Fidelity mysmart cash deposits

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Post Reply
reallyconfused
Posts: 55
Joined: Thu Dec 11, 2008 2:13 am

Fidelity mysmart cash deposits

Post by reallyconfused » Tue Jul 05, 2011 2:25 pm

I closed my Bank of America account a number of months ago and opened a Fidelity mySmart Cash account. I recently got some cash as a gift and was surprised that Fidelity cannot accept cash deposits at the local investor center. How can I get this cash deposited into my account without giving the money to a friend and getting a check in return?

Thanks,
rc[/u]

Sidney
Posts: 6696
Joined: Thu Mar 08, 2007 6:06 pm

Post by Sidney » Tue Jul 05, 2011 2:30 pm

Probably by mail.

edit - missed that it was currency. I usually put it in a sock drawer and spend it down over some period of time.

Unless this was a suitcase full of cash or something??
Last edited by Sidney on Tue Jul 05, 2011 2:43 pm, edited 2 times in total.
I always wanted to be a procrastinator.

User avatar
bearwolf
Posts: 1718
Joined: Sun May 18, 2008 12:34 am
Location: Oklahoma

Re: Fidelity mysmart cash deposits

Post by bearwolf » Tue Jul 05, 2011 2:35 pm

reallyconfused wrote:I closed my Bank of America account a number of months ago and opened a Fidelity mySmart Cash account. I recently got some cash as a gift and was surprised that Fidelity cannot accept cash deposits at the local investor center. How can I get this cash deposited into my account without giving the money to a friend and getting a check in return?

Thanks,
rc
Money Order?

BearWolf

reallyconfused
Posts: 55
Joined: Thu Dec 11, 2008 2:13 am

Post by reallyconfused » Tue Jul 05, 2011 3:20 pm

I wish it was a full suitcase of cash, but it's only $1500. I was thinking of using Fidelity's new iphone feature where you can take a picture to make a deposit....

chipmonk
Posts: 626
Joined: Wed Mar 09, 2011 4:32 pm
Location: PDX

Re: Fidelity mysmart cash deposits

Post by chipmonk » Tue Jul 05, 2011 3:42 pm

reallyconfused wrote:I closed my Bank of America account a number of months ago and opened a Fidelity mySmart Cash account. I recently got some cash as a gift and was surprised that Fidelity cannot accept cash deposits at the local investor center. How can I get this cash deposited into my account without giving the money to a friend and getting a check in return?

Thanks,
rc[/u]
Mail it in to them. When I opened my Fidelity Cash account, they gave me a bunch of pre-addressed deposit envelopes and deposit slips. If they didn't, you can ask them for some online.
reallyconfused wrote:I wish it was a full suitcase of cash, but it's only $1500. I was thinking of using Fidelity's new iphone feature where you can take a picture to make a deposit....
I assume you're joking? ;)

That app (also for Android) only works for depositing checks, not cash. An electronic copy of a check is equivalent to the original under the provisions of the Check 21 Act. Needless to say, a photo of a $100 bill is *not* equivalent to the original.

chipmonk
Posts: 626
Joined: Wed Mar 09, 2011 4:32 pm
Location: PDX

Re: Fidelity mysmart cash deposits

Post by chipmonk » Tue Jul 05, 2011 3:54 pm

bearwolf wrote:Money Order?
+1

The postal service will take your cash and give you a money order for $1.55. They only go up to $1,000, however. Lots of groceries stores sell money orders too. Banks may give you cashier's checks as well, if you have some kind of relationship with them.

c.Alvin
Posts: 295
Joined: Thu Aug 16, 2007 4:57 pm

Post by c.Alvin » Tue Jul 05, 2011 4:13 pm

If there is a perfect checking account, I have not found it. I use the Fidelity mySmart Cash account for most bills, but it has two major weaknesses, 1) depositing currency and checks, 2) no unsecured line of credit.

I kept my BofA myAccess checking account in order to deposit checks and currency in their numerous ATMs and have access to an unsecured line of credit. I can ACH the freshly deposited money to my Fidelity account. The two accounts compliment each other. I direct deposit enough money each month into BofA for an auto loan payment and cash for the housekeeper. That more than meets BofA's direct deposit minimum of $250 per month for the myAccess checking accounts.

reallyconfused
Posts: 55
Joined: Thu Dec 11, 2008 2:13 am

Post by reallyconfused » Tue Jul 05, 2011 4:44 pm

Thanks to all that responded.

I guess I'll go the Money Order route. I'm assuming that Fidelity will have no issues accepting this?

It would be awesome if we could use any ATM to deposit cash directly into our accounts. Maybe in 5 years.



c.Alvin - if you have a smartphone check out Fidelity's software that allows you to deposit checks remotely. Pretty cool actually.

chipmonk
Posts: 626
Joined: Wed Mar 09, 2011 4:32 pm
Location: PDX

Post by chipmonk » Tue Jul 05, 2011 4:51 pm

c.Alvin wrote:If there is a perfect checking account, I have not found it. I use the Fidelity mySmart Cash account for most bills, but it has two major weaknesses, 1) depositing currency and checks, 2) no unsecured line of credit.

I kept my BofA myAccess checking account in order to deposit checks and currency in their numerous ATMs and have access to an unsecured line of credit. I can ACH the freshly deposited money to my Fidelity account. The two accounts compliment each other. I direct deposit enough money each month into BofA for an auto loan payment and cash for the housekeeper. That more than meets BofA's direct deposit minimum of $250 per month for the myAccess checking accounts.
What is the "unsecured line of credit"? Are you talking about their overdraft protection? The fees are so high I wouldn't even use it as a crutch for an emergency...

I have a checking account at Chase for similar reasons, but lately I'm finding that it isn't worth it to keep this account: I never receive more than $20 or so in cash, so I never need to deposit cash, and now that Fidelity has its smartphone app, I don't need to have a local bank account to deposit checks either.

User avatar
DaveTH
Posts: 2504
Joined: Thu Apr 05, 2007 7:23 pm

Post by DaveTH » Tue Jul 05, 2011 6:45 pm

It would be awesome if we could use any ATM to deposit cash directly into our accounts. Maybe in 5 years.
Bank of America and Chase already offer that feature for customers using their deposit-image ATMs.

User avatar
woof755
Posts: 3157
Joined: Sun Aug 05, 2007 2:03 pm
Location: Honolulu

Post by woof755 » Tue Jul 05, 2011 7:18 pm

reallyconfused wrote:I wish it was a full suitcase of cash, but it's only $1500. I was thinking of using Fidelity's new iphone feature where you can take a picture to make a deposit....
wonder why my iphone app won't let me upload a photo of my check...?
"By singing in harmony from the same page of the same investing hymnal, the Diehards drown out market noise." | | --Jason Zweig, quoted in The Bogleheads' Guide to Investing

reallyconfused
Posts: 55
Joined: Thu Dec 11, 2008 2:13 am

Post by reallyconfused » Tue Jul 05, 2011 8:05 pm

Check for updates...also note that the current iPad version of the software does not have this capability, yet.

User avatar
sportal
Posts: 170
Joined: Thu Aug 23, 2007 9:04 am

Post by sportal » Tue Jul 05, 2011 8:25 pm

reallyconfused wrote:I guess I'll go the Money Order route. I'm assuming that Fidelity will have no issues accepting this?

It would be awesome if we could use any ATM to deposit cash directly into our accounts. Maybe in 5 years.
Yes, Fidelity takes Money Orders, no problems.

You can get a money order at Walmart for $0.60, and then use your smartphone to deposit it via the Fidelity App. That's a pretty cheap transaction fee on your $1500 (0.04%) :)

ProfessorX
Posts: 496
Joined: Mon Jul 04, 2011 12:29 pm

Post by ProfessorX » Tue Jul 05, 2011 9:08 pm

Open up a BofA "eBanking account". I was in exactly your situation, and this is exactly what I did. The eBanking account is totally free, with unlimited electronic and ATM transactions... as long as you agree not to interact with Bank Tellers or any other BofA banking human beings in person.

Then you can deposit cash this time, next time, and lots of other times, into the eBanking machine whenever you want no questions asked.

I find it to be also more convenient for depositing checks often times too.

reallyconfused
Posts: 55
Joined: Thu Dec 11, 2008 2:13 am

Post by reallyconfused » Tue Jul 05, 2011 9:56 pm

Excellent advise. Thanks again to everyone!

c.Alvin
Posts: 295
Joined: Thu Aug 16, 2007 4:57 pm

Post by c.Alvin » Tue Jul 05, 2011 9:57 pm

chipmonk wrote:
c.Alvin wrote:If there is a perfect checking account, I have not found it. I use the Fidelity mySmart Cash account for most bills, but it has two major weaknesses, 1) depositing currency and checks, 2) no unsecured line of credit.

I kept my BofA myAccess checking account in order to deposit checks and currency in their numerous ATMs and have access to an unsecured line of credit. I can ACH the freshly deposited money to my Fidelity account. The two accounts compliment each other. I direct deposit enough money each month into BofA for an auto loan payment and cash for the housekeeper. That more than meets BofA's direct deposit minimum of $250 per month for the myAccess checking accounts.
What is the "unsecured line of credit"? Are you talking about their overdraft protection? The fees are so high I wouldn't even use it as a crutch for an emergency...

I have a checking account at Chase for similar reasons, but lately I'm finding that it isn't worth it to keep this account: I never receive more than $20 or so in cash, so I never need to deposit cash, and now that Fidelity has its smartphone app, I don't need to have a local bank account to deposit checks either.
Chipmonk, you are correct the line of credit is basically overdraft protection and expensive, if used for an extended period of time. I keep a very low balance in checking and it takes 3-4 days to transfer money from my savings account. I see the line of credit as a way to quickly access emergency cash. I rarely use the line of credit, but it is a nice tool to have in the box.

chipmonk
Posts: 626
Joined: Wed Mar 09, 2011 4:32 pm
Location: PDX

Post by chipmonk » Tue Jul 05, 2011 11:49 pm

c.Alvin wrote:Chipmonk, you are correct the line of credit is basically overdraft protection and expensive, if used for an extended period of time. I keep a very low balance in checking and it takes 3-4 days to transfer money from my savings account. I see the line of credit as a way to quickly access emergency cash. I rarely use the line of credit, but it is a nice tool to have in the box.
This is one reason I am pretty happy with Capital One, which offers good rates on both their online checking and savings accounts. I can do instant transfers from my savings to my checking account.

c.Alvin
Posts: 295
Joined: Thu Aug 16, 2007 4:57 pm

Post by c.Alvin » Wed Jul 06, 2011 8:12 am

chipmonk wrote:This is one reason I am pretty happy with Capital One, which offers good rates on both their online checking and savings accounts. I can do instant transfers from my savings to my checking account.



Capital One sounds nice. I am with Fidelity primarily for their willingness to absorb foreign ATM fees and the currency exchange. I hope to spend a few months living outside the U.S.

reallyconfused
Posts: 55
Joined: Thu Dec 11, 2008 2:13 am

Post by reallyconfused » Tue Jul 19, 2011 10:20 pm

just an update for anyone that does a search on this topic. Fidelity just returned my money order - apparently they can't deposit money orders. :roll:

TheEternalVortex
Posts: 2548
Joined: Tue Feb 27, 2007 9:17 pm
Location: San Jose, CA

Post by TheEternalVortex » Tue Jul 19, 2011 11:13 pm

ProfessorX wrote:Open up a BofA "eBanking account". I was in exactly your situation, and this is exactly what I did. The eBanking account is totally free, with unlimited electronic and ATM transactions... as long as you agree not to interact with Bank Tellers or any other BofA banking human beings in person.

Then you can deposit cash this time, next time, and lots of other times, into the eBanking machine whenever you want no questions asked.

I find it to be also more convenient for depositing checks often times too.
I used to have a BoA account that was free, but then one day it stopped being free and they started charging me $9/month. And canceling with them is kind of a hassle. I'll stick to Fidelity.

ProfessorX
Posts: 496
Joined: Mon Jul 04, 2011 12:29 pm

Post by ProfessorX » Wed Jul 20, 2011 8:26 am

TheEternalVortex wrote:
ProfessorX wrote:Open up a BofA "eBanking account". I was in exactly your situation, and this is exactly what I did. The eBanking account is totally free, with unlimited electronic and ATM transactions... as long as you agree not to interact with Bank Tellers or any other BofA banking human beings in person.

Then you can deposit cash this time, next time, and lots of other times, into the eBanking machine whenever you want no questions asked.

I find it to be also more convenient for depositing checks often times too.
I used to have a BoA account that was free, but then one day it stopped being free and they started charging me $9/month. And canceling with them is kind of a hassle. I'll stick to Fidelity.

I have heard people say stuff like this before. But this was not my experience....

I used to have a BofA free "MyAccessChecking" account... then I got a letter in the mail saying that in three months this would turn into a $9 a month account unless you did direct deposit or had a sufficient minimum balance. I called them to cancel the account, and they switched me to a free "eBanking" account with only one very short and easy phone call.

IMO it is worth it to have an account like this to be able to do things like deposit cash, or take out a certified check, or ... lots of other things.


reallyconfused wrote:just an update for anyone that does a search on this topic. Fidelity just returned my money order - apparently they can't deposit money orders. :roll:
I think my Fido MySmartCash account is great, but it can not be thought of as a regular full service bank account. It does have several serious limitations. IMO, I do not believe that it can fully replace a full service BrickAndMortar checking account.

User avatar
pointyhairedboss
Posts: 405
Joined: Fri Mar 02, 2007 10:47 pm

Post by pointyhairedboss » Wed Jul 20, 2011 9:42 am

I think my Fido MySmartCash account is great, but it can not be thought of as a regular full service bank account. It does have several serious limitations. IMO, I do not believe that it can fully replace a full service BrickAndMortar checking account.
Yes, I call this kind of bank my witch bank. Actually, I use a word that rhymes with witch. Online accounts like Fido (and others) are great, but you still need a local brick & mortar account for the menial things like depositing checks (actually Fido has locations for depositing checks, but in general..), cash, and other banking services. It is also good as a backup option if your online bank ever decides to eliminate ATM fee reimbursements. (ETrade did this to me once.) This will give you access to your money and provide time to search for a new online bank. The only real requirements of a witch bank are:
1) many locations, one very close by
2) allow for a low balance with no fee.

User avatar
bearwolf
Posts: 1718
Joined: Sun May 18, 2008 12:34 am
Location: Oklahoma

Post by bearwolf » Wed Jul 20, 2011 10:07 am

reallyconfused wrote:just an update for anyone that does a search on this topic. Fidelity just returned my money order - apparently they can't deposit money orders. :roll:
Did you call before sending it and they said they took them?

BearWolf

15202guy
Posts: 110
Joined: Mon Jul 18, 2011 8:30 pm

Post by 15202guy » Wed Jul 20, 2011 11:40 am

reallyconfused wrote:just an update for anyone that does a search on this topic. Fidelity just returned my money order - apparently they can't deposit money orders. :roll:
I use my Brokerage core account as muy main bank/checking account and this is the only limitation I've run into that I find annoying (I have a relative who feels compelled to send me $20 for holidays as a money order). Other than that, I am very happy with using the account in this way. Sure, checks take a little longer to deposit since I mail them, but I receive very few checks (6-7 per year) so this isn't a big deal. The lack of fees (e.g., to stop payment on a lost check) is also a nice plus.

The only time I need a brick and mortar is to deposit the money orders, and that small amount covers my cash needs, for the most part (I use cash for literally nothing other than tolls when I travel). Oh, and I use a B&M for a safe deposit box, too. But that's it!

User avatar
SSSS
Posts: 1890
Joined: Fri Jun 18, 2010 11:50 am

Post by SSSS » Wed Jul 20, 2011 12:51 pm

reallyconfused wrote:I was thinking of using Fidelity's new iphone feature where you can take a picture to make a deposit....
That's a good plan, but be sure to shred the cash afterwards. Use a cross-cut shredder if possible. Also remember you can not deposit coins in this manner.

chipmonk
Posts: 626
Joined: Wed Mar 09, 2011 4:32 pm
Location: PDX

Post by chipmonk » Wed Jul 20, 2011 2:02 pm

reallyconfused wrote:just an update for anyone that does a search on this topic. Fidelity just returned my money order - apparently they can't deposit money orders. :roll:
Sorry to hear it. What a pain! Since you still have the money order, can you deposit it to a brick-and-mortar bank? Maybe just open a no-fee checking account at a local bank and use it only for this purpose?
sportal wrote:Yes, Fidelity takes Money Orders, no problems.
sportal, have you actually done this before? I wonder why they rejected reallyconfused's money order if they've taken yours.

A money order is basically just a check drawn on a government account, right? The only reason I can think of would be due to money laundering concerns, since the ultimate source of the funds is basically untraceable with a money order.

reallyconfused
Posts: 55
Joined: Thu Dec 11, 2008 2:13 am

Post by reallyconfused » Wed Jul 20, 2011 6:20 pm

Wow lot's of replies.

1) I absolutely hate Bank of America. I was an ardent supporter, but after I got married they gave me the runaround and there are no B&M branches now that I live in Minnesota. By the way, my Fidelity cash is sitting on a Bank of America balance sheet. I sure showed them by closing my account with them.

2) I didn't call Fidelity to confirm that they can accept MO's in advance. Stupid me.

3) I have a work around. I use Discover for almost all normal day to day purchases. I plan on taking the MO's to Sears at the end of the month to zero out my Discover balance. How's that for thinking outside the box?

Post Reply