Fidelity as a one stop shop

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Kevin M
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Re: Fidelity as a one stop shop

Post by Kevin M » Mon Oct 28, 2019 1:19 pm

arf30 wrote:
Sun Oct 27, 2019 8:05 pm
Looks like there's a new website for managing debit cards off of the cash manager section of the site (fidelitydebitcards.com), I'm able to view ATM and debit limits but not modify them.
Thanks for the heads up.

It's obvious, but this page is accessed by clicking "Manage Debit Card(s)" in the "Manage Money & Payments" screen. My CMA ATM daily limit in is $520, and my daily purchase limit is $10K.

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Re: Fidelity as a one stop shop

Post by spammagnet » Fri Nov 01, 2019 4:55 pm

arf30 wrote:
Sun Oct 27, 2019 8:05 pm
Looks like there's a new website for managing debit cards off of the cash manager section of the site (fidelitydebitcards.com), I'm able to view ATM and debit limits but not modify them.
The correct site name is fidelitydebitcard.com (singular), not fidelitydebitcards.com (plural).

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Leif
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Re: Fidelity as a one stop shop

Post by Leif » Sat Nov 02, 2019 11:22 am

Kevin M wrote:
Mon Oct 28, 2019 1:19 pm
arf30 wrote:
Sun Oct 27, 2019 8:05 pm
Looks like there's a new website for managing debit cards off of the cash manager section of the site (fidelitydebitcards.com), I'm able to view ATM and debit limits but not modify them.
Thanks for the heads up.

It's obvious, but this page is accessed by clicking "Manage Debit Card(s)" in the "Manage Money & Payments" screen. My CMA ATM daily limit in is $520, and my daily purchase limit is $10K.

Kevin
To make it more obvious the full path is Accounts & Trade > Cash Management > Manage Debit card(s) (button). Although it redirects you to the above URL, I feel more comfortable going from the Fidelity website than typing in a foreign (to me) URL.

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Re: Fidelity as a one stop shop

Post by bostondan » Sat Nov 02, 2019 3:03 pm

The limit on my account seems to be $1020 for me and $1020 for my wife's card. I took out cash today and it lowered the remaining amount on my daily limit, but my wife's remains at $1020. So it seems that we could jointly take out $2040 per day if needed.
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Re: Fidelity as a one stop shop

Post by mervinj7 » Sat Nov 02, 2019 4:00 pm

bostondan wrote:
Sat Nov 02, 2019 3:03 pm
The limit on my account seems to be $1020 for me and $1020 for my wife's card. I took out cash today and it lowered the remaining amount on my daily limit, but my wife's remains at $1020. So it seems that we could jointly take out $2040 per day if needed.
For a CMA or a brokerage account? Fidelity premium services?

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Re: Fidelity as a one stop shop

Post by bostondan » Sat Nov 02, 2019 4:18 pm

mervinj7 wrote:
Sat Nov 02, 2019 4:00 pm
bostondan wrote:
Sat Nov 02, 2019 3:03 pm
The limit on my account seems to be $1020 for me and $1020 for my wife's card. I took out cash today and it lowered the remaining amount on my daily limit, but my wife's remains at $1020. So it seems that we could jointly take out $2040 per day if needed.
For a CMA or a brokerage account? Fidelity premium services?
I have both a CMA and a brokerage and they both have a limit of $1020. I am a Private Wealth client (or whatever it's called) because I have sufficient funds at Fidelity.

The CMA has a $0 balance and I only use the brokerage account because I realized I was reimbursed for all ATM fees internationally even in the brokerage account. This way I don't need to maintain multiple accounts in order to get the higher interest rate. I will likely close the CMA account eventually.
“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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Re: Fidelity as a one stop shop

Post by u2wl » Sun Nov 03, 2019 9:18 am

They added an option to lock (temporary disable) your debit card in Manage Debit Card(s).
I hope they add it to the app soon.

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Re: Fidelity as a one stop shop

Post by vtMaps » Sun Nov 03, 2019 10:28 am

u2wl wrote:
Sun Nov 03, 2019 9:18 am
They added an option to lock (temporary disable) your debit card in Manage Debit Card(s).
I hope they add it to the app soon.
I think that locking the card will also disable the ATM function. I would like to be able to disable just the debit function.

--vtMaps
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Re: Fidelity as a one stop shop

Post by spammagnet » Wed Nov 06, 2019 10:54 am

Leif wrote:
Sat Nov 02, 2019 11:22 am
To make it more obvious the full path is Accounts & Trade > Cash Management > Manage Debit card(s) (button). Although it redirects you to the above URL, I feel more comfortable going from the Fidelity website than typing in a foreign (to me) URL.
I share your skepticism about links found online but, once you navigate there and can see the URL for yourself, you can be confident that it is, in fact, a Fidelity-hosted web page.

That said, I can't see a need to visit that page very often. It's probably easier to remember how to navigate there from within the Fidelity site, on the rare occasions it's necessary, rather than trying to remember the direct URL.

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Re: Fidelity as a one stop shop

Post by indexfundfan » Thu Nov 07, 2019 3:24 pm

Does it show anywhere on the web page whether your ATM fees will be reimbursed? This is for the investment account, not the CMA.
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Re: Fidelity as a one stop shop

Post by bostondan » Thu Nov 07, 2019 3:25 pm

indexfundfan wrote:
Thu Nov 07, 2019 3:24 pm
Does it show anywhere on the web page whether your ATM fees will be reimbursed? This is for the investment account, not the CMA.
I don’t see that anywhere. You can always just test it out and see what happens. My ATM fees are mostly reimbursed within a few days or a week.
“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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Re: Fidelity as a one stop shop

Post by indexfundfan » Thu Nov 07, 2019 3:32 pm

bostondan wrote:
Thu Nov 07, 2019 3:25 pm
indexfundfan wrote:
Thu Nov 07, 2019 3:24 pm
Does it show anywhere on the web page whether your ATM fees will be reimbursed? This is for the investment account, not the CMA.
I don’t see that anywhere. You can always just test it out and see what happens. My ATM fees are mostly reimbursed within a few days or a week.
I don't have the debit card for the investment account (IA). I only have the card for the CMA. Just wondering if it is worthwhile to get the card for the IA. I currently keep the CMA balance zero.
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Re: Fidelity as a one stop shop

Post by bostondan » Thu Nov 07, 2019 3:47 pm

indexfundfan wrote:
Thu Nov 07, 2019 3:32 pm
bostondan wrote:
Thu Nov 07, 2019 3:25 pm
indexfundfan wrote:
Thu Nov 07, 2019 3:24 pm
Does it show anywhere on the web page whether your ATM fees will be reimbursed? This is for the investment account, not the CMA.
I don’t see that anywhere. You can always just test it out and see what happens. My ATM fees are mostly reimbursed within a few days or a week.
I don't have the debit card for the investment account (IA). I only have the card for the CMA. Just wondering if it is worthwhile to get the card for the IA. I currently keep the CMA balance zero.
There’s no downside to getting the card. You can always throw it away (after shredding it). Or call Fidelity and ask if you qualify for free ATMs. They were able to tell me that I am just now. Total call time was 4 minutes.
“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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Re: Fidelity as a one stop shop

Post by Kevin M » Thu Nov 07, 2019 6:29 pm

indexfundfan wrote:
Thu Nov 07, 2019 3:32 pm
bostondan wrote:
Thu Nov 07, 2019 3:25 pm
indexfundfan wrote:
Thu Nov 07, 2019 3:24 pm
Does it show anywhere on the web page whether your ATM fees will be reimbursed? This is for the investment account, not the CMA.
I don’t see that anywhere. You can always just test it out and see what happens. My ATM fees are mostly reimbursed within a few days or a week.
I don't have the debit card for the investment account (IA). I only have the card for the CMA. Just wondering if it is worthwhile to get the card for the IA. I currently keep the CMA balance zero.
I don't want a card for the brokerage account, even though I qualify for ATM fee rembursements. It's easy to transfer something from brokerage to CMA for ATM purposes. Rather than keep $0 in CMA, I keep enough in to cover unexpected ATM withdrawal needs, like $200-$300 or so.

Kevin
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Re: Fidelity as a one stop shop

Post by radiowave » Thu Nov 07, 2019 6:54 pm

Kevin M wrote:
Thu Nov 07, 2019 6:29 pm
indexfundfan wrote:
Thu Nov 07, 2019 3:32 pm
bostondan wrote:
Thu Nov 07, 2019 3:25 pm
indexfundfan wrote:
Thu Nov 07, 2019 3:24 pm
Does it show anywhere on the web page whether your ATM fees will be reimbursed? This is for the investment account, not the CMA.
I don’t see that anywhere. You can always just test it out and see what happens. My ATM fees are mostly reimbursed within a few days or a week.
I don't have the debit card for the investment account (IA). I only have the card for the CMA. Just wondering if it is worthwhile to get the card for the IA. I currently keep the CMA balance zero.
I don't want a card for the brokerage account, even though I qualify for ATM fee rembursements. It's easy to transfer something from brokerage to CMA for ATM purposes. Rather than keep $0 in CMA, I keep enough in to cover unexpected ATM withdrawal needs, like $200-$300 or so.

Kevin
I agree with Kevin and do the same thing. I've used my CMA debit card in Europe and works fine, I only use it for ATM withdrawal never purchases.
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Re: Fidelity as a one stop shop

Post by indexfundfan » Thu Nov 07, 2019 8:49 pm

radiowave wrote:
Thu Nov 07, 2019 6:54 pm
Kevin M wrote:
Thu Nov 07, 2019 6:29 pm
indexfundfan wrote:
Thu Nov 07, 2019 3:32 pm
bostondan wrote:
Thu Nov 07, 2019 3:25 pm
indexfundfan wrote:
Thu Nov 07, 2019 3:24 pm
Does it show anywhere on the web page whether your ATM fees will be reimbursed? This is for the investment account, not the CMA.
I don’t see that anywhere. You can always just test it out and see what happens. My ATM fees are mostly reimbursed within a few days or a week.
I don't have the debit card for the investment account (IA). I only have the card for the CMA. Just wondering if it is worthwhile to get the card for the IA. I currently keep the CMA balance zero.
I don't want a card for the brokerage account, even though I qualify for ATM fee rembursements. It's easy to transfer something from brokerage to CMA for ATM purposes. Rather than keep $0 in CMA, I keep enough in to cover unexpected ATM withdrawal needs, like $200-$300 or so.

Kevin
I agree with Kevin and do the same thing. I've used my CMA debit card in Europe and works fine, I only use it for ATM withdrawal never purchases.
I would like to reduce one account if I can. As it is, I'm using the investment account purely for checking. The CMA is delegated for ATM usage only, and this becomes redundant if the ATM fees are reimbursed in the investment account.
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Re: Fidelity as a one stop shop

Post by Kevin M » Thu Nov 07, 2019 9:35 pm

indexfundfan wrote:
Thu Nov 07, 2019 8:49 pm
radiowave wrote:
Thu Nov 07, 2019 6:54 pm
Kevin M wrote:
Thu Nov 07, 2019 6:29 pm
indexfundfan wrote:
Thu Nov 07, 2019 3:32 pm
I don't have the debit card for the investment account (IA). I only have the card for the CMA. Just wondering if it is worthwhile to get the card for the IA. I currently keep the CMA balance zero.
I don't want a card for the brokerage account, even though I qualify for ATM fee rembursements. It's easy to transfer something from brokerage to CMA for ATM purposes. Rather than keep $0 in CMA, I keep enough in to cover unexpected ATM withdrawal needs, like $200-$300 or so.
I agree with Kevin and do the same thing. I've used my CMA debit card in Europe and works fine, I only use it for ATM withdrawal never purchases.
I would like to reduce one account if I can. As it is, I'm using the investment account purely for checking. The CMA is delegated for ATM usage only, and this becomes redundant if the ATM fees are reimbursed in the investment account.
What's the big deal about having two accounts? Takes like a minute to log on and move money from one account to the other.

It's probably excessively paranoid, but my thinking is to reduce fraud exposure by not having an ATM/debit card for the account that has more money in it.

I actually have three taxable accounts: investment brokerage, cash management brokerage, and CMA. I also have traditional and Roth IRAs.

Anyway, I think you need to be private client to not get charged the ATM fees on a brokerage account. You would have had to have a fairly large amount at Fidelity at some point to get this status--I had over $1M at one point. My Fidelity balance dropped a lot after I got private client status (transferred a lot out of my IRA to Vanguard and other placesk), but they never revoked it.

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Re: Fidelity as a one stop shop

Post by indexfundfan » Thu Nov 07, 2019 9:52 pm

Kevin M wrote:
Thu Nov 07, 2019 9:35 pm
What's the big deal about having two accounts? Takes like a minute to log on and move money from one account to the other.

It's probably excessively paranoid, but my thinking is to reduce fraud exposure by not having an ATM/debit card for the account that has more money in it.

I actually have three taxable accounts: investment brokerage, cash management brokerage, and CMA. I also have traditional and Roth IRAs.

Anyway, I think you need to be private client to not get charged the ATM fees on a brokerage account. You would have had to have a fairly large amount at Fidelity at some point to get this status--I had over $1M at one point. My Fidelity balance dropped a lot after I got private client status (transferred a lot out of my IRA to Vanguard and other placesk), but they never revoked it.

Kevin
I have 3 accounts -- 1. CMA, 2. Investment account used as checking, 3. Investment account holding assets in trust.

Account 2 is for my daily usage. Account 1 is just for ATM. It's not a big deal to have the CMA, but if it can be done with just account 2, I don't see any reason to have account 1. Occam's razor.
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Re: Fidelity as a one stop shop

Post by jumbopapa » Fri Nov 08, 2019 1:54 pm

I have just opened the CMA and brokerage with Fidelity. My IRA is still at Vanguard and I'm on the fence about transferring it to Fidelity where it would decrease the the fees by 4 basis points. It would make my life easier, but I like Vanguard as a company and I don't want to sever all ties with them. My 401k is through T. Rowe Price. Have you guys been dropping Vanguard in favor of the Fidelity solution?

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Re: Fidelity as a one stop shop

Post by mptfan » Fri Nov 08, 2019 2:19 pm

jumbopapa wrote:
Fri Nov 08, 2019 1:54 pm
I have just opened the CMA and brokerage with Fidelity. My IRA is still at Vanguard and I'm on the fence about transferring it to Fidelity where it would decrease the the fees by 4 basis points. It would make my life easier, but I like Vanguard as a company and I don't want to sever all ties with them. My 401k is through T. Rowe Price. Have you guys been dropping Vanguard in favor of the Fidelity solution?
I went throught the same thought process about a year ago...I was reluctant to sever all ties with Vanguard because I feel a sense of loyalty for everything John Bogle and Vanguard have done over the years to help the average investor and push the industry to lower costs, I know that if it were not for Vanguard we would not have a variety of options of low cost or zero cost funds at Fidelity and Schwab and other places. The thing that put me over the edge was when Fidelity started offering HSA accounts, then I decided to transfer my IRAs from Vanguard to Fidelity and consolidate them with my HSA at Fidelity. I also have accounts at Schwab, and I have been happy with Fidelity and Schwab so far. I will admit to having a feeling of being disloyal to Vanguard for transferring my accounts from them after everything they've done, but at the end of the day we are in a free market and if other providers are providing the same or better service then I am entitled to choose the best provider for me.

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Re: Fidelity as a one stop shop

Post by jumbopapa » Fri Nov 08, 2019 2:24 pm

mptfan wrote:
Fri Nov 08, 2019 2:19 pm
I went throught the same thought process about a year ago...I was reluctant to sever all ties with Vanguard because I feel a sense of loyalty for everything John Bogle and Vanguard have done over the years to help the average investor and push the industry to lower costs, I know that if it were not for Vanguard we would not have a variety of options of low cost or zero cost funds at Fidelity and Schwab and other places. The thing that put me over the edge was when Fidelity started offering HSA accounts, then I decided to transfer my IRAs from Vanguard to Fidelity and consolidate them with my HSA at Fidelity. I also have accounts at Schwab, and I have been happy with Fidelity and Schwab so far. I will admit to having a feeling of being disloyal to Vanguard for transferring my accounts from them after everything they've done, but at the end of the day we are in a free market and if other providers are providing the same or better service then I am entitled to choose the best provider for me.
Thank you. I think I should just move everything over and be done with it. How did you do go about doing the transfer? I understand I can leave it in VTSAX and transition to a Fidelity fund once the transfer is complete?

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Re: Fidelity as a one stop shop

Post by mptfan » Fri Nov 08, 2019 2:44 pm

jumbopapa wrote:
Fri Nov 08, 2019 2:24 pm
Thank you. I think I should just move everything over and be done with it. How did you do go about doing the transfer? I understand I can leave it in VTSAX and transition to a Fidelity fund once the transfer is complete?
As I recall, the first step is to open an account at Fidelity, I did it online, it was very easy. I think you are asked if you are transferring an account during the online process and you just answer the questions. You should have an electronic copy of a recent statement for each account that you are transferring because I think they ask you to upload that. Some funds can be transferred "in kind" and some cannot, in which case you have to liquidate to cash before the transfer. I vaguely recall that Admiral class funds cannot be transferred in kind, but don't quote me on that.

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Re: Fidelity as a one stop shop

Post by 808 » Fri Nov 08, 2019 6:09 pm

boston10 wrote:
Fri Aug 23, 2019 5:57 am
To provide an updated strategy (new parts bolded, old parts struck through):
  • ...
  • CMA (not linked/no overdraft) for ATM and check use, and for any use case where my account number would be exposed to a third party (for example, bill pay where they are sending a paper check, or "pull" ACH transactions). These transactions are few and far between for me (zero most months) generally predictable and only happen a few times a month, so I set up several automatic monthly transfers from my brokerage to my CMA to cover them before they're pulled and keep it manually topped off at ~$500 in SPRXX in this account. So everything stays in a MM.
  • ...
  • ...
Are your automatic monthly transfers to CORE or to the MMA within the CMA?

If it's to the MMA, can you (or anyone else) confirm that you have had a "pull" ACH, initiated from an external-to-Fidelity account, successfully processed with the CORE at $0 but with sufficient funds in the MMA within the CMA?

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Re: Fidelity as a one stop shop

Post by ecbxqxjy » Fri Nov 08, 2019 9:42 pm

Firstly I wanted to thank everyone that's contributed this thread, I've decided to take the plunge and consolidate my accounts with Fidelity.

My idea is to setup 3 accounts:
  • CMA (ATM Only)
  • Brokerage A ("Checking" - direct deposit, credit card payments, payments that don't accept credit cards)
  • Brokerage B ("Savings" - Any excess above regular spending covered by the checking brokerage, held for longer term goals)
A little overkill, but here's my reasoning... I want to use the CMA for the ATM reimbursement, so the account will only get used for fairly rare ATM withdrawals. I dislike the idea of having to either keep cash sitting in there, or having to manually move it over. I want to use the overdraft protection function, but I am weary of linking that to my larger/longer term holdings.

So my plan is to link the CMA to Brokerage A, the "checking" account, for overdraft protection, and use that brokerage as I do my checking account today. Brokerage B, the "savings" account, won't be linked to anything external, and will just move money in/out from Brokerage A.

I'm probably over complicating it, but it does check a couple of boxes for me: automagic handling of overdrafts from the CMA without the risk of emptying out my larger holdings if the ATM card is compromised and a logical separation of my day to day funds versus funds held for longer term. The only other alternative I can think of is just using the CMA as the "checking" account and a single brokerage as my "savings". The drawback here, from what I gather, is that I would have to regularly trade for something like SPRXX in the CMA.

I've read of a least one or two other people running with a 3 account setup, I'm curious if anyone has used something like the above and how their mileage has been with it. Would also love some input if I'm overlooking a way to accomplish the same goal(s) but simpler.

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Re: Fidelity as a one stop shop

Post by vtMaps » Sat Nov 09, 2019 4:58 am

ecbxqxjy wrote:
Fri Nov 08, 2019 9:42 pm
The only other alternative I can think of is just using the CMA as the "checking" account and a single brokerage as my "savings". The drawback here, from what I gather, is that I would have to regularly trade for something like SPRXX in the CMA.
Welcome to the forum. It's not much of a drawback, IMO. When your sweep grows too large, buy some MM fund. Having a few thousand dollars, sitting in sweep and earning a few tenths of a percent less than the best money market fund, will cost you very little (do the math) and means you only need two accounts.

--vtMaps
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Re: Fidelity as a one stop shop

Post by Kevin M » Sat Nov 09, 2019 1:49 pm

ecbxqxjy wrote:
Fri Nov 08, 2019 9:42 pm
Firstly I wanted to thank everyone that's contributed this thread, I've decided to take the plunge and consolidate my accounts with Fidelity.

My idea is to setup 3 accounts:
  • CMA (ATM Only)
  • Brokerage A ("Checking" - direct deposit, credit card payments, payments that don't accept credit cards)
  • Brokerage B ("Savings" - Any excess above regular spending covered by the checking brokerage, held for longer term goals)
<snip>

So my plan is to link the CMA to Brokerage A, the "checking" account, for overdraft protection, and use that brokerage as I do my checking account today. Brokerage B, the "savings" account, won't be linked to anything external, and will just move money in/out from Brokerage A.
<snip>

how their mileage has been with it. Would also love some input if I'm overlooking a way to accomplish the same goal(s) but simpler.
Yep, that's my setup, except no overdraft link from CMA to Brokerage A, to reduce fraud exposure even more. It's easy enough to transfer from Brokerage A to CMA in anticipation of ATM withdrawals, and just keep $200-$400 or whatever in the CMA. It's been working great for me.

I've had Brokerage B at Fidelity for a long time, so no change there. Also, I do not use Fidelity as a one-stop shop, as other brokers provide distinct advantages for certain products. For example, Vanguard money market funds have consistently higher yields than Fidelity MM funds, Vanguard has a much broader range of low-cost bond funds, Schwab has had lower bid/ask spreads on Treasuries in secondary market, etc.

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Re: Fidelity as a one stop shop

Post by StandingRock » Sat Nov 09, 2019 4:40 pm

Right now I have accounts at both Vanguard and Fidelity. I'm going to switch everything to Fidelity once I get the mess at Vanguard straightened out. It seems like they have a lot of interesting features and I know their customer service is better too.

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Re: Fidelity as a one stop shop

Post by zeal » Sat Nov 09, 2019 11:55 pm

ecbxqxjy wrote:
Fri Nov 08, 2019 9:42 pm
Firstly I wanted to thank everyone that's contributed this thread, I've decided to take the plunge and consolidate my accounts with Fidelity.

My idea is to setup 3 accounts:
  • CMA (ATM Only)
  • Brokerage A ("Checking" - direct deposit, credit card payments, payments that don't accept credit cards)
  • Brokerage B ("Savings" - Any excess above regular spending covered by the checking brokerage, held for longer term goals)
A little overkill, but here's my reasoning... I want to use the CMA for the ATM reimbursement, so the account will only get used for fairly rare ATM withdrawals. I dislike the idea of having to either keep cash sitting in there, or having to manually move it over. I want to use the overdraft protection function, but I am weary of linking that to my larger/longer term holdings.

So my plan is to link the CMA to Brokerage A, the "checking" account, for overdraft protection, and use that brokerage as I do my checking account today. Brokerage B, the "savings" account, won't be linked to anything external, and will just move money in/out from Brokerage A.

I'm probably over complicating it, but it does check a couple of boxes for me: automagic handling of overdrafts from the CMA without the risk of emptying out my larger holdings if the ATM card is compromised and a logical separation of my day to day funds versus funds held for longer term. The only other alternative I can think of is just using the CMA as the "checking" account and a single brokerage as my "savings". The drawback here, from what I gather, is that I would have to regularly trade for something like SPRXX in the CMA.

I've read of a least one or two other people running with a 3 account setup, I'm curious if anyone has used something like the above and how their mileage has been with it. Would also love some input if I'm overlooking a way to accomplish the same goal(s) but simpler.
Your idea is almost exactly what we do and it works great. Our setup (minor difference):
  • CMA (ATM, credit card payments, payments that don't accept credit cards, linked to Brokerage A for overdraft)
  • Brokerage A ("Checking" - direct deposit)
  • Brokerage B ("Savings" - Any excess above regular spending covered by the checking brokerage, held for longer term goals)
We've never given out the account numbers to Brokerages A&B (except to direct deposit) but have overdraft turned on--so the only account number "floating around" on the internet is the CMA. This way, if something were to happen, we just turn off overdraft and the money is locked in the Brokerage accounts. I have our direct deposit set to go 80/20 Brokerage A/B so it is all very hands-off and automated--rarely need to make transfers and never have to manually purchase money market funds, all automatically swept to SPAXX. One key difference between your and our strategies is that we almost never use the ATM, so we feel pretty safe letting the CMA be linked to Brokerage A. I also don't allow Brokerage A to grow any larger than one month's expenses so if something were to happen we wouldn't be too far up the creek. Another bonus is that I set up alerts to go through every time there is an overdraft--so I would hopefully catch anything fishy ASAP.

One of the real joys of this setup for me was it gave me kind of a mindset shift. I've always deposited money into checking, used what I had to for expenses, then moved the remainder to savings. Now, I deposit money into savings, then only use what I have to for expenses. Not sure if that makes sense but in my head it feels like a win, haha!

muffins14
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Re: Fidelity as a one stop shop

Post by muffins14 » Sun Nov 10, 2019 3:51 am

bostondan wrote:
Thu Nov 07, 2019 3:47 pm
indexfundfan wrote:
Thu Nov 07, 2019 3:32 pm
bostondan wrote:
Thu Nov 07, 2019 3:25 pm
indexfundfan wrote:
Thu Nov 07, 2019 3:24 pm
Does it show anywhere on the web page whether your ATM fees will be reimbursed? This is for the investment account, not the CMA.
I don’t see that anywhere. You can always just test it out and see what happens. My ATM fees are mostly reimbursed within a few days or a week.
I don't have the debit card for the investment account (IA). I only have the card for the CMA. Just wondering if it is worthwhile to get the card for the IA. I currently keep the CMA balance zero.
There’s no downside to getting the card. You can always throw it away (after shredding it). Or call Fidelity and ask if you qualify for free ATMs. They were able to tell me that I am just now. Total call time was 4 minutes.
I did the same last week, and am planning to just use the single brokerage account and close the CMA. I found it occasionally annoying to understand my balance in real time with all the transfers between CMA and brokerage when overdrafts or ATM fee reimbursements or incoming deposits that take a while to reflect in your holdings.

vtMaps
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Re: Fidelity as a one stop shop

Post by vtMaps » Sun Nov 10, 2019 6:04 am

muffins14 wrote:
Sun Nov 10, 2019 3:51 am
I found it occasionally annoying to understand my balance in real time with all the transfers between CMA and brokerage
We don't even have a Fidelity brokerage (we have IRAs and CMA), and I do find it confusing to know where the money is in the CMA. One example: sometimes a bill is paid, but there is a lag time before the available balance decreases to reflect the payment. Transfers from IRA to CMA have similar lag times before all the money in the accounts adds up correctly.

To be fair, I also notice lag times at Ally and other financial institutions, but I think it's worse at the CMA. I think this reflects the fact that Fidelity is not a bank and the CMA is sweeping money around inside itself.

--vtMaps
The optimist proclaims that we live in the best of all possible worlds; and the pessimist fears this is true. --James Branch Cabell

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Kevin M
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Re: Fidelity as a one stop shop

Post by Kevin M » Sun Nov 10, 2019 2:23 pm

vtMaps wrote:
Sun Nov 10, 2019 6:04 am
muffins14 wrote:
Sun Nov 10, 2019 3:51 am
I found it occasionally annoying to understand my balance in real time with all the transfers between CMA and brokerage
We don't even have a Fidelity brokerage (we have IRAs and CMA), <snip>
An IRA account at Fidelity is a brokerage, but I get your point--you don't have a taxable brokerage account. Fidelity lists taxable brokerage accounts as "Investment Accounts", IRAs as "Retirement Accounts", and CMAs as "Savings, Checking, and Spending Accounts".
vtMaps wrote:
Sun Nov 10, 2019 6:04 am
<snip ...> and I do find it confusing to know where the money is in the CMA. One example: sometimes a bill is paid, but there is a lag time before the available balance decreases to reflect the payment. Transfers from IRA to CMA have similar lag times before all the money in the accounts adds up correctly.
I haven't used bill pay yet (still use Ally for that), and I don't do transfers between my Fidelity IRA and the CMA, but transfers between my taxable brokerage accounts and my CMA are instantaneous.
vtMaps wrote:
Sun Nov 10, 2019 6:04 am
To be fair, I also notice lag times at Ally and other financial institutions, but I think it's worse at the CMA. I think this reflects the fact that Fidelity is not a bank and the CMA is sweeping money around inside itself.
Hmm, I've found internal transfers at Ally to be instantaneous--just like transfers between taxable brokerage and CMA is instantaneous at Fidelity.

Kevin
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ecbxqxjy
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Re: Fidelity as a one stop shop

Post by ecbxqxjy » Sun Nov 10, 2019 2:49 pm

zeal wrote:
Sat Nov 09, 2019 11:55 pm
Your idea is almost exactly what we do and it works great. Our setup (minor difference):
  • CMA (ATM, credit card payments, payments that don't accept credit cards, linked to Brokerage A for overdraft)
  • Brokerage A ("Checking" - direct deposit)
  • Brokerage B ("Savings" - Any excess above regular spending covered by the checking brokerage, held for longer term goals)
We've never given out the account numbers to Brokerages A&B (except to direct deposit) but have overdraft turned on--so the only account number "floating around" on the internet is the CMA. This way, if something were to happen, we just turn off overdraft and the money is locked in the Brokerage accounts. I have our direct deposit set to go 80/20 Brokerage A/B so it is all very hands-off and automated--rarely need to make transfers and never have to manually purchase money market funds, all automatically swept to SPAXX. One key difference between your and our strategies is that we almost never use the ATM, so we feel pretty safe letting the CMA be linked to Brokerage A. I also don't allow Brokerage A to grow any larger than one month's expenses so if something were to happen we wouldn't be too far up the creek. Another bonus is that I set up alerts to go through every time there is an overdraft--so I would hopefully catch anything fishy ASAP.

One of the real joys of this setup for me was it gave me kind of a mindset shift. I've always deposited money into checking, used what I had to for expenses, then moved the remainder to savings. Now, I deposit money into savings, then only use what I have to for expenses. Not sure if that makes sense but in my head it feels like a win, haha!
Thanks for the input! I had thought about routing everything through the CMA as you do, in fact that was my original plan. After reading of a couple of instances where there were issues with the overdraft hiccuping on certain holidays I decided to be extra cautious and just have everything hit the brokerage except for ATM withdrawals.

I'm probably worrying too much about it, since there are (I think) only two instances of it happening this 24 page thread and they both are related to the same holiday if I remember correctly.

wanderer
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Re: Fidelity as a one stop shop

Post by wanderer » Sun Nov 10, 2019 3:00 pm

We find the CMA account (joint) as easy to use as our previous checking accounts at WF and USBank.

We are retired and keep a 3-6 month expense buffer in the CMA in the MM (SPRXX) and $0 in the core (cash) sort of like our old emergency saving accounts at the other banks. We keep the CMA separate from our other taxable investment and retirement accounts, transferring money as needed about quarterly manually.

We see no significant delays when transferring money between accounts, and can always track them in the "pending/future" transfers and payments section. This is an improvement from our old method of transferring from Fido to our WF and US Bank checking accounts where the money was in "limbo" for 3-5 days. Seeing the CMA's core balance at $0 and trusting the automatic transfers from SPRXX took a month or so to recognize routinely, but smooth sailing now.

Our CMA account is not linked to the other accounts just in case we screw up or some crook drains our checking/CMA account.

saulg
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Re: Fidelity as a one stop shop

Post by saulg » Sun Nov 10, 2019 4:16 pm

wanderer wrote:
Sun Nov 10, 2019 3:00 pm
Seeing the CMA's core balance at $0 and trusting the automatic transfers from SPRXX took a month or so to recognize routinely, but smooth sailing now.

Our CMA account is not linked to the other accounts just in case we screw up or some crook drains our checking/CMA account.
Within the unlinked CMA, if you put everything in the SPRXX money market fund and leave the Core position at $0, will the CMA automatically sell/liquidate SPRXX into Core to satisfy incoming debit transactions (eg, checks, BillPay, ATM withdrawals) as they come in?

rama13
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Re: Fidelity as a one stop shop

Post by rama13 » Sun Nov 10, 2019 4:23 pm

saulg wrote:
Sun Nov 10, 2019 4:16 pm
Within the unlinked CMA, if you put everything in the SPRXX money market fund and leave the Core position at $0, will the CMA automatically sell/liquidate SPRXX into Core to satisfy incoming debit transactions (eg, checks, BillPay, ATM withdrawals) as they come in?
Yes.

wanderer
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Re: Fidelity as a one stop shop

Post by wanderer » Sun Nov 10, 2019 8:11 pm

rama13 » Sun Nov 10, 2019 4:23 pm
saulg wrote: ↑
Sun Nov 10, 2019 4:16 pm
Within the unlinked CMA, if you put everything in the SPRXX money market fund and leave the Core position at $0, will the CMA automatically sell/liquidate SPRXX into Core to satisfy incoming debit transactions (eg, checks, BillPay, ATM withdrawals) as they come in?
Yes.
Yes. If a bill exceeds the amount available in the core (cash) position a "sell SPRXX" transaction is generated. This funds the "core" position to the exact amount needed to pay the bill. This all happens the same day. Works the same if the core/cash position is $0 (full amount of bill). As I recall this happens once/day if there were multiple bills posting in one day. You can set up the account with all sorts of emails/text message alerts to track the process.

As noted above, it took a month or so to get comfortable with the process (and no bills were returned with insufficient funds). The "Manage Cash" tab can be a bit confusing. It shows both the $0 balance in the core position at one spot on the screen, but also shows the total account value, including SPRXX as "cash available to withdraw".

The ATM transactions also show up in the account.

We are old-fashioned enough to still cheep a checkbook register and manually reconcile the balance monthly from the statements. The SPRXX and ATM fee refund transactions all show up, but we have learned how to sort through these without messing up the reconciliations.

Constraints:
-It's my understanding that you cannot automate the "buy" SPRXX when depositing cash. This might be a pain if you are relying on a regular deposit such as a paycheck. We just fund the account as needed in larger amounts on a nominal quarterly basis. The SPRXX serves as part of our emergency cash.

-The yield for these Fido MM funds are slightly less than similar Vanguard MM funds.

-Fido only applies this auto sell to selected MM funds.

vtMaps
Posts: 577
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Location: central Vermont

Re: Fidelity as a one stop shop

Post by vtMaps » Mon Nov 11, 2019 5:43 am

wanderer wrote:
Sun Nov 10, 2019 8:11 pm
-Fido only applies this auto sell to selected MM funds.
Please elaborate. I thought any MM fund would be sold to prevent overdraft of the core. I don't recall ever selecting a MM fund for overdraft. Don't all MM funds automatically show up in the "cash available to withdraw" field?

--vtMaps
The optimist proclaims that we live in the best of all possible worlds; and the pessimist fears this is true. --James Branch Cabell

boston10
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Re: Fidelity as a one stop shop

Post by boston10 » Mon Nov 11, 2019 6:31 am

808 wrote:
Fri Nov 08, 2019 6:09 pm
boston10 wrote:
Fri Aug 23, 2019 5:57 am
To provide an updated strategy (new parts bolded, old parts struck through):
  • ...
  • CMA (not linked/no overdraft) for ATM and check use, and for any use case where my account number would be exposed to a third party (for example, bill pay where they are sending a paper check, or "pull" ACH transactions). These transactions are few and far between for me (zero most months) generally predictable and only happen a few times a month, so I set up several automatic monthly transfers from my brokerage to my CMA to cover them before they're pulled and keep it manually topped off at ~$500 in SPRXX in this account. So everything stays in a MM.
  • ...
  • ...
Are your automatic monthly transfers to CORE or to the MMA within the CMA?

If it's to the MMA, can you (or anyone else) confirm that you have had a "pull" ACH, initiated from an external-to-Fidelity account, successfully processed with the CORE at $0 but with sufficient funds in the MMA within the CMA?
The automatic transfers are to CORE, but I manually go in on the transfer date and buy MM funds, so my core FDIC balance is almost always zero. So yup, I can confirm that, I do lots of debits initiated externally. Fidelity treats any Fidelity MM funds as cash available to liquidate.

zeal
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Re: Fidelity as a one stop shop

Post by zeal » Mon Nov 11, 2019 6:35 am

ecbxqxjy wrote:
Sun Nov 10, 2019 2:49 pm
Thanks for the input! I had thought about routing everything through the CMA as you do, in fact that was my original plan. After reading of a couple of instances where there were issues with the overdraft hiccuping on certain holidays I decided to be extra cautious and just have everything hit the brokerage except for ATM withdrawals.

I'm probably worrying too much about it, since there are (I think) only two instances of it happening this 24 page thread and they both are related to the same holiday if I remember correctly.
I remember seeing those posts and wondering if it would affect our setup. However, I have all our bills set to autopay the day the bill arrives rather than the actual due date. I know it's inefficient if you're trying to optimize SPAXX/SPRXX earnings, but I'd rather be sure the bills are paid on time or early than squeeze out an extra couple dollars a month. Our only non-credit card bills are the mortgage (~$1200) and electricity (~$100), so the opportunity cost is about $1-2/month. A small price for peace of mind for me, as I don't like owing anything to anyone. Your approach is probably the more efficient option though, so I'm sure it will work great!

boston10
Posts: 39
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Re: Fidelity as a one stop shop

Post by boston10 » Mon Nov 11, 2019 7:25 am

vtMaps wrote:
Mon Nov 11, 2019 5:43 am
wanderer wrote:
Sun Nov 10, 2019 8:11 pm
-Fido only applies this auto sell to selected MM funds.
Please elaborate. I thought any MM fund would be sold to prevent overdraft of the core. I don't recall ever selecting a MM fund for overdraft. Don't all MM funds automatically show up in the "cash available to withdraw" field?

--vtMaps
Non-Fidelity money market funds don't count, so don't try to buy VMMXX, PCOXX, etc. I think that's the only caveat, and I think it makes sense. Fidelity is going to treat outside MMFs as regular mutual funds.

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heartwood
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Re: Fidelity as a one stop shop

Post by heartwood » Mon Nov 11, 2019 8:48 am

heartwood wrote:
Sat Oct 26, 2019 10:06 pm
MisterBill wrote:
Sat Oct 26, 2019 9:12 pm
heartwood wrote:
Sat Oct 26, 2019 3:19 pm
Lyrrad wrote:
Sat Oct 26, 2019 2:30 pm
heartwood wrote:
Sat Oct 26, 2019 1:05 pm


where are you seeing your daily limit?
I see it in the Desktop web interface under Manage Cash -> Manage Debit Card(s). Unfortunately, all my ATM debit card limits are set to $520. Purchase and cash advance limits are higher. Does anyone know how to raise the ATM limit? I tried a chat several months ago without success.
Thanks. I just checked. I'm set to $300 daily ATM limit but can raise it as high as $1504. I have a custom daily purchase limit of $1. I don't remember setting that. I can set it as high as $15000 as a custom limit or "up to available balance". I accessed the change screen following your directions above and clicking "edit" next to the current limits shown.
How can you change it? Mine is $1,020.

As for the person whose limit is $520, is it the CMA or brokerage account? And what level customer are you? My is CMA and I am a Private Client. Maybe it's higher for PC than regular customers?

Or were you talking about Schwab? I am talking about Fidelity above.
Mrbill and bawr and all others.

DOH! I apologize. Clearly the thread is Fidelity based. I somehow checked my BOA debit card as reported above.

I cannot edit my Fidelity debit card. My ATM/purchases/cash advance are currently $520/$10000/$2500. I am very uncomfortable with those last two limits. I will investigate with Fidelity next week.

Again, my apology for my mistake. I will edit my original post.
I did call Fidelity last week and asked to either have an ATM-only card, or have my purchase/cash advance limits reduced to $1 each. The rep noted he'd never heard of anyone wanting to reduce their limits. I spent some time on hold while he queried others, then said he'd submit a request upward to see if it could be done and I should check back in 24 - 48 hrs.

Your mileage may vary, but apparently there is no ATM only card, no way to reduce limits. :oops:

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BogleMelon
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Re: Fidelity as a one stop shop

Post by BogleMelon » Mon Nov 11, 2019 9:18 am

I found something interesting, not sure if anyone else noticed it.
I had one CMA account for both ATM and investing. I used to leave some cash (say $500) at the core MM fund for ATM withdrawls, then the rest is invested in ETF's in the same CMA account. I found that whenever I initiate a transfer from Ally bank (using fidelity website to pull), and since these funds (Ally funds) become available to trade instantly, I was investing this money right after initiating the transfer. However, since the money is not settled yet, the CMA was putting a hold on the $500 in the mm cash, making the (cash amount available to withdraw) is zero (as if I have a negative balance for investing money I don't have yet, thus I can't touch the $500).
Because of this, I opened a new brokerage account to separate investing and ATM withdrawals. If Fidelity allows investing money that isn't yet settled, then they shouldn't disallow me to use my MM fund cash during that period.
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather

vtMaps
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Re: Fidelity as a one stop shop

Post by vtMaps » Mon Nov 11, 2019 10:29 am

BogleMelon wrote:
Mon Nov 11, 2019 9:18 am
However, since the money is not settled yet, the CMA was putting a hold on the $500 in the mm cash, making the (cash amount available to withdraw) is zero (as if I have a negative balance for investing money I don't have yet, thus I can't touch the $500).
Because of this, I opened a new brokerage account to separate investing and ATM withdrawals. If Fidelity allows investing money that isn't yet settled, then they shouldn't disallow me to use my MM fund cash during that period.
Fidelity's position makes perfect sense. There is no margin in the CMA. In a brokerage with margin you may invest unsettled money.

--vtMaps
The optimist proclaims that we live in the best of all possible worlds; and the pessimist fears this is true. --James Branch Cabell

Topic Author
BogleMelon
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Re: Fidelity as a one stop shop

Post by BogleMelon » Mon Nov 11, 2019 10:31 am

vtMaps wrote:
Mon Nov 11, 2019 10:29 am
BogleMelon wrote:
Mon Nov 11, 2019 9:18 am
However, since the money is not settled yet, the CMA was putting a hold on the $500 in the mm cash, making the (cash amount available to withdraw) is zero (as if I have a negative balance for investing money I don't have yet, thus I can't touch the $500).
Because of this, I opened a new brokerage account to separate investing and ATM withdrawals. If Fidelity allows investing money that isn't yet settled, then they shouldn't disallow me to use my MM fund cash during that period.
Fidelity's position makes perfect sense. There is no margin in the CMA. In a brokerage with margin you may invest unsettled money.

--vtMaps
Well, then having a brokerage account "without a margin feature" plus another CMA account is a perfect workaround so I can invest unsetlled money coming from a bank, and in the same time having the MM fund in the CMA available all the time
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather

vtMaps
Posts: 577
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Re: Fidelity as a one stop shop

Post by vtMaps » Mon Nov 11, 2019 10:36 am

BogleMelon wrote:
Mon Nov 11, 2019 10:31 am
Well, then having a brokerage account "without a margin feature" plus another CMA account is a perfect workaround so I can invest unsetlled money coming from a bank, and in the same time having the MM fund in the CMA available all the time
Huh?? Why would you want a brokerage account without margin? You need margin in order to invest unsettled money.

--vtMaps
The optimist proclaims that we live in the best of all possible worlds; and the pessimist fears this is true. --James Branch Cabell

Topic Author
BogleMelon
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Re: Fidelity as a one stop shop

Post by BogleMelon » Mon Nov 11, 2019 11:03 am

vtMaps wrote:
Mon Nov 11, 2019 10:36 am
BogleMelon wrote:
Mon Nov 11, 2019 10:31 am
Well, then having a brokerage account "without a margin feature" plus another CMA account is a perfect workaround so I can invest unsetlled money coming from a bank, and in the same time having the MM fund in the CMA available all the time
Huh?? Why would you want a brokerage account without margin? You need margin in order to invest unsettled money.

--vtMaps
I never applied for a margin in CMA, yet I could invest unsettled money. Opening the brokerage account process didn't involve a question if I wanted a margin feature. Is it on by default?
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather

boston10
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Re: Fidelity as a one stop shop

Post by boston10 » Mon Nov 11, 2019 11:11 am

vtMaps wrote:
Mon Nov 11, 2019 10:36 am
BogleMelon wrote:
Mon Nov 11, 2019 10:31 am
Well, then having a brokerage account "without a margin feature" plus another CMA account is a perfect workaround so I can invest unsetlled money coming from a bank, and in the same time having the MM fund in the CMA available all the time
Huh?? Why would you want a brokerage account without margin? You need margin in order to invest unsettled money.

--vtMaps
I don't think this is correct, because I think you're mixing up a few different concepts. Funds availability policies are separate from your ability to buy securities, which are separate from the need for margin.

BogleMelon can't withdraw or spend money because he initiated a "pull" transaction, which triggers Fidelity's funds availability policy. You can't spend or transfer money that hasn't arrived, because Fidelity doesn't know if the account you're pulling from actually has the funds until they arrive.

That's separate from the question of trading. Fidelity does let you buy securities with money after initiating a "pull" transfer, and margin is not required to do so. But you can't then sell the security before the funds arrive, because that's a good faith violation.

It's especially confusing because Fido is acting both as a bank account and a brokerage account. More here: https://www.fidelity.com/learning-cente ... violations

MotoTrojan
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Re: Fidelity as a one stop shop

Post by MotoTrojan » Mon Nov 11, 2019 12:46 pm

Just opened an HSA and my SO opened a Roth which I have linked access to view from my account. I’m quite close to one stop shop now with my taxable and banking at Fidelity too. Loving the customer support; great help even in live chat.

ecbxqxjy
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Re: Fidelity as a one stop shop

Post by ecbxqxjy » Tue Nov 12, 2019 4:44 pm

heartwood wrote:
Mon Nov 11, 2019 8:48 am
I did call Fidelity last week and asked to either have an ATM-only card, or have my purchase/cash advance limits reduced to $1 each. The rep noted he'd never heard of anyone wanting to reduce their limits. I spent some time on hold while he queried others, then said he'd submit a request upward to see if it could be done and I should check back in 24 - 48 hrs.

Your mileage may vary, but apparently there is no ATM only card, no way to reduce limits. :oops:
What I'm doing as an extra measure of security on the debit card is keeping it locked, I think this is a newer feature based on the note on the Manage Cash page. Since we only use it for very rare ATM withdrawals, all I have to do is unlock it prior to that.

mervinj7
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Re: Fidelity as a one stop shop

Post by mervinj7 » Tue Nov 12, 2019 4:56 pm

ecbxqxjy wrote:
Tue Nov 12, 2019 4:44 pm
heartwood wrote:
Mon Nov 11, 2019 8:48 am
I did call Fidelity last week and asked to either have an ATM-only card, or have my purchase/cash advance limits reduced to $1 each. The rep noted he'd never heard of anyone wanting to reduce their limits. I spent some time on hold while he queried others, then said he'd submit a request upward to see if it could be done and I should check back in 24 - 48 hrs.

Your mileage may vary, but apparently there is no ATM only card, no way to reduce limits. :oops:
What I'm doing as an extra measure of security on the debit card is keeping it locked, I think this is a newer feature based on the note on the Manage Cash page. Since we only use it for very rare ATM withdrawals, all I have to do is unlock it prior to that.
Is it possible to do this from the app? If so, that would be wonderful.

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