Fidelity as a one stop shop

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BA22
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Re: Fidelity as a one stop shop

Post by BA22 » Tue Dec 25, 2018 7:11 am

sabtastic wrote:
Mon Dec 24, 2018 9:50 am
BA22 wrote:
Mon Dec 24, 2018 7:33 am
I had an issue with CMA when I traveled to Europe. We used the account to get ATM rebates and I had the entire account balance in SPRXX. The first day at our hotel, I tried the ATM in the lobby and it said declined. Then I sold SPRXX and once everything was in the core account, I could do withdrawals. We used our credit card as our backup until we could get Euros. Has anyone else had any issues while traveling abroad?

Also, SPRXX has an ER of 0.42 and I haven't read any discussion about that.

We love the fidelity CMA and use it for our Emergency fund.

Thanks again, enjoy this thread!
That is not good. I called fidelity and they told me any money market should work. Does anyone else have any trouble like this? I just moved some cash to SPRXX and once I get the ATM card I am going to run around town and do a quick test :mrgreen:
Let me know how it works for you. I'm hoping it was just an issue with that particular ATM in Amsterdam.

Merry Christmas everyone!

Arby
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Re: Fidelity as a one stop shop

Post by Arby » Tue Dec 25, 2018 8:31 am

sabtastic wrote:
Mon Dec 24, 2018 9:50 am


That is not good. I called fidelity and they told me any money market should work. Does anyone else have any trouble like this? I just moved some cash to SPRXX and once I get the ATM card I am going to run around town and do a quick test :mrgreen:
Just made an ATM withdrawal a few hours ago in Thailand.

I have 0 in my Core; everything is SPRXX.

I did have a minor problem though. I had to choose whether the card was linked to a Savings Account, Current Account, or Credit Card. I kept choosing the wrong one. Finally, Current Account worked. With my Thai ATM cards I have to choose Savings Account.

So it's possible that some people who think they are having a problem because of no money in their Core might be making a wrong choice on the ATM machine.

Pomegranate
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Re: Fidelity as a one stop shop

Post by Pomegranate » Tue Dec 25, 2018 8:25 pm

How much $$$ should I put in Fidelity to get few free trades per month? ME asks for $100k but the only offer from Fidelity was 'free trades for 2 years' ...

radiowave
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Re: Fidelity as a one stop shop

Post by radiowave » Tue Dec 25, 2018 8:45 pm

A footnote on the CMA account. Fidelity has had a number of issues with their Full View aggregator. I used it for over 2 years and when Fidelity rolled out the new product last September they lost all of history in Full View for my CMA account and several other problems have crept up as well so if the OP is going to use the CMA at Fidelity to track expenses, just beware of the potential problems. I finally gave up and went back to Quicken.

As for the debit card, I used it without problem on a trip to Italy and Switzerland in summer of 2017. Even worked for the automated train ticket kiosk in Rome Termini.
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sabtastic
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Re: Fidelity as a one stop shop

Post by sabtastic » Fri Dec 28, 2018 11:40 am

BA22 wrote:
Tue Dec 25, 2018 7:11 am

Let me know how it works for you. I'm hoping it was just an issue with that particular ATM in Amsterdam.

Merry Christmas everyone!
I've been travelling around CA and NV recently and the ATM works like a charm with SPRXX. I also fired up the billpay and will try that will a few monthly bills. I am amazed at this service, considering vanguard makes me sell the VMMXX and wait a DAY before I can buy anything else or transfer to roth/529. How is fidelity doing this? Short term loan?

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Re: Fidelity as a one stop shop

Post by indexfundfan » Fri Dec 28, 2018 11:52 am

sabtastic wrote:
Fri Dec 28, 2018 11:40 am
BA22 wrote:
Tue Dec 25, 2018 7:11 am

Let me know how it works for you. I'm hoping it was just an issue with that particular ATM in Amsterdam.

Merry Christmas everyone!
I've been travelling around CA and NV recently and the ATM works like a charm with SPRXX. I also fired up the billpay and will try that will a few monthly bills. I am amazed at this service, considering vanguard makes me sell the VMMXX and wait a DAY before I can buy anything else or transfer to roth/529. How is fidelity doing this? Short term loan?
Unlike Vanguard or Schwab, Fidelity's MMFs settle on the same business day.
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xzhou
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Re: Fidelity as a one stop shop

Post by xzhou » Tue Jan 01, 2019 6:43 pm

indexfundfan wrote:
Fri Dec 28, 2018 11:52 am
...
Unlike Vanguard or Schwab, Fidelity's MMFs settle on the same business day.
Awesome! So far Fido has always surprised me on the upside.

MisterBill
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Re: Fidelity as a one stop shop

Post by MisterBill » Tue Jan 01, 2019 8:31 pm

Arby wrote:
Tue Dec 25, 2018 8:31 am
I did have a minor problem though. I had to choose whether the card was linked to a Savings Account, Current Account, or Credit Card. I kept choosing the wrong one. Finally, Current Account worked. With my Thai ATM cards I have to choose Savings Account.

So it's possible that some people who think they are having a problem because of no money in their Core might be making a wrong choice on the ATM machine.
Is "current account" what we call a checking account in Thailand? Choosing checking has always proven to be the correct answer at ATM's with Fidelity, at least for me.

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Re: Fidelity as a one stop shop

Post by MisterBill » Tue Jan 01, 2019 8:33 pm

xzhou wrote:
Tue Jan 01, 2019 6:43 pm
Awesome! So far Fido has always surprised me on the upside.
The only problem I've had with Fidelity was that their exchange rate for an international wire transfer was not competitive. They wanted to add 3% to the base rate, even for Private Client Group customers. I ended up using Transferwise, and was able to do a free domestic wire transfer from Fidelity to pay for it.

MisterBill
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Re: Fidelity as a one stop shop

Post by MisterBill » Tue Jan 01, 2019 8:56 pm

BA22 wrote:
Mon Dec 24, 2018 7:33 am
Also, SPRXX has an ER of 0.42 and I haven't read any discussion about that.
The 7 day yield is currently 2.09%. I do see that the Vanguard VMMXX is better, 2.42% with 0.16 ER. But as was previously stated, it's not as seamless as Fidelity since they sell it automatically for you and there is no need to wait,

If you can put together $100k in cash in the Fidelity account you can buy FZDXX which has a 0.37 ER and current 7 day yield of 2.21%. You can go below that once the account is opened.

nalor511
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Re: Fidelity as a one stop shop

Post by nalor511 » Wed Jan 02, 2019 4:39 am

MisterBill wrote:
Tue Jan 01, 2019 8:33 pm
xzhou wrote:
Tue Jan 01, 2019 6:43 pm
Awesome! So far Fido has always surprised me on the upside.
The only problem I've had with Fidelity was that their exchange rate for an international wire transfer was not competitive. They wanted to add 3% to the base rate, even for Private Client Group customers. I ended up using Transferwise, and was able to do a free domestic wire transfer from Fidelity to pay for it.
Yes but in their defense all banks except these online startups like Transferwise do this

MisterBill
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Re: Fidelity as a one stop shop

Post by MisterBill » Wed Jan 02, 2019 10:24 am

nalor511 wrote:
Wed Jan 02, 2019 4:39 am
MisterBill wrote:
Tue Jan 01, 2019 8:33 pm
xzhou wrote:
Tue Jan 01, 2019 6:43 pm
Awesome! So far Fido has always surprised me on the upside.
The only problem I've had with Fidelity was that their exchange rate for an international wire transfer was not competitive. They wanted to add 3% to the base rate, even for Private Client Group customers. I ended up using Transferwise, and was able to do a free domestic wire transfer from Fidelity to pay for it.
Yes but in their defense all banks except these online startups like Transferwise do this
Perhaps, but I was disappointed that they couldn't do better for a PCG customer. But they claimed it was another company they used and there was no discount available. But in the context of the "one stop shop" discussion, they weren't (which is why I brought it up here).

mervinj7
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Re: Fidelity as a one stop shop

Post by mervinj7 » Wed Jan 02, 2019 12:07 pm

sabtastic wrote:
Fri Dec 28, 2018 11:40 am
I've been travelling around CA and NV recently and the ATM works like a charm with SPRXX. I also fired up the billpay and will try that will a few monthly bills. I am amazed at this service, considering vanguard makes me sell the VMMXX and wait a DAY before I can buy anything else or transfer to roth/529. How is fidelity doing this? Short term loan?
I've been wondering how that works for Fidelity. It's also the same for buying Treasuries. I can start a transfer of funds from my CapitalOne360 Checking account and place a treasury bill order the same day. Since the the actual transfer doesn't occur for a 2-3 more days, I end up owning the Treasury bill before even funds from 360 checking are withdrawn.

nalor511
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Re: Fidelity as a one stop shop

Post by nalor511 » Wed Jan 02, 2019 11:35 pm

MisterBill wrote:
Wed Jan 02, 2019 10:24 am
Perhaps, but I was disappointed that they couldn't do better for a PCG customer. But they claimed it was another company they used and there was no discount available. But in the context of the "one stop shop" discussion, they weren't (which is why I brought it up here).
I hear you, it disappointed me too, I'm just saying I didn't really expect otherwise, because they're all the same (overcharging for forex)

PeterParker
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Re: Fidelity as a one stop shop

Post by PeterParker » Thu Jan 03, 2019 2:08 pm

I would switch to Fido from Schwab given the automated management listed here (a Brokerage that invested in a moneymarket and CMA at $0).

HOWEVER, the Fidelity debit card page states that a 1% forex fee will apply to foreign ATM withdrawals. Schwab never charges you a dime for any ATM, foreign or domestic or strip club.

I've heard that this 1% Forex doesn't actually happen in practice, but --- I'm not sure if you can "take that to the bank." Anyone here have recent experience with foreign ATM withdrawal with a Fidelity visa?

SpaethCo
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Re: Fidelity as a one stop shop

Post by SpaethCo » Thu Jan 03, 2019 2:17 pm

PeterParker wrote:
Thu Jan 03, 2019 2:08 pm
I've heard that this 1% Forex doesn't actually happen in practice, but --- I'm not sure if you can "take that to the bank." Anyone here have recent experience with foreign ATM withdrawal with a Fidelity visa?
There have been numerous threads here and on the Flyertalk forums that confirm there is no forex fee for ATM use.

I just used my card 2 weeks ago in Cozumel for an ATM withdrawal, as usual no forex charge was assessed, and the ATM fee was refunded the same day the withdrawal posted.

arf30
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Re: Fidelity as a one stop shop

Post by arf30 » Thu Jan 03, 2019 2:18 pm

PeterParker wrote:
Thu Jan 03, 2019 2:08 pm
I've heard that this 1% Forex doesn't actually happen in practice, but --- I'm not sure if you can "take that to the bank." Anyone here have recent experience with foreign ATM withdrawal with a Fidelity visa?
Yes, I can confirm there's no ATM FTF fee. Haven't been brave enough to try a debit transaction internationally yet to see if there's a fee on that side.

MisterBill
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Re: Fidelity as a one stop shop

Post by MisterBill » Thu Jan 03, 2019 2:42 pm

arf30 wrote:
Thu Jan 03, 2019 2:18 pm
PeterParker wrote:
Thu Jan 03, 2019 2:08 pm
I've heard that this 1% Forex doesn't actually happen in practice, but --- I'm not sure if you can "take that to the bank." Anyone here have recent experience with foreign ATM withdrawal with a Fidelity visa?
Yes, I can confirm there's no ATM FTF fee. Haven't been brave enough to try a debit transaction internationally yet to see if there's a fee on that side.
I inadvertently used it for a debit transaction on an MSC cruise ship and was charged the 1% fee. Long story alert which will probably be of interest to cruisers. I had given them that card for my charges because I had on board credit I wasn't planning to spend and expected to receive a refund at the end of the cruise. I didn't want it going back to a credit card where I'd lose rewards on the refund so I used the debit card instead (I do this on other cruise lines and it works fine). First, even though the cruise was in the US, they bill from France so it was considered a foreign transaction. Second, even though I had a credit on my account, they pulled $100 from my debit card, which then posted to Fidelity as $101. Took me quite some time to figure out what happened to that extra dollar until I remembered the 1% fee. And making things even worse, in the end they wouldn't even refund my excess on board credit, so I had to spend it, including the extra $100 that they had pulled!
Last edited by MisterBill on Fri Jan 04, 2019 4:04 pm, edited 2 times in total.

Gadget
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Re: Fidelity as a one stop shop

Post by Gadget » Fri Jan 04, 2019 2:00 pm

arf30 wrote:
Thu Jan 03, 2019 2:18 pm
PeterParker wrote:
Thu Jan 03, 2019 2:08 pm
I've heard that this 1% Forex doesn't actually happen in practice, but --- I'm not sure if you can "take that to the bank." Anyone here have recent experience with foreign ATM withdrawal with a Fidelity visa?
Yes, I can confirm there's no ATM FTF fee. Haven't been brave enough to try a debit transaction internationally yet to see if there's a fee on that side.
There is no 1% fee on foreign ATM withdrawals. There is a 1% fee on foreign debit card purchases. I don't know why anyone would use it like that except by accident though.

MisterBill
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Re: Fidelity as a one stop shop

Post by MisterBill » Mon Jan 07, 2019 5:49 pm

So back to the CMA discussion. I currently have Minimum Target Balance Amount enabled, and the result is that it transfers in $250 (the minimum you can set it to) from my brokerage account when my balance gets to zero. What's strange is that it happens on the day after an overdraft transfer occurs to cover debits that have hit the account. It seemed to me that this was a waste and there was no need to have the $250 in the account, so I turned it off and got the following messages:

Error: Your bank account is no longer eligible for funding account status because you have removed the minimum target balance setting. You have two options:

Option one: deselect your bank account as your designated funding account.
Option two: return to the previous page and specify a minimum target balance.


I do have a bank account set up as under "Eligible Funding Accounts" but never use it because I have enough in my brokerage account, which is first in the list so removing the bank account won't change how it currently works. I just want to make sure that I don't do anything that breaks the overdraft coverage and bounces charges. I'm guessing that so long as "Self Funded Overdraft Protection" is enabled, it will do what I want and that there is no harm in turning off the Minimum Target Balance. Is that correct? Is there actually a benefit I am missing to using the Minimum Target Balance option and keeping $250 in the account?

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Re: Fidelity as a one stop shop

Post by MisterBill » Mon Jan 07, 2019 6:59 pm

b0B wrote:
Mon Jan 07, 2019 6:54 pm
Well I thought I should finally try it out as a bank account. I've had bad experiences with Fidelity before, but I was totally shocked at how bad this CMA is. It is totally unreliable. You cannot count on transactions actually happening. Avoid this account like the plague.
Details? What sort of transactions?

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Re: Fidelity as a one stop shop

Post by LadyGeek » Mon Jan 07, 2019 11:46 pm

I removed an off-topic comment and several replies. As a reminder, see: General Etiquette
We expect this forum to be a place where people can feel comfortable asking questions and where debates and discussions are conducted in civil tones.

...At all times we must conduct ourselves in a respectful manner to other posters. Attacks on individuals, insults, name calling, trolling, baiting or other attempts to sow dissension are not acceptable.
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nalor511
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Re: Fidelity as a one stop shop

Post by nalor511 » Tue Jan 08, 2019 7:14 pm

To chime in, I had multiple issues getting an ACH to successfully come into the CMA, using the correct account and routing numbers (confirmed by Fido). Eventually I gave up and did the ACH from the Fidelity end, and it went through perfectly. I've never had an issue doing ACH with any other accounts at other Banks and CUs, so this was strange for me. This was 5 years ago, so they may have changed things. I'm still working around it by doing my ACH from the Fidelity end, and (mostly) doing my banking at an actual bank/CU

MisterBill
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Re: Fidelity as a one stop shop

Post by MisterBill » Tue Jan 08, 2019 9:24 pm

nalor511 wrote:
Tue Jan 08, 2019 7:14 pm
To chime in, I had multiple issues getting an ACH to successfully come into the CMA, using the correct account and routing numbers (confirmed by Fido). Eventually I gave up and did the ACH from the Fidelity end, and it went through perfectly. I've never had an issue doing ACH with any other accounts at other Banks and CUs, so this was strange for me. This was 5 years ago, so they may have changed things. I'm still working around it by doing my ACH from the Fidelity end, and (mostly) doing my banking at an actual bank/CU
I've received many ACH's without any problems. However, one company seemed to have problems with the prenote, sending it several times. I have no idea if the problem was on their end or Fidelity's. I just switched it to a different bank.

sharukh
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Re: Fidelity as a one stop shop

Post by sharukh » Wed Jan 09, 2019 8:15 am

I use cma. Love the interest rate.
Cons: I miss the 2 column accounting that banks use.
Cma use single column accounting

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Re: Fidelity as a one stop shop

Post by GeraniumLover » Wed Jan 09, 2019 8:19 am

sharukh wrote:
Wed Jan 09, 2019 8:15 am
I use cma. Love the interest rate.
Cons: I miss the 2 column accounting that banks use.
Cma use single column accounting
I agree. It would also be nice to be able to add a note or description to transactions like you can in CapitalOne 360 accounts. Looking over a transaction history that just lists the transaction type (check deposited, ATM withdrawal, check #x paid, funds transfered) and amount is of limited value.

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Re: Fidelity as a one stop shop

Post by Ged » Wed Jan 09, 2019 9:06 am

jbranx wrote:
Sun Dec 16, 2018 12:56 pm
oldcomputerguy wrote:
Sun Dec 16, 2018 12:14 pm
jbranx wrote:
Sat Dec 15, 2018 10:17 pm
very good Visa card with US Bank that gives you 2% on all transactions that you can deposit back into your account; ATM reimbursement; collision damage waiver on rental cars;
Minor correction: the Fidelity Visa credit card is through Elan Financial, while the debit/ATM card is serviced through BNY Mellon and uses PNC Bank as the underlying bank (at least that’s true for mine).
Elan Financial is a sub of US Bank, which is very good at credit card and data management. It's worth pointing out the fact because Fido's previous card with Bank American/Fleet Boston was a nightmare in my experience. Elan allows you to monitor the card directly inside the Fidelity account, provides email and text alerts on all charges to the card at lightning speed (usually before even Amazon can send a purchase email) and has very good customer service on its direct line for Fido customers. The debit/PNC card has worked at every ATM I have ever tried in the US and elsewhere. The 2% rewards are auto deposited into the Fido cash account if you set it up. Pretty snazzy arrangement. I'd recommend anyone transferring to Fidelity ask for free trades to get everything transferred and set up.
I have a similar positive experience with my Fidelity Credit Card. While it is not the only credit card I use it is the one I choose for most of my transactions. I also use a Costco Card for gasoline and an Amazon Card for the rebates that provides on Amazon.

Fidelity as a one-stop shop still is missing cash withdrawals and safe deposit boxes, so I have to also deal with brick and mortar (yuck) banking.

sabtastic
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Re: Fidelity as a one stop shop

Post by sabtastic » Wed Jan 09, 2019 9:16 am

Roughly 1 month in or so and this has been working like a dream. Direct deposit, check writing, check cashing, billpay atm and atm debit purchases are all working as intended at all hours of the day without any issues whatsoever. Everything is in SPRXX and as far as I can tell, new money deposited in the brokerage is going straight to SPRXX so I don't have to re-buy. This is a real pleasure as currently with Vanguard the process if often a few days to settle. The expense ratio at fidelity is much higher than Vanguard, but I am essentially getting 2+% on a checking account with this service.

The only thing that still worries me is potential fraud. I spoke to fidelity about the fraud options and I wasn't very reassured.

Has anyone used this card with apple/android/samsung pay?

Cash
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Re: Fidelity as a one stop shop

Post by Cash » Wed Jan 09, 2019 9:14 pm

Which card? I use the credit card with Apple Pay with no problems.

For security, sign up for two factor authentication with the VIP Access soft token.

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Re: Fidelity as a one stop shop

Post by Gadget » Thu Jan 10, 2019 8:40 am

sabtastic wrote:
Wed Jan 09, 2019 9:16 am
Roughly 1 month in or so and this has been working like a dream. Direct deposit, check writing, check cashing, billpay atm and atm debit purchases are all working as intended at all hours of the day without any issues whatsoever. Everything is in SPRXX and as far as I can tell, new money deposited in the brokerage is going straight to SPRXX so I don't have to re-buy. This is a real pleasure as currently with Vanguard the process if often a few days to settle. The expense ratio at fidelity is much higher than Vanguard, but I am essentially getting 2+% on a checking account with this service.

The only thing that still worries me is potential fraud. I spoke to fidelity about the fraud options and I wasn't very reassured.

Has anyone used this card with apple/android/samsung pay?
Really? You got SPRXX to be your core account? Mine is SPAXX. How did you get new money to go into SPRXX?

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Re: Fidelity as a one stop shop

Post by indexfundfan » Thu Jan 10, 2019 9:14 am

ThriftyPhD wrote:
Mon Jan 07, 2019 7:36 pm
b0B wrote:
Mon Jan 07, 2019 7:06 pm
MisterBill wrote:
Mon Jan 07, 2019 6:59 pm
b0B wrote:
Mon Jan 07, 2019 6:54 pm
Well I thought I should finally try it out as a bank account. I've had bad experiences with Fidelity before, but I was totally shocked at how bad this CMA is. It is totally unreliable. You cannot count on transactions actually happening. Avoid this account like the plague.
Details? What sort of transactions?
Totally routine ones. Does it really matter? I expect a bank account to work, plain and simple. Fidelity CMA does not.
Yes it matters. Many of us are using this account without issue. You've been negative throughout the thread, and now you're claiming transactions aren't happening yet won't give any details. Seems... fishy. Is there are a reason you're so against this account?
+1

I have had the CMA since its introduction (called mySmartCash previously) in 2012, and it has worked well for me -- ACH, ATM, check writing all working as expected. I put the cash all in FZDXX (current APY 2.4%) and it gets liquidated automatically to satisfy debits.
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sabtastic
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Re: Fidelity as a one stop shop

Post by sabtastic » Thu Jan 10, 2019 9:38 am

Gadget wrote:
Thu Jan 10, 2019 8:40 am
Really? You got SPRXX to be your core account? Mine is SPAXX. How did you get new money to go into SPRXX?
It SAYS my core is SPAXX as well, but the few checks I cashed look like they went right into the SPRXX pool. Fido also lets me sell SPAXX and buy another fund in the same transaction, which I couldn't do with vanguard's VMMXX. I guess that is part of the reason why vanguard's MM fees are so much lower than fido. This is really a great service, I am impressed.

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Fidelity Cash Management Account - Investments

Post by southerndoc » Thu Jan 10, 2019 10:13 pm

[Thread merged into here, see below. --admin LadyGeek]

Can someone confirm with the Fidelity Cash Management account that Fidelity will automatically sell investments at the end of the day to cover checks and ATM withdrawals? I've read posts from a search, but many of those were a little older. I wanted to make sure Fidelity hasn't changed anything recently.

Are there limits to which funds Fidelity will automatically sell to cover withdrawals?

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Re: Fidelity Cash Management Account - Investments

Post by furwut » Thu Jan 10, 2019 10:16 pm

Have you read the recent thread on using Fidelity as a one stop shop? The thread discusses cash management accounts.
viewtopic.php?f=2&t=266538

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Re: Fidelity Cash Management Account - Investments

Post by southerndoc » Thu Jan 10, 2019 10:22 pm

I have (and have contributed to it). Apparently I missed it. Let me read it now.

I tried changing my core position, but a popup said that no other options were available for my core position. I thought I had read somewhere on here that people have changed their core positions to Treasuries money market funds, etc.

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Re: Fidelity as a one stop shop

Post by southerndoc » Thu Jan 10, 2019 10:29 pm

hotpancakes wrote:
Sat Dec 15, 2018 10:03 pm
BogleMelon wrote:
Sat Dec 15, 2018 9:55 pm
MikeMak27 wrote:
Sat Dec 15, 2018 9:42 pm



The cash management account allows you to purchase their money market fund, SPRXX, yielding around 2.1%. It will automatically sell some to cover ATM withdrawals, any checks you write, or any bills you pay.
Thanks for your response.
About this, I was told by chat rep that I cant buy MMF or any funds inside the cash management account and that I need another separate account for that purpose! I was also told that they dont prefer to sell funds to cover expenses and I would have to sell them myself!! I believe he is wrong since I read it before here that others do the same thing you described
What the rep told you is incorrect. The CMA account is a brokerage account, and can thus hold MMFs as well as stocks (even though they don't advertise this). I use a CMA account as my primary "checking" account. I park all funds in SPRXX and Fidelity auto-liquidates any funds as needed to cover any debits. What this amounts to is a pseudo-checking account that currently pays 2.1%, has no fees, and rebates all ATM fees worldwide. It's fantastic.
I tried changing my core account, but it says no other options are available. How do you change it?

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Re: Fidelity Cash Management Account - Investments

Post by stlutz » Thu Jan 10, 2019 10:41 pm

You need a regular brokerage account and have all of your deposits go into there. You can then setup cash manager to automagically pull from that when you need cash in the CMA.

Or what I do is use the regular brokerage account for everything except ATM withdrawals. That approach limits my risk in the event my debit card is lost or stolen.

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Re: Fidelity as a one stop shop

Post by indexfundfan » Thu Jan 10, 2019 10:44 pm

As far as I know, you cannot change the core fund in the CMA. But you can buy any MMF you want in the CMA -- and the MMF is considered "cash" and is auto-liquidated to satisfy debits in the CMA.

On the other hand, you can change the core fund in the regular investment account.
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whodidntante
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Re: Fidelity Cash Management Account - Investments

Post by whodidntante » Thu Jan 10, 2019 10:59 pm

Fidelity has a pretty loose definition of settlement account, and will automatically sell SPRXX and maybe some other money market funds to cover debits in the CMA account at the end of the next trading day. When new money comes into the account, I manually buy SPRXX, and Fidelity sells it as needed. I also like that the account can be backed by margin in my brokerage account. I carry a razor thin cash margin, so I like not having to worry about screwing up the arithmetic or forgetting about an autopay from a seldom used card.

IntangibleAssets
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Re: Fidelity Cash Management Account - Investments

Post by IntangibleAssets » Thu Jan 10, 2019 11:26 pm

Just go to Trade, select the CMA account ---> Type in the symbol, (ex: SPRXX) ---> Action (buy) ---> Amount: $xxxxx

Then this is automatically in the CMA

When I need to pay my CC balance and I pay with the CMA account the SPRXX funds are automatically be sold to pay the balance.

Can confirm.

mattsm
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Re: Fidelity Cash Management Account - Investments

Post by mattsm » Thu Jan 10, 2019 11:30 pm

Confirm this is true, as the CMA account rates have not been rising like they were years ago when I signed up for this bank account.

zeugmite
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Re: Fidelity Cash Management Account - Investments

Post by zeugmite » Fri Jan 11, 2019 12:35 am

CMA accounts can only have core of FDIC with low rates.
Brokerage accounts can have core that are (some) Fidelity MM funds.
The two types of accounts are almost the same but there are some differences besides allowable core fund. The CMA account also refunds ATM fees without having privileged account relationships. The regular brokerage account I don't think does.

From checkwriting eligible accounts (CMA and brokerage accounts), Fidelity MM funds all act like cash whether or not they are core. They will be sold to cover debits automatically. And as prior author says, you can link accounts and have them overdraft in some order.

Non-MM investments will not be sold. Your debits will just be declined if there is not enough cash, unless it's a margin account.

MikeG62
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Re: Fidelity Cash Management Account - Investments

Post by MikeG62 » Fri Jan 11, 2019 8:20 am

whodidntante wrote:
Thu Jan 10, 2019 10:59 pm
Fidelity has a pretty loose definition of settlement account, and will automatically sell SPRXX and maybe some other money market funds to cover debits in the CMA account at the end of the next trading day. When new money comes into the account, I manually buy SPRXX, and Fidelity sells it as needed. I also like that the account can be backed by margin in my brokerage account. I carry a razor thin cash margin, so I like not having to worry about screwing up the arithmetic or forgetting about an autopay from a seldom used card.
Same for me except I use FZDXX as the MMF option.

I do not auto pay from my brokerage account. I use my BofA checking for payment of all bills. Just don’t want anyone to have the ability to hit an account with that much money in it. Overkill maybe, but sleep better at night doing it this way.
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Carini
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Re: Fidelity Cash Management Account - Investments

Post by Carini » Fri Jan 11, 2019 9:33 am

I also use FZDXX within the CMA and keep zero cash in the FDIC insured portion of the account with no issues. I've used the ATM, web bill pay, transfers to other Fidelity accounts, written checks and executed auto pays from CCs, etc. Each time the exact amount is sold from FZDXX to cover.

Any deposits are invested back into FZDXX although that requires a manual buy order - I wish I could automate this but not a huge deal.

MikeG62
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Re: Fidelity Cash Management Account - Investments

Post by MikeG62 » Fri Jan 11, 2019 9:48 am

Carini wrote:
Fri Jan 11, 2019 9:33 am

Any deposits are invested back into FZDXX although that requires a manual buy order - I wish I could automate this but not a huge deal.
+1
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zrail
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Re: Fidelity Cash Management Account - Investments

Post by zrail » Fri Jan 11, 2019 9:52 am

Fidelity counts all of the money market funds in a brokerage or CMA account (which is literally just a brokerage account with a few extra features) as settled cash available to trade or withdraw, depending on deposit timing rules. Therefore they’ll sell money market funds to satisfy withdraws or other purchases. They will not automatically sell any other positions, unless your account is somehow subject to a margin call (not possible in a CMA).

sabtastic
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Re: Fidelity Cash Management Account - Investments

Post by sabtastic » Fri Jan 11, 2019 9:55 am

southerndoc wrote:
Thu Jan 10, 2019 10:22 pm
I have (and have contributed to it). Apparently I missed it. Let me read it now.

I tried changing my core position, but a popup said that no other options were available for my core position. I thought I had read somewhere on here that people have changed their core positions to Treasuries money market funds, etc.
I was confused about this too. Remember, there are two cash management account options. There is the FDIC insured "real" checking account and then the brokerage option. They will have separate checks, atm cards, routing numbers. I use the brokerage option with SPRXX and it works great. I will probably regret this if we have a financial crisis and fido freezes the fund but for now I am getting 2%+ on my checking..

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alpenglow
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Re: Fidelity Cash Management Account - Investments

Post by alpenglow » Fri Jan 11, 2019 11:29 am

whodidntante wrote:
Thu Jan 10, 2019 10:59 pm
Fidelity has a pretty loose definition of settlement account, and will automatically sell SPRXX and maybe some other money market funds to cover debits in the CMA account at the end of the next trading day. When new money comes into the account, I manually buy SPRXX, and Fidelity sells it as needed. I also like that the account can be backed by margin in my brokerage account. I carry a razor thin cash margin, so I like not having to worry about screwing up the arithmetic or forgetting about an autopay from a seldom used card.
I am doing the same thing and it is working nicely.

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PalmQueen
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Re: Fidelity as a one stop shop

Post by PalmQueen » Fri Jan 11, 2019 12:46 pm

This line in the "terms and conditions" for "Fidelity Rewards Visa Signature Card" stopped me from proceeding with it -

6. Elan Financial Services provides zero fraud liability for unauthorized transactions. Cardmember must notify Elan Financial Services promptly of any unauthorized use. Certain conditions and limitations may apply.

Is that for real?

IntangibleAssets
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Re: Fidelity as a one stop shop

Post by IntangibleAssets » Fri Jan 11, 2019 12:52 pm

PalmQueen wrote:
Fri Jan 11, 2019 12:46 pm
This line in the "terms and conditions" for "Fidelity Rewards Visa Signature Card" stopped me from proceeding with it -

6. Elan Financial Services provides zero fraud liability for unauthorized transactions. Cardmember must notify Elan Financial Services promptly of any unauthorized use. Certain conditions and limitations may apply.

Is that for real?
I think it's just poor wording, it's the opposite of what your think:

Zero fraud liability6 --- Feel confident that you won't be held responsible for charges you didn't authorize

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