not Joint on their account).
Fidelity lately removed "Fidelity Brokerage Services LLC" option.
You can use "FIDELITY INVESTMENTS" instead (now, it is the only option).

This page contains addresses for deposit by mail. For Brokerage/CMA it is still list "FIDELITY INVESTMENTS". I guess Fidelity did not update this page.
https://www.fidelity.com/cash-managemen ... ck-by-mail
rama13
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Re: Fidelity as a one stop shop

Post by rama13 »

corp_sharecropper wrote: Sun Jan 31, 2021 11:07 pm Anyone here ever figure out a way to be able to WIRE money FROM Fidelity TO your Interactive Brokers account only using Fidelity's website? I don't see how it's possible given they don't let you input info/memo with a wire
It's been too long for me to remember the specifics, but I assure you it can be done. I regularly wire money from my Fidelity brokerage acccount to my IB account.
marcopolo
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Re: Fidelity as a one stop shop

Post by marcopolo »

VictorStarr wrote: Fri Jan 29, 2021 11:20 pm
BUBear29 wrote: Wed Jan 27, 2021 9:47 am
VictorStarr wrote: Wed Jan 27, 2021 2:27 am
Yes, sure one can freely transfer money between individual, join or trust accounts that belongs to the same individual.
I specifically referred to case of transferring money to Fido account that belongs to other individual. In my case, I wanted to transfer money to account that belongs to my adult daughter. And it was necessary to file a form with medallion guarantee.
I see. Would you be able to set it up in the Billpay format?
Yes, you can transfer money to third party using BillPay. The key that payee's bank supports check deposit by mail.
I transfer money from my CMA to my son's CMA account quite often using bill pay.

What I have discovered is if the amount is below $500 it transfers electronically, almost immediately. For larger amounts it takes a few days to show up.

I asked a rep about this a couple years ago and he said above the threshold, Fidelity actually mails a check to itself. I had to ask again if he really meant a physical check through the postal service, and he said yes.

Maybe things have changed since then, but the end behavior seems ti still the same as far as I can tell.
Once in a while you get shown the light, in the strangest of places if you look at it right.
HomeStretch
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Re: Fidelity as a one stop shop

Post by HomeStretch »

corp_sharecropper wrote: Sun Jan 31, 2021 11:07 pm Anyone here ever figure out a way to be able to WIRE money FROM Fidelity TO your Interactive Brokers account only using Fidelity's website? I don't see how it's possible given they don't let you input info/memo with a wire
If you need to enter memo/ref info for a wire, you need to call a Fidelity rep to have them enter it each time you do a wire. Alternatively, Fidelity has a form one can complete to update any standing wire instructions to add a permanent memo/ref.
MisterBill
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Re: Fidelity as a one stop shop

Post by MisterBill »

So I just had a very unpleasant experience which was my fault but which Fidelity failed at, in my opinion.

Basically, they bounced a payment from my CMA account to my Bank of America credit card (pulled by BofA). I have seven figures in my brokerage account but did not have enough in my money market accounts in the CMA and brokerage accounts to cover it. So that part is my fault, but Fidelity did not to notify me that they were not going to pay. If this has been a normal checking account somewhere like Chase they would have told me that I had an insufficient funds situation and given me until 11pm to get money into the account to cover the check, or it would bounce. Fidelity told me absolutely nothing and I only discovered the problem when the payment was returned unpaid at BofA. I was able to load money into the CMA from a different bank and resubmitted the payment (if you're asking why didn't I just pay directly from Discover, it's because I did not have the account set up as a payment method and BofA insists on doing trial deposits before I can use it as a payment method. I'll call BofA, and hopefully I can get them to waive the fee and interest since I am a Platinum Honors customer.

Is there some sort of actual overdraft credit that I should be able to sign up for at Fidelity to protect against this? Do I need to apply for a margin account?
tj
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Re: Fidelity as a one stop shop

Post by tj »

If this has been a normal checking account somewhere like Chase they would have told me that I had an insufficient funds situation and given me until 11pm to get money into the account to cover the check, or it would bounce.
I've never heard of a bank proactively telling you that you don't have enough funds. I guess I've never cut it that close, though.
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Leif
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Re: Fidelity as a one stop shop

Post by Leif »

tj wrote: Thu Feb 18, 2021 4:20 pm
If this has been a normal checking account somewhere like Chase they would have told me that I had an insufficient funds situation and given me until 11pm to get money into the account to cover the check, or it would bounce.
I've never heard of a bank proactively telling you that you don't have enough funds. I guess I've never cut it that close, though.
Me either until about 10 years ago I got a call from Fidelity. With my permission they pulled funds from another Fidelity account to cover my check. Since that time I leave a larger margin of cash in my account.
snailderby
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Re: Fidelity as a one stop shop

Post by snailderby »

MisterBill wrote: Thu Feb 18, 2021 3:49 pmFidelity did not to notify me that they were not going to pay. If this has been a normal checking account somewhere like Chase they would have told me that I had an insufficient funds situation and given me until 11pm to get money into the account to cover the check, or it would bounce.
Whether a "normal checking account" will notify you if there are insufficient funds to cover a check/scheduled payment depends on the bank. They're "not required to notify you." See https://www.helpwithmybank.gov/help-top ... overdrafts. I seem to vaguely remember this happening to me a long time ago. I don't think I got a phone call from my bank, but my memory is fuzzy on the details.
MisterBill wrote: Thu Feb 18, 2021 3:49 pmIs there some sort of actual overdraft credit that I should be able to sign up for at Fidelity to protect against this? Do I need to apply for a margin account?
Check out Fidelity's Cash Manager feature if you haven't already: https://www.fidelity.com/cash-managemen ... nt-account.
Last edited by snailderby on Thu Feb 18, 2021 5:10 pm, edited 1 time in total.
MisterBill
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Re: Fidelity as a one stop shop

Post by MisterBill »

snailderby wrote: Thu Feb 18, 2021 5:07 pm
MisterBill wrote: Thu Feb 18, 2021 3:49 pmIs there some sort of actual overdraft credit that I should be able to sign up for at Fidelity to protect against this? Do I need to apply for a margin account?
Check out Fidelity's Cash Manager feature if you haven't already: https://www.fidelity.com/cash-managemen ... nt-account.
Maybe I should have been clearer. I have the CMA set up to automatically pull funds from my brokerage account when a debit comes in. Works fine when there is enough in money market or other cash-equivalent (I think that's what they call it) funds. In this case, there were not enough, and Fidelity didn't even tell me that they were refusing the debit.
MisterBill
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Re: Fidelity as a one stop shop

Post by MisterBill »

tj wrote: Thu Feb 18, 2021 4:20 pm
If this has been a normal checking account somewhere like Chase they would have told me that I had an insufficient funds situation and given me until 11pm to get money into the account to cover the check, or it would bounce.
I've never heard of a bank proactively telling you that you don't have enough funds. I guess I've never cut it that close, though.
Chase definitely offers it and makes a big point of it when telling you about their checking accounts. Basically you can get a text telling you that your have a situation and if you fix it by 11pm, they make the payment and there is no bounced check or overdraft fee.

https://www.chase.com/personal/checking ... vices/faqs
snailderby
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Re: Fidelity as a one stop shop

Post by snailderby »

MisterBill wrote: Thu Feb 18, 2021 5:09 pm
snailderby wrote: Thu Feb 18, 2021 5:07 pm
MisterBill wrote: Thu Feb 18, 2021 3:49 pmIs there some sort of actual overdraft credit that I should be able to sign up for at Fidelity to protect against this? Do I need to apply for a margin account?
Check out Fidelity's Cash Manager feature if you haven't already: https://www.fidelity.com/cash-managemen ... nt-account.
Maybe I should have been clearer. I have the CMA set up to automatically pull funds from my brokerage account when a debit comes in. Works fine when there is enough in money market or other cash-equivalent (I think that's what they call it) funds. In this case, there were not enough, and Fidelity didn't even tell me that they were refusing the debit.
According to https://www.fidelity.com/cash-managemen ... nt-account, you can set up Cash Manager so if your account is overdrawn, "available funds from your funding accounts (up to $99,999.99 per day per funding account) will automatically be moved to your Fidelity® Cash Management Account to cover the debit. Available funds include cash (core), available margin, and non-core money market funds. These sources will be drawn from the first funding account in this order before the next account is tapped." So yes, it seems like margin is an option for overdraft protection, if that's the route you want to take.
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LadyGeek
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Re: Fidelity as a one stop shop

Post by LadyGeek »

I moved makeminemichael's discussion of Schwab vs. Fidelity into his existing thread: Schwab vs Fidelity - For Brokerage/Banking/Debit & Credit Card Use

This discussion was derailed. Let's stay focused on Fidelity here.
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MisterBill
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Re: Fidelity as a one stop shop

Post by MisterBill »

So, back to my bounced payment issue. I applied for margin and was approved for it. I also had a call with my Fidelity rep (I am a PCG client) and she was concerned that I did not get notified about the refused payment. Long story short she credited me back the $25 fee that Bank of America charged me for the returned check. She also had their people look into the original debit and said that they did not see anything, but I think she gave them the wrong date. She confirmed that now that I have margin on the account, I will not have this problem again. Something for people using this account as your everyday checking account to consider, especially now that money market accounts are paying almost no interest, and we're keeping our cash elsewhere.

Fidelity does have a backup funding option when you set up the Cash Manager, where you tell it external accounts to use, but it is only used to keep your balance up to whatever level you want, with a minimum of $250. That does not get used as overdraft coverage when your account is overdrawn. Even if I had used it to keep my account at $250, it still would not have helped since the attempted debit was over $2k, and I had $250 in cash, just not $2k.

I still need to call BofA to see if I can talk them out of it, and more importantly not charging me a finance charge on this month's bill, which I assume will happen. If I cannot, I will probably ask Fidelity to cover that as well.

Update - I never called BofA and got charged $19.05 finance charge for the month. I asked my Fidelity rep if they would cover it and her manager approved it. I may call BofA finally to just verify that I am not going to be charged a finance charge this month.
Last edited by MisterBill on Thu Mar 18, 2021 10:28 am, edited 1 time in total.
genevajim
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Re: Fidelity as a one stop shop

Post by genevajim »

Just finishing up moving things to fidelity and set up a joint a joint brokerage account with my DW. I setup Bill pay and toggle some alert settings and for some reason my DW received them instead of me.

In bill pay it just says set up your email in your profile. Which it is set correctly. I called fidelity 24/7 and they are scratching their heads. The only thing I can thing of is that we set up the joint account from my DW account initially so perhaps it somehow sends alerts to the primary account owner only??? I have been using my account to setup the Bill pay but don’t think that seems to matter since she can see everything I set up. But she doesn’t want the alerts and I do.

Anyone else experience this or know how to address?
BUBear29
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Re: Fidelity as a one stop shop

Post by BUBear29 »

genevajim wrote: Mon Mar 01, 2021 10:58 pm Just finishing up moving things to fidelity and set up a joint a joint brokerage account with my DW. I setup Bill pay and toggle some alert settings and for some reason my DW received them instead of me.

In bill pay it just says set up your email in your profile. Which it is set correctly. I called fidelity 24/7 and they are scratching their heads. The only thing I can thing of is that we set up the joint account from my DW account initially so perhaps it somehow sends alerts to the primary account owner only??? I have been using my account to setup the Bill pay but don’t think that seems to matter since she can see everything I set up. But she doesn’t want the alerts and I do.

Anyone else experience this or know how to address?
Not positive if there is a Billpay specific alert that happens but you can check how your standard alerts are set up. Profile>Communication Preferences>Alerts & notifications
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petercooperjr
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Re: Fidelity as a one stop shop

Post by petercooperjr »

BUBear29 wrote: Tue Mar 02, 2021 7:01 am Not positive if there is a Billpay specific alert that happens but you can check how your standard alerts are set up. Profile>Communication Preferences>Alerts & notifications
I go under the "News & Research" menu and choose Alerts, though it looks like it ends up in the same place. (Though I agree that it would make more sense for it to live under something called "Profile" than something called "News".)

I don't see anything specific to Bill Pay in there, but there are a lot of options and you and your wife should be able to each set up what you want. The whole alert interface is a bit overwhelming. I'm surprised that they couldn't figure out how to help you when you called in, though. If you don't see what you want, it might be worth trying calling again to see if you can get someone else?
genevajim
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Re: Fidelity as a one stop shop

Post by genevajim »

petercooperjr wrote: Wed Mar 03, 2021 12:24 am
BUBear29 wrote: Tue Mar 02, 2021 7:01 am Not positive if there is a Billpay specific alert that happens but you can check how your standard alerts are set up. Profile>Communication Preferences>Alerts & notifications
I go under the "News & Research" menu and choose Alerts, though it looks like it ends up in the same place. (Though I agree that it would make more sense for it to live under something called "Profile" than something called "News".)

I don't see anything specific to Bill Pay in there, but there are a lot of options and you and your wife should be able to each set up what you want. The whole alert interface is a bit overwhelming. I'm surprised that they couldn't figure out how to help you when you called in, though. If you don't see what you want, it might be worth trying calling again to see if you can get someone else?
Well i just got off the phone after a 1 hour wait on the 24/7 line and the person there said that for billpay it's tied to the person on the hook for the taxes. As i mentioned we created the account initially from my wife's account so that's what triggered that. it seems there should be an option to turn either joint account owner alerts on/off but that's not an option. Additionally, with our former bank the billpay service was set up separately so that she could create bills and pay them and i could create bills and pay them, with alerts and everything being separate --- which maybe was the exact opposite of this and not good either. Ideally would want to see something in between where we can have separate or joint bills as well as individual or join alerts.
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heartwood
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Re: Fidelity as a one stop shop

Post by heartwood »

Not spot on to alerts, but for joint CMA accounts we learned that it depends who has logged on. I logged onto our joint account via my phone and used mobile deposit on a business check made out to my wife. It showed as accepted, then was reversed the next day. I called and discussed it with Fido. They considered the check a rhird-party item since it was in my wife's name and I was logged on as me. They agreed she is joint on the account, but would have to logon with her username & PW to make the deposit.

Since then we've mobile deposited only at BOA or Vanguard.

Perhaps an argument for separate accounts, at least at Fido?
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gas_balloon
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Re: Fidelity as a one stop shop

Post by gas_balloon »

I recently deposited a Cashier's check to my cma account but it took 4 business days for the balance to become available to withdraw. With most other banks, I'm able to withdraw next business day on a cashier's check.

Is this normal? I've been actively using my cma for over 2 years now.
VictorStarr
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Re: Fidelity as a one stop shop

Post by VictorStarr »

gas_balloon wrote: Fri Mar 05, 2021 6:19 am I recently deposited a Cashier's check to my cma account but it took 4 business days for the balance to become available to withdraw. With most other banks, I'm able to withdraw next business day on a cashier's check.

Is this normal? I've been actively using my cma for over 2 years now.
I did not deposit cashier's check to my CMA but recently I deposited a personal check (>$1,000) and whole amount became available for withdrawal by morning of second business day.
spammagnet
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Re: Fidelity as a one stop shop

Post by spammagnet »

heartwood wrote: Thu Mar 04, 2021 9:52 am Not spot on to alerts, but for joint CMA accounts we learned that it depends who has logged on. I logged onto our joint account via my phone and used mobile deposit on a business check made out to my wife. It showed as accepted, then was reversed the next day. I called and discussed it with Fido. They considered the check a rhird-party item since it was in my wife's name and I was logged on as me. They agreed she is joint on the account, but would have to logon with her username & PW to make the deposit.

Since then we've mobile deposited only at BOA or Vanguard.

Perhaps an argument for separate accounts, at least at Fido?
Their issue is that you could be depositing a check to the joint account that she didn't intend to deposit there. You're giving yourself access to her private funds by depositing it in a joint account.
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Re: Fidelity as a one stop shop

Post by vtMaps »

spammagnet wrote: Sun Mar 07, 2021 1:26 pm
heartwood wrote: Thu Mar 04, 2021 9:52 am I logged onto our joint account via my phone and used mobile deposit on a business check made out to my wife. It showed as accepted, then was reversed the next day. I called and discussed it with Fido. They considered the check a rhird-party item since it was in my wife's name and I was logged on as me. They agreed she is joint on the account, but would have to logon with her username & PW to make the deposit.
Their issue is that you could be depositing a check to the joint account that she didn't intend to deposit there. You're giving yourself access to her private funds by depositing it in a joint account.
Ally works the same way... When I submit a deposit by smartphone, their computer tries to read the names and dates and may ask me to confirm certain details if it's not sure. Of course, all deposits are subject to human review and may be rejected after initial computer review and acceptance.

When I deposit a check made out to (and endorsed by) my wife to OUR Ally joint account, I get a warning dialog asking me to confirm the check is made out to me. I just click 'submit'. So far (several years) so good. None have been reversed.

--vtMaps
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heartwood
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Re: Fidelity as a one stop shop

Post by heartwood »

vtMaps wrote: Sun Mar 07, 2021 2:21 pm
spammagnet wrote: Sun Mar 07, 2021 1:26 pm
heartwood wrote: Thu Mar 04, 2021 9:52 am I logged onto our joint account via my phone and used mobile deposit on a business check made out to my wife. It showed as accepted, then was reversed the next day. I called and discussed it with Fido. They considered the check a rhird-party item since it was in my wife's name and I was logged on as me. They agreed she is joint on the account, but would have to logon with her username & PW to make the deposit.
Their issue is that you could be depositing a check to the joint account that she didn't intend to deposit there. You're giving yourself access to her private funds by depositing it in a joint account.
Ally works the same way... When I submit a deposit by smartphone, their computer tries to read the names and dates and may ask me to confirm certain details if it's not sure. Of course, all deposits are subject to human review and may be rejected after initial computer review and acceptance.

When I deposit a check made out to (and endorsed by) my wife to OUR Ally joint account, I get a warning dialog asking me to confirm the check is made out to me. I just click 'submit'. So far (several years) so good. None have been reversed.

--vtMaps
I've not had a problem at either BOA or Vanguard with mobile deposits. Maybe their rules are different or they're not on top of them.

Thanks for the comments. I hadn't considered the "she didn't intend to deposit there" aspect that they're protecting against. It leaves me feeling better about Fidelity.
Bcdkgf
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Re: Fidelity as a one stop shop

Post by Bcdkgf »

heartwood wrote: Sun Mar 07, 2021 2:47 pm
vtMaps wrote: Sun Mar 07, 2021 2:21 pm
spammagnet wrote: Sun Mar 07, 2021 1:26 pm
heartwood wrote: Thu Mar 04, 2021 9:52 am I logged onto our joint account via my phone and used mobile deposit on a business check made out to my wife. It showed as accepted, then was reversed the next day. I called and discussed it with Fido. They considered the check a rhird-party item since it was in my wife's name and I was logged on as me. They agreed she is joint on the account, but would have to logon with her username & PW to make the deposit.
Their issue is that you could be depositing a check to the joint account that she didn't intend to deposit there. You're giving yourself access to her private funds by depositing it in a joint account.
Ally works the same way... When I submit a deposit by smartphone, their computer tries to read the names and dates and may ask me to confirm certain details if it's not sure. Of course, all deposits are subject to human review and may be rejected after initial computer review and acceptance.

When I deposit a check made out to (and endorsed by) my wife to OUR Ally joint account, I get a warning dialog asking me to confirm the check is made out to me. I just click 'submit'. So far (several years) so good. None have been reversed.

--vtMaps
I've not had a problem at either BOA or Vanguard with mobile deposits. Maybe their rules are different or they're not on top of them.

Thanks for the comments. I hadn't considered the "she didn't intend to deposit there" aspect that they're protecting against. It leaves me feeling better about Fidelity.
I can't tell you how many times I drove to the bank and deposited my husband's paycheck. This is no different. I just deposited a Medicare Refund this morning in my husband's name while logged into Fidelity App on my phone. We'll see if they accept it. In the past they always have.

Updated 3/12. The check stayed deposited. Maybe it is the monetary amount?
Last edited by Bcdkgf on Fri Mar 12, 2021 9:25 am, edited 1 time in total.
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genevajim
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Re: Fidelity as a one stop shop

Post by genevajim »

genevajim wrote: Mon Mar 01, 2021 10:58 pm Just finishing up moving things to fidelity and set up a joint a joint brokerage account with my DW. I setup Bill pay and toggle some alert settings and for some reason my DW received them instead of me.

In bill pay it just says set up your email in your profile. Which it is set correctly. I called fidelity 24/7 and they are scratching their heads. The only thing I can thing of is that we set up the joint account from my DW account initially so perhaps it somehow sends alerts to the primary account owner only??? I have been using my account to setup the Bill pay but don’t think that seems to matter since she can see everything I set up. But she doesn’t want the alerts and I do.

Anyone else experience this or know how to address?
Looks like they are making changes to this very topic. Just visited the cash management area and now instead of a message saying to set your email alert with your email that is in your profile, they actually now have a link to an alerts page that lets you turn on email alerts, text alerts, etc. As well as add another email address and this is for a number of different cash management alerts. This can be toggled from either joint owner, so this is good news.
inbox788
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Re: Fidelity as a one stop shop

Post by inbox788 »

Bcdkgf wrote: Sun Mar 07, 2021 3:53 pm
heartwood wrote: Sun Mar 07, 2021 2:47 pm
vtMaps wrote: Sun Mar 07, 2021 2:21 pm
spammagnet wrote: Sun Mar 07, 2021 1:26 pm
heartwood wrote: Thu Mar 04, 2021 9:52 am I logged onto our joint account via my phone and used mobile deposit on a business check made out to my wife. It showed as accepted, then was reversed the next day. I called and discussed it with Fido. They considered the check a rhird-party item since it was in my wife's name and I was logged on as me. They agreed she is joint on the account, but would have to logon with her username & PW to make the deposit.
Their issue is that you could be depositing a check to the joint account that she didn't intend to deposit there. You're giving yourself access to her private funds by depositing it in a joint account.
Ally works the same way... When I submit a deposit by smartphone, their computer tries to read the names and dates and may ask me to confirm certain details if it's not sure. Of course, all deposits are subject to human review and may be rejected after initial computer review and acceptance.

When I deposit a check made out to (and endorsed by) my wife to OUR Ally joint account, I get a warning dialog asking me to confirm the check is made out to me. I just click 'submit'. So far (several years) so good. None have been reversed.

--vtMaps
I've not had a problem at either BOA or Vanguard with mobile deposits. Maybe their rules are different or they're not on top of them.

Thanks for the comments. I hadn't considered the "she didn't intend to deposit there" aspect that they're protecting against. It leaves me feeling better about Fidelity.
I can't tell you how many times I drove to the bank and deposited my husband's paycheck. This is no different. I just deposited a Medicare Refund this morning in my husband's name while logged into Fidelity App on my phone. We'll see if they accept it. In the past they always have.
I hope this strict name matching to account enforcement doesn't become a standard. I've been very happy with the loose interpretation, and hope there aren't a lot of complaints. IMO, it's going to be a lot more troublesome to enforce, and a disservice. Yes, you can be too careful with spending lots of time, effort and cost to make sure I'm logged into the proper account to deposit my $2 checks. If they catch or question "errors" on $200+ checks, I might tolerate that.

FWIW, tellers might have cared, but ATMs generally didn't. Don't know if that's the same now. I did have one check that needed 2 signatures that bounced back from an ATM, written to Customer1 and Customer2, deposited to a joint account titled by Customer1 and Customer2, but only endorsed by Customer1. I don't think Customer2 signature made any functional difference at all in this situation, but it did delay the deposit and waste a stamp and envelope.
The purpose of the joint endorsement is to prevent one individual from depositing or cashing a check without the knowledge or permission of the other person to whom the check is made out.
https://www.investopedia.com/terms/j/jo ... sement.asp
In these case, the deposit transaction shows up on the joint account along with the scan of the check, but they they're just following procedures to the letter.
VictorStarr
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Re: Fidelity as a one stop shop

Post by VictorStarr »

Today I noticed that Fidelity increased cash withdrawal limit for my individual CMA from $1020 to $1530.
I have another CMA, joint account, with ATM limit of $1000 that did not change.
Does anybody else experienced unasked changes in debit card limits?
Lyrrad
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Re: Fidelity as a one stop shop

Post by Lyrrad »

VictorStarr wrote: Sat Mar 13, 2021 10:46 pm Today I noticed that Fidelity increased cash withdrawal limit for my individual CMA from $1020 to $1530.
I have another CMA, joint account, with ATM limit of $1000 that did not change.
Does anybody else experienced unasked changes in debit card limits?
My CMA ATM limits are all still at $520, though I haven't used the cards in a while.

I previously opened additional CMA accounts to get around the limits, though I'd prefer to not have to carry multiple ATM cards.
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Leif
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Re: Fidelity as a one stop shop

Post by Leif »

VictorStarr wrote: Sat Mar 13, 2021 10:46 pm Today I noticed that Fidelity increased cash withdrawal limit for my individual CMA from $1020 to $1530.
I have another CMA, joint account, with ATM limit of $1000 that did not change.
Does anybody else experienced unasked changes in debit card limits?
Yes, I see that same as you. I see it on my CMA and brokerage account debit cards.
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heartwood
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Re: Fidelity as a one stop shop

Post by heartwood »

heartwood wrote: Tue Jan 26, 2021 10:35 am
VictorStarr wrote: Tue Jan 26, 2021 4:27 am
heartwood wrote: Mon Jan 25, 2021 4:49 pm I've looked at the Fidelity site and also googled w/o success.

I can EFT funds from my BOA checking to a 3rd party account at a different bank.

Can I do the same from Fidelity? With routing and account numbers, can I EFT from my Fidelity account to someone else at BOA? Online, w/o calling?
No, you can not do transfer to third party account.
You can use BillPay to send money to third party account.
In Fidelity BillPay create a new payee (Company, bank by name, and account number).
You may need a zip code. Do a search: "<bank name> deposit check by mail" to find an address.
Fidelity BillPay uses ACH transfer to make a payment to banks.
Thanks, just what I thought, no EFT to a 3rd party account.

Your comment "Fidelity BillPay uses ACH transfer to make a payment to banks." is not 100% so. In BillPay look at each Payee. To the right of the Payee name is an icon: pencil/paper means they send a check by USPS; a lighting bolt means ACH electronic transfer. I learned that sending my mortgage payment to Wells Fargo and it was caught in the USPS mess at year's end. So Fidelity to Wells Fargo is by paper check via USPS. I had a pay by date of 12/30. They show sending a check on 12/24; it arrived at WF on 1/6. I'm losing almost $1000 in 2020 taxes due to the interest being credited in 2021 instead of 2020.
I have an update on the Bill Pay from Fidelity to Wells Fargo. At least as of April 1 it now goes by ACH. I noticed when my payment was sent and debited from my account today. The Payee (Wells Fargo) now shows with a lighting bolt v. the pencil/paper that was there before.
GaryA505
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Re: Fidelity as a one stop shop

Post by GaryA505 »

I'm seeing the lightning bolt on the 3 credit cards I added to Fidelity BillPay. I'm still seeing the message for eBills not available, but I've heard that may take a billing cycle to be enabled.
"Get most of it right and don't make any big mistakes."
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heartwood
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Re: Fidelity as a one stop shop

Post by heartwood »

GaryA505 wrote: Thu Apr 01, 2021 1:14 pm I'm seeing the lightning bolt on the 3 credit cards I added to Fidelity BillPay. I'm still seeing the message for eBills not available, but I've heard that may take a billing cycle to be enabled.
Here's Fidelity's description of ebills: https://www.fidelity.com/cash-managemen ... s%20online.

As I look at my payees none of mine show an ebill option.
manuvns
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Re: Fidelity as a one stop shop

Post by manuvns »

does fidelity offer portfolio line of credit on the brokerage accounts ? like m1 finance ?
MrJedi
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Re: Fidelity as a one stop shop

Post by MrJedi »

manuvns wrote: Thu Apr 01, 2021 1:55 pm does fidelity offer portfolio line of credit on the brokerage accounts ? like m1 finance ?
Yes, the term most brokers use for this is margin loan.
manuvns
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Re: Fidelity as a one stop shop

Post by manuvns »

MrJedi wrote: Thu Apr 01, 2021 2:14 pm
manuvns wrote: Thu Apr 01, 2021 1:55 pm does fidelity offer portfolio line of credit on the brokerage accounts ? like m1 finance ?
Yes, the term most brokers use for this is margin loan.
well yaeh the margin rates offered by fido sucks nothing close to IBKR 1.59% or m1 finance 2%
corp_sharecropper
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Re: Fidelity as a one stop shop

Post by corp_sharecropper »

manuvns wrote: Thu Apr 01, 2021 2:41 pm
MrJedi wrote: Thu Apr 01, 2021 2:14 pm
manuvns wrote: Thu Apr 01, 2021 1:55 pm does fidelity offer portfolio line of credit on the brokerage accounts ? like m1 finance ?
Yes, the term most brokers use for this is margin loan.
well yaeh the margin rates offered by fido sucks nothing close to IBKR 1.59% or m1 finance 2%
You can negotiate a better rate. Just tell them you like being a customer but you want to utilize margin and their rate is too high so you'd like to see if they will offer a competitive rate or you will have to move your accounts elsewhere. I doubt you'll get IB-like rates but you might get closer to M1 level rates. Worth a shot. I haven't done this at Fidelity because I only use margin as an emergency overdraft, conversely I constantly carry a margin debit in my IB account (for investing).
tj
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Re: Fidelity as a one stop shop

Post by tj »

corp_sharecropper wrote: Thu Apr 01, 2021 3:56 pm
manuvns wrote: Thu Apr 01, 2021 2:41 pm
MrJedi wrote: Thu Apr 01, 2021 2:14 pm
manuvns wrote: Thu Apr 01, 2021 1:55 pm does fidelity offer portfolio line of credit on the brokerage accounts ? like m1 finance ?
Yes, the term most brokers use for this is margin loan.
well yaeh the margin rates offered by fido sucks nothing close to IBKR 1.59% or m1 finance 2%
You can negotiate a better rate. Just tell them you like being a customer but you want to utilize margin and their rate is too high so you'd like to see if they will offer a competitive rate or you will have to move your accounts elsewhere. I doubt you'll get IB-like rates but you might get closer to M1 level rates. Worth a shot. I haven't done this at Fidelity because I only use margin as an emergency overdraft, conversely I constantly carry a margin debit in my IB account (for investing).
How have you been utilizing the margin in your IB account? Is there a "safe" way that is moderately risky that's "worth it"? I've never played with margin before.
manuvns
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Re: Fidelity as a one stop shop

Post by manuvns »

tj wrote: Thu Apr 01, 2021 4:50 pm
corp_sharecropper wrote: Thu Apr 01, 2021 3:56 pm
manuvns wrote: Thu Apr 01, 2021 2:41 pm
MrJedi wrote: Thu Apr 01, 2021 2:14 pm
manuvns wrote: Thu Apr 01, 2021 1:55 pm does fidelity offer portfolio line of credit on the brokerage accounts ? like m1 finance ?
Yes, the term most brokers use for this is margin loan.
well yaeh the margin rates offered by fido sucks nothing close to IBKR 1.59% or m1 finance 2%
You can negotiate a better rate. Just tell them you like being a customer but you want to utilize margin and their rate is too high so you'd like to see if they will offer a competitive rate or you will have to move your accounts elsewhere. I doubt you'll get IB-like rates but you might get closer to M1 level rates. Worth a shot. I haven't done this at Fidelity because I only use margin as an emergency overdraft, conversely I constantly carry a margin debit in my IB account (for investing).
How have you been utilizing the margin in your IB account? Is there a "safe" way that is moderately risky that's "worth it"? I've never played with margin before.
you will have to learn option trading in order to utilize margin with lower risk . or may be look for carry trades when things are on sale .
Shade00
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Re: Fidelity as a one stop shop

Post by Shade00 »

I'm moving outside the footprint of my regional bank and trying to decide whether to go with Fidelity or Schwab as a one-stop-shop. I'm leaning to Fidelity, but a couple of questions.

1. Can you get cashier's checks in person at the Investor Centers? If so, can they be drawn on the CMA?
2. Can you deposit checks at the Investor Centers? (I know you can't deposit cash)
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8foot7
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Re: Fidelity as a one stop shop

Post by 8foot7 »

Shade00 wrote: Sun May 16, 2021 11:45 am I'm moving outside the footprint of my regional bank and trying to decide whether to go with Fidelity or Schwab as a one-stop-shop. I'm leaning to Fidelity, but a couple of questions.

1. Can you get cashier's checks in person at the Investor Centers? If so, can they be drawn on the CMA?
2. Can you deposit checks at the Investor Centers? (I know you can't deposit cash)
No to 1
Yes to 2
GaryA505
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Location: New Mexico

Re: Fidelity as a one stop shop

Post by GaryA505 »

I probably won't be using Fidelity as a one-stop shop because they can't seem to get their eBills feature working.
"Get most of it right and don't make any big mistakes."
gpburdell
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Re: Fidelity as a one stop shop

Post by gpburdell »

marcopolo wrote: Mon Feb 01, 2021 4:55 am I transfer money from my CMA to my son's CMA account quite often using bill pay.
Zelle payments are the one thing I use alot that Fidelity doesn't support. I buy for alot of stuff for my parents every month (Amazon , Costco, Wayfair etc) and we use Zelle to transfer money from their checking account to mine. This is on average 1k a month or more. Though it's not that bad as Zelle payments are nearly instantaneous and always immediately available for withdrawal and takes 1 business days to move the money to Fido.
gpburdell
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Re: Fidelity as a one stop shop

Post by gpburdell »

Shade00 wrote: Sun May 16, 2021 11:45 am 2. Can you deposit checks at the Investor Centers? (I know you can't deposit cash)
Just use the Fidelity app to deposit checks
Shade00
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Re: Fidelity as a one stop shop

Post by Shade00 »

gpburdell wrote: Sun May 16, 2021 2:51 pm
Shade00 wrote: Sun May 16, 2021 11:45 am 2. Can you deposit checks at the Investor Centers? (I know you can't deposit cash)
Just use the Fidelity app to deposit checks
I'm fine with mobile deposit, but anticipate having a check larger than my limit from home sale proceeds in the next couple of months.
gpburdell
Posts: 267
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Re: Fidelity as a one stop shop

Post by gpburdell »

Shade00 wrote: Sun May 16, 2021 2:55 pm I'm fine with mobile deposit, but anticipate having a check larger than my limit from home sale proceeds in the next couple of months.
I'd call Fidelity and see if they can raise the limit at least temporarily once you get the check. My limit is 100k, but I've seen people say they have a limit of 200k.

It's like online transfers being limited to 250k, but there is a message on the screen that says you can call in for larger transactions.
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