Fidelity as a one stop shop

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radiowave
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Re: Fidelity as a one stop shop

Post by radiowave » Wed Jan 16, 2019 9:21 pm

Getting back to the original OP's question and give some actionable/useful feedback, a few years ago I was very interested in a one stop shop = brokerage + bank + bill pay/cash management + rewards credit card. After a few years my overall philosophy and approach has changed to one where I view brokerages for investments and banks (online/local) for cash management and bill pay. If you read some of my prior posts you will see some issues I've had with transaction history and duplications of Fidelity account mostly tied to their new Full View product. Based on that experience, I have become much more anxious about putting all assets and processes in one place. So multiple redundancies are my current approach, essentially using best of breed for both online bank/high yield savings and CDs, and separating out investments in low cost high quality index funds. This does increase the complexity of my portfolio.
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Yukon
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Re: Fidelity as a one stop shop

Post by Yukon » Fri Jan 18, 2019 3:59 am

lstone19 wrote:
Wed Jan 16, 2019 7:22 pm
We’ve since acquired the Alliant 2.5% card (our spending level will cover the annual fee) so the new Fidelity/Elan cards, after spending enough to meet the cash-out minimum, now sit in a drawer.
This is us as we use the Alliant card too, and my Fidelity card sits in a drawer....but not sure what the cash-out minimum strategy is? (We use Ally for checking, debit,etc)
Don't Work Forever.

lstone19
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Re: Fidelity as a one stop shop

Post by lstone19 » Fri Jan 18, 2019 8:34 am

Yukon wrote:
Fri Jan 18, 2019 3:59 am
lstone19 wrote:
Wed Jan 16, 2019 7:22 pm
We’ve since acquired the Alliant 2.5% card (our spending level will cover the annual fee) so the new Fidelity/Elan cards, after spending enough to meet the cash-out minimum, now sit in a drawer.
This is us as we use the Alliant card too, and my Fidelity card sits in a drawer....but not sure what the cash-out minimum strategy is? (We use Ally for checking, debit,etc)
The Fidelity/Elan provides the maximum 2% rebate when it's paid to a Fidelity account which has a $50 minimum for the transfer. So we needed to spend enough to bring the pending rebate above $50.

rainb0w88
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Re: Fidelity as a one stop shop

Post by rainb0w88 » Fri Feb 08, 2019 10:36 pm

For the sweep money market (Fidelity Government Money Market) is 2.04%. But, there is fee of 0.42%. So the money market funds has a fee. Ally.com saving account does not have a "fee". Also, if we use Fidelity cash management, we would link other banks which has lower interest rate

lstone19
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Re: Fidelity as a one stop shop

Post by lstone19 » Fri Feb 08, 2019 10:50 pm

rainb0w88 wrote:
Fri Feb 08, 2019 10:36 pm
For the sweep money market (Fidelity Government Money Market) is 2.04%. But, there is fee of 0.42%. So the money market funds has a fee. Ally.com saving account does not have a "fee".
That's an apples-to-oranges comparison. First off, that 2.04%, which appears to be the 1/31/19 7-day yield, is net of expenses. And a true money market fund, like any other mutual fund, passes through all income and expenses to its shareholders. Since the fund manager stands off to the side (you're not investing in the manager), their income comes only from the fee collected from the fund.

OTOH, a bank pays what it wants to pay. What it pays is an expense to it so they pay as little as they can to get the needed amount of money. It has no need to disclose expenses which are meaningless in this context. Their "fee" is the higher interest they could pay but don't.

rainb0w88
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Re: Fidelity as a one stop shop

Post by rainb0w88 » Fri Feb 08, 2019 11:02 pm

Thanks for the replay. I am just trying to understand why to move from a bank such as ally bank to Fidelity for banking? Fidelity's rate is not as good as the bank.

MisterBill
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Re: Fidelity as a one stop shop

Post by MisterBill » Sat Feb 09, 2019 12:17 am

rainb0w88 wrote:
Fri Feb 08, 2019 11:02 pm
Thanks for the reply. I am just trying to understand why to move from a bank such as ally bank to Fidelity for banking? Fidelity's rate is not as good as the bank.
Because Ally's checking account pays very little in interest and the savings account has a limit of 6 withdrawals a month. With Fidelity you get the money market rate on the full amount and it is automatically sold as needed to cover your debits (whether in the brokerage account or CMA). Does Ally offer a similar overdraft feature or do you need to keep money in the checking account (at the lower interest rate) to cover debits?

Also, the SPRXX fund has a 7 day yield of 2.27%, which does beat Ally.

b0B
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Re: Fidelity as a one stop shop

Post by b0B » Sat Feb 09, 2019 5:26 pm

My experience with Fidelity bank was terrible. Many transactions from other banks failed to go through. The Fidelity reps are hopeless, as they cannot explain anything about what happened, and they claim they cannot even see the transactions, so they cannot address anything. It seems these Fidelity reps have no access to knowledge or information, so if anything goes wrong, there's absolutely no way to figure it out, or fix it, or prevent it in the future.

Fidelity has a good HSA, and for 403b's etc Fidelity will be better than most other captive employer options.

But in my experience, Fidelity bank is absolutely hopeless. Tons of stuff goes wrong, and useful customer service is completely absent.

There's so many good banking options out there. Just avoid Fidelity bank like the plague.

MisterBill
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Re: Fidelity as a one stop shop

Post by MisterBill » Sat Feb 09, 2019 6:42 pm

b0B wrote:
Sat Feb 09, 2019 5:26 pm
My experience with Fidelity bank was terrible. Many transactions from other banks failed to go through. The Fidelity reps are hopeless, as they cannot explain anything about what happened, and they claim they cannot even see the transactions, so they cannot address anything. It seems these Fidelity reps have no access to knowledge or information, so if anything goes wrong, there's absolutely no way to figure it out, or fix it, or prevent it in the future.
I know someone else (or maybe you) said they had problems with Fidelity in the past but I can tell you that I haven't and I think it many people had the same experience as you, we would be hearing about it a lot more than we are. How long ago was your experience?

lstone19
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Re: Fidelity as a one stop shop

Post by lstone19 » Sat Feb 09, 2019 6:43 pm

b0B wrote:
Sat Feb 09, 2019 5:26 pm
My experience with Fidelity bank was terrible.
I’m not 100% sure what you mean by “Fidelity bank”. To my knowledge, Fidelity does not own a bank. Do you mean Fidelity’s Cash Management Account? If so, they are very clear that is a brokerage account that acts similar to a bank account but it is not a bank account. And while I hate to have to say something that should be obvious, not every financial business that has Fidelity in its name is the Fidelity we mean here when we say Fidelity.

b0B
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Re: Fidelity as a one stop shop

Post by b0B » Sat Feb 09, 2019 7:23 pm

This was recent. Yes I know it is CMA, but people use it functionally as a bank. I think a few others have mentioned problems (e.g. failed mortgage payment, other failed transactions, communication problems). A big problem is that since they actually use a bunch of other banks, the Fidelity reps are clueless, and can't do anything. It's a Rube Goldberg machine, and maybe it works 99% of the time, but when it fails you're out of luck. They can't figure out what goes wrong and they can't fix it.

rainb0w88
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Re: Fidelity as a one stop shop

Post by rainb0w88 » Sat Feb 09, 2019 8:51 pm

because they use a few of other banks, for Cash Management Account, can we schedule for bill pays as a bank checking account does? how many payments we can do per month from the Cash Management Account?

Horsefly
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Re: Fidelity as a one stop shop

Post by Horsefly » Sat Feb 09, 2019 9:55 pm

b0B wrote:
Sat Feb 09, 2019 7:23 pm
This was recent. Yes I know it is CMA, but people use it functionally as a bank. I think a few others have mentioned problems (e.g. failed mortgage payment, other failed transactions, communication problems). A big problem is that since they actually use a bunch of other banks, the Fidelity reps are clueless, and can't do anything. It's a Rube Goldberg machine, and maybe it works 99% of the time, but when it fails you're out of luck. They can't figure out what goes wrong and they can't fix it.
I think you are conflating two different things, but I can't be sure. Fidelity uses lots of banks to sweep your core account in your CMA or brokerage accounts, in order to FDIC insure your money. I am pretty certain they don't "use a bunch of other banks" for their CMA bill-pay. I've never actually looked into how they handled it, but that's because it has worked well for me.

I've never had anything but spectacular support from Fidelity. I don't doubt you, but it strikes me as really strange that you had such bad experiences (I assume it was more than once) and I've never had any experience that left me short of pleasantly surprised.

b0B
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Re: Fidelity as a one stop shop

Post by b0B » Sat Feb 09, 2019 10:31 pm

Horsefly wrote:
Sat Feb 09, 2019 9:55 pm
b0B wrote:
Sat Feb 09, 2019 7:23 pm
This was recent. Yes I know it is CMA, but people use it functionally as a bank. I think a few others have mentioned problems (e.g. failed mortgage payment, other failed transactions, communication problems). A big problem is that since they actually use a bunch of other banks, the Fidelity reps are clueless, and can't do anything. It's a Rube Goldberg machine, and maybe it works 99% of the time, but when it fails you're out of luck. They can't figure out what goes wrong and they can't fix it.
I think you are conflating two different things, but I can't be sure. Fidelity uses lots of banks to sweep your core account in your CMA or brokerage accounts, in order to FDIC insure your money. I am pretty certain they don't "use a bunch of other banks" for their CMA bill-pay. I've never actually looked into how they handled it, but that's because it has worked well for me.

I've never had anything but spectacular support from Fidelity. I don't doubt you, but it strikes me as really strange that you had such bad experiences (I assume it was more than once) and I've never had any experience that left me short of pleasantly surprised.
There's no conflation.

The point is, it should work, to the customer, something like a bank, with similar transactions, features, etc.

In my experience, it totally fails at that. It's just not reliable. If you are trying to keep your finances in order, you just can't use an account like this, because you can't depend on transactions being executed.

But the worst thing by far is the customer service. They are spectacularly clueless. They have no information and no ability to fix the problems.

sambb
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Re: Fidelity as a one stop shop

Post by sambb » Sat Feb 09, 2019 10:45 pm

fidelity is excellent. i would go for it

ThriftyPhD
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Re: Fidelity as a one stop shop

Post by ThriftyPhD » Sat Feb 09, 2019 11:28 pm

b0B wrote:
Sat Feb 09, 2019 5:26 pm
My experience with Fidelity bank was terrible. Many transactions from other banks failed to go through. The Fidelity reps are hopeless, as they cannot explain anything about what happened, and they claim they cannot even see the transactions, so they cannot address anything.
It sounds like you tried to do something from a different bank (perhaps tried to transfer money into the Fidelity CMA), and that failed. Since you were taking an action at the other bank, it sounds like the issue was with the other bank, not Fidelity.

If I tried to transfer money from my credit union account into Fidelity and it failed, and Fidelity had no record of it when I called, I'm not sure what I would expect them to do either. My concern would be with the local credit union. The Fidelity rep wouldn't know why a 3rd party bank you use isn't working.

Did you try PULLING money from within Fidelity? That's worked flawlessly, and is how I would first try to fund the account.

b0B
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Re: Fidelity as a one stop shop

Post by b0B » Sun Feb 10, 2019 12:19 am

ThriftyPhD wrote:
Sat Feb 09, 2019 11:28 pm
b0B wrote:
Sat Feb 09, 2019 5:26 pm
My experience with Fidelity bank was terrible. Many transactions from other banks failed to go through. The Fidelity reps are hopeless, as they cannot explain anything about what happened, and they claim they cannot even see the transactions, so they cannot address anything.
It sounds like you tried to do something from a different bank (perhaps tried to transfer money into the Fidelity CMA), and that failed. Since you were taking an action at the other bank, it sounds like the issue was with the other bank, not Fidelity.

If I tried to transfer money from my credit union account into Fidelity and it failed, and Fidelity had no record of it when I called, I'm not sure what I would expect them to do either. My concern would be with the local credit union. The Fidelity rep wouldn't know why a 3rd party bank you use isn't working.

Did you try PULLING money from within Fidelity? That's worked flawlessly, and is how I would first try to fund the account.
"Many transactions from [many] other banks failed to go through." It's Fidelity that is the problem. They're the common point of failure. And the customer reps are totally clueless. They seem too dim to realize they need to escalate it to someone that has access to more information. They just type up responses based on guesswork and generalizations. There's no way for the customer to get through to someone competent and informed.

yeahman
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Re: Fidelity as a one stop shop

Post by yeahman » Sun Feb 10, 2019 12:42 am

In my experience, Schwab offers by far the best consumer experience. Unfortunately, they don't offer an HSA or MM as overdraft.

I too have had issues with Fidelity and ACH transfers. If it triggers a fraud alert as it had for me, good luck with customer service. They do not have a uniform verification process in place. So now I use Schwab as an intermediary "hub" checking account if I have to move money around. Fidelity seems to play okay with Schwab and Schwab ACH transfers don't cause any problems.

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southerndoc
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Re: Fidelity as a one stop shop

Post by southerndoc » Sun Feb 10, 2019 1:28 am

As I was driving home from a meeting the other day, I realized there is a Fidelity Bank. Their website is lionbank.com, but the name is Fidelity Bank.

I had seen them around before and never paid attention to the name. Smaller banks seem to be a dime a dozen in Georgia.

I opened a CMA to use as a checking account, but I decided it would be best to store my emergency fund there. I can put money in a MM account and if an emergency hits, I can either use a debit card, get cash from an ATM, or write a check and it will be pulled from the MM automatically. A little better savings return than a standard brick-and-mortar savings account (maybe less than online savings accounts, but I have easier access to funds).

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tfb
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Re: Fidelity as a one stop shop

Post by tfb » Sun Feb 10, 2019 2:34 am

I have used Fidelity CMA for over 10 years now, with money going in and out in all directions: checks deposited, checks paid, ACH pushed out, ACH pulled in, direct debits, direct deposits and ACH pushed in, bill pay, ATM withdrawals, wire transfer, .... I never had any problems. Other than keeping in mind that ACH pulled in has a few days of hold, everything works as expected if you keep a cushion and don't try to keep the balance too close to zero.
Harry Sit, taking a break from the forums.

Capricorn51
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Re: Fidelity as a one stop shop

Post by Capricorn51 » Sun Feb 10, 2019 6:53 am

tfb wrote:
Sun Feb 10, 2019 2:34 am
I have used Fidelity CMA for over 10 years now, with money going in and out in all directions: checks deposited, checks paid, ACH pushed out, ACH pulled in, direct debits, direct deposits and ACH pushed in, bill pay, ATM withdrawals, wire transfer, .... I never had any problems. Other than keeping in mind that ACH pulled in has a few days of hold, everything works as expected if you keep a cushion and don't try to keep the balance too close to zero.
true for me as well.

Cash
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Re: Fidelity as a one stop shop

Post by Cash » Sun Feb 10, 2019 1:23 pm

rainb0w88 wrote:
Sat Feb 09, 2019 8:51 pm
because they use a few of other banks, for Cash Management Account, can we schedule for bill pays as a bank checking account does? how many payments we can do per month from the Cash Management Account?
From the end user’s perspective, you shouldn’t really notice which banks Fidelity is using for your cash. The bill pay works like bill pay should. I am not aware of a limit on payments that can be scheduled.

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indexfundfan
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Re: Fidelity as a one stop shop

Post by indexfundfan » Sun Feb 10, 2019 1:36 pm

Had the Fidelity Cash Management account since its inception in 2012. I have never encountered any transactions that failed.
My signature has been deleted.

yogesh
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Re: Fidelity as a one stop shop

Post by yogesh » Sun Feb 10, 2019 1:43 pm

Fidelity seem to have mastered the one stop shop without compromising on feature set. I have been very pleased with consolidation and features. Besides mortgage we have everything at one place for beneficiary or custodian or trust to manage easily.

Checking: FDIC sweep ($1,250,000 limit), ATM cards, ATM fee refund, free checks, free bill pay, direct deposit, mobile deposit, overdraft
Savings: FDIC sweep, brokered CDs, CD ladder, bond ladder, auto-roll, money market prime, government, treasury, municipal bonds
Credit: 2% cashback (even more if you direct to 529/IRA), $0 annual fee, transactions/balance view, auto-payment, auto-cashback
Brokerage: 0% ER index funds, 0 minimums, no transaction fee, automatic investment, automatic withdrawal, mobile trade/transfer
IRA/401/529: Low fee target retirement index funds, 0% ER index funds, retirement calculators, excellent customer service
Emergency: FDIC | Taxable: VTMFX | Retirement: TR2040

ThriftyPhD
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Re: Fidelity as a one stop shop

Post by ThriftyPhD » Sun Feb 10, 2019 1:57 pm

b0B wrote:
Sun Feb 10, 2019 12:19 am
ThriftyPhD wrote:
Sat Feb 09, 2019 11:28 pm
b0B wrote:
Sat Feb 09, 2019 5:26 pm
My experience with Fidelity bank was terrible. Many transactions from other banks failed to go through. The Fidelity reps are hopeless, as they cannot explain anything about what happened, and they claim they cannot even see the transactions, so they cannot address anything.
It sounds like you tried to do something from a different bank (perhaps tried to transfer money into the Fidelity CMA), and that failed. Since you were taking an action at the other bank, it sounds like the issue was with the other bank, not Fidelity.

If I tried to transfer money from my credit union account into Fidelity and it failed, and Fidelity had no record of it when I called, I'm not sure what I would expect them to do either. My concern would be with the local credit union. The Fidelity rep wouldn't know why a 3rd party bank you use isn't working.

Did you try PULLING money from within Fidelity? That's worked flawlessly, and is how I would first try to fund the account.
"Many transactions from [many] other banks failed to go through." It's Fidelity that is the problem. They're the common point of failure. And the customer reps are totally clueless. They seem too dim to realize they need to escalate it to someone that has access to more information. They just type up responses based on guesswork and generalizations. There's no way for the customer to get through to someone competent and informed.
Please don't take this the wrong way, but you're also a common component of all of those failed transactions.

Since many here have zero issues transferring money into and out of their Fidelity CMA, the answer might be that you're doing it incorrectly. And if you're only ever initiating the transfer using an external banks interface to PUSH money into Fidelity, rather than using Fidelity's interface to PULL money from the external bank, you can't blame Fidelity for not knowing why it didn't work. Did you call your 3rd party bank and ask them why they're unable to transfer money?

Please reread this question:
ThriftyPhD wrote:
Sat Feb 09, 2019 11:28 pm
b0B wrote:
Sat Feb 09, 2019 5:26 pm
My experience with Fidelity bank was terrible. Many transactions from other banks failed to go through. The Fidelity reps are hopeless, as they cannot explain anything about what happened, and they claim they cannot even see the transactions, so they cannot address anything.
Did you try PULLING money from within Fidelity? That's worked flawlessly, and is how I would first try to fund the account.

lstone19
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Re: Fidelity as a one stop shop

Post by lstone19 » Sun Feb 10, 2019 2:13 pm

ThriftyPhD wrote:
Sun Feb 10, 2019 1:57 pm
Please don't take this the wrong way, but you're also a common component of all of those failed transactions.

Since many here have zero issues transferring money into and out of their Fidelity CMA, the answer might be that you're doing it incorrectly. And if you're only ever initiating the transfer using an external banks interface to PUSH money into Fidelity, rather than using Fidelity's interface to PULL money from the external bank, you can't blame Fidelity for not knowing why it didn't work. Did you call your 3rd party bank and ask them why they're unable to transfer money?
I have to wonder if the problem isn't the obvious: failure to properly follow Fidelity's instructions for the bank routing number and account number when initiating transfers from an external financial institution.

I don't have a CMA with them but I have done externally initiated ACH transfers to/from my brokerage accounts in the past with never a problem (but not for many years - easier to initiate everything from the Fidelity end since they will reliably post the next day so long as it's initiated before market close).

NoDoubt
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Re: Fidelity as a one stop shop

Post by NoDoubt » Sun Feb 10, 2019 2:27 pm

Based on all the great information in this thread, I'm seriously considering moving to Fidelity. I currently rely heavily on the mobile deposit feature to deposit checks from my rental property business so I need a high mobile deposit limit. Does anyone know if the Fidelity CMA account has high mobile deposit limits as compared with other institutions? I know the limits vary by person, but I've found Ally Bank to be far more generous with limits than Wells Fargo, etc. (although they have increased lately).

snowman
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Re: Fidelity as a one stop shop

Post by snowman » Sun Feb 10, 2019 2:34 pm

tfb wrote:
Sun Feb 10, 2019 2:34 am
I have used Fidelity CMA for over 10 years now, with money going in and out in all directions: checks deposited, checks paid, ACH pushed out, ACH pulled in, direct debits, direct deposits and ACH pushed in, bill pay, ATM withdrawals, wire transfer, .... I never had any problems. Other than keeping in mind that ACH pulled in has a few days of hold, everything works as expected if you keep a cushion and don't try to keep the balance too close to zero.
same here; I would add that I also like how Fidelity establishes new ACH connections. I don't need to wait several days for 2 small deposits etc. The whole process takes maybe 2-3 minutes longer up front, but I can start moving money immediately. Very cool!

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indexfundfan
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Re: Fidelity as a one stop shop

Post by indexfundfan » Sun Feb 10, 2019 3:25 pm

NoDoubt wrote:
Sun Feb 10, 2019 2:27 pm
Based on all the great information in this thread, I'm seriously considering moving to Fidelity. I currently rely heavily on the mobile deposit feature to deposit checks from my rental property business so I need a high mobile deposit limit. Does anyone know if the Fidelity CMA account has high mobile deposit limits as compared with other institutions? I know the limits vary by person, but I've found Ally Bank to be far more generous with limits than Wells Fargo, etc. (although they have increased lately).
My mobile deposit limit is $100k daily.
My signature has been deleted.

mptfan
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Re: Fidelity as a one stop shop

Post by mptfan » Sun Feb 10, 2019 5:10 pm

yogesh wrote:
Sun Feb 10, 2019 1:43 pm
Credit: 2% cashback (even more if you direct to 529/IRA)
Could you elaborate on this? I was not aware that you could get more than 2% cash back.

drk
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Re: Fidelity as a one stop shop

Post by drk » Sun Feb 10, 2019 5:34 pm

mptfan wrote:
Sun Feb 10, 2019 5:10 pm
Could you elaborate on this? I was not aware that you could get more than 2% cash back.
Presumably because of tax-free earnings.

Cash
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Re: Fidelity as a one stop shop

Post by Cash » Sun Feb 10, 2019 8:44 pm

indexfundfan wrote:
Sun Feb 10, 2019 3:25 pm
NoDoubt wrote:
Sun Feb 10, 2019 2:27 pm
Based on all the great information in this thread, I'm seriously considering moving to Fidelity. I currently rely heavily on the mobile deposit feature to deposit checks from my rental property business so I need a high mobile deposit limit. Does anyone know if the Fidelity CMA account has high mobile deposit limits as compared with other institutions? I know the limits vary by person, but I've found Ally Bank to be far more generous with limits than Wells Fargo, etc. (although they have increased lately).
My mobile deposit limit is $100k daily.
Mine is $200k

yogesh
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Re: Fidelity as a one stop shop

Post by yogesh » Sun Feb 10, 2019 8:47 pm

drk wrote:
Sun Feb 10, 2019 5:34 pm
mptfan wrote:
Sun Feb 10, 2019 5:10 pm
Could you elaborate on this? I was not aware that you could get more than 2% cash back.
Presumably because of tax-free earnings.
Yes. 2% cashback automatically deposited to ROTH IRA or 529 instead of taxable accounts.
Emergency: FDIC | Taxable: VTMFX | Retirement: TR2040

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BogleMelon
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Re: Fidelity as a one stop shop

Post by BogleMelon » Sun Feb 10, 2019 10:48 pm

yogesh wrote:
Sun Feb 10, 2019 8:47 pm
drk wrote:
Sun Feb 10, 2019 5:34 pm
mptfan wrote:
Sun Feb 10, 2019 5:10 pm
Could you elaborate on this? I was not aware that you could get more than 2% cash back.
Presumably because of tax-free earnings.
Yes. 2% cashback automatically deposited to ROTH IRA or 529 instead of taxable accounts.
A cash back deposited into a Roth IRA will be counted towards the annual contribution limit, won't it?
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather

Cash
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Re: Fidelity as a one stop shop

Post by Cash » Tue Feb 12, 2019 7:40 am

I got an e-mail from Fidelity about security features and saw one that I had never noticed before: Money Transfer Lockdown. It looks like you can now click a button, select one or more accounts, and prevent most outbound money transfers.

The explanation screen says that it will not prevent the following:

Deposits or Transfers into your Fidelity accounts
Checkwriting and Direct Debit
Debit card/ATM transactions
Trading
Scheduled Required Minimum Distribution (RMD) or Personal Withdrawal Scheduled Plan
BillPay

Seems like this would be most useful for preventing unauthorized withdrawals from a brokerage account that does not have checkwriting or a debit card associated with it. Keep most money there and a smaller amount in a CMA account (which is what I do).

Olemiss540
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Re: Fidelity as a one stop shop

Post by Olemiss540 » Tue Feb 12, 2019 9:36 am

BogleMelon wrote:
Sun Feb 10, 2019 10:48 pm
yogesh wrote:
Sun Feb 10, 2019 8:47 pm
drk wrote:
Sun Feb 10, 2019 5:34 pm
mptfan wrote:
Sun Feb 10, 2019 5:10 pm
Could you elaborate on this? I was not aware that you could get more than 2% cash back.
Presumably because of tax-free earnings.
Yes. 2% cashback automatically deposited to ROTH IRA or 529 instead of taxable accounts.
A cash back deposited into a Roth IRA will be counted towards the annual contribution limit, won't it?
Yes. No way around the max cap on contributions.
I hold index funds because I do not overestimate my ability to pick stocks OR stock pickers.

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BogleMelon
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Re: Fidelity as a one stop shop

Post by BogleMelon » Tue Feb 12, 2019 9:41 am

I appreciate every single post here, you guys helped me to take a decision. I decided to move my Roth's to Fido, while leaving my Taxable (Prime MM fund 100%) at Vanguard (for now). I was confident to pull the trigger because of the assuring posts here. I will miss some things in Vanguard though, I still feel that its menus and color scheme are better than Fido, or may be just I am not used to Fido yet.. I really liked Fidelity CS and their availability. I usually have questions to CS people, and it is nice to find someone there at Sundays to answer them!
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather

lstone19
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Re: Fidelity as a one stop shop

Post by lstone19 » Tue Feb 12, 2019 11:47 am

Cash wrote:
Tue Feb 12, 2019 7:40 am
I got an e-mail from Fidelity about security features and saw one that I had never noticed before: Money Transfer Lockdown. It looks like you can now click a button, select one or more accounts, and prevent most outbound money transfers.
And, as I just discovered, it also stops in-kind Roth conversions (no cash involved) between Fidelity accounts. I tried twice, it failed, turned off Money Transfer Lockdown for the t-IRA, and then it worked.

mervinj7
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Re: Fidelity as a one stop shop

Post by mervinj7 » Tue Feb 12, 2019 5:17 pm

Cash wrote:
Sun Feb 10, 2019 8:44 pm
indexfundfan wrote:
Sun Feb 10, 2019 3:25 pm
NoDoubt wrote:
Sun Feb 10, 2019 2:27 pm
Based on all the great information in this thread, I'm seriously considering moving to Fidelity. I currently rely heavily on the mobile deposit feature to deposit checks from my rental property business so I need a high mobile deposit limit. Does anyone know if the Fidelity CMA account has high mobile deposit limits as compared with other institutions? I know the limits vary by person, but I've found Ally Bank to be far more generous with limits than Wells Fargo, etc. (although they have increased lately).
My mobile deposit limit is $100k daily.
Mine is $200k
Mine is $50k for the CMA account and $50k for the brokerage account. I wonder how they set the limits.
lstone19 wrote:
Tue Feb 12, 2019 11:47 am
Cash wrote:
Tue Feb 12, 2019 7:40 am
I got an e-mail from Fidelity about security features and saw one that I had never noticed before: Money Transfer Lockdown. It looks like you can now click a button, select one or more accounts, and prevent most outbound money transfers.
And, as I just discovered, it also stops in-kind Roth conversions (no cash involved) between Fidelity accounts. I tried twice, it failed, turned off Money Transfer Lockdown for the t-IRA, and then it worked.
Good to know. Very useful feature.
Last edited by mervinj7 on Tue Feb 12, 2019 5:24 pm, edited 1 time in total.

Topic Author
BogleMelon
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Re: Fidelity as a one stop shop

Post by BogleMelon » Tue Feb 12, 2019 5:23 pm

mervinj7 wrote:
Tue Feb 12, 2019 5:17 pm
Cash wrote:
Sun Feb 10, 2019 8:44 pm
indexfundfan wrote:
Sun Feb 10, 2019 3:25 pm
NoDoubt wrote:
Sun Feb 10, 2019 2:27 pm
Based on all the great information in this thread, I'm seriously considering moving to Fidelity. I currently rely heavily on the mobile deposit feature to deposit checks from my rental property business so I need a high mobile deposit limit. Does anyone know if the Fidelity CMA account has high mobile deposit limits as compared with other institutions? I know the limits vary by person, but I've found Ally Bank to be far more generous with limits than Wells Fargo, etc. (although they have increased lately).
My mobile deposit limit is $100k daily.
Mine is $200k
Mine is $50k for the CMA account and $50k for the brokerage account. I wonder how they set the limits.
I just opened CMA, limit is only $10k. Probably because i am a new customer
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather

tj
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Re: Fidelity as a one stop shop

Post by tj » Tue Feb 12, 2019 6:33 pm

yogesh wrote:
Sun Feb 10, 2019 8:47 pm
drk wrote:
Sun Feb 10, 2019 5:34 pm
mptfan wrote:
Sun Feb 10, 2019 5:10 pm
Could you elaborate on this? I was not aware that you could get more than 2% cash back.
Presumably because of tax-free earnings.
Yes. 2% cashback automatically deposited to ROTH IRA or 529 instead of taxable accounts.
Still don't see how that makes the cash back more than 2%.

MisterBill
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Re: Fidelity as a one stop shop

Post by MisterBill » Tue Feb 12, 2019 7:05 pm

mervinj7 wrote:
Tue Feb 12, 2019 5:17 pm
Cash wrote:
Sun Feb 10, 2019 8:44 pm
indexfundfan wrote:
Sun Feb 10, 2019 3:25 pm
My mobile deposit limit is $100k daily.
Mine is $200k
Mine is $50k for the CMA account and $50k for the brokerage account. I wonder how they set the limits.
And mine is $500k for both CMA and brokerage! Anyone want to send me a check to try it out?

BTW I also just noticed that they have a Send Money with Paypal feature. I had not noticed that before.

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jpsfranks
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Re: Fidelity as a one stop shop

Post by jpsfranks » Wed Feb 13, 2019 4:01 am

MisterBill wrote:
Tue Feb 12, 2019 7:05 pm
BTW I also just noticed that they have a Send Money with Paypal feature. I had not noticed that before.
As far as I can tell this feature does not do anything useful beyond just linking to Paypal. After asking for the recipient and amount it just redirects to a browser where you log into Paypal to complete the transaction. It does not appear to magically integrate with your Fidelity accounts; after logging in the funding sources for the transfer are only those that I already had linked to Paypal anyway, which do not include any of my Fidelity accounts.

yeahman
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Re: Fidelity as a one stop shop

Post by yeahman » Wed Feb 13, 2019 4:39 am

Sending money with PayPal took days. Better to use Venmo. Venmo has a $3k weekly limit though, compared to $10k/transaction for PayPal. Really wish Fidelity would implement Zelle.

mptfan
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Re: Fidelity as a one stop shop

Post by mptfan » Wed Feb 13, 2019 7:02 am

yeahman wrote:
Wed Feb 13, 2019 4:39 am
Really wish Fidelity would implement Zelle.
Zelle transfers money between banks, Fidelity is not a bank.

radiowave
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Re: Fidelity as a one stop shop

Post by radiowave » Wed Feb 13, 2019 9:45 am

lstone19 wrote:
Tue Feb 12, 2019 11:47 am
. . .

And, as I just discovered, it also stops in-kind Roth conversions (no cash involved) between Fidelity accounts. I tried twice, it failed, turned off Money Transfer Lockdown for the t-IRA, and then it worked.
So you can transfer say 100 shares of the Fidelity Total Stock fund in a rollover IRA directly to the Roth IRA not cash out, move cash, repurchase funds? Of course this transaction would be subject to income tax.
Bogleheads Wiki: https://www.bogleheads.org/wiki/Main_Page

MisterBill
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Re: Fidelity as a one stop shop

Post by MisterBill » Wed Feb 13, 2019 10:30 am

jpsfranks wrote:
Wed Feb 13, 2019 4:01 am
MisterBill wrote:
Tue Feb 12, 2019 7:05 pm
BTW I also just noticed that they have a Send Money with Paypal feature. I had not noticed that before.
As far as I can tell this feature does not do anything useful beyond just linking to Paypal. After asking for the recipient and amount it just redirects to a browser where you log into Paypal to complete the transaction. It does not appear to magically integrate with your Fidelity accounts; after logging in the funding sources for the transfer are only those that I already had linked to Paypal anyway, which do not include any of my Fidelity accounts.
Thanks, I had not actually tried it. That is disappointing. One bank I have an account with does let you transfer directly from Paypal and it's almost immediate.

lstone19
Posts: 449
Joined: Fri Nov 03, 2017 3:33 pm

Re: Fidelity as a one stop shop

Post by lstone19 » Wed Feb 13, 2019 12:00 pm

radiowave wrote:
Wed Feb 13, 2019 9:45 am
lstone19 wrote:
Tue Feb 12, 2019 11:47 am
. . .

And, as I just discovered, it also stops in-kind Roth conversions (no cash involved) between Fidelity accounts. I tried twice, it failed, turned off Money Transfer Lockdown for the t-IRA, and then it worked.
So you can transfer say 100 shares of the Fidelity Total Stock fund in a rollover IRA directly to the Roth IRA not cash out, move cash, repurchase funds? Of course this transaction would be subject to income tax.
I'm not at all sure what you're trying to say. All I was saying is if you have Money Transfer Lockdown on, you cannot do in-kind conversions from a t-TRA to a Roth IRA even though no cash is involved in that transaction and it's between Fidelity accounts. I was not "cashing out" - just making a t- to Roth conversion. Any issues of income tax due on it is separate from this.

MisterBill
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Re: Fidelity as a one stop shop

Post by MisterBill » Wed Feb 13, 2019 12:52 pm

mptfan wrote:
Wed Feb 13, 2019 7:02 am
yeahman wrote:
Wed Feb 13, 2019 4:39 am
Really wish Fidelity would implement Zelle.
Zelle transfers money between banks, Fidelity is not a bank.
But it has an ABA routing number and the CMA account operates as a bank account. So unless the issue is that the organization that operates Zelle will not accept a company that is not a bank, I'm not sure that the distinction is important.

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corn18
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Re: Fidelity as a one stop shop

Post by corn18 » Wed Feb 13, 2019 2:35 pm

Thanks for this thread and all who posted. I am moving all of my banking and brokerage from USAA to FIDO. Might take a few months to test drive FIDO before I move everything, but it will be moved. The only thing I will keep with USAA is my insurance and my 2.5% unlimited cash back card.
Don't do something, just stand there!

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