Wanting to leave Fidelity

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
abner kravitz
Posts: 276
Joined: Tue May 05, 2015 7:42 am
Location: Beaufort County, SC

Re: Wanting to leave Fidelity

Post by abner kravitz » Fri Apr 13, 2018 2:56 pm

DaftInvestor wrote:
Fri Apr 13, 2018 2:44 pm
fandango wrote:
Fri Apr 13, 2018 7:14 am
I moved almost all of our investments from Fidelity to Vanguard.

The main reason was unsolicited calls from my Fidelity "Account Executive" urging me to take advantage of some flaky investment opportunity.
Every call sounded like his hair was on fire and that the world was ending today.

Not my way of investing.
This would have been an easy problem to fix (and one that I did fix).
My Fidelity executive reached out to me once with something - I told him never to call me again and that I would reach out to him if I ever needed anything. I told him to make sure my records indicated I didn't want to be contacted. That was years ago - No one from Fidelity ever called me again.

(I have accounts at Fidelity, Vanguard, and Schwab - they all have their pluses/minuses)
I think they have called me once in 20 years, and I never told them not to. They probably have better targets than me.

LeftCoast
Posts: 12
Joined: Mon Jan 01, 2018 12:19 pm

Re: Wanting to leave Fidelity

Post by LeftCoast » Fri Apr 13, 2018 3:17 pm

tmsul100 wrote:
Thu Apr 12, 2018 12:25 pm
I've been with Fidelity 20+ years and never had a bad experience - in fact never had a less then stellar experience. Some of the approval processes are cumbersome (signed hard copies, etc.), but I assume some of that is regulatory stuff. The best work-around is if you have a local Fidelity office. I primarily use their web site or one of their wealth advisors. But if I need something expedited they handle it in the office with cheerfulness and efficiency. Just a thought. And Vanguard is getting killed on service (full disclosure, I've never had to interact with them).
+1

RickBoglehead
Posts: 50
Joined: Wed Feb 14, 2018 9:10 am

Re: Wanting to leave Fidelity

Post by RickBoglehead » Fri Apr 13, 2018 3:49 pm

I am finishing my transfer. Fidelity said I could have a zero balance in my brokerage account, using it for Fidelity Credit Card deposits. Then they refused the partial transfer of the stock holdings, said I had to have money in the account. Coincidentally, credit card deposit then hit, $54 and change. Transfer attempted again, refused, said I have to have $150 in the account for a partial transfer.

Chatted, they said zero was fine. I said no, you rejected it, now it has $54 and you still rejected it. Response - "we'll open a work ticket".

My response - I transferred more cash to bring the balance to $150 (which their system said will take till Tuesday, whereas I get same day credit with Vanguard). Then Vanguard will try again.

After this, I'll be ensuring that every account at Fidelity has the absolute minimum balance they allow, and will be emptying my wife's 403B twice a year. I went from annoyed to pissed off.

On a funny note, my Vanguard rep called and left me a voicemail and said "you're not going to be happy"...

User avatar
fandango
Posts: 486
Joined: Wed Dec 08, 2010 6:44 pm
Location: Greater Atlanta area

Re: Wanting to leave Fidelity

Post by fandango » Fri Apr 13, 2018 5:43 pm

To clarify my previous post, I did ask and receive a total of 3 Fidelity "Account Executives". All displayed the same characteristics. The last one seemed shocked when we pulled 90% of our investments and transferred to Vanguard. I got tired of all the "selling" and "posturing" and told him that on two occasions.

If you like someone calling you randomly at work and home trying to sell you the latest "gimmick" then hang with Fidelity. I won't.

aspirit
Posts: 44
Joined: Wed Jan 03, 2018 12:52 am
Location: Bos/Mia-south

Re: Wanting to leave Fidelity

Post by aspirit » Fri Apr 13, 2018 5:56 pm

I was pondering this yesterday. Fidelity changing its ER structure. I'm still unsure about this info except it seems to be New clients only ! Heres the link: https://www.wsj.com/articles/fidelity-i ... 1523439001
Time & Tides wait for no one.

Sam1
Posts: 41
Joined: Mon Apr 09, 2018 7:24 am

Re: Wanting to leave Fidelity

Post by Sam1 » Fri Apr 13, 2018 6:02 pm

I find that very few people do their job well these days. Mistakes are made all the time. I almost expect it. I think I’d have to have my money managed by some ultra high net worth group to receive perfect service.

RickBoglehead
Posts: 50
Joined: Wed Feb 14, 2018 9:10 am

Re: Wanting to leave Fidelity

Post by RickBoglehead » Fri Apr 13, 2018 6:03 pm

fandango wrote:
Fri Apr 13, 2018 5:43 pm
To clarify my previous post, I did ask and receive a total of 3 Fidelity "Account Executives". All displayed the same characteristics. The last one seemed shocked when we pulled 90% of our investments and transferred to Vanguard. I got tired of all the "selling" and "posturing" and told him that on two occasions.

If you like someone calling you randomly at work and home trying to sell you the latest "gimmick" then hang with Fidelity. I won't.
They only had 10%, now they have 0.65%. Can't move the 403b.

sc9182
Posts: 110
Joined: Wed Aug 17, 2016 7:43 pm

Re: Wanting to leave Fidelity

Post by sc9182 » Fri Apr 13, 2018 8:39 pm

Just about getting $2500 retention bonus from Fidelity. Besides excellent service! Self directed account - no fees! We gifted a very-nice M-B coffee travel-mug (below $25), and the advisor fell-flat for our token of appreciation. One has to realize, they are human beings too, and have families to run., and face many of the same challenges you/family face. Show mutual empathy/appreciation for families., we inquired how their daughter's college progressing. He also thanked us for a referral (a HNI person) we made to him not too long ago.

He now want to see if he can bat harder for getting us additional retention bonus (on top of the $2500).

Sorry your 10% portfolio hasn't given much leverage to you. If I were you, I would meet up, and bargian to get maximum transfer/retention bonus.

If you really don't want to be disturbed - can let them know.

A 401k left at former employer apperas like an 'abandoned' beautiful child (to them, not us). Brokerage/wealth-management/private-client division love to make your former 401k, new home under their brokerage/WM division (hopefully they want to put your former 401k into rollover ira may be layered with some AUM fees!).

Now, you don't have to be sucker for AUM fees and your IRA can still be managed by your own investmernt control without AUM fees/programs.

If/once you mention: you are interested to invest in leveraged products/Etfs, they run far away from you :-) No more bothering calls you mentioned !! No need to actually invest in such products, just saying!

While at it, get some 'transfer bonus" reward too - show me the money!
Last edited by sc9182 on Sat Apr 14, 2018 8:22 am, edited 1 time in total.

rgs92
Posts: 1764
Joined: Mon Mar 02, 2009 8:00 pm

Re: Wanting to leave Fidelity

Post by rgs92 » Fri Apr 13, 2018 9:29 pm

Like others here, I use Fidelity for investments and a regular bank and credit union for checking, direct deposits, and cash/bill management.
It works very easily. I've done this for decades.

Use Ally and some local bank for savings and just setup back and forth transfers between them, that's all. You just click, and it's done.

I can't envision any possible problem with this unless you have something extremely complicated or out of the ordinary.
I don't understand.

User avatar
munemaker
Posts: 2726
Joined: Sat Jan 18, 2014 6:14 pm

Re: Wanting to leave Fidelity

Post by munemaker » Mon Apr 16, 2018 9:41 am

fandango wrote:
Fri Apr 13, 2018 5:43 pm

If you like someone calling you randomly at work and home trying to sell you the latest "gimmick" then hang with Fidelity. I won't.
I have never received a call from Fidelity, nor has my wife. Never.

Maybe our account there is too small for them to try to up-sell us. Most of our assets are at Vanguard. We have just under a million dollars at Fidelity.

edit: Thinking about this further, most of our Fidelity account is a transferred 401k. They were very helpful with the transfer. At the conclusion, they connected me with a financial planner/advisor who tried to talk me out of index funds and pushed smart-beta funds and other funds where the manager has consistently outperformed the S&P500. I declined. He asked me how he could help me. I told him nothing now, and that if I ever need any help or advice, I would call. I never called, and they never called me. So maybe it is a matter of setting expectations.
Last edited by munemaker on Mon Apr 16, 2018 9:59 am, edited 2 times in total.

User avatar
munemaker
Posts: 2726
Joined: Sat Jan 18, 2014 6:14 pm

Re: Wanting to leave Fidelity

Post by munemaker » Mon Apr 16, 2018 9:45 am

rgs92 wrote:
Fri Apr 13, 2018 9:29 pm
Like others here, I use Fidelity for investments and a regular bank and credit union for checking, direct deposits, and cash/bill management.
It works very easily. I've done this for decades.

Use Ally and some local bank for savings and just setup back and forth transfers between them, that's all. You just click, and it's done.
I like the concept of using Fidelity for checking. Problem is I currently receive 1% interest on checking at Capital One 360, and I don't think Fidelity pays anything, do they?

User avatar
msi
Posts: 342
Joined: Sun Feb 17, 2008 11:15 pm

Re: Wanting to leave Fidelity

Post by msi » Tue Apr 17, 2018 2:28 am

Greatness wrote:
Thu Apr 12, 2018 11:45 am
For the last 8+ years I've had my checking, roth and 401k (solo) with Fidelity. I am really no longer happy with their service. The support is horrible. You cannot instantly link accounts, etc. The only think good is the Visa card. If I transfer my retirement accounts to Vanguard, they will require me to sell all the assets I am told. What else can I do? Is there any company that offers cash management services such as Fidelity, just better service? I mean, just to add a savings account, they have to first call or text me to verify it is me, then they want a voided check (how online savings account), a deposit slip (again, online savings account) AND a copy of the statement. [(removed) --admin LadyGeek] Fidelity used to be a dream to use, but now it's horrible.

Open for advice and suggestions.
Looks like Fidelity wants a voided check, deposit slip, OR a copy of the statement, not all 3. https://www.fidelity.com/customer-servi ... to-add-eft

HIinvestor
Posts: 1466
Joined: Tue Apr 08, 2014 3:23 am

Re: Wanting to leave Fidelity

Post by HIinvestor » Tue Apr 17, 2018 4:56 am

We have accts at Fidelity, Schwab and Vanguard. So far we’ve been fine will all of them. Only ever had problems with Wells Fargo, trying to get them to transfer the IRA of deceased relative. They wanted to give it to state of CA! :-(

We like that Schwab has bricks and mortar office in Honolulu and wish Fidelity still did.

We have checking and savings accts with other institutions.

RickBoglehead
Posts: 50
Joined: Wed Feb 14, 2018 9:10 am

Re: Wanting to leave Fidelity

Post by RickBoglehead » Tue Apr 17, 2018 5:52 am

munemaker wrote:
Mon Apr 16, 2018 9:45 am
Problem is I currently receive 1% interest on checking at Capital One 360, and I don't think Fidelity pays anything, do they?
You're not getting 1% on checking with Capital One unless you have $100,000 in checking, and that would not make much sense. Their Money Market pays more, but that's not a checking account.

UpperNwGuy
Posts: 332
Joined: Sun Oct 08, 2017 7:16 pm
Location: Washington DC

Re: Wanting to leave Fidelity

Post by UpperNwGuy » Tue Apr 17, 2018 6:34 am

If I were you, I would stay at Fidelity. Your reason for leaving is not compelling. I think that you will find the bank account linking process at Vanguard to also be annoying. I just went through it twice, and it made me unhappy, but once it was behind me, I got over it.

JW-Retired
Posts: 6719
Joined: Sun Dec 16, 2007 12:25 pm

Re: Wanting to leave Fidelity

Post by JW-Retired » Tue Apr 17, 2018 8:13 am

fandango wrote:
Fri Apr 13, 2018 7:14 am
I moved almost all of our investments from Fidelity to Vanguard.

The main reason was unsolicited calls from my Fidelity "Account Executive" urging me to take advantage of some flaky investment opportunity.
Every call sounded like his hair was on fire and that the world was ending today.
This sounds odd based on our 30 or so years experience with both Fidelity & Vanguard. I hardly ever call either of them and they never call me.

The few times I have asked either of them anything Fidelity is slightly more responsive, but neither has been difficult. I can recall only one time a Fido person started to pitch something at the end of one of my rare calls, but he shut up immediately when I said not interested.

But what's an "Account Executive" do anyway? Maybe having one was your problem?
JW
Retired at Last

inbox788
Posts: 4850
Joined: Thu Mar 15, 2012 5:24 pm

Re: Wanting to leave Fidelity

Post by inbox788 » Tue Apr 17, 2018 12:27 pm

Greatness wrote:
Thu Apr 12, 2018 1:06 pm
Seems Vanguard wants me to sell all my 401k holdings prior to switching. Which, I do not want to do. I do not understand why they make things so hard to do. The ironic part is that all the holdings in the 401k are Vanguard ETFs.
What are your holdings? Are there company specific holdings that are not bonefide Fidelity traded mutual funds? I think that's one of the reasons companies use shadow funds as a way to trap you into brokerage. (529 example is California Scholarshare INDEX U.S.
EQUITY that tracks TIEIX, but I don't think can be transferred out in kind easily)

If they are really Vanguard ETFs, I don't see why they couldn't do a transfer in kind, but since you're talking about a 401k plan, there's no tax issue with selling and buying back (or buying something else you want that might be even better). Is an IRA rollover involved? https://thefinancebuff.com/rollover-401 ... arket.html

Anyway, as far as Vanguard vs Fidelity, I only have the Visa at Fidelity and use Vanguard brokerage. Neither has been bad in my experience, but reading here, many folks are dissatisfied with Vanguard. If it's just slow with doing things, that's ok with me, since I don't want it to be too easy to make unnecessary changes. Difficulty doing things is another matter. And similarly, Schwab is what more folks tend to rave about good service, but complaints about Fidelity are not all that common.

User avatar
bostondan
Posts: 488
Joined: Sun Aug 18, 2013 12:21 pm
Location: Boston, MA

Re: Wanting to leave Fidelity

Post by bostondan » Tue Apr 17, 2018 12:48 pm

JW-Retired wrote:
Tue Apr 17, 2018 8:13 am
fandango wrote:
Fri Apr 13, 2018 7:14 am
I moved almost all of our investments from Fidelity to Vanguard.

The main reason was unsolicited calls from my Fidelity "Account Executive" urging me to take advantage of some flaky investment opportunity.
Every call sounded like his hair was on fire and that the world was ending today.
This sounds odd based on our 30 or so years experience with both Fidelity & Vanguard. I hardly ever call either of them and they never call me.

The few times I have asked either of them anything Fidelity is slightly more responsive, but neither has been difficult. I can recall only one time a Fido person started to pitch something at the end of one of my rare calls, but he shut up immediately when I said not interested.

But what's an "Account Executive" do anyway? Maybe having one was your problem?
JW
I agree. We have $6+ million at Fidelity and they have never tried to push anything on us. They offered to tell us about what type of managed investment services they offer, but I declined and they continued to be just as helpful. They are always very responsive despite making very little money off of us.

On the other hand, I have about $250k at Merrill Edge, and despite multiple pleas I continue to get phone calls from people at ME asking if I will move to a managed investment platform. I keep my account there despite this because I get benefits at BofA by having it there.
“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
Earl Lemongrab
Posts: 4050
Joined: Tue Jun 10, 2014 1:14 am

Re: Wanting to leave Fidelity

Post by Earl Lemongrab » Tue Apr 17, 2018 1:37 pm

bostondan wrote:
Tue Apr 17, 2018 12:48 pm
On the other hand, I have about $250k at Merrill Edge, and despite multiple pleas I continue to get phone calls from people at ME asking if I will move to a managed investment platform. I keep my account there despite this because I get benefits at BofA by having it there.
And for me, other than the initial reach-out call, I've never had any push from Edge and I have more than that there.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

User avatar
bostondan
Posts: 488
Joined: Sun Aug 18, 2013 12:21 pm
Location: Boston, MA

Re: Wanting to leave Fidelity

Post by bostondan » Tue Apr 17, 2018 1:40 pm

Earl Lemongrab wrote:
Tue Apr 17, 2018 1:37 pm
bostondan wrote:
Tue Apr 17, 2018 12:48 pm
On the other hand, I have about $250k at Merrill Edge, and despite multiple pleas I continue to get phone calls from people at ME asking if I will move to a managed investment platform. I keep my account there despite this because I get benefits at BofA by having it there.
And for me, other than the initial reach-out call, I've never had any push from Edge and I have more than that there.
Interesting. Maybe I'm not saying the magic words to get them to stop calling me.

Overall, it sounds like for each company it depends who gets assigned to your account. If someone annoying is assigned to you, then you'll be hearing from them frequently no matter what you say.
“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
Earl Lemongrab
Posts: 4050
Joined: Tue Jun 10, 2014 1:14 am

Re: Wanting to leave Fidelity

Post by Earl Lemongrab » Tue Apr 17, 2018 1:44 pm

bostondan wrote:
Tue Apr 17, 2018 1:40 pm
Overall, it sounds like for each company it depends who gets assigned to your account. If someone annoying is assigned to you, then you'll be hearing from them frequently no matter what you say.
I would use the general contact secure messaging, lay out the complaint, and inform them that you will be moving your assets if it ever happens again.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

MrPotatoHead
Posts: 276
Joined: Sat Oct 14, 2017 10:41 pm

Re: Wanting to leave Fidelity

Post by MrPotatoHead » Tue Apr 17, 2018 9:59 pm

fandango wrote:
Fri Apr 13, 2018 7:14 am
I moved almost all of our investments from Fidelity to Vanguard.

The main reason was unsolicited calls from my Fidelity "Account Executive" urging me to take advantage of some flaky investment opportunity.
Every call sounded like his hair was on fire and that the world was ending today.

Not my way of investing.
Interesting. I have had an account at Fido since 1983 and never have been subject to this behavior. I don't doubt your experience, just wonder as to the difference in treatment.

We did spend over 3 hours on the phone with Fido yesterday sorting through a number of matters, all positive experiences. They also initiated 3 calls yesterday to ask for clarification and to offer some helpful advice (that lowered their fee income).

spammagnet
Posts: 852
Joined: Wed Apr 27, 2016 9:42 pm

Re: Wanting to leave Fidelity

Post by spammagnet » Tue Apr 17, 2018 10:50 pm

Greatness wrote:
Thu Apr 12, 2018 11:45 am
For the last 8+ years I've had my checking, roth and 401k (solo) with Fidelity. I am really no longer happy with their service. The support is horrible. You cannot instantly link accounts, etc. The only think good is the Visa card. If I transfer my retirement accounts to Vanguard, they will require me to sell all the assets I am told. What else can I do? Is there any company that offers cash management services such as Fidelity, just better service? I mean, just to add a savings account, they have to first call or text me to verify it is me, then they want a voided check (how online savings account), a deposit slip (again, online savings account) AND a copy of the statement. [(removed) --admin LadyGeek] Fidelity used to be a dream to use, but now it's horrible.

Open for advice and suggestions.
Vanguard, not Fidelity, is the institution that's making the move hard, by requiring that you sell their own ETFs.

And you want to move to Vanguard?

kaudrey
Posts: 901
Joined: Fri Nov 22, 2013 2:40 pm

Re: Wanting to leave Fidelity

Post by kaudrey » Wed Apr 18, 2018 11:53 am

My partner is transferring his various accounts (IRA, SEP, brokerage) to Schwab (where I have mine), and is doing an in-kind transfer of assets - nothing needs to be sold.

I've had Schwab for 25+ years, and I love their website, their Chat and phone customer service is very helpful, etc.

RickBoglehead
Posts: 50
Joined: Wed Feb 14, 2018 9:10 am

Re: Wanting to leave Fidelity

Post by RickBoglehead » Thu Apr 19, 2018 7:40 am

RickBoglehead wrote:
Fri Apr 13, 2018 3:49 pm
I am finishing my transfer. Fidelity said I could have a zero balance in my brokerage account, using it for Fidelity Credit Card deposits. Then they refused the partial transfer of the stock holdings, said I had to have money in the account. Coincidentally, credit card deposit then hit, $54 and change. Transfer attempted again, refused, said I have to have $150 in the account for a partial transfer.

Chatted, they said zero was fine. I said no, you rejected it, now it has $54 and you still rejected it. Response - "we'll open a work ticket".

My response - I transferred more cash to bring the balance to $150 (which their system said will take till Tuesday, whereas I get same day credit with Vanguard). Then Vanguard will try again.

After this, I'll be ensuring that every account at Fidelity has the absolute minimum balance they allow, and will be emptying my wife's 403B twice a year. I went from annoyed to pissed off.

On a funny note, my Vanguard rep called and left me a voicemail and said "you're not going to be happy"...
So the saga continues...

Vanguard tried the transfer when the $150.01 showed as "Available to Trade". Fidelity rejected it because the funds were not yet in the account, just showing as available.

Funds arrived, balance of $150.01. Vanguard attempted again, but on this fourth attempt they screwed up and coded it as FULL.

They told me to have Fidelity stop it. Fidelity said "no problem, we can change it to a partial transfer based on your verbal instructions". They then proceeded to do a full transfer anyway, with the account set to close...

Fidelity refuses to admit when they are wrong, and now says I should simply contact them next Friday to keep the account open. I figure it's a 10% chance that works right.

Amazing incompetence.

Also, being "on a recorded line" or using Chat or email simply means that Fidelity will hold you to anything they want to, yet not hold themselves to any promises / commitments they make.

I have zero regrets on pulling my assets.

Chip
Posts: 1963
Joined: Wed Feb 21, 2007 4:57 am

Re: Wanting to leave Fidelity

Post by Chip » Thu Apr 19, 2018 8:01 am

RickBoglehead wrote:
Thu Apr 19, 2018 7:40 am
Vanguard tried the transfer when the $150.01 showed as "Available to Trade". Fidelity rejected it because the funds were not yet in the account, just showing as available.

Fidelity refuses to admit when they are wrong, and now says I should simply contact them next Friday to keep the account open. I figure it's a 10% chance that works right.

[...]

Amazing incompetence.
"Available to trade" is fundamentally different from "settled cash". You can only transfer settled cash to an external account. Those and other balance definitions are available on the Fidelity web site here.

Your ignorance of the rules isn't Fidelity's incompetence.

RickBoglehead
Posts: 50
Joined: Wed Feb 14, 2018 9:10 am

Re: Wanting to leave Fidelity

Post by RickBoglehead » Thu Apr 19, 2018 8:08 am

Chip wrote:
Thu Apr 19, 2018 8:01 am
"Available to trade" is fundamentally different from "settled cash". You can only transfer settled cash to an external account. Those and other balance definitions are available on the Fidelity web site here.

Your ignorance of the rules isn't Fidelity's incompetence.
I had no ignorance. I wasn't transferring cash FROM Fidelity, I was transferring cash TO Fidelity. I made the incorrect assumption that when they showed the $150.01 as available to trade in my account, that meant they would allow the partial transfer of the stock shares (NOT the cash which was remaining in the account) to proceed. They did not.

Of course they had said I could do the partial transfer with a zero cash balance - Nope.
Then they said I could do it with $50 cash balance remaining - Nope.
Then they said they would change the transfer from Full to Partial - Nope.

Now they say that after the full transfer is complete, I can contact them next Friday and they will reopen the account and require a zero cash balance.

They then offered me a bridge for sale.

Dottie57
Posts: 3123
Joined: Thu May 19, 2016 5:43 pm

Re: Wanting to leave Fidelity

Post by Dottie57 » Thu Apr 19, 2018 8:14 am

DaftInvestor wrote:
Fri Apr 13, 2018 2:44 pm
fandango wrote:
Fri Apr 13, 2018 7:14 am
I moved almost all of our investments from Fidelity to Vanguard.

The main reason was unsolicited calls from my Fidelity "Account Executive" urging me to take advantage of some flaky investment opportunity.
Every call sounded like his hair was on fire and that the world was ending today.

Not my way of investing.
This would have been an easy problem to fix (and one that I did fix).
My Fidelity executive reached out to me once with something - I told him never to call me again and that I would reach out to him if I ever needed anything. I told him to make sure my records indicated I didn't want to be contacted. That was years ago - No one from Fidelity ever called me again.

(I have accounts at Fidelity, Vanguard, and Schwab - they all have their pluses/minuses)
I have a very calm Fidelity Advisor. We"vet had several meetings where I wasn't interested in any of the higher priced products he presented. He has stopped calling. He is very nice and is wiling to help me if needed.

bawr
Posts: 56
Joined: Thu May 19, 2011 9:10 pm

Re: Wanting to leave Fidelity

Post by bawr » Thu Apr 19, 2018 8:09 pm

munemaker wrote:
Mon Apr 16, 2018 9:45 am
I like the concept of using Fidelity for checking. Problem is I currently receive 1% interest on checking at Capital One 360, and I don't think Fidelity pays anything, do they?
FDIC insured deposits below $100k in Fidelity's Cash Management Account currently earn 0.19%. Whenever there is a meaningful amount of spare cash in my CMA, I manually buy shares of a money market fund (FZDXX), which currently earns 1.77%. Shares of the money market fund in the CMA are auto-liquated to meet the account's debit needs.

User avatar
AllieTB1323
Posts: 174
Joined: Tue Mar 24, 2015 10:17 am
Location: Desert Washington State

Re: Wanting to leave Fidelity

Post by AllieTB1323 » Thu Apr 19, 2018 8:57 pm

Greatness wrote:
Thu Apr 12, 2018 1:06 pm
Seems Vanguard wants me to sell all my 401k holdings prior to switching. Which, I do not want to do. I do not understand why they make things so hard to do. The ironic part is that all the holdings in the 401k are Vanguard ETFs.
This is a head spinning comment.

User avatar
Artful Dodger
Posts: 262
Joined: Thu Oct 20, 2016 12:56 pm

Re: Wanting to leave Fidelity

Post by Artful Dodger » Fri Apr 20, 2018 7:36 am

tuningfork wrote:
Fri Apr 13, 2018 10:24 am
By the time OP reads all the responses to this thread, Fidelity would have finished linking OP's bank account. :sharebeer
fandango wrote:
Fri Apr 13, 2018 7:14 am
I moved almost all of our investments from Fidelity to Vanguard.

The main reason was unsolicited calls from my Fidelity "Account Executive" urging me to take advantage of some flaky investment opportunity.
Every call sounded like his hair was on fire and that the world was ending today.

Not my way of investing.
That seems to be specific to the account executive assigned to you, or in my experience, the account executive's assistant. My first year at Fidelity, the quarterly call from the assistant to request a meeting was easily ignored. The second year, same executive but a new assistant called. The messages left were urgent and implied I needed to take immediate action. I still ignored them but started thinking about moving my account. Another year, that executive left the company, I was assigned a new executive (and new assistant), and all has been good since.
I wonder if this is specific to a local office, or as you say, the account Exec or assistant. I've had three assigned to me over the past 6 or 7 years, and all were pleasant, and no one pushed any product. Usually when I get a call, it's to invite me to an event like a investment seminar with food, drinks, etc., or a more social event.

UpperNwGuy
Posts: 332
Joined: Sun Oct 08, 2017 7:16 pm
Location: Washington DC

Re: Wanting to leave Fidelity

Post by UpperNwGuy » Fri Apr 20, 2018 7:59 am

RickBoglehead wrote:
Thu Apr 19, 2018 8:08 am
Chip wrote:
Thu Apr 19, 2018 8:01 am
"Available to trade" is fundamentally different from "settled cash". You can only transfer settled cash to an external account. Those and other balance definitions are available on the Fidelity web site here.

Your ignorance of the rules isn't Fidelity's incompetence.
I had no ignorance. I wasn't transferring cash FROM Fidelity, I was transferring cash TO Fidelity. I made the incorrect assumption that when they showed the $150.01 as available to trade in my account, that meant they would allow the partial transfer of the stock shares (NOT the cash which was remaining in the account) to proceed. They did not.

Of course they had said I could do the partial transfer with a zero cash balance - Nope.
Then they said I could do it with $50 cash balance remaining - Nope.
Then they said they would change the transfer from Full to Partial - Nope.

Now they say that after the full transfer is complete, I can contact them next Friday and they will reopen the account and require a zero cash balance.

They then offered me a bridge for sale.
In your list of screwups you should have added the Vanguard screwup (full vs partial) that created the opportunity for the third Fidelity screwup. I would contend that Vanguard's screwup was the worst of the four.

student
Posts: 1732
Joined: Fri Apr 03, 2015 6:58 am

Re: Wanting to leave Fidelity

Post by student » Fri Apr 20, 2018 8:00 am

bawr wrote:
Thu Apr 19, 2018 8:09 pm
munemaker wrote:
Mon Apr 16, 2018 9:45 am
I like the concept of using Fidelity for checking. Problem is I currently receive 1% interest on checking at Capital One 360, and I don't think Fidelity pays anything, do they?
FDIC insured deposits below $100k in Fidelity's Cash Management Account currently earn 0.19%. Whenever there is a meaningful amount of spare cash in my CMA, I manually buy shares of a money market fund (FZDXX), which currently earns 1.77%. Shares of the money market fund in the CMA are auto-liquated to meet the account's debit needs.
FZDXX has a 1 million dollars minimum. Am I missing something?

bawr
Posts: 56
Joined: Thu May 19, 2011 9:10 pm

Re: Wanting to leave Fidelity

Post by bawr » Fri Apr 20, 2018 9:03 am

student wrote:
Fri Apr 20, 2018 8:00 am
FZDXX has a 1 million dollars minimum. Am I missing something?
The initial purchase minimum for FZDXX is actually only $100,000. The balance may drop below that level after the initial purchase.

There is also SPRXX, with an initial purchase minimum of $2,500, and a current yield of 1.65%.

Chip
Posts: 1963
Joined: Wed Feb 21, 2007 4:57 am

Re: Wanting to leave Fidelity

Post by Chip » Fri Apr 20, 2018 9:04 am

student wrote:
Fri Apr 20, 2018 8:00 am
FZDXX has a 1 million dollars minimum. Am I missing something?
I don't know where you saw $1M. It's 100k minimum. And I could swear that when I bought it last year the minimum was only 10k in an IRA, but I don't see that separate minimum listed now.

There are other options besides the FDIC-insured core account at Fidelity. I use SPAXX (1.24%) in my taxable account and FDRXX (1.29%) in IRAs.

bawr
Posts: 56
Joined: Thu May 19, 2011 9:10 pm

Re: Wanting to leave Fidelity

Post by bawr » Fri Apr 20, 2018 9:13 am

Chip wrote:
Fri Apr 20, 2018 9:04 am
I don't know where you saw $1M. It's 100k minimum. And I could swear that when I bought it last year the minimum was only 10k in an IRA, but I don't see that separate minimum listed now.
The minimum for IRAs is still $10,000. The information is listed here:

https://fundresearch.fidelity.com/mutua ... /31617H805

Chip
Posts: 1963
Joined: Wed Feb 21, 2007 4:57 am

Re: Wanting to leave Fidelity

Post by Chip » Fri Apr 20, 2018 1:27 pm

^^^Thanks. Footnote 4 on the page I linked COULD have that info, but they chose not to put it there for some reason.

User avatar
Fudgie
Posts: 125
Joined: Sun Oct 11, 2015 12:01 pm

Re: Wanting to leave Fidelity

Post by Fudgie » Fri Apr 20, 2018 6:54 pm

Just because there's a telephone number field when you register, it doesn't mean you have to enter your real number. Enter your childhood number or 555-555-5555 and call it a day. You'll never receive a call from ANY of these jackals!
"That's entertainment!" - Vlad the Impaler

student
Posts: 1732
Joined: Fri Apr 03, 2015 6:58 am

Re: Wanting to leave Fidelity

Post by student » Fri Apr 20, 2018 7:14 pm

bawr wrote:
Fri Apr 20, 2018 9:03 am
student wrote:
Fri Apr 20, 2018 8:00 am
FZDXX has a 1 million dollars minimum. Am I missing something?
The initial purchase minimum for FZDXX is actually only $100,000. The balance may drop below that level after the initial purchase.

There is also SPRXX, with an initial purchase minimum of $2,500, and a current yield of 1.65%.
My mistake. I misread it.

student
Posts: 1732
Joined: Fri Apr 03, 2015 6:58 am

Re: Wanting to leave Fidelity

Post by student » Fri Apr 20, 2018 7:14 pm

Chip wrote:
Fri Apr 20, 2018 9:04 am
student wrote:
Fri Apr 20, 2018 8:00 am
FZDXX has a 1 million dollars minimum. Am I missing something?
I don't know where you saw $1M. It's 100k minimum. And I could swear that when I bought it last year the minimum was only 10k in an IRA, but I don't see that separate minimum listed now.

There are other options besides the FDIC-insured core account at Fidelity. I use SPAXX (1.24%) in my taxable account and FDRXX (1.29%) in IRAs.
My mistake. I misread it.

drzzzzz
Posts: 173
Joined: Sat Sep 22, 2012 9:56 pm

Re: Wanting to leave Fidelity

Post by drzzzzz » Fri Apr 20, 2018 9:39 pm

I will be curious to see what annoying calls if any that I receive from Fidelity since I am in the process of transferring two IRAs for my mother to Fidelity from another company and the Fidelity service that I have received so far has been outstanding. They have helped with paperwork, answered questions on the phone, transfer me to an IRA rollover specialist for this issue, and when I went to the office with questions about timing for the rollover, the front desk person scanned in all the paperwork that needed to get Fidelity signatures and called their IRA team, asking them to priortize it since there is a firm deadline coming up when this needs to be done by. In addition, when I was in the office dropping off paperwork and I asked about Donor Advised Funds, they checked to see if an associate was available who then went over how their accounts work and when he or I had a specific question that he couldn't answer, he just called the specialists who work in their charitable foundation department. So far, I have found it so much easier to be able to work with Fidelity than Vanguard and it was really nice to be able to go into an office to get things handled quickly. I am a long-term Vanguard customer and not planning to leave, but my level of annoyance with Vanguard, their archaic approach on some issues, and some of their recent screwups in my family's accounts, as well as their lack of interest in fixing problems is frustrating.

Post Reply