Fidelity as a one stop shop

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
BUBear29
Posts: 293
Joined: Wed Aug 19, 2015 4:20 pm
Location: DFW

Re: Fidelity as a one stop shop

Post by BUBear29 » Sat Aug 31, 2019 12:54 pm

Curious to get Fidelity users response here:

I have a taxable account I am saving for my daughters’ (2 currently under 2yo) future cars, wedding and house downpayment savings. I want this account to be a whole portfolio. I want to know what etf’s people at Fidelity would use to construct a whole portfolio in taxable. Currently I have 500 free trades (and only buy twice a year when rebalancing), and my thought for a portfolio was the following:
1) VT (Vanguard Total World etf) for stock position @ 80%
2) VTEB (Vanguard Muni tax exempt bond etf) @ 20%

Thoughts? Criticisms? I prefer not to use ishares etfs ar this time until the Vanguard patent expires in 2021 - want to see what Fidelity does with their index funds/eft options.
There is no dignity quite so impressive, and no one independence quite so important, as living within your means.

User avatar
vineviz
Posts: 6652
Joined: Tue May 15, 2018 1:55 pm

Re: Fidelity as a one stop shop

Post by vineviz » Sat Aug 31, 2019 1:01 pm

BUBear29 wrote:
Sat Aug 31, 2019 12:54 pm
Curious to get Fidelity users response here:

I have a taxable account I am saving for my daughters’ (2 currently under 2yo) future cars, wedding and house downpayment savings. I want this account to be a whole portfolio. I want to know what etf’s people at Fidelity would use to construct a whole portfolio in taxable. Currently I have 500 free trades (and only buy twice a year when rebalancing), and my thought for a portfolio was the following:
1) VT (Vanguard Total World etf) for stock position @ 80%
2) VTEB (Vanguard Muni tax exempt bond etf) @ 20%

Thoughts? Criticisms? I prefer not to use ishares etfs ar this time until the Vanguard patent expires in 2021 - want to see what Fidelity does with their index funds/eft options.
For a goal like this, 100% VT is as close to a while portfolio as anyone needs to get IMHO.

Why manage volatility at the cost of return in an investment with a 30 year horizon?
"Far more money has been lost by investors preparing for corrections than has been lost in corrections themselves." ~~ Peter Lynch

montee4
Posts: 17
Joined: Fri Jun 10, 2016 6:32 am

Re: Fidelity as a one stop shop

Post by montee4 » Sat Aug 31, 2019 1:17 pm

boston10 wrote:
Fri Aug 30, 2019 7:25 pm
Does anyone know how long it takes for them to lift your mobile check deposit limit? How much money and/or how much time? Any datapoints would be appreciated.
I don't know if it is time based. As an example, my SmartCash account which I have had with them for a long time still has a limit of 10K, but the brokerage account I opened a few months ago now has a 200K deposit limit. So that doesn't make sense to me based on any account age rules. It may be because I direct deposit my paychecks into the brokerage account, but am not 100% that is why.

User avatar
JoMoney
Posts: 9331
Joined: Tue Jul 23, 2013 5:31 am

Re: Fidelity as a one stop shop

Post by JoMoney » Sat Aug 31, 2019 4:45 pm

boston10 wrote:
Fri Aug 30, 2019 7:25 pm
Does anyone know how long it takes for them to lift your mobile check deposit limit? How much money and/or how much time? Any datapoints would be appreciated.
Huh :confused I didn't even know that was a variable thing. I'm "limited" to $50,000 a day in mobile check deposits. I thought that was just standard across the board.
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham

marcopolo
Posts: 3033
Joined: Sat Dec 03, 2016 10:22 am

Re: Fidelity as a one stop shop

Post by marcopolo » Sat Aug 31, 2019 5:16 pm

JoMoney wrote:
Sat Aug 31, 2019 4:45 pm
boston10 wrote:
Fri Aug 30, 2019 7:25 pm
Does anyone know how long it takes for them to lift your mobile check deposit limit? How much money and/or how much time? Any datapoints would be appreciated.
Huh :confused I didn't even know that was a variable thing. I'm "limited" to $50,000 a day in mobile check deposits. I thought that was just standard across the board.
I am not sure how they determine the limit, but it must vary. I discovered that ours is $500k/day when I went to deposit a check last week from settlement of selling our house.
Once in a while you get shown the light, in the strangest of places if you look at it right.

Cash
Posts: 1535
Joined: Wed Mar 10, 2010 10:52 am

Re: Fidelity as a one stop shop

Post by Cash » Sun Sep 01, 2019 4:00 pm

montee4 wrote:
Sat Aug 31, 2019 1:17 pm
boston10 wrote:
Fri Aug 30, 2019 7:25 pm
Does anyone know how long it takes for them to lift your mobile check deposit limit? How much money and/or how much time? Any datapoints would be appreciated.
I don't know if it is time based. As an example, my SmartCash account which I have had with them for a long time still has a limit of 10K, but the brokerage account I opened a few months ago now has a 200K deposit limit. So that doesn't make sense to me based on any account age rules. It may be because I direct deposit my paychecks into the brokerage account, but am not 100% that is why.
I deposit checks into my CMA very infrequently, but mine is $200k as well. But like you, I also receive direct deposits there.

User avatar
bostondan
Posts: 628
Joined: Sun Aug 18, 2013 12:21 pm
Location: Boston, MA

Re: Fidelity as a one stop shop

Post by bostondan » Mon Sep 02, 2019 12:25 pm

Just started switching everything over to Fidelity from Bank of America and have encountered the following issues:

1) Venmo does not appear to be supported anymore, despite what the Fidelity website says. It will not allow me to add by routing and account number. I chatted with Venmo and they said the routing number is not supported. There are some people on Twitter who seem to also have this issue. Fidelity keeps replying by just saying, "Please add your routing number and account number to Venmo." The Fidelity Twitter robot is clearly not actually reading the tweets.

2) Venmo cannot receive funds via Fidelity debit card, because the Fidelity debit card does not support instant transfer. So I could send money, but could not transfer it out of Venmo.

3) Zelle is not supported. I tried adding by debit card, but it does not work for the same reason as item 2 (no instant transfer support by Fidelity debit card).

Given how popular these money transfer services are, Fidelity should really work on getting them fully supported. I don't use Venmo or Zelle often enough to have this thwart my plan to use Fidelity, but I use them frequently enough that I expect this is going to be an annoying issue.
“There may be times when we are powerless to prevent injustice, but there must never be a time when we fail to protest.” - Elie Wiesel

BUBear29
Posts: 293
Joined: Wed Aug 19, 2015 4:20 pm
Location: DFW

Re: Fidelity as a one stop shop

Post by BUBear29 » Mon Sep 02, 2019 1:02 pm

My CMA is connected to my Venmo account. Can transfer money in and out with no issue.
There is no dignity quite so impressive, and no one independence quite so important, as living within your means.

User avatar
bostondan
Posts: 628
Joined: Sun Aug 18, 2013 12:21 pm
Location: Boston, MA

Re: Fidelity as a one stop shop

Post by bostondan » Mon Sep 02, 2019 1:05 pm

BUBear29 wrote:
Mon Sep 02, 2019 1:02 pm
My CMA is connected to my Venmo account. Can transfer money in and out with no issue.
Correct. That's why I added "does not appear to be supported anymore." It seems they are unable to connect new accounts to Venmo. I confirmed with Venmo that the routing number is on their list of unsupported accounts.

Perhaps Fidelity is using a new routing number for recently opened accounts, or something has changed on the Venmo side. On Twitter, people are reporting issues when adding new Fidelity accounts, or updating old ones. Anybody who has the account linked already does not seem to be experiencing problems.
“There may be times when we are powerless to prevent injustice, but there must never be a time when we fail to protest.” - Elie Wiesel

BUBear29
Posts: 293
Joined: Wed Aug 19, 2015 4:20 pm
Location: DFW

Re: Fidelity as a one stop shop

Post by BUBear29 » Mon Sep 02, 2019 1:17 pm

Same routing. Appears to be a Venmo issue
There is no dignity quite so impressive, and no one independence quite so important, as living within your means.

User avatar
bostondan
Posts: 628
Joined: Sun Aug 18, 2013 12:21 pm
Location: Boston, MA

Re: Fidelity as a one stop shop

Post by bostondan » Mon Sep 02, 2019 1:19 pm

BUBear29 wrote:
Mon Sep 02, 2019 1:17 pm
Same routing. Appears to be a Venmo issue

I wonder if your bank transfer would fail if you tried now. Venmo support seemed pretty clear that the routing number is not supported. Or perhaps it will be enabled again soon. All the Twitter comments are over the past couple weeks.
“There may be times when we are powerless to prevent injustice, but there must never be a time when we fail to protest.” - Elie Wiesel

User avatar
Artsdoctor
Posts: 4238
Joined: Thu Jun 28, 2012 3:09 pm
Location: Los Angeles, CA

Re: Fidelity as a one stop shop

Post by Artsdoctor » Mon Sep 02, 2019 2:37 pm

JoMoney wrote:
Sat Aug 31, 2019 4:45 pm
boston10 wrote:
Fri Aug 30, 2019 7:25 pm
Does anyone know how long it takes for them to lift your mobile check deposit limit? How much money and/or how much time? Any datapoints would be appreciated.
Huh :confused I didn't even know that was a variable thing. I'm "limited" to $50,000 a day in mobile check deposits. I thought that was just standard across the board.
I wish I could clarify but I can't. At Vanguard, the amount of time that it took to clear money pulled into the Advantage account took the same number of days at the beginning than years later. Also, Vanguard had a strict maximum on the mobile check deposits per day although I never challenged them.

At Fidelity, it seems to be far more fluid. I noticed that when I switched over from the Vanguard Advantage account several months ago, funds deposited into the Fidelity brokerage account from my Wells Fargo business account were held several days just like I had come to expect at Vanguard. However, I now pull funds from that same Wells Fargo account into the Fidelity brokerage account and they're ready the next day. Perhaps it's because I have plenty of money at Fidelity to cover it but Vanguard never loosened up its protocol.

Likewise, I was told there was a $50,000 daily limit at Fidelity for mobile deposits but I recent made a mobile deposit for more. I wasn't flagged and the deposit went through without a problem.

I can't advise anyone regarding data points. From my own personal experience, everything seems to happen faster at Fidelity and I find that their rules become more relaxed over time.

Murgatroyd
Posts: 397
Joined: Sun Jan 21, 2018 8:23 pm

Re: Fidelity as a one stop shop

Post by Murgatroyd » Mon Sep 02, 2019 2:55 pm

Artsdoctor wrote:
Mon Sep 02, 2019 2:37 pm
JoMoney wrote:
Sat Aug 31, 2019 4:45 pm
boston10 wrote:
Fri Aug 30, 2019 7:25 pm
Does anyone know how long it takes for them to lift your mobile check deposit limit? How much money and/or how much time? Any datapoints would be appreciated.
Huh :confused I didn't even know that was a variable thing. I'm "limited" to $50,000 a day in mobile check deposits. I thought that was just standard across the board.
I wish I could clarify but I can't. At Vanguard, the amount of time that it took to clear money pulled into the Advantage account took the same number of days at the beginning than years later. Also, Vanguard had a strict maximum on the mobile check deposits per day although I never challenged them.

At Fidelity, it seems to be far more fluid. I noticed that when I switched over from the Vanguard Advantage account several months ago, funds deposited into the Fidelity brokerage account from my Wells Fargo business account were held several days just like I had come to expect at Vanguard. However, I now pull funds from that same Wells Fargo account into the Fidelity brokerage account and they're ready the next day. Perhaps it's because I have plenty of money at Fidelity to cover it but Vanguard never loosened up its protocol.

Likewise, I was told there was a $50,000 daily limit at Fidelity for mobile deposits but I recent made a mobile deposit for more. I wasn't flagged and the deposit went through without a problem.

I can't advise anyone regarding data points. From my own personal experience, everything seems to happen faster at Fidelity and I find that their rules become more relaxed over time.
Based on a comment by our advisor, I believe he receives a notice every time unusual funds are moving in/out of our account. Perhaps there is a flexible approval mechanism also at work which may explain your experience. We are private client so maybe that’s where flexibility lies. Just speculation.

BUBear29
Posts: 293
Joined: Wed Aug 19, 2015 4:20 pm
Location: DFW

Re: Fidelity as a one stop shop

Post by BUBear29 » Mon Sep 02, 2019 3:26 pm

bostondan wrote:
Mon Sep 02, 2019 1:19 pm
BUBear29 wrote:
Mon Sep 02, 2019 1:17 pm
Same routing. Appears to be a Venmo issue

I wonder if your bank transfer would fail if you tried now. Venmo support seemed pretty clear that the routing number is not supported. Or perhaps it will be enabled again soon. All the Twitter comments are over the past couple weeks.
Nope it worked. I just sent $5 to my wife. Weird
There is no dignity quite so impressive, and no one independence quite so important, as living within your means.

User avatar
bostondan
Posts: 628
Joined: Sun Aug 18, 2013 12:21 pm
Location: Boston, MA

Re: Fidelity as a one stop shop

Post by bostondan » Mon Sep 02, 2019 3:29 pm

BUBear29 wrote:
Mon Sep 02, 2019 3:26 pm
bostondan wrote:
Mon Sep 02, 2019 1:19 pm
BUBear29 wrote:
Mon Sep 02, 2019 1:17 pm
Same routing. Appears to be a Venmo issue

I wonder if your bank transfer would fail if you tried now. Venmo support seemed pretty clear that the routing number is not supported. Or perhaps it will be enabled again soon. All the Twitter comments are over the past couple weeks.
Nope it worked. I just sent $5 to my wife. Weird
Maybe they just froze new accounts for some reason. Venmo might also have an issue once it actually tries to process the withdrawal from your Fidelity account, which takes a couple business days. It approves your transfer before actually taking it from your bank account.

Report back once you confirm it took the money from your Fidelity account. That will be helpful for when I report this bug. My wealth management guy has always been helpful in getting issues resolved at a high level. I already let him know about my initial issues, but he only replies to email during business hours.
“There may be times when we are powerless to prevent injustice, but there must never be a time when we fail to protest.” - Elie Wiesel

BUBear29
Posts: 293
Joined: Wed Aug 19, 2015 4:20 pm
Location: DFW

Re: Fidelity as a one stop shop

Post by BUBear29 » Mon Sep 02, 2019 3:46 pm

will do
There is no dignity quite so impressive, and no one independence quite so important, as living within your means.

boston10
Posts: 46
Joined: Sun Aug 21, 2016 9:44 am

Re: Fidelity as a one stop shop

Post by boston10 » Tue Sep 03, 2019 5:12 am

I paid a bill through bill pay to my condo association using a paper check, with a deliver by date of Friday 8/30. Now the pending bill pay transaction has disappeared, but the money hasn't yet been pulled from my account.

Is this just the way Fidelity works, where they don't pull the money from your account until the check is deposited and has cleared? I'm used to Bank of America's process, where if they send a paper check, they make your money unavailable on the deliver by date whether or not the payee has received or deposited it.

vtMaps
Posts: 682
Joined: Tue Oct 14, 2008 12:05 pm
Location: central Vermont

Re: Fidelity as a one stop shop

Post by vtMaps » Tue Sep 03, 2019 5:20 am

boston10 wrote:
Tue Sep 03, 2019 5:12 am
Is this just the way Fidelity works, where they don't pull the money from your account until the check is deposited and has cleared?
Yes. I wouldn't use a bill pay service that didn't work that way. --vtMaps
Historical Fact: Justin Smith Morrill represented Vermont in congress, had a dog named 'Trump', and wrote legislation establishing the Land Grant Colleges.

boston10
Posts: 46
Joined: Sun Aug 21, 2016 9:44 am

Re: Fidelity as a one stop shop

Post by boston10 » Tue Sep 03, 2019 5:41 am

vtMaps wrote:
Tue Sep 03, 2019 5:20 am
boston10 wrote:
Tue Sep 03, 2019 5:12 am
Is this just the way Fidelity works, where they don't pull the money from your account until the check is deposited and has cleared?
Yes. I wouldn't use a bill pay service that didn't work that way. --vtMaps
Depending on the volume of bills you're paying through paper checks, and how good the payees are at depositing them in a timely manner, this could create confusion. Part of the allure of bill pay is so I don't need to balance my checkbook; having to keep track of what checks have been deposited is kind of a pain. Then again, it allows me to keep more of my cash in my account for longer, so I get more interest. I suppose it all comes out in the wash; I'll get used to it.

BUBear29
Posts: 293
Joined: Wed Aug 19, 2015 4:20 pm
Location: DFW

Re: Fidelity as a one stop shop

Post by BUBear29 » Tue Sep 03, 2019 10:33 am

bostondan wrote:
Mon Sep 02, 2019 3:29 pm
BUBear29 wrote:
Mon Sep 02, 2019 3:26 pm
bostondan wrote:
Mon Sep 02, 2019 1:19 pm
BUBear29 wrote:
Mon Sep 02, 2019 1:17 pm
Same routing. Appears to be a Venmo issue

I wonder if your bank transfer would fail if you tried now. Venmo support seemed pretty clear that the routing number is not supported. Or perhaps it will be enabled again soon. All the Twitter comments are over the past couple weeks.
Nope it worked. I just sent $5 to my wife. Weird
Maybe they just froze new accounts for some reason. Venmo might also have an issue once it actually tries to process the withdrawal from your Fidelity account, which takes a couple business days. It approves your transfer before actually taking it from your bank account.

Report back once you confirm it took the money from your Fidelity account. That will be helpful for when I report this bug. My wealth management guy has always been helpful in getting issues resolved at a high level. I already let him know about my initial issues, but he only replies to email during business hours.
Venmo funds debited this morning from my CMA
There is no dignity quite so impressive, and no one independence quite so important, as living within your means.

Horsefly
Posts: 588
Joined: Sat Oct 24, 2015 8:13 am
Location: Colorado, mostly

Re: Fidelity as a one stop shop

Post by Horsefly » Tue Sep 03, 2019 12:49 pm

boston10 wrote:
Tue Sep 03, 2019 5:41 am
vtMaps wrote:
Tue Sep 03, 2019 5:20 am
boston10 wrote:
Tue Sep 03, 2019 5:12 am
Is this just the way Fidelity works, where they don't pull the money from your account until the check is deposited and has cleared?
Yes. I wouldn't use a bill pay service that didn't work that way. --vtMaps
Depending on the volume of bills you're paying through paper checks, and how good the payees are at depositing them in a timely manner, this could create confusion. Part of the allure of bill pay is so I don't need to balance my checkbook; having to keep track of what checks have been deposited is kind of a pain. Then again, it allows me to keep more of my cash in my account for longer, so I get more interest. I suppose it all comes out in the wash; I'll get used to it.
I don't actually use my CMA for bill pay, and this is one of the reasons. There's a period of time during which the payment doesn't show as pending, and doesn't show as paid. It's just nowhere. If you have enough such payments, it's easy to think maybe you forgot to make it. I don't like that.

I didn't like the way Wells Fargo did it either. They basically take the money from my checking as soon as they cut the check. If the check never gets cashed, it still shows as paid. In fact, you have to ask them to stop the check if the recipient lost it or otherwise doesn't cash it (this happened to me). This is one of many reasons I left Wells Fargo and went to Ally.

I'm having trouble remembering exactly how Ally does it, but I do know I like it better. I believe they mark a payment as being processed when they send the paper check, but they don't debit my checking account until the check is cleared. I like that better than either the way the Fidelity CMA does it or how Wells does it. I'd have to say, of the three I dislike the CMA way of doing it the most.

User avatar
bostondan
Posts: 628
Joined: Sun Aug 18, 2013 12:21 pm
Location: Boston, MA

Re: Fidelity as a one stop shop

Post by bostondan » Tue Sep 03, 2019 12:52 pm

BUBear29 wrote:
Tue Sep 03, 2019 10:33 am
bostondan wrote:
Mon Sep 02, 2019 3:29 pm
BUBear29 wrote:
Mon Sep 02, 2019 3:26 pm
bostondan wrote:
Mon Sep 02, 2019 1:19 pm
BUBear29 wrote:
Mon Sep 02, 2019 1:17 pm
Same routing. Appears to be a Venmo issue

I wonder if your bank transfer would fail if you tried now. Venmo support seemed pretty clear that the routing number is not supported. Or perhaps it will be enabled again soon. All the Twitter comments are over the past couple weeks.
Nope it worked. I just sent $5 to my wife. Weird
Maybe they just froze new accounts for some reason. Venmo might also have an issue once it actually tries to process the withdrawal from your Fidelity account, which takes a couple business days. It approves your transfer before actually taking it from your bank account.

Report back once you confirm it took the money from your Fidelity account. That will be helpful for when I report this bug. My wealth management guy has always been helpful in getting issues resolved at a high level. I already let him know about my initial issues, but he only replies to email during business hours.
Venmo funds debited this morning from my CMA
Good to know it theoretically works still. My local wealth management guy tried it himself this morning and was unable to add a new Fidelity account to his Venmo account. He felt this was concerning and is escalating the issue.
“There may be times when we are powerless to prevent injustice, but there must never be a time when we fail to protest.” - Elie Wiesel

boston10
Posts: 46
Joined: Sun Aug 21, 2016 9:44 am

Re: Fidelity as a one stop shop

Post by boston10 » Tue Sep 03, 2019 1:14 pm

Horsefly wrote:
Tue Sep 03, 2019 12:49 pm
boston10 wrote:
Tue Sep 03, 2019 5:41 am
vtMaps wrote:
Tue Sep 03, 2019 5:20 am
boston10 wrote:
Tue Sep 03, 2019 5:12 am
Is this just the way Fidelity works, where they don't pull the money from your account until the check is deposited and has cleared?
Yes. I wouldn't use a bill pay service that didn't work that way. --vtMaps
Depending on the volume of bills you're paying through paper checks, and how good the payees are at depositing them in a timely manner, this could create confusion. Part of the allure of bill pay is so I don't need to balance my checkbook; having to keep track of what checks have been deposited is kind of a pain. Then again, it allows me to keep more of my cash in my account for longer, so I get more interest. I suppose it all comes out in the wash; I'll get used to it.
I don't actually use my CMA for bill pay, and this is one of the reasons. There's a period of time during which the payment doesn't show as pending, and doesn't show as paid. It's just nowhere. If you have enough such payments, it's easy to think maybe you forgot to make it. I don't like that.

I didn't like the way Wells Fargo did it either. They basically take the money from my checking as soon as they cut the check. If the check never gets cashed, it still shows as paid. In fact, you have to ask them to stop the check if the recipient lost it or otherwise doesn't cash it (this happened to me). This is one of many reasons I left Wells Fargo and went to Ally.

I'm having trouble remembering exactly how Ally does it, but I do know I like it better. I believe they mark a payment as being processed when they send the paper check, but they don't debit my checking account until the check is cleared. I like that better than either the way the Fidelity CMA does it or how Wells does it. I'd have to say, of the three I dislike the CMA way of doing it the most.
I just noticed there's a section called "Outstanding BillPay Checks". That's pretty good, I think. The tooltip that pops up in you click the question mark says:

"This section includes the last 60 days of outstanding checks that have not been debited from your account. Items in red have a Deliver By date that is 10 or more days in the past."

I think that's reasonable enough to allow me to keep track, you just have to know where to look.

With Bank of America, the money is debited on the deliver by date - not before, and not after. It's simple and straightforward, without being as anti-consumer as the Wells Fargo approach (I also have a WF account and am annoyed by that). But the CMA approach that allows you to see the current status of billpay checks without taking the money out of your account is a pretty good one.

ghost9804
Posts: 22
Joined: Sun Apr 15, 2012 12:43 pm

Re: Fidelity as a one stop shop

Post by ghost9804 » Wed Sep 04, 2019 9:34 pm

BUBear29 wrote:
Sat Aug 10, 2019 10:16 pm
addicoe wrote:
Sat Aug 10, 2019 4:18 pm
So I ran into a snag today (Saturday). I went to a bank of america ATM to withdraw some cash from my CMA (which has overdraft turned on and $0 in it), but the transaction was declined due to insufficient funds. So it did not automatically overdraft any cash into the CMA from the investment account. Is that expected? That was one of the main reasons I was going to use Fidelity.
I read issues with this from others. So what i decided to do was maintain $500 (daily atm limit) in my cma and only use it for atm. I setup auto-replenish (minimum amount of $250 i believe) when the balance drops below $500. So the max that will ever be in the cma is $750. I use brokerage account as main account and for checking purposes. this setup has worked very well for me
When I set the auto-replenish with minimum target balance, it seems that Fidelity ignores the MM fund and only count the core FDIC sweep into the minimum balance, resulting in over funding the CMA. Is this also the case for you?

Also, another question is that, if I tap below the minimum target balance multiple times in one day, would it result in multiple auto-replenish actions? if so, then it setup seems not quite useful for fraud protection.

BUBear29
Posts: 293
Joined: Wed Aug 19, 2015 4:20 pm
Location: DFW

Re: Fidelity as a one stop shop

Post by BUBear29 » Wed Sep 04, 2019 9:55 pm

ghost9804 wrote:
Wed Sep 04, 2019 9:34 pm
BUBear29 wrote:
Sat Aug 10, 2019 10:16 pm
addicoe wrote:
Sat Aug 10, 2019 4:18 pm
So I ran into a snag today (Saturday). I went to a bank of america ATM to withdraw some cash from my CMA (which has overdraft turned on and $0 in it), but the transaction was declined due to insufficient funds. So it did not automatically overdraft any cash into the CMA from the investment account. Is that expected? That was one of the main reasons I was going to use Fidelity.
I read issues with this from others. So what i decided to do was maintain $500 (daily atm limit) in my cma and only use it for atm. I setup auto-replenish (minimum amount of $250 i believe) when the balance drops below $500. So the max that will ever be in the cma is $750. I use brokerage account as main account and for checking purposes. this setup has worked very well for me
When I set the auto-replenish with minimum target balance, it seems that Fidelity ignores the MM fund and only count the core FDIC sweep into the minimum balance, resulting in over funding the CMA. Is this also the case for you?

Also, another question is that, if I tap below the minimum target balance multiple times in one day, would it result in multiple auto-replenish actions? if so, then it setup seems not quite useful for fraud protection.
Hmm can’t answer your first question as I only keep $500 in my CMA in the FDIC portion. All my other funds are in brokerage account MM fund.

Fidelity checks the balance every night and transfer overnight. You’ll get a email notice if you set the alerts.
There is no dignity quite so impressive, and no one independence quite so important, as living within your means.

User avatar
bostondan
Posts: 628
Joined: Sun Aug 18, 2013 12:21 pm
Location: Boston, MA

Re: Fidelity as a one stop shop

Post by bostondan » Wed Sep 04, 2019 10:22 pm

bostondan wrote:
Tue Sep 03, 2019 12:52 pm
Good to know it theoretically works still. My local wealth management guy tried it himself this morning and was unable to add a new Fidelity account to his Venmo account. He felt this was concerning and is escalating the issue.
Well, it seems that it was effectively escalated and likely resolved. I was able to add the account to Venmo tonight and now just need to do the verification deposits to complete adding it.

However, I have had trial deposits rejected from Ally and Schwab while trying to add the Fidelity account as an external account. Both of them said that they received ACH error R23: Credit Entry Refused by Receiver.

Both Ally and Schwab say that the issue is not on their end and that Fidelity rejected the small deposit verifications for unclear reasons. Fidelity has been unable to give me a clear answer yet and claim that my account looks just fine and should have been able to receive the trial deposits. Everybody verified that I had the account info correct. I had copy/pasted the account/routing info from the Fidelity website, so a typo was not likely.

Strangely, I was able to connect my Capital One account without a problem. The trial deposits came through after 1 business day. Some other accounts successfully added that didn't require verification deposits, but I suppose it is possible those won't work if I actually try to do a transfer.

I'm not sure if it matters, but I used the longer account number from the Fidelity website for connecting all these accounts. I haven't yet received my checks, so I could not use the account number on the check. I spoke with someone at Fidelity who claims that both account numbers are perfectly fine and it should not matter. He said he routinely uses the longer non-check writing account number himself and has also used the account number found on his Fidelity checks, which is a bit shorter. They both have the same last 9 digits, which he says is what matters.

Hopefully these are all just some standard growing pains as I transition from Bank of America to Fidelity.
“There may be times when we are powerless to prevent injustice, but there must never be a time when we fail to protest.” - Elie Wiesel

BUBear29
Posts: 293
Joined: Wed Aug 19, 2015 4:20 pm
Location: DFW

Re: Fidelity as a one stop shop

Post by BUBear29 » Wed Sep 04, 2019 10:30 pm

bostondan wrote:
Wed Sep 04, 2019 10:22 pm
bostondan wrote:
Tue Sep 03, 2019 12:52 pm
Good to know it theoretically works still. My local wealth management guy tried it himself this morning and was unable to add a new Fidelity account to his Venmo account. He felt this was concerning and is escalating the issue.
Well, it seems that it was effectively escalated and likely resolved. I was able to add the account to Venmo tonight and now just need to do the verification deposits to complete adding it.

However, I have had trial deposits rejected from Ally and Schwab while trying to add the Fidelity account as an external account. Both of them said that they received ACH error R23: Credit Entry Refused by Receiver.

Both Ally and Schwab say that the issue is not on their end and that Fidelity rejected the small deposit verifications for unclear reasons. Fidelity has been unable to give me a clear answer yet and claim that my account looks just fine and should have been able to receive the trial deposits. Everybody verified that I had the account info correct. I had copy/pasted the account/routing info from the Fidelity website, so a typo was not likely.

Strangely, I was able to connect my Capital One account without a problem. The trial deposits came through after 1 business day. Some other accounts successfully added that didn't require verification deposits, but I suppose it is possible those won't work if I actually try to do a transfer.

I'm not sure if it matters, but I used the longer account number from the Fidelity website for connecting all these accounts. I haven't yet received my checks, so I could not use the account number on the check. I spoke with someone at Fidelity who claims that both account numbers are perfectly fine and it should not matter. He said he routinely uses the longer non-check writing account number himself and has also used the account number found on his Fidelity checks, which is a bit shorter. They both have the same last 9 digits, which he says is what matters.

Hopefully these are all just some standard growing pains as I transition from Bank of America to Fidelity.
strange that it didnt work for Ally or Schwab. Maybe better luck with the check numbers.

I’ve used the long version for my work DD, Chase CC, Citi CC and USAA CC no problem.

May work best to initally add the Schwab and Ally accounts to your Fidelity profile for transfer from Fidelity.

Glad the Venmo issue was fixed.
There is no dignity quite so impressive, and no one independence quite so important, as living within your means.

boston10
Posts: 46
Joined: Sun Aug 21, 2016 9:44 am

Re: Fidelity as a one stop shop

Post by boston10 » Thu Sep 05, 2019 5:13 am

ghost9804 wrote:
Wed Sep 04, 2019 9:34 pm
When I set the auto-replenish with minimum target balance, it seems that Fidelity ignores the MM fund and only count the core FDIC sweep into the minimum balance, resulting in over funding the CMA. Is this also the case for you?

Also, another question is that, if I tap below the minimum target balance multiple times in one day, would it result in multiple auto-replenish actions? if so, then it setup seems not quite useful for fraud protection.
I enabled the auto-replenish feature and noticed it moved $250 to my CMA overnight despite a $500 balance in SPRXX. I wasn't sure why that happened, but it would make sense if it's only looking at the FDIC balance.

My response was to turn off the cash manager feature entirely. I don't have a need for it and it's counterproductive to my fraud-avoidance goals.

The transactions that I need my CMA for are generally predictable bill pay paper check transactions, which I set up automatic transfers from my non-CMA brokerage to cover. For ATM needs, it's difficult to imagine a scenario that doesn't involve fraud where I'd need to withdraw over $500 in cash and wouldn't be able to do a manual, instant transfer via the app on my phone. And for any random ad-hoc checkwriting, I'd just transfer the amount of the check from brokerage to CMA immediately upon writing the check so I won't forget (this is probably a once-a-year situation for me).

student
Posts: 4871
Joined: Fri Apr 03, 2015 6:58 am

Re: Fidelity as a one stop shop

Post by student » Thu Sep 05, 2019 6:30 am

addicoe wrote:
Wed Jul 31, 2019 5:31 pm
I talked with a rep today and they told me that > 100k would qualify me for premium client status so I would get free ATM withdrawals from the investment/brokerage account. If that is the case I'm not sure of the point to the CMA. Is there a benefit to having both in this case?
Sorry if someone answered this question already. How about reimbursing the charge if you use ATM internationally? My understanding is the it does for CMA and not for a brokerage account.

boston10
Posts: 46
Joined: Sun Aug 21, 2016 9:44 am

Re: Fidelity as a one stop shop

Post by boston10 » Thu Sep 05, 2019 6:35 am

student wrote:
Thu Sep 05, 2019 6:30 am
addicoe wrote:
Wed Jul 31, 2019 5:31 pm
I talked with a rep today and they told me that > 100k would qualify me for premium client status so I would get free ATM withdrawals from the investment/brokerage account. If that is the case I'm not sure of the point to the CMA. Is there a benefit to having both in this case?
Sorry if someone answered this question already. How about reimbursing the charge if you use ATM internationally? My understanding is the it does for CMA and not for a brokerage account.
Fidelity makes no distinction between international and domestic ATM fees.

ATM fees for CMAs are always reimbursed, while for brokerage accounts they are only reimbursed if you're a part of a premium client group or have significant annual trading volume according to their definitions.

boston10
Posts: 46
Joined: Sun Aug 21, 2016 9:44 am

Re: Fidelity as a one stop shop

Post by boston10 » Thu Sep 05, 2019 6:39 am

boston10 wrote:
Fri Aug 30, 2019 7:25 pm
Does anyone know how long it takes for them to lift your mobile check deposit limit? How much money and/or how much time? Any datapoints would be appreciated.
As of today my mobile deposit limit has been bumped from $10k to $50k. My accounts with Fido have been open for about a month, with a CMA, brokerage, and 529. I've mobile deposited one small check so far, but also have direct deposit set up. About $5k balance between all accounts at this point with significant bill pay volume.

arf30
Posts: 660
Joined: Sat Dec 28, 2013 11:55 am

Re: Fidelity as a one stop shop

Post by arf30 » Thu Sep 05, 2019 7:16 am

I wouldn't read too much into the mobile deposit limits. I've been a customer for years with significiant balance and have seen the deposit limit fluctuate between 25k-100k at random. It's probably linked to how many overall deposits have happened that day.

student
Posts: 4871
Joined: Fri Apr 03, 2015 6:58 am

Re: Fidelity as a one stop shop

Post by student » Thu Sep 05, 2019 8:47 am

boston10 wrote:
Thu Sep 05, 2019 6:35 am
student wrote:
Thu Sep 05, 2019 6:30 am
addicoe wrote:
Wed Jul 31, 2019 5:31 pm
I talked with a rep today and they told me that > 100k would qualify me for premium client status so I would get free ATM withdrawals from the investment/brokerage account. If that is the case I'm not sure of the point to the CMA. Is there a benefit to having both in this case?
Sorry if someone answered this question already. How about reimbursing the charge if you use ATM internationally? My understanding is the it does for CMA and not for a brokerage account.
Fidelity makes no distinction between international and domestic ATM fees.

ATM fees for CMAs are always reimbursed, while for brokerage accounts they are only reimbursed if you're a part of a premium client group or have significant annual trading volume according to their definitions.
There are two types of ATM fee. Fidelity does not charge you to use a non-Fidelity ATM. However, the owners of non-Fidelity ATMs may charge you a fee for usage. My understanding is Fidelity will reimburse such fee for all domestic ATM withdrawals regardless of client status for both CMA accounts and brokerage accounts. Moreover, this fee will be reimbursed for international ATM but not the brokerage account, at least that's what the CS person told me when I inquired specifically about this, as I was evaluating whether to open a CMA account in addition to my existing brokerage account. Of course, this does not preclude them waiving the fee for premium client group members. (At the time of my inquiry, they did not mention this possibility to me.)

Do you have a link to info for premium client group? I would like to see what can I do to qualify and what goodies does it come with. I have heard about it but I could not find any info.

boston10
Posts: 46
Joined: Sun Aug 21, 2016 9:44 am

Re: Fidelity as a one stop shop

Post by boston10 » Thu Sep 05, 2019 10:10 am

student wrote:
Thu Sep 05, 2019 8:47 am
Do you have a link to info for premium client group? I would like to see what can I do to qualify and what goodies does it come with. I have heard about it but I could not find any info.
https://www.fidelity.com/cash-management/atm-debit-card

^ Click the "ATM Reimbursement Levels" link on that page. Their description is:
Fidelity Account Premium, Private Client Group, Wealth Management, or with household trading activity of 120 or more stock, bond, or options trades

User avatar
bostondan
Posts: 628
Joined: Sun Aug 18, 2013 12:21 pm
Location: Boston, MA

Re: Fidelity as a one stop shop

Post by bostondan » Thu Sep 05, 2019 10:18 am

Is there any good reason to use the CMA account linked to a brokerage account if I qualify for the free brokerage ATM fees? It seems like it would be much simpler to just do everything through the brokerage account.

I know there is a difference in FDIC insurance, but that doesn’t seem as important to me.
“There may be times when we are powerless to prevent injustice, but there must never be a time when we fail to protest.” - Elie Wiesel

student
Posts: 4871
Joined: Fri Apr 03, 2015 6:58 am

Re: Fidelity as a one stop shop

Post by student » Thu Sep 05, 2019 11:50 am

boston10 wrote:
Thu Sep 05, 2019 10:10 am
student wrote:
Thu Sep 05, 2019 8:47 am
Do you have a link to info for premium client group? I would like to see what can I do to qualify and what goodies does it come with. I have heard about it but I could not find any info.
https://www.fidelity.com/cash-management/atm-debit-card

^ Click the "ATM Reimbursement Levels" link on that page. Their description is:
Fidelity Account Premium, Private Client Group, Wealth Management, or with household trading activity of 120 or more stock, bond, or options trades
Thanks. I have seen this before but I guess I forgot about it. (I guess they have either changed the setup or the CS rep that I talked to misinformed me.) Do you have a link to the criteria to be a premium client. I have found links to Private Client Group, Wealth Management but not premium client.

User avatar
Artsdoctor
Posts: 4238
Joined: Thu Jun 28, 2012 3:09 pm
Location: Los Angeles, CA

Re: Fidelity as a one stop shop

Post by Artsdoctor » Thu Sep 05, 2019 1:54 pm

bostondan wrote:
Thu Sep 05, 2019 10:18 am
Is there any good reason to use the CMA account linked to a brokerage account if I qualify for the free brokerage ATM fees? It seems like it would be much simpler to just do everything through the brokerage account.

I know there is a difference in FDIC insurance, but that doesn’t seem as important to me.
This was discussed further upstream. There are perils associated with a 21-page thread!

You're correct. If you qualify for free brokerage ATM fees, you don't need a CMA. I use our brokerage account for bill pay, mobile deposits, electronic deposits and withdrawals, and ATM withdrawals. It's a very smooth process.

User avatar
indexfundfan
Posts: 2962
Joined: Tue Feb 20, 2007 11:21 am
Contact:

Re: Fidelity as a one stop shop

Post by indexfundfan » Thu Sep 05, 2019 6:37 pm

student wrote:
Thu Sep 05, 2019 11:50 am
boston10 wrote:
Thu Sep 05, 2019 10:10 am
student wrote:
Thu Sep 05, 2019 8:47 am
Do you have a link to info for premium client group? I would like to see what can I do to qualify and what goodies does it come with. I have heard about it but I could not find any info.
https://www.fidelity.com/cash-management/atm-debit-card

^ Click the "ATM Reimbursement Levels" link on that page. Their description is:
Fidelity Account Premium, Private Client Group, Wealth Management, or with household trading activity of 120 or more stock, bond, or options trades
Thanks. I have seen this before but I guess I forgot about it. (I guess they have either changed the setup or the CS rep that I talked to misinformed me.) Do you have a link to the criteria to be a premium client. I have found links to Private Client Group, Wealth Management but not premium client.
If you google for it, there is a document that says Fidelity Premium requires $250k in assets.
My signature has been deleted.

student
Posts: 4871
Joined: Fri Apr 03, 2015 6:58 am

Re: Fidelity as a one stop shop

Post by student » Thu Sep 05, 2019 7:11 pm

indexfundfan wrote:
Thu Sep 05, 2019 6:37 pm
student wrote:
Thu Sep 05, 2019 11:50 am
boston10 wrote:
Thu Sep 05, 2019 10:10 am
student wrote:
Thu Sep 05, 2019 8:47 am
Do you have a link to info for premium client group? I would like to see what can I do to qualify and what goodies does it come with. I have heard about it but I could not find any info.
https://www.fidelity.com/cash-management/atm-debit-card

^ Click the "ATM Reimbursement Levels" link on that page. Their description is:
Fidelity Account Premium, Private Client Group, Wealth Management, or with household trading activity of 120 or more stock, bond, or options trades
Thanks. I have seen this before but I guess I forgot about it. (I guess they have either changed the setup or the CS rep that I talked to misinformed me.) Do you have a link to the criteria to be a premium client. I have found links to Private Client Group, Wealth Management but not premium client.
If you google for it, there is a document that says Fidelity Premium requires $250k in assets.
You mean https://workplacecontent.fidelity.com/b ... rvices.pdf This seems to be under workplacecontent.fidelity.com At one point, I have seen something close to it. Is this still active? If it is, it seems that it is not prominently displayed. Maybe I should give them a call.

User avatar
bostondan
Posts: 628
Joined: Sun Aug 18, 2013 12:21 pm
Location: Boston, MA

Re: Fidelity as a one stop shop

Post by bostondan » Tue Sep 10, 2019 6:10 pm

One unexpected perk of the Fidelity account has been the fact that there are two account numbers for the same account. There is the one provided through the website, and another on the checks, though both work just fine.

This feature allows for my wife and I to both add the same account to our Venmo accounts. Venmo only allows a checking account to be added to one account. When my wife receives Venmo transfers she typically had to transfer it to me on Venmo and I would then deposit it to our checking account at BofA. By having two account numbers for the same Fidelity account, Venmo allowed us to add the Fidelity account to both of our Venmo accounts.

Also, I think it’s crazy that Venmo doesn’t allow both owners of a joint checking account to add it. I am sure it is for security reasons to avoid fraud, but was very inconvenient.
“There may be times when we are powerless to prevent injustice, but there must never be a time when we fail to protest.” - Elie Wiesel

DCode
Posts: 5
Joined: Sun Feb 11, 2018 7:51 pm

Re: Fidelity as a one stop shop

Post by DCode » Wed Sep 11, 2019 6:54 pm

Hello everyone. I've got a couple questions regarding (possibly) consolidating at Fidelity.

1. I have a Roth IRA at Vanguard, all in VTSAX (Vanguard Total Stock Market Index Admiral). Can I transfer it in-kind to Fidelity, keeping VTSAX with no penalty? Or does/should it be exchanged for a Fidelity sold fund? And I assume any future contributions do need to be in a Fidelity sold fund?

2. I have two 529 plans offered by my state. They are well funded and we have not contributed to them for years, and no intention to contribute further. As far as I can tell, the state benefit was tax deduction for contributions for the year. Since we are no longer contributing, I don't see the benefit of leaving them there if we were to consolidate under Fidelity. Similar to the question above, can I transfer those in-kind to Fidelity and just leave them alone until we are ready to start withdrawing from them?

I'd run this all by a Fidelity rep also when/if the time comes, but I'm sure this has already been done by some folks here and would love to get some feedback/opinions on it.

Thanks!

BUBear29
Posts: 293
Joined: Wed Aug 19, 2015 4:20 pm
Location: DFW

Re: Fidelity as a one stop shop

Post by BUBear29 » Wed Sep 11, 2019 9:51 pm

DCode wrote:
Wed Sep 11, 2019 6:54 pm
Hello everyone. I've got a couple questions regarding (possibly) consolidating at Fidelity.

1. I have a Roth IRA at Vanguard, all in VTSAX (Vanguard Total Stock Market Index Admiral). Can I transfer it in-kind to Fidelity, keeping VTSAX with no penalty? Or does/should it be exchanged for a Fidelity sold fund? And I assume any future contributions do need to be in a Fidelity sold fund?

2. I have two 529 plans offered by my state. They are well funded and we have not contributed to them for years, and no intention to contribute further. As far as I can tell, the state benefit was tax deduction for contributions for the year. Since we are no longer contributing, I don't see the benefit of leaving them there if we were to consolidate under Fidelity. Similar to the question above, can I transfer those in-kind to Fidelity and just leave them alone until we are ready to start withdrawing from them?

I'd run this all by a Fidelity rep also when/if the time comes, but I'm sure this has already been done by some folks here and would love to get some feedback/opinions on it.

Thanks!
I just transferred everything from Vanguard to consolidate at Fidelity.

1) Yes you can transfer VTSAX in kind. I did this then exchanged for FSKAX in my Roth. Not sure if you have taxable funds but that would be a different approach.

2) Yes you can transfer in kind to Fidelity. It will likely be the Unique plan. My transfer is still in progress. 529 transfers can take up to a month as they are done by mail.

Good luck!
There is no dignity quite so impressive, and no one independence quite so important, as living within your means.

User avatar
indexfundfan
Posts: 2962
Joined: Tue Feb 20, 2007 11:21 am
Contact:

Re: Fidelity as a one stop shop

Post by indexfundfan » Thu Sep 12, 2019 7:11 am

BUBear29 wrote:
Wed Sep 11, 2019 9:51 pm
I just transferred everything from Vanguard to consolidate at Fidelity.

1) Yes you can transfer VTSAX in kind. I did this then exchanged for FSKAX in my Roth. Not sure if you have taxable funds but that would be a different approach.

2) Yes you can transfer in kind to Fidelity. It will likely be the Unique plan. My transfer is still in progress. 529 transfers can take up to a month as they are done by mail.

Good luck!
When you exchange VTSAX to FSKAX, is this a two-day trade, i.e. VTSAX is sold on day T, then FSKAX is purchased on day T+1?

Was the original 529 plan also managed by Fidelity? I have not heard of being able to "transfer in kind" for 529 plans. Usually, a change of custodian entails selling the funds, transferring the cash, and then purchasing replacement funds. You will out of the market from the time the assets are sold to the time they are re-purchased.
My signature has been deleted.

LongRoad
Posts: 86
Joined: Mon Dec 31, 2018 2:00 pm

Re: Fidelity as a one stop shop

Post by LongRoad » Thu Sep 12, 2019 7:37 am

DCode wrote:
Wed Sep 11, 2019 6:54 pm
Hello everyone. I've got a couple questions regarding (possibly) consolidating at Fidelity.

1. I have a Roth IRA at Vanguard, all in VTSAX (Vanguard Total Stock Market Index Admiral). Can I transfer it in-kind to Fidelity, keeping VTSAX with no penalty? Or does/should it be exchanged for a Fidelity sold fund? And I assume any future contributions do need to be in a Fidelity sold fund?

2. I have two 529 plans offered by my state. They are well funded and we have not contributed to them for years, and no intention to contribute further. As far as I can tell, the state benefit was tax deduction for contributions for the year. Since we are no longer contributing, I don't see the benefit of leaving them there if we were to consolidate under Fidelity. Similar to the question above, can I transfer those in-kind to Fidelity and just leave them alone until we are ready to start withdrawing from them?

I'd run this all by a Fidelity rep also when/if the time comes, but I'm sure this has already been done by some folks here and would love to get some feedback/opinions on it.

Thanks!
Just a couple of thoughts.

If you'd like to transfer VTSAX to Fidelity, you might consider the free conversion of VTSAX shares to VTI (equivalent ETF) at Vanguard before transferring. At Fidelity, it is less expensive in the future to buy or sell VTI vs. VTSAX.

If your state affiliated 529 offers a state income tax deduction, at least a few states will recapture the deduction when transferring the funds out of the plan, even to another 529. Check your state plan's documents, or there is a summary at https://www.savingforcollege.com/compar ... _questions

Direwolf14
Posts: 45
Joined: Tue Apr 03, 2018 1:40 pm

Re: Fidelity as a one stop shop

Post by Direwolf14 » Thu Sep 12, 2019 9:28 am

BUBear29 wrote:
Wed Sep 11, 2019 9:51 pm
I just transferred everything from Vanguard to consolidate at Fidelity.

1) Yes you can transfer VTSAX in kind. I did this then exchanged for FSKAX in my Roth. Not sure if you have taxable funds but that would be a different approach.

2) Yes you can transfer in kind to Fidelity. It will likely be the Unique plan. My transfer is still in progress. 529 transfers can take up to a month as they are done by mail.

Good luck!
Just curious if you were able to get a cash bonus with this transfer or Fidelity only offered free trades? Thanks.

BUBear29
Posts: 293
Joined: Wed Aug 19, 2015 4:20 pm
Location: DFW

Re: Fidelity as a one stop shop

Post by BUBear29 » Thu Sep 12, 2019 11:14 am

indexfundfan wrote:
Thu Sep 12, 2019 7:11 am
BUBear29 wrote:
Wed Sep 11, 2019 9:51 pm
I just transferred everything from Vanguard to consolidate at Fidelity.

1) Yes you can transfer VTSAX in kind. I did this then exchanged for FSKAX in my Roth. Not sure if you have taxable funds but that would be a different approach.

2) Yes you can transfer in kind to Fidelity. It will likely be the Unique plan. My transfer is still in progress. 529 transfers can take up to a month as they are done by mail.

Good luck!
When you exchange VTSAX to FSKAX, is this a two-day trade, i.e. VTSAX is sold on day T, then FSKAX is purchased on day T+1?

Was the original 529 plan also managed by Fidelity? I have not heard of being able to "transfer in kind" for 529 plans. Usually, a change of custodian entails selling the funds, transferring the cash, and then purchasing replacement funds. You will out of the market from the time the assets are sold to the time they are re-purchased.
woah sorry yes I was half asleep when responding. they cash out the 529 then transfer to new custodian
There is no dignity quite so impressive, and no one independence quite so important, as living within your means.

BUBear29
Posts: 293
Joined: Wed Aug 19, 2015 4:20 pm
Location: DFW

Re: Fidelity as a one stop shop

Post by BUBear29 » Thu Sep 12, 2019 11:15 am

Direwolf14 wrote:
Thu Sep 12, 2019 9:28 am
BUBear29 wrote:
Wed Sep 11, 2019 9:51 pm
I just transferred everything from Vanguard to consolidate at Fidelity.

1) Yes you can transfer VTSAX in kind. I did this then exchanged for FSKAX in my Roth. Not sure if you have taxable funds but that would be a different approach.

2) Yes you can transfer in kind to Fidelity. It will likely be the Unique plan. My transfer is still in progress. 529 transfers can take up to a month as they are done by mail.

Good luck!
Just curious if you were able to get a cash bonus with this transfer or Fidelity only offered free trades? Thanks.
i moved in excess of $200k in roths and taxable and received 500 free trades.

per the question on sale/buy, i can’t recall but believe it was a two day process
There is no dignity quite so impressive, and no one independence quite so important, as living within your means.

ndpage
Posts: 47
Joined: Tue Jan 11, 2011 7:02 pm

Re: Fidelity as a one stop shop

Post by ndpage » Tue Sep 17, 2019 3:42 pm

So after taking care of a mid-life transition, and getting ready for a possible job change/underemployment, I started the process of converting my diverse set of financial instituions to be almost completely Fidelity. My 401k has been there for 20+ years, I'm getting close to 59.5, the rates, processes, and user interface seem good, and it's time to simplify.

I set up both the CMA (for everyday bills/ATM) and brokerage (for my short-term and intermediate emergency funds), started a $2500 ACH from one of my other banks to get it going, and renamed the accounts from the annyoying INDIVIDUAL and INDIVIDUAL (seriously?) to CMA and Brokerage. The billpay is in process, and it looks like i have to wait a day or two for the ATM and checkwriting, which is fine.

The next two things I want to do are
a) Set up the overdraft MMA (so what used to be my BOFA checking account balance), and
b) Set up my paycheck direct deposit.

Questions where i'm confused by some of the earlier conversation:
1) The default cash account in the brokerage is SPAXX, is that what gets auto-depleted to fill FCASH in the CMA? Or do I have to create another SPAXX in the CMA?
2) Can I get the direct deposit to be automatically deposited into SPAXX, or does it have to go in FCASH and I have to remember to move it over?

User avatar
FrugalProfessor
Posts: 223
Joined: Thu May 25, 2017 11:34 am
Contact:

Re: Fidelity as a one stop shop

Post by FrugalProfessor » Tue Sep 17, 2019 3:54 pm

ndpage wrote:
Tue Sep 17, 2019 3:42 pm
So after taking care of a mid-life transition, and getting ready for a possible job change/underemployment, I started the process of converting my diverse set of financial instituions to be almost completely Fidelity. My 401k has been there for 20+ years, I'm getting close to 59.5, the rates, processes, and user interface seem good, and it's time to simplify.

I set up both the CMA (for everyday bills/ATM) and brokerage (for my short-term and intermediate emergency funds), started a $2500 ACH from one of my other banks to get it going, and renamed the accounts from the annyoying INDIVIDUAL and INDIVIDUAL (seriously?) to CMA and Brokerage. The billpay is in process, and it looks like i have to wait a day or two for the ATM and checkwriting, which is fine.

The next two things I want to do are
a) Set up the overdraft MMA (so what used to be my BOFA checking account balance), and
b) Set up my paycheck direct deposit.

Questions where i'm confused by some of the earlier conversation:
1) The default cash account in the brokerage is SPAXX, is that what gets auto-depleted to fill FCASH in the CMA? Or do I have to create another SPAXX in the CMA?
2) Can I get the direct deposit to be automatically deposited into SPAXX, or does it have to go in FCASH and I have to remember to move it over?
I tried to synthesize the entire thread into a single blog post here: https://www.frugalprofessor.com/cash-management/.

The overdraft setup is covered in the blog.

I use the brokerage as my true checking account and the CMA as the ATM checking account. Consequently, direct deposits go to the brokerage and are automatically allocated to SPAXX, my default core position.

Since writing the initial post a few months ago, I've transitioned everything but ATM from CMA to brokerage. My apologies for not updating the post accordingly (at the time, I'd pay my mortgage, credit cards, etc from CMA but eventually found the unnecessary OD transfers to be unruly to monitor in Personal Capital).
I blog. Taxes are the lowest hanging source of alpha. I eat tax alpha for breakfast.

ScaledWheel
Posts: 108
Joined: Sat Jul 23, 2011 8:06 pm

Re: Fidelity as a one stop shop

Post by ScaledWheel » Tue Sep 17, 2019 4:18 pm

FrugalProfessor wrote:
Tue Sep 17, 2019 3:54 pm
I tried to synthesize the entire thread into a single blog post here: https://www.frugalprofessor.com/cash-management/.

The overdraft setup is covered in the blog.

I use the brokerage as my true checking account and the CMA as the ATM checking account. Consequently, direct deposits go to the brokerage and are automatically allocated to SPAXX, my default core position.

Since writing the initial post a few months ago, I've transitioned everything but ATM from CMA to brokerage. My apologies for not updating the post accordingly (at the time, I'd pay my mortgage, credit cards, etc from CMA but eventually found the unnecessary OD transfers to be unruly to monitor in Personal Capital).
Thanks for this. Wife and I are finally combining finances and looking to simplify with Fidelity. I'll definitely refer to your post as I look to set up the accounts.

Post Reply