Move Money From Fidelity to Bank Account Instantly?

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Topic Author
bigtex
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Move Money From Fidelity to Bank Account Instantly?

Post by bigtex » Thu May 16, 2019 12:58 pm

Is there any way to move funds from a fidelity cash management account to my local bank instantly using Zelle or PayPal etc? I am trying to move money instantly from fidelity to Wells Fargo? That way I can go to Wells Fargo and immediately withdraw cash if I needed to. Any way to do this fast without doing the wire option?

mhalley
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Re: Move Money From Fidelity to Bank Account Instantly?

Post by mhalley » Thu May 16, 2019 1:13 pm

Why do you need instant cash? Isn’t this what cc are for?
Maybe the bank would give you cash as per the cma debit card agreement
3.1.2 Cash Advances: You can use your Card to receive Cash Advances from your Account through financial institutions and some merchants that honor Cards bearing the Visa logo..
Limits on Dollar Amount of Transactions. The ATM you use may have limits on the amount of cash that can be received at that machine. These limits may include transactional and daily limits. We have a five hundred dollars ($500) maximum withdrawal amount for ATM Withdrawals per Banking Day. Sometimes a temporary one hundred dollars ($100) limit per Banking Day may be imposed for security purposes or when the Transaction volume in your Account exceeds normal conditions. There may be other limitations, including higher or lower maximum withdrawal amounts, stated in this Agreement or in other agreement(s) between you and Fidelity.
4.1.1 Unless a higher limit is authorized for all other transactions, there is a fifteen thousand, five hundred dollars ($15,500) transaction limit per day. If you are coded as a Private Client Group customer, there is a twenty eight thousand, five hundred dollars ($28,500) transaction limit per day. If your account is affiliated with Fidelity Institutional Wealth Services, there is a thirty five thousand dollars ($35,000) Transaction limit per day. ATM Withdrawals, Cash Advances, Purchases, and Authorizations all count against these Transaction limits.
Here is an article on using a debit card for cash advance.
https://thefinancebuff.com/how-to-withd ... count.html
Last edited by mhalley on Thu May 16, 2019 1:27 pm, edited 2 times in total.

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alpenglow
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Re: Move Money From Fidelity to Bank Account Instantly?

Post by alpenglow » Thu May 16, 2019 1:23 pm

bigtex wrote:
Thu May 16, 2019 12:58 pm
Is there any way to move funds from a fidelity cash management account to my local bank instantly using Zelle or PayPal etc? I am trying to move money instantly from fidelity to Wells Fargo? That way I can go to Wells Fargo and immediately withdraw cash if I needed to. Any way to do this fast without doing the wire option?
As far as I know, Fidelity doesn't support/participate in Zelle.

MotoTrojan
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Re: Move Money From Fidelity to Bank Account Instantly?

Post by MotoTrojan » Thu May 16, 2019 1:26 pm

Wells is my emergency brick and mortar bank. I have a wells credit card too so in a mega emergency I could do a cash advance and withdraw. Otherwise I’m good with $500/day or planning ahead.

Topic Author
bigtex
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Re: Move Money From Fidelity to Bank Account Instantly?

Post by bigtex » Thu May 16, 2019 1:27 pm

mhalley wrote:
Thu May 16, 2019 1:13 pm
Why do you need instant cash? Isn’t this what cc are for?
Maybe the bank would give you cash as per the cma debit card agreement
3.1.2 Cash Advances: You can use your Card to receive Cash Advances from your Account through financial institutions and some merchants that honor Cards bearing the Visa logo..
My thinking was keep a brick and mortar bank open with the minimums to avoid fees. If zelle or something similar can instantly move funds into that brick and mortar account from fidelity or another online bank then I can get cash instantly in an emergency situation. The whole point of this is the higher interest rates with online accounts vs the brick and mortar branches.

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HueyLD
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Re: Move Money From Fidelity to Bank Account Instantly?

Post by HueyLD » Thu May 16, 2019 1:44 pm


dallasjava
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Re: Move Money From Fidelity to Bank Account Instantly?

Post by dallasjava » Thu May 16, 2019 2:07 pm

bigtex wrote:
Thu May 16, 2019 12:58 pm
Any way to do this fast without doing the wire option?
The wire is free so why not use that?

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cheese_breath
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Re: Move Money From Fidelity to Bank Account Instantly?

Post by cheese_breath » Thu May 16, 2019 2:09 pm

Unless Big Sid's goons are at your door wanting their protection money I can't think of anything that would require instant fund transfers.... unless you're considering day trading interest rates like other do stocks.
The surest way to know the future is when it becomes the past.

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HueyLD
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Re: Move Money From Fidelity to Bank Account Instantly?

Post by HueyLD » Thu May 16, 2019 2:12 pm

Even if Fido doesn’t charge for outgoing wire transfers, banks almost always charge for receiving wire transfers.

Cody6136
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Re: Move Money From Fidelity to Bank Account Instantly?

Post by Cody6136 » Thu May 16, 2019 2:12 pm

cheese_breath wrote:
Thu May 16, 2019 2:09 pm
Unless Big Sid's goons are at your door wanting their protection money I can't think of anything that would require instant fund transfers.... unless you're considering day trading interest rates like other do stocks.

Who is Big Sid?

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cheese_breath
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Re: Move Money From Fidelity to Bank Account Instantly?

Post by cheese_breath » Thu May 16, 2019 2:21 pm

Cody6136 wrote:
Thu May 16, 2019 2:12 pm
cheese_breath wrote:
Thu May 16, 2019 2:09 pm
Unless Big Sid's goons are at your door wanting their protection money I can't think of anything that would require instant fund transfers.... unless you're considering day trading interest rates like other do stocks.

Who is Big Sid?
He's the guy who employees the goons to collect the protection money.
The surest way to know the future is when it becomes the past.

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bigtex
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Re: Move Money From Fidelity to Bank Account Instantly?

Post by bigtex » Thu May 16, 2019 3:13 pm

Its done. I have zelle setup between Ally and Wells Fargo now to do instant transfers. I tested it, took 1 minute. Now I will do my checking account banking with Wells and then sweep anything above the minimums at wells (to avoid monthly fee) over to ally to earn the 2.2%.

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bigtex
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Re: Move Money From Fidelity to Bank Account Instantly?

Post by bigtex » Thu May 16, 2019 3:14 pm

Is ally usually quick to keep interest rates at the prevailing market rate? Or do I risk Ally no longer being competitive with rates in the future?

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llama
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Re: Move Money From Fidelity to Bank Account Instantly?

Post by llama » Thu May 16, 2019 3:17 pm

HueyLD wrote:
Thu May 16, 2019 2:12 pm
Even if Fido doesn’t charge for outgoing wire transfers, banks almost always charge for receiving wire transfers.
My credit union doesn't charge for incoming wire transfers. I frequently wire money there from Fido for free.

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HueyLD
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Re: Move Money From Fidelity to Bank Account Instantly?

Post by HueyLD » Thu May 16, 2019 3:35 pm

bigtex wrote:
Thu May 16, 2019 3:14 pm
Is ally usually quick to keep interest rates at the prevailing market rate? Or do I risk Ally no longer being competitive with rates in the future?
Nobody can predict the future, but Ally has a history of keeping their online savings rates competitive. Ally may not offer the highest rate, but their rates have been very competitive.

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oldcomputerguy
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Re: Move Money From Fidelity to Bank Account Instantly?

Post by oldcomputerguy » Thu May 16, 2019 3:45 pm

bigtex wrote:
Thu May 16, 2019 12:58 pm
Is there any way to move funds from a fidelity cash management account to my local bank instantly using Zelle or PayPal etc?
Depending on the amount you''re contemplating, might you just get the associated Fidelity Cash Management Account debit card? Using it in your local brick-and-mortar banks's ATM, you could simply draw cash directly from your Fidelity CMA, and Fidelity would reimburse you for the foreign ATM fees.
It’s taken me a lot of years, but I’ve come around to this: If you’re dumb, surround yourself with smart people. And if you’re smart, surround yourself with smart people who disagree with you.

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bigtex
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Re: Move Money From Fidelity to Bank Account Instantly?

Post by bigtex » Thu May 16, 2019 3:49 pm

oldcomputerguy wrote:
Thu May 16, 2019 3:45 pm
bigtex wrote:
Thu May 16, 2019 12:58 pm
Is there any way to move funds from a fidelity cash management account to my local bank instantly using Zelle or PayPal etc?
Depending on the amount you''re contemplating, might you just get the associated Fidelity Cash Management Account debit card? Using it in your local brick-and-mortar banks's ATM, you could simply draw cash directly from your Fidelity CMA, and Fidelity would reimburse you for the foreign ATM fees.
Yes, but they limit me to like $500 per day. Doing it this Zelle way I can transfer over 10k and then walk into Wells and pull it all out as cash.

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oldcomputerguy
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Re: Move Money From Fidelity to Bank Account Instantly?

Post by oldcomputerguy » Thu May 16, 2019 3:51 pm

bigtex wrote:
Thu May 16, 2019 3:49 pm
oldcomputerguy wrote:
Thu May 16, 2019 3:45 pm
bigtex wrote:
Thu May 16, 2019 12:58 pm
Is there any way to move funds from a fidelity cash management account to my local bank instantly using Zelle or PayPal etc?
Depending on the amount you''re contemplating, might you just get the associated Fidelity Cash Management Account debit card? Using it in your local brick-and-mortar banks's ATM, you could simply draw cash directly from your Fidelity CMA, and Fidelity would reimburse you for the foreign ATM fees.
Yes, but they limit me to like $500 per day. Doing it this Zelle way I can transfer over 10k and then walk into Wells and pull it all out as cash.
Gotcha. Yes, typically there's a relatively low maximum on ATM withdrawals, so I get why that doesn't meet your need.
It’s taken me a lot of years, but I’ve come around to this: If you’re dumb, surround yourself with smart people. And if you’re smart, surround yourself with smart people who disagree with you.

megabad
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Re: Move Money From Fidelity to Bank Account Instantly?

Post by megabad » Thu May 16, 2019 4:22 pm

Just wanted to insert the usual warning about using Zelle. There is essentially no verification and fraud is a definite possibility and you have limited protections in this case. Personally, I would never use anything but a wire or ACH for large transactions, but the risk may be acceptable for smaller transactions.

mhalley
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Re: Move Money From Fidelity to Bank Account Instantly?

Post by mhalley » Thu May 16, 2019 5:26 pm

Cash advances have a different (much higher) limit than ATM withdrawals, I edited my original reply to reflect this.

SpaethCo
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Re: Move Money From Fidelity to Bank Account Instantly?

Post by SpaethCo » Thu May 16, 2019 6:59 pm

mhalley wrote:
Thu May 16, 2019 5:26 pm
Cash advances have a different (much higher) limit than ATM withdrawals, I edited my original reply to reflect this.
This is the best answer here.

Walk up to the teller, give them your Fidelity CMA debit card, ask them to make a cash advance against it, walk out with cash. I've done this at least a dozen times at local US Bank branches, and have never paid a fee of any kind for doing so.

gpburdell
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Re: Move Money From Fidelity to Bank Account Instantly?

Post by gpburdell » Thu May 16, 2019 7:36 pm

No way I know of except a wire payment. Fidelity CMA is my primary checking/billpay account. However, I still keep a Capital One 360 account specifically for ATM, Venmo, Zelle, and PayPal. I keep enough in it that would cover any immediate payments/withdrawls I would need. I don't use the Fidelity debit/ATM card.

The Capital One account cannot pull from my Fidelity acct, but I can push/pull from Fidelity to Capital One. That way I don't worry as much if the Capital One account got compromised.

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bigtex
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Re: Move Money From Fidelity to Bank Account Instantly?

Post by bigtex » Thu May 16, 2019 8:35 pm

megabad wrote:
Thu May 16, 2019 4:22 pm
Just wanted to insert the usual warning about using Zelle. There is essentially no verification and fraud is a definite possibility and you have limited protections in this case. Personally, I would never use anything but a wire or ACH for large transactions, but the risk may be acceptable for smaller transactions.
Wait so Zelle could be unsafe even if I’m transferring money from myself to myself?

mhalley
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Re: Move Money From Fidelity to Bank Account Instantly?

Post by mhalley » Thu May 16, 2019 8:39 pm

Clark Howard does not recommend Zelle.
https://clark.com/technology/heres-why- ... yment-app/
... unfortunately the banks have not done a good job with security on Zelle or customer service in the event that someone has a problem using it.”
Many of the issues with Zelle were detailed in a New York Times piece earlier this year. The bottom line? “Person after person has had their money absconded with by crooks and the banks have said, ‘Tough on you,'” Clark says.
When people have complained to Zelle about fraudulent transactions, the company has frequently passed referred them to the participating bank, where customers sink into a quagmire of unresolved issues. Users have also run into brick walls when trying to retrieve money they mistakenly sent to the wrong person.

Spirit Rider
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Re: Move Money From Fidelity to Bank Account Instantly?

Post by Spirit Rider » Thu May 16, 2019 11:07 pm

It is not instant, but if I do a transfer before 4:00pm ET it will be there the next morning when my credit union opens. That is fast enough for me.

AlohaJoe
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Re: Move Money From Fidelity to Bank Account Instantly?

Post by AlohaJoe » Thu May 16, 2019 11:56 pm

mhalley wrote:
Thu May 16, 2019 8:39 pm
Clark Howard does not recommend Zelle.
Clark Howard is wrong. Zelle is exactly the same as checks or cash. Does he recommend that people don't use checks or cash? Person after person has had their money absconded with by crooks using check fraud and banks often have said "Tough on you", if they decide you were negligent with security or didn't review your accounts promptly. Far more money is lost to check fraud every year than Zelle fraud.

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