Fidelity as a one stop shop

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indexfundfan
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Re: Fidelity as a one stop shop

Post by indexfundfan » Fri Sep 20, 2019 6:22 am

boston10 wrote:
Fri Sep 20, 2019 5:55 am
indexfundfan wrote:
Thu Sep 19, 2019 10:12 pm
At Fidelity, even the ACH link for the regular brokerage account requires a copy of the check or a statement showing the account numbers.
Are you sure your account isn't restricted in some way? Fidelity definitely doesn't require a check or statement to add an ACH link. Just routing number and account number.
I just did an experiment. For a credit union ABA 231381116, Fidelity asked me to upload a copy of the check.
For Bank of America ABA 121000358, it asked me for my BofA online login credentials.

So I guess whether you need to upload a check or statement depends on the bank you are trying to link to.

But if you have a trust account, you are required to print out the EFT form, complete it, attach your check or statement and bring it to their investor center or mail it in. Fidelity did not accept the forms when I uploaded them through their secure messaging system.

Vanguard does not require a check or statement; just the ABA + Acc numbers will do. This works for regular account or a trust account.
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boston10
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Re: Fidelity as a one stop shop

Post by boston10 » Fri Sep 20, 2019 7:23 am

indexfundfan wrote:
Fri Sep 20, 2019 6:22 am
boston10 wrote:
Fri Sep 20, 2019 5:55 am
indexfundfan wrote:
Thu Sep 19, 2019 10:12 pm
At Fidelity, even the ACH link for the regular brokerage account requires a copy of the check or a statement showing the account numbers.
Are you sure your account isn't restricted in some way? Fidelity definitely doesn't require a check or statement to add an ACH link. Just routing number and account number.
I just did an experiment. For a credit union ABA 231381116, Fidelity asked me to upload a copy of the check.
For Bank of America ABA 121000358, it asked me for my BofA online login credentials.

So I guess whether you need to upload a check or statement depends on the bank you are trying to link to.

But if you have a trust account, you are required to print out the EFT form, complete it, attach your check or statement and bring it to their investor center or mail it in. Fidelity did not accept the forms when I uploaded them through their secure messaging system.

Vanguard does not require a check or statement; just the ABA + Acc numbers will do. This works for regular account or a trust account.
Interesting. I churn bank accounts to get bonuses, so I've entered 4-5 bank accounts into Fido within the last few months and I've either been able to use the online login to verify, they didn't require verification, or they've used micro-deposits. I've never been asked to upload a check (and I don't order checks for those accounts anyway). In fact my experience has been that Fido is more efficient than Vanguard in this regard (although I can't speak to trust accounts).

Is it possible there's some difference in the spelling or syntax of your name across accounts that's preventing them from verifying that the name matches? I know some banks use a real-time validation service to verify account ownership before allowing ACH transactions. I assume there's fuzzy logic in there to cover multiple spellings, account for differences in middle names and suffixes, etc, but I'm sure there's an error rate. Exceptions might require a manual check upload.

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Re: Fidelity as a one stop shop

Post by indexfundfan » Fri Sep 20, 2019 7:35 am

boston10 wrote:
Fri Sep 20, 2019 7:23 am
indexfundfan wrote:
Fri Sep 20, 2019 6:22 am
I just did an experiment. For a credit union ABA 231381116, Fidelity asked me to upload a copy of the check.
For Bank of America ABA 121000358, it asked me for my BofA online login credentials.

So I guess whether you need to upload a check or statement depends on the bank you are trying to link to.

But if you have a trust account, you are required to print out the EFT form, complete it, attach your check or statement and bring it to their investor center or mail it in. Fidelity did not accept the forms when I uploaded them through their secure messaging system.

Vanguard does not require a check or statement; just the ABA + Acc numbers will do. This works for regular account or a trust account.
Interesting. I churn bank accounts to get bonuses, so I've entered 4-5 bank accounts into Fido within the last few months and I've either been able to use the online login to verify, they didn't require verification, or they've used micro-deposits. I've never been asked to upload a check (and I don't order checks for those accounts anyway). In fact my experience has been that Fido is more efficient than Vanguard in this regard (although I can't speak to trust accounts).

Is it possible there's some difference in the spelling or syntax of your name across accounts that's preventing them from verifying that the name matches? I know some banks use a real-time validation service to verify account ownership before allowing ACH transactions. I assume there's fuzzy logic in there to cover multiple spellings, account for differences in middle names and suffixes, etc, but I'm sure there's an error rate. Exceptions might require a manual check upload.
That's interesting. For the account that requires check upload, I was never asked to enter my name, and no, there is no inconsistency with my name or address. You are asked the same questions -- Are you the owner, Account type = checking, Routing number and Account number.

You could try with credit union ABA 231381116 (PSECU) and a random Acc number. After you submit this information, you will then requested to upload the document before you can continue.
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Re: Fidelity as a one stop shop

Post by snowman » Fri Sep 20, 2019 8:28 am

boston10 wrote:
Fri Sep 20, 2019 7:23 am
Interesting. I churn bank accounts to get bonuses, so I've entered 4-5 bank accounts into Fido within the last few months and I've either been able to use the online login to verify, they didn't require verification, or they've used micro-deposits. I've never been asked to upload a check (and I don't order checks for those accounts anyway). In fact my experience has been that Fido is more efficient than Vanguard in this regard (although I can't speak to trust accounts).
I am a churner as well, so I really like the ease with which one can create external links at Fidelity. I have never encountered request to upload a copy of a check or statement until several months ago. It really surprised me, as it was completely unexpected. So clearly there are banks out there where statement upload will be required, but it should not happen often.

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Re: Fidelity as a one stop shop

Post by YoungBogle » Sun Sep 22, 2019 11:57 am

I’ve opened the accounts at Fidelity and am doing the 2 account set up where I am keeping $0 in CMA, and over-drafting from brokerage where cash is settled in SPAXX.

I recently tried to Venmo someone $50, however the Venmo wouldn’t go through as my “checking acct (CMA)” was at $0 balance. Has anyone else ran into this problem or have a solution?

I would rather not have to transfer from brokerage to CMA every time I Venmo someone.

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Re: Fidelity as a one stop shop

Post by Gadget » Sun Sep 22, 2019 5:03 pm

YoungBogle wrote:
Sun Sep 22, 2019 11:57 am
I’ve opened the accounts at Fidelity and am doing the 2 account set up where I am keeping $0 in CMA, and over-drafting from brokerage where cash is settled in SPAXX.

I recently tried to Venmo someone $50, however the Venmo wouldn’t go through as my “checking acct (CMA)” was at $0 balance. Has anyone else ran into this problem or have a solution?

I would rather not have to transfer from brokerage to CMA every time I Venmo someone.
I do the same thing but with Google Pay and it works. I thought I've used paypal on it too. Haven't tried Venmo. But it's definitely possible to use the e payment systems with overdraft and 0 balance on the CMA.

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Re: Fidelity as a one stop shop

Post by Cheez-It Guy » Mon Sep 23, 2019 6:02 pm

LOL at Fidelity TV commercials talking about their great money market rates for cash. 9X better than Schwab! Silence on Vanguard.

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Re: Fidelity as a one stop shop

Post by indexfundfan » Mon Sep 23, 2019 6:20 pm

Cheez-It Guy wrote:
Mon Sep 23, 2019 6:02 pm
LOL at Fidelity TV commercials talking about their great money market rates for cash. 9X better than Schwab! Silence on Vanguard.
Unfortunately, Vanguard eliminated their VanguardAdvantage account.
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Cheez-It Guy
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Re: Fidelity as a one stop shop

Post by Cheez-It Guy » Mon Sep 23, 2019 6:33 pm

Yes, I know. I had one.

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Re: Fidelity as a one stop shop

Post by BUBear29 » Mon Sep 23, 2019 7:33 pm

Cheez-It Guy wrote:
Mon Sep 23, 2019 6:02 pm
LOL at Fidelity TV commercials talking about their great money market rates for cash. 9X better than Schwab! Silence on Vanguard.
thanks for the insight
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Kevin M
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Re: Fidelity as a one stop shop

Post by Kevin M » Mon Sep 23, 2019 7:35 pm

I've set up a number of external banks at Fidelity, and have had to use every one of the methods mentioned more than once: upload check or statement (quite common), micro deposits, and login authentication.

I had one recently where the login method failed (no idea why, as the names are identical on both accounts), and was not offered any of the other easy ways to do it--they wanted me to mail a form, so I just skipped it for now.

One workaround for trust accounts is that if you get an external bank set up for a non-trust account, Fidelity may add that bank to the trust account if you call and request it. They did this once for me.

Setting up external banks for a trust account at Vanguard is easier, but some things are harder. As I recall, Fidelity allowed online agent authorization (for me on my wife's trust account), but Vanguard requires a form to do this for trusts (individual and IRAs can be done online).

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Re: Fidelity as a one stop shop

Post by muffins14 » Tue Sep 24, 2019 6:43 pm

YoungBogle wrote:
Sun Sep 22, 2019 11:57 am
I’ve opened the accounts at Fidelity and am doing the 2 account set up where I am keeping $0 in CMA, and over-drafting from brokerage where cash is settled in SPAXX.

I recently tried to Venmo someone $50, however the Venmo wouldn’t go through as my “checking acct (CMA)” was at $0 balance. Has anyone else ran into this problem or have a solution?

I would rather not have to transfer from brokerage to CMA every time I Venmo someone.
I use this setup as well and Venmo works for me every time with no issue. Are you certain the over-draft is set up correctly, and that you did in fact have money-market assets in the brokerage?

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Re: Fidelity as a one stop shop

Post by indexfundfan » Tue Sep 24, 2019 6:54 pm

Kevin M wrote:
Mon Sep 23, 2019 7:35 pm
One workaround for trust accounts is that if you get an external bank set up for a non-trust account, Fidelity may add that bank to the trust account if you call and request it. They did this once for me.
Thanks Kevin. I talked to Fidelity a few days ago and the rep insisted that mailing in the EFT papers is needed "for security reasons".

I will try to call them again and see if your workaround works. Maybe they make an exception for private clients (which I am not).
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Re: Fidelity as a one stop shop

Post by Kevin M » Tue Sep 24, 2019 7:08 pm

indexfundfan wrote:
Tue Sep 24, 2019 6:54 pm
Kevin M wrote:
Mon Sep 23, 2019 7:35 pm
One workaround for trust accounts is that if you get an external bank set up for a non-trust account, Fidelity may add that bank to the trust account if you call and request it. They did this once for me.
Thanks Kevin. I talked to Fidelity a few days ago and the rep insisted that mailing in the EFT papers is needed "for security reasons".

I will try to call them again and see if your workaround works. Maybe they make an exception for private clients (which I am not).
To clarify, it didn't happen instantly. The rep had to put in a request, and then it got done within a few days. Maybe it's a case by case thing.

The way I have things set up now, I wouldn't even bother with the phone call. I can transfer instantly from the trust brokerage to the TOD brokerage or CMA, then do the transfer from the TOD brokerage or CMA to the bank. I guess if you want to avoid a few extra mouse clicks ...

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Re: Fidelity as a one stop shop

Post by indexfundfan » Tue Sep 24, 2019 7:51 pm

Kevin M wrote:
Tue Sep 24, 2019 7:08 pm
To clarify, it didn't happen instantly. The rep had to put in a request, and then it got done within a few days. Maybe it's a case by case thing.

The way I have things set up now, I wouldn't even bother with the phone call. I can transfer instantly from the trust brokerage to the TOD brokerage or CMA, then do the transfer from the TOD brokerage or CMA to the bank. I guess if you want to avoid a few extra mouse clicks ...
My intended setup is different from yours. I wanted to make use of the margin capability in the trust account to gain quick availability of money from any check deposited or ACH pulls.

For example, I would link my online savings account (OSA) to the trust account. If I need quick access to the money in the OSA, I will initiate a pull using the trust account. The next day when the money arrives, I can immediately access the money and transfer it out to the CMA or regular brokerage without any holds (this is possible due to margin in the trust account). By having this setup, it allows me to avoid the 4 or 5-day holds placed on any cash that is pulled in.
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Re: Fidelity as a one stop shop

Post by Kevin M » Wed Sep 25, 2019 6:35 pm

indexfundfan wrote:
Tue Sep 24, 2019 7:51 pm
Kevin M wrote:
Tue Sep 24, 2019 7:08 pm
To clarify, it didn't happen instantly. The rep had to put in a request, and then it got done within a few days. Maybe it's a case by case thing.

The way I have things set up now, I wouldn't even bother with the phone call. I can transfer instantly from the trust brokerage to the TOD brokerage or CMA, then do the transfer from the TOD brokerage or CMA to the bank. I guess if you want to avoid a few extra mouse clicks ...
My intended setup is different from yours. I wanted to make use of the margin capability in the trust account to gain quick availability of money from any check deposited or ACH pulls.

For example, I would link my online savings account (OSA) to the trust account. If I need quick access to the money in the OSA, I will initiate a pull using the trust account. The next day when the money arrives, I can immediately access the money and transfer it out to the CMA or regular brokerage without any holds (this is possible due to margin in the trust account). By having this setup, it allows me to avoid the 4 or 5-day holds placed on any cash that is pulled in.
My main brokerage accounts are margin accounts, mainly to be able to do things like you mention.

I don't believe there is any cash hold with respect to transferring between Fidelity accounts, in which case you could just pull into the non-trust account then transfer it to the trust margin account, and the credit would offset any margin debit.

But, I also set up my cash management brokerage account as a margin account, and bought some Tbills on auto-roll to provide some margin for that account too. It exposes it to a bit more fraud potential, but I can limit that to whatever level I'm comfortable with, and again, no ATM/debit card for this account.

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Re: Fidelity as a one stop shop

Post by indexfundfan » Wed Sep 25, 2019 8:54 pm

Kevin M wrote:
Wed Sep 25, 2019 6:35 pm
I don't believe there is any cash hold with respect to transferring between Fidelity accounts, in which case you could just pull into the non-trust account then transfer it to the trust margin account, and the credit would offset any margin debit.
With this setup, the "instant cash" will be available in the trust account, e.g. for you to write a check. But this is what I wanted to avoid because I expect the trust account would have more assets at risk to fraud (especially since it has margin) if I use checks from this account frequently.

My intention is to use the non-trust brokerage as checking. It can get replenished quickly from the trust account using margin if needed. This will require an action on my part to move money from the trust to non-trust account. The "at risk" money is only in the non-trust account. I won't be using the checks from the trust account.
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Re: Fidelity as a one stop shop

Post by MisterBill » Sat Sep 28, 2019 4:20 pm

bostondan wrote:
Thu Sep 19, 2019 11:02 am
Minty wrote:
Thu Sep 19, 2019 9:01 am
Long-time Fidelity customer (as well as Vanguard) and just consolidated paycheck direct deposit, billpay, checking, etc. at Fidelity so I could make some interest. I've never actually used the ATM/Debit card, only electronic transactions. Today someone withdrew about $500 from an ATM 300 miles away. I hope this isn't how it is going to go.
What did Fidelity have to say about it?

Seems unlikely that Fidelity is less secure than any other major bank. Does anybody have access to your card? Is it still in your possession? Do you keep it in your wallet? Was it definitely a physical ATM and not an EFT transaction?
I also had fraudulent activity on my Fidelity debit card recently, fortunately it was only $28 and was an Amazon purchase. I had posted about it when it happened and it took a couple of weeks for me to get the money refunded to my account. One of their reps called me (oddly, on my landline number even though I had given them my cell phone as the contact when I submitted the fraudulent activity report We exchanged voice mails but never actually spoke.. The credit eventually showed up as a temporary but then I got a letter saying that they had refunded the money and were closing the case.

I had also contacted Amazon when I saw the charge and they said that they were opening a case and would get back to me. They never did. They also claimed that they had determined that the charge was fraudulent and had cancelled the order and the charge would not end up hitting my account, but it did.

Anyway what I wanted to say is that when the Fidelity person called me, the CallerID said BNY/Mellon, so not a small company and presumably competent. But I wonder if they've had some unpublicized breach.

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Re: Fidelity as a one stop shop

Post by Leif » Tue Oct 08, 2019 11:57 pm

I don't know if anyone else has noticed this. But recently I've seen Fidelity clear check deposits quickly. It use to take 4-5 business days for cash available for withdrawal. Now it seems to take 1-2 days. Very pleased to see that.

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Re: Fidelity as a one stop shop

Post by Gadget » Wed Oct 09, 2019 1:40 pm

Leif wrote:
Tue Oct 08, 2019 11:57 pm
I don't know if anyone else has noticed this. But recently I've seen Fidelity clear check deposits quickly. It use to take 4-5 business days for cash available for withdrawal. Now it seems to take 1-2 days. Very pleased to see that.
Is your account new? The same thing happened to me when I first opened it. After a few weeks (not sure exactly), it seems to switch to the 1-2 days you mention.

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Re: Fidelity as a one stop shop

Post by bostondan » Wed Oct 09, 2019 2:27 pm

I encountered another issue, this time with bill pay. It does not allow me to select total balance, instead only paying the amount due. This results in the automatic payments being for $25 and leaving a balance on the credit card. BofA always allowed me to pay the full balance with ebills. I called Fidelity and they said this was correct functionality and nothing could be done.

The solution I found was to initiate the autopay on the credit card side, rather than through Fidelity bill pay. Not a huge hassle, but another little glitch in using Fidelity for banking.
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Re: Fidelity as a one stop shop

Post by Leif » Wed Oct 09, 2019 3:29 pm

Gadget wrote:
Wed Oct 09, 2019 1:40 pm
Leif wrote:
Tue Oct 08, 2019 11:57 pm
I don't know if anyone else has noticed this. But recently I've seen Fidelity clear check deposits quickly. It use to take 4-5 business days for cash available for withdrawal. Now it seems to take 1-2 days. Very pleased to see that.
Is your account new? The same thing happened to me when I first opened it. After a few weeks (not sure exactly), it seems to switch to the 1-2 days you mention.
No. My account is around 20 years old. Perhaps a system wide change, which I certainly welcome. I've made a few posts in the past complaining it took much longer to clear than my B&M bank.

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Re: Fidelity as a one stop shop

Post by boston10 » Wed Oct 09, 2019 8:29 pm

bostondan wrote:
Wed Oct 09, 2019 2:27 pm
I encountered another issue, this time with bill pay. It does not allow me to select total balance, instead only paying the amount due. This results in the automatic payments being for $25 and leaving a balance on the credit card. BofA always allowed me to pay the full balance with ebills. I called Fidelity and they said this was correct functionality and nothing could be done.

The solution I found was to initiate the autopay on the credit card side, rather than through Fidelity bill pay. Not a huge hassle, but another little glitch in using Fidelity for banking.
I believe you can autopay in full with some payees but not others. It depends on what data they pass through to Fido's billpay service.

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Re: Fidelity as a one stop shop

Post by bostondan » Wed Oct 09, 2019 8:31 pm

boston10 wrote:
Wed Oct 09, 2019 8:29 pm
bostondan wrote:
Wed Oct 09, 2019 2:27 pm
I encountered another issue, this time with bill pay. It does not allow me to select total balance, instead only paying the amount due. This results in the automatic payments being for $25 and leaving a balance on the credit card. BofA always allowed me to pay the full balance with ebills. I called Fidelity and they said this was correct functionality and nothing could be done.

The solution I found was to initiate the autopay on the credit card side, rather than through Fidelity bill pay. Not a huge hassle, but another little glitch in using Fidelity for banking.
I believe you can autopay in full with some payees but not others. It depends on what data they pass through to Fido's billpay service.
That is consistent with what I was told by Fidelity and what is available in the documentation. However, at BofA I never encountered a credit card that could not be paid in full by automatic bill pay.
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Re: Fidelity as a one stop shop

Post by Lyrrad » Wed Oct 09, 2019 9:18 pm

Leif wrote:
Tue Oct 08, 2019 11:57 pm
I don't know if anyone else has noticed this. But recently I've seen Fidelity clear check deposits quickly. It use to take 4-5 business days for cash available for withdrawal. Now it seems to take 1-2 days. Very pleased to see that.
I've noticed that my EFT pull requests initiated from the Fidelity side can to take different amounts of time to clear, even when pulling from the same account. I've had some clear in one business day, but others take about week. My guess is they have an automated system that determines the risk level of a particular transaction and sets the clear time, or there's different about some of my transactions.
bostondan wrote:
Wed Oct 09, 2019 2:27 pm
I encountered another issue, this time with bill pay.
[...]
The solution I found was to initiate the autopay on the credit card side, rather than through Fidelity bill pay. Not a huge hassle, but another little glitch in using Fidelity for banking.
I almost always pull from the credit card side. I assume I get an extra day or two of interest on my money, and if something goes wrong, the credit card company is more likely to understand what happened.

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Re: Fidelity as a one stop shop

Post by Minty » Wed Oct 09, 2019 9:40 pm

bostondan wrote:
Thu Sep 19, 2019 3:07 pm
Kevin M wrote:
Thu Sep 19, 2019 2:49 pm
Minty wrote:
Thu Sep 19, 2019 9:01 am
Long-time Fidelity customer (as well as Vanguard) and just consolidated paycheck direct deposit, billpay, checking, etc. at Fidelity so I could make some interest. I've never actually used the ATM/Debit card, only electronic transactions. Today someone withdrew about $500 from an ATM 300 miles away. I hope this isn't how it is going to go.
Not that I think that this is common, but it's an example of why I have a CMA for ATM withdrawals only, with no overdraft from any other account set up. I think I have less than $20 in that account now, and have never even done an ATM withdrawal from it yet. Everything else is done with a brokerage account dedicated to cash management (separate from my main investing brokerage account), and this has been working flawlessly. I am private client, so could do free ATM withdrawals from the brokerage, but I didn't even request an ATM/debit card for this brokerage account, since I don't want it exposed to fraudulent ATM or debit transactions.

Kevin
Got it. I created a new brokerage account, so it is the same as just using a separate CMA. This brokerage account is only used for being a “checking” account.
Update: Fidelity has given me my money back. I remain a little nervous because, although I had activated my card, I had never used it, so it was not possible for anyone to have skimmed or observed my pin number. I wish Fidelity allowed permanent disabling of the debit feature, which I never use because of a prior cybercrime 20 years ago, and two factor authentication or on-line disabling of the ATM feature. On the other hand, Fidelity did stop a couple of other charges, so they seem to be attentive.
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Re: Fidelity as a one stop shop

Post by Leif » Wed Oct 09, 2019 9:43 pm

Lyrrad wrote:
Wed Oct 09, 2019 9:18 pm
I almost always pull from the credit card side. I assume I get an extra day or two of interest on my money, and if something goes wrong, the credit card company is more likely to understand what happened.
Recently I deposited a cashier's check, and two personal checks from individuals I never deposited a check from before. All 3 had cash available for withdrawal (not just Settled cash), in a single day.

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Re: Fidelity as a one stop shop

Post by Cash » Thu Oct 10, 2019 5:09 am

Data point: I initiated an EFT pull from an outside bank at 9:15pm last night and the money is currently sitting in my account available to use (as of at least 5:45am EDT). Amazing.
Last edited by Cash on Thu Oct 10, 2019 5:27 am, edited 1 time in total.

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Re: Fidelity as a one stop shop

Post by Cash » Thu Oct 10, 2019 5:10 am

As mentioned in the leaving Fidelity thread, Fidelity has now joined the no-commission crowd:

https://www.bostonglobe.com/business/20 ... story.html

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Re: Fidelity as a one stop shop

Post by CyclingDuo » Thu Oct 10, 2019 5:53 am

Cash wrote:
Thu Oct 10, 2019 5:10 am
As mentioned in the leaving Fidelity thread, Fidelity has now joined the no-commission crowd:

https://www.bostonglobe.com/business/20 ... story.html
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Re: Fidelity as a one stop shop

Post by boston10 » Thu Oct 10, 2019 7:36 am

Minty wrote:
Wed Oct 09, 2019 9:40 pm
bostondan wrote:
Thu Sep 19, 2019 3:07 pm
Kevin M wrote:
Thu Sep 19, 2019 2:49 pm
Minty wrote:
Thu Sep 19, 2019 9:01 am
Long-time Fidelity customer (as well as Vanguard) and just consolidated paycheck direct deposit, billpay, checking, etc. at Fidelity so I could make some interest. I've never actually used the ATM/Debit card, only electronic transactions. Today someone withdrew about $500 from an ATM 300 miles away. I hope this isn't how it is going to go.
Not that I think that this is common, but it's an example of why I have a CMA for ATM withdrawals only, with no overdraft from any other account set up. I think I have less than $20 in that account now, and have never even done an ATM withdrawal from it yet. Everything else is done with a brokerage account dedicated to cash management (separate from my main investing brokerage account), and this has been working flawlessly. I am private client, so could do free ATM withdrawals from the brokerage, but I didn't even request an ATM/debit card for this brokerage account, since I don't want it exposed to fraudulent ATM or debit transactions.

Kevin
Got it. I created a new brokerage account, so it is the same as just using a separate CMA. This brokerage account is only used for being a “checking” account.
Update: Fidelity has given me my money back. I remain a little nervous because, although I had activated my card, I had never used it, so it was not possible for anyone to have skimmed or observed my pin number. I wish Fidelity allowed permanent disabling of the debit feature, which I never use because of a prior cybercrime 20 years ago, and two factor authentication or on-line disabling of the ATM feature. On the other hand, Fidelity did stop a couple of other charges, so they seem to be attentive.
My thought is, who cares if someone steals your CMA debit card number? Fidelity is required by law to reimburse for fraud, and they are insured, so there is zero long-term financial risk to you. The only risk to you is a short-term liquidity risk, which you mitigate by keeping your CMA separate from your brokerage, not linked for overdraft, and with a minimal balance.

BUBear29
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Re: Fidelity as a one stop shop

Post by BUBear29 » Fri Oct 11, 2019 12:33 am

FrugalProfessor wrote:
Thu Sep 19, 2019 4:48 pm
Kevin M wrote:
Thu Sep 19, 2019 2:49 pm
Minty wrote:
Thu Sep 19, 2019 9:01 am
Long-time Fidelity customer (as well as Vanguard) and just consolidated paycheck direct deposit, billpay, checking, etc. at Fidelity so I could make some interest. I've never actually used the ATM/Debit card, only electronic transactions. Today someone withdrew about $500 from an ATM 300 miles away. I hope this isn't how it is going to go.
Not that I think that this is common, but it's an example of why I have a CMA for ATM withdrawals only, with no overdraft from any other account set up. I think I have less than $20 in that account now, and have never even done an ATM withdrawal from it yet. Everything else is done with a brokerage account dedicated to cash management (separate from my main investing brokerage account), and this has been working flawlessly. I am private client, so could do free ATM withdrawals from the brokerage, but I didn't even request an ATM/debit card for this brokerage account, since I don't want it exposed to fraudulent ATM or debit transactions.

Kevin
I like your system (ATM-only CMA with no overdraft protection from brokerage). It's safer than my system (ATM-only CMA w/ OD protection) because it places a ceiling on the maximum loss from fraud (no greater than the balance of the CMA account) but is more inconvenient because it forces me to plan ahead when using the ATM.

I use an ATM very sparingly (I seldom carry my card with me), so perhaps I'll park $20-$100 of SPRXX in the CMA in perpetuity on the off chance that I need to visit an ATM. If I need more cash, I'd know to simply execute the brokerage->CMA transfer before visiting the ATM.

Given that the brokerage account is my main checking account, perhaps I'll even set up my overdraft in opposite direction to how I have it set up currently. After changing directions, CMA funds would now cover shortfalls in the brokerage account in the event of a brokerage shortfall.

I like it.

Edit - On second thought it looks like I can't set up the overdraft protection in the other direction (CMA funds brokerage). Oh well. I'll turn of OD protection and simply park a few dollars in the CMA in the event of the rare ATM withdrawal.
You should do what I do imo. Set a peg balance in the CMA (mine is $750 - slightly above the $500 atm limit). Then when balance in CMA drops below $750, it will sweep funds overnight from Brokerage and you will receive a notification. Kind of a hybrid between OD protection and none with a max loss of $750 (could be slightly more if you don’t move excess funds from sweep back as I thinj there is a minimum sweep amount) as you can shut off overnight sweep if fraudulent activity. I use CMA for atm and checks
There is no dignity quite so impressive, and no one independence quite so important, as living within your means.

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Re: Fidelity as a one stop shop

Post by BUBear29 » Fri Oct 11, 2019 10:12 am

Cash wrote:
Thu Oct 10, 2019 5:10 am
As mentioned in the leaving Fidelity thread, Fidelity has now joined the no-commission crowd:

https://www.bostonglobe.com/business/20 ... story.html
Looks like I’m changing all my Fidelity Mutual Funds in my RIRAs to VTI, VXUS and BND!! Great news
There is no dignity quite so impressive, and no one independence quite so important, as living within your means.

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bostondan
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Re: Fidelity as a one stop shop

Post by bostondan » Fri Oct 11, 2019 11:46 am

BUBear29 wrote:
Fri Oct 11, 2019 10:12 am
Cash wrote:
Thu Oct 10, 2019 5:10 am
As mentioned in the leaving Fidelity thread, Fidelity has now joined the no-commission crowd:

https://www.bostonglobe.com/business/20 ... story.html
Looks like I’m changing all my Fidelity Mutual Funds in my RIRAs to VTI, VXUS and BND!! Great news
Is there any reason to do this in a Roth? Wouldn’t the tax advantages of an ETF be useless in a Roth, while the inconvenience of an ETF would be considerable?
“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

BUBear29
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Re: Fidelity as a one stop shop

Post by BUBear29 » Fri Oct 11, 2019 11:52 am

bostondan wrote:
Fri Oct 11, 2019 11:46 am
BUBear29 wrote:
Fri Oct 11, 2019 10:12 am
Cash wrote:
Thu Oct 10, 2019 5:10 am
As mentioned in the leaving Fidelity thread, Fidelity has now joined the no-commission crowd:

https://www.bostonglobe.com/business/20 ... story.html
Looks like I’m changing all my Fidelity Mutual Funds in my RIRAs to VTI, VXUS and BND!! Great news
Is there any reason to do this in a Roth? Wouldn’t the tax advantages of an ETF be useless in a Roth, while the inconvenience of an ETF would be considerable?
i prefer Vanguard funds. I hold Vangurd etf’s in my taxable so this makes everything fit in three funds.

not sure there are any inconveniences i can think of
There is no dignity quite so impressive, and no one independence quite so important, as living within your means.

pyld76
Posts: 272
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Re: Fidelity as a one stop shop

Post by pyld76 » Fri Oct 11, 2019 11:55 am

BUBear29 wrote:
Fri Oct 11, 2019 10:12 am
Cash wrote:
Thu Oct 10, 2019 5:10 am
As mentioned in the leaving Fidelity thread, Fidelity has now joined the no-commission crowd:

https://www.bostonglobe.com/business/20 ... story.html
Looks like I’m changing all my Fidelity Mutual Funds in my RIRAs to VTI, VXUS and BND!! Great news
Why?

You have Fido options which are cheaper for those given asset class today. And in an IRA, there’s no friction to shift if Fido underperforms.

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bostondan
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Re: Fidelity as a one stop shop

Post by bostondan » Fri Oct 11, 2019 11:57 am

BUBear29 wrote:
Fri Oct 11, 2019 11:52 am
bostondan wrote:
Fri Oct 11, 2019 11:46 am
BUBear29 wrote:
Fri Oct 11, 2019 10:12 am
Cash wrote:
Thu Oct 10, 2019 5:10 am
As mentioned in the leaving Fidelity thread, Fidelity has now joined the no-commission crowd:

https://www.bostonglobe.com/business/20 ... story.html
Looks like I’m changing all my Fidelity Mutual Funds in my RIRAs to VTI, VXUS and BND!! Great news
Is there any reason to do this in a Roth? Wouldn’t the tax advantages of an ETF be useless in a Roth, while the inconvenience of an ETF would be considerable?
i prefer Vanguard funds. I hold Vangurd etf’s in my taxable so this makes everything fit in three funds.

not sure there are any inconveniences i can think of
Mutual funds allow easier purchase of exact dollar amounts and can be easily set for automatic investments due to that. ETFs cannot generally be purchased as fractional shares except for reinvestments.

In a Roth IRA I want to deposit $6000 and purchase exactly that amount. I don’t like having money leftover in cash.
“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

BUBear29
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Re: Fidelity as a one stop shop

Post by BUBear29 » Fri Oct 11, 2019 12:00 pm

bostondan wrote:
Fri Oct 11, 2019 11:57 am
BUBear29 wrote:
Fri Oct 11, 2019 11:52 am
bostondan wrote:
Fri Oct 11, 2019 11:46 am
BUBear29 wrote:
Fri Oct 11, 2019 10:12 am
Cash wrote:
Thu Oct 10, 2019 5:10 am
As mentioned in the leaving Fidelity thread, Fidelity has now joined the no-commission crowd:

https://www.bostonglobe.com/business/20 ... story.html
Looks like I’m changing all my Fidelity Mutual Funds in my RIRAs to VTI, VXUS and BND!! Great news
Is there any reason to do this in a Roth? Wouldn’t the tax advantages of an ETF be useless in a Roth, while the inconvenience of an ETF would be considerable?
i prefer Vanguard funds. I hold Vangurd etf’s in my taxable so this makes everything fit in three funds.

not sure there are any inconveniences i can think of
Mutual funds allow easier purchase of exact dollar amounts and can be easily set for automatic investments due to that. ETFs cannot generally be purchased as fractional shares except for reinvestments.

In a Roth IRA I want to deposit $6000 and purchase exactly that amount. I don’t like having money leftover in cash.
ah i see. yeah I don’t auto invest. i manually purchase funds twice a year. I don’t mind a few dollars in my Spaxx. I can see why some might not though
There is no dignity quite so impressive, and no one independence quite so important, as living within your means.

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Re: Fidelity as a one stop shop

Post by Spirit Rider » Fri Oct 11, 2019 12:01 pm

BUBear29 wrote:
Fri Oct 11, 2019 11:52 am
bostondan wrote:
Fri Oct 11, 2019 11:46 am
BUBear29 wrote:
Fri Oct 11, 2019 10:12 am
Looks like I’m changing all my Fidelity Mutual Funds in my RIRAs to VTI, VXUS and BND!! Great news
Is there any reason to do this in a Roth? Wouldn’t the tax advantages of an ETF be useless in a Roth, while the inconvenience of an ETF would be considerable?
i prefer Vanguard funds. I hold Vangurd etf’s in my taxable so this makes everything fit in three funds.

not sure there are any inconveniences i can think of
The benefits the others have stated and...

Not to mention, you now have placed impediments to tax loss harvesting in taxable by having the same funds in IRAs.

Emotion and loyalty get in the way of sound investment planning.

BUBear29
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Location: Dallas, TX

Re: Fidelity as a one stop shop

Post by BUBear29 » Fri Oct 11, 2019 12:05 pm

Spirit Rider wrote:
Fri Oct 11, 2019 12:01 pm
BUBear29 wrote:
Fri Oct 11, 2019 11:52 am
bostondan wrote:
Fri Oct 11, 2019 11:46 am
BUBear29 wrote:
Fri Oct 11, 2019 10:12 am
Looks like I’m changing all my Fidelity Mutual Funds in my RIRAs to VTI, VXUS and BND!! Great news
Is there any reason to do this in a Roth? Wouldn’t the tax advantages of an ETF be useless in a Roth, while the inconvenience of an ETF would be considerable?
i prefer Vanguard funds. I hold Vangurd etf’s in my taxable so this makes everything fit in three funds.

not sure there are any inconveniences i can think of
The benefits the others have stated and...

Not to mention, you now have placed impediments to tax loss harvesting in taxable by having the same funds in IRAs.

Emotion and loyalty get in the way of sound investment planning.
decent point. I’ve not historically TLH but I might in a few years
There is no dignity quite so impressive, and no one independence quite so important, as living within your means.

boston10
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Re: Fidelity as a one stop shop

Post by boston10 » Fri Oct 11, 2019 2:00 pm

BUBear29 wrote:
Fri Oct 11, 2019 11:52 am
bostondan wrote:
Fri Oct 11, 2019 11:46 am
BUBear29 wrote:
Fri Oct 11, 2019 10:12 am
Cash wrote:
Thu Oct 10, 2019 5:10 am
As mentioned in the leaving Fidelity thread, Fidelity has now joined the no-commission crowd:

https://www.bostonglobe.com/business/20 ... story.html
Looks like I’m changing all my Fidelity Mutual Funds in my RIRAs to VTI, VXUS and BND!! Great news
Is there any reason to do this in a Roth? Wouldn’t the tax advantages of an ETF be useless in a Roth, while the inconvenience of an ETF would be considerable?
i prefer Vanguard funds. I hold Vangurd etf’s in my taxable so this makes everything fit in three funds.

not sure there are any inconveniences i can think of
If you have an emotional attachment to Vanguard then you should just transfer your IRAs to a Vanguard brokerage account and hold Vanguard's mutual funds there. It doesn't make sense to hold more expensive Vanguard ETFs in a Fidelity IRA.

Fidelity's index mutual funds have zero expense ratios. The only reason to hold Vanguard funds over Fidelity is if you have a taxable account, because of Vanguard's patented capital gains tax avoidance techniques. Or if, like me, you have Vanguard IRAs and don't think the hassle of transferring them to Fido is worth it the benefits of an ER drop.

sarabayo
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Re: Fidelity as a one stop shop

Post by sarabayo » Fri Oct 11, 2019 2:16 pm

bostondan wrote:
Fri Oct 11, 2019 11:57 am
Mutual funds allow easier purchase of exact dollar amounts and can be easily set for automatic investments due to that. ETFs cannot generally be purchased as fractional shares except for reinvestments.

In a Roth IRA I want to deposit $6000 and purchase exactly that amount. I don’t like having money leftover in cash.
M1 Finance lets you purchase fractional shares of ETFs, in return for forcing you to batch orders once a day rather than being able to trade throughout the day. I wonder if any of the other brokerages, including Fidelity, might one day introduce such a feature as well. Does anyone know of any other brokerages that do this?

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Re: Fidelity as a one stop shop

Post by BUBear29 » Fri Oct 11, 2019 2:58 pm

boston10 wrote:
Fri Oct 11, 2019 2:00 pm
BUBear29 wrote:
Fri Oct 11, 2019 11:52 am
bostondan wrote:
Fri Oct 11, 2019 11:46 am
BUBear29 wrote:
Fri Oct 11, 2019 10:12 am
Cash wrote:
Thu Oct 10, 2019 5:10 am
As mentioned in the leaving Fidelity thread, Fidelity has now joined the no-commission crowd:

https://www.bostonglobe.com/business/20 ... story.html
Looks like I’m changing all my Fidelity Mutual Funds in my RIRAs to VTI, VXUS and BND!! Great news
Is there any reason to do this in a Roth? Wouldn’t the tax advantages of an ETF be useless in a Roth, while the inconvenience of an ETF would be considerable?
i prefer Vanguard funds. I hold Vangurd etf’s in my taxable so this makes everything fit in three funds.

not sure there are any inconveniences i can think of
If you have an emotional attachment to Vanguard then you should just transfer your IRAs to a Vanguard brokerage account and hold Vanguard's mutual funds there. It doesn't make sense to hold more expensive Vanguard ETFs in a Fidelity IRA.

Fidelity's index mutual funds have zero expense ratios. The only reason to hold Vanguard funds over Fidelity is if you have a taxable account, because of Vanguard's patented capital gains tax avoidance techniques. Or if, like me, you have Vanguard IRAs and don't think the hassle of transferring them to Fido is worth it the benefits of an ER drop.
makes sense. I consolidated all banking and investing to Fido but I don’t currently use the zero expense funds. I use the recommended 3 fund portfolio with regular fidelity funds. Use to have my investments at Vanguard.
There is no dignity quite so impressive, and no one independence quite so important, as living within your means.

sarabayo
Posts: 330
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Re: Fidelity as a one stop shop

Post by sarabayo » Fri Oct 11, 2019 3:50 pm

BUBear29 wrote:
Fri Oct 11, 2019 2:58 pm
boston10 wrote:
Fri Oct 11, 2019 2:00 pm
Fidelity's index mutual funds have zero expense ratios. The only reason to hold Vanguard funds over Fidelity is if you have a taxable account, because of Vanguard's patented capital gains tax avoidance techniques. Or if, like me, you have Vanguard IRAs and don't think the hassle of transferring them to Fido is worth it the benefits of an ER drop.
makes sense. I consolidated all banking and investing to Fido but I don’t currently use the zero expense funds. I use the recommended 3 fund portfolio with regular fidelity funds. Use to have my investments at Vanguard.
Note that the Fidelity Zero index funds follow different indexes from what Vanguard's index funds follow. In particular, they follow a proprietary in-house index developed by Fidelity (which is one reason why they've been able to decrease the ER to zero, since they don't have to pay license fees to a third party index provider). So if that difference matters to you, that might be a reason to use Vanguard funds over Fidelity Zero funds, or vice versa. Also, Fidelity has traditional non-zero-ER funds that follow third-party independent indexes like Vanguard's funds (though still not exactly the same indexes), if you want to use those.

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Re: Fidelity as a one stop shop

Post by MotoTrojan » Fri Oct 18, 2019 9:45 pm

Just initiated a transfer of my taxable brokerage (wow that was easy) from Vanguard to Fidelity. Now that I can trade ETFs commission free, Fidelity's amazing customer service (all over a simple online chat) was enough to tip the scales.

I now have two brokerage accounts at Fidelity; one for investments and one tied to my CMA (which is always at $0 balance) acting as my joint checking/savings account.

I also have a Roth IRA at M1 but now have no accounts at Vanguard.

Pretty jazzed!

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bostondan
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Re: Fidelity as a one stop shop

Post by bostondan » Fri Oct 18, 2019 10:17 pm

As much as I am glad that trades are now free, I had just recently transferred enough money to qualify for the 500 free trade bonus. I guess I’m not “losing” anything because I still get free trades, but I do feel like I no longer am getting any particular bonus for transferring money to Fidelity.
“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

ARoseByAnyOtherName
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Re: Fidelity as a one stop shop

Post by ARoseByAnyOtherName » Sat Oct 19, 2019 6:58 am

bostondan wrote:
Fri Oct 18, 2019 10:17 pm
As much as I am glad that trades are now free, I had just recently transferred enough money to qualify for the 500 free trade bonus. I guess I’m not “losing” anything because I still get free trades, but I do feel like I no longer am getting any particular bonus for transferring money to Fidelity.
Called it :happy
viewtopic.php?f=10&t=292254&p=4786859#p4786859

Though you actually still get a bonus if you trade options, apparently:
viewtopic.php?f=10&t=292254&p=4786859#p4786973

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walletless
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Re: Fidelity as a one stop shop

Post by walletless » Sun Oct 20, 2019 5:21 am

I extensively used my debit card for CMA during a recent trip to Japan. The 7/11s there have international ATMs that charge 220 yen as fees. I can confirm that Fidelity reimbursed that fee every single time. I also got decent foreign exchange rates there. I just had to inform Fidelity ahead of time about my trip in order to use the ATM in Japan; that required a phone call to Fidelity (no way to specify that online, with Banks like Chase I could just do that online). Besides that minor inconvenience, I'm glad I had the CMA account and debit card during the trip!

pyld76
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Re: Fidelity as a one stop shop

Post by pyld76 » Sun Oct 20, 2019 4:26 pm

boston10 wrote:
Fri Oct 11, 2019 2:00 pm
Or if, like me, you have Vanguard IRAs and don't think the hassle of transferring them to Fido is worth it the benefits of an ER drop.
So, I did this relatively recently. The “hassle” amounted to a single day out of the market, largely because I did not enable limited margin in the IRA and thus had to wait a day from selling the VG fund that had transferred in kind and buying into the fidelity counterparts. FWIW.

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Re: Fidelity as a one stop shop

Post by bostondan » Sun Oct 20, 2019 4:29 pm

walletless wrote:
Sun Oct 20, 2019 5:21 am
I extensively used my debit card for CMA during a recent trip to Japan. The 7/11s there have international ATMs that charge 220 yen as fees. I can confirm that Fidelity reimbursed that fee every single time. I also got decent foreign exchange rates there. I just had to inform Fidelity ahead of time about my trip in order to use the ATM in Japan; that required a phone call to Fidelity (no way to specify that online, with Banks like Chase I could just do that online). Besides that minor inconvenience, I'm glad I had the CMA account and debit card during the trip!
How does it compare to Schwab? I keep a Schwab account purely for the international ATM feature. It charges absolutely no fees and the exchange rate always perfectly matched what google said was the current rate.

If the Fidelity international ATM features are comparable then I’ll provably close the Schwab account.
“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

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