Fidelity CMA and paying for a Condo.

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Post Reply
Topic Author
Dottie57
Posts: 7131
Joined: Thu May 19, 2016 5:43 pm
Location: Earth Northern Hemisphere

Fidelity CMA and paying for a Condo.

Post by Dottie57 » Sat Nov 16, 2019 11:03 pm

I am thinking of buying a condo that is larger and more age appropriate. Most of my money is tied up in deferred accounts at fidelity. After reading the thread on ACH transfer at Ally, I am wary of transferring money between my bank and Fidelity.

When paying for real estate I think the mode is to have a cashiers check. If I open a CMA account at Fidelity can they produce a cashiers check or is a bank the only way for me to get the payment?

I am really putting the cart before the horse as I have not yet put in an offer. But I started worrying tonight lie a crazy person..

anon_investor
Posts: 578
Joined: Mon Jun 03, 2019 1:43 pm

Re: Fidelity CMA and paying for a Condo.

Post by anon_investor » Sat Nov 16, 2019 11:10 pm

It may be state specific, but when I closed on my house last year, I wired the money to my attorney's escrow account before closing. No ACH required!

You may want to ask your agent (or attorney if you have one) how it works.

BuddyJet
Posts: 252
Joined: Mon Jun 24, 2019 8:56 pm

Re: Fidelity CMA and paying for a Condo.

Post by BuddyJet » Sat Nov 16, 2019 11:12 pm

I have found a wire transfer to the closing agency (title co or atty, depending on the state) to be the quick and easy solution. Cashiers checks can cause delays while they verify not fraudulent.
People say nothing is impossible. I do nothing all day.

rooms222
Posts: 406
Joined: Fri Feb 22, 2013 2:12 pm

Re: Fidelity CMA and paying for a Condo.

Post by rooms222 » Sun Nov 17, 2019 12:15 am

I worked a closing where the title company would only take wires, so check on how Fidelity can accommodate that as well.

User avatar
JD Leonard
Posts: 37
Joined: Wed Feb 20, 2019 6:13 pm
Location: Jersey City, NJ

Re: Fidelity CMA and paying for a Condo.

Post by JD Leonard » Sun Nov 17, 2019 12:56 am

It's pretty straightforward to do a free wire transfer from a Fidelity CMA. Give them a call for the specifics.
- JD Leonard

Alchemist
Posts: 350
Joined: Sat Aug 30, 2014 6:35 am
Location: Florida

Re: Fidelity CMA and paying for a Condo.

Post by Alchemist » Sun Nov 17, 2019 2:06 am

Dottie57 wrote:
Sat Nov 16, 2019 11:03 pm
I am thinking of buying a condo that is larger and more age appropriate. Most of my money is tied up in deferred accounts at fidelity. After reading the thread on ACH transfer at Ally, I am wary of transferring money between my bank and Fidelity.

When paying for real estate I think the mode is to have a cashiers check. If I open a CMA account at Fidelity can they produce a cashiers check or is a bank the only way for me to get the payment?

I am really putting the cart before the horse as I have not yet put in an offer. But I started worrying tonight lie a crazy person..
It seems from other posters that a wire transfer is the way to go, but I just wanted to give an answer on the cashier check for clarity.

Fidelity can produce cashiers checks and will over night it to your address on record. I asked them about this when purchasing a vehicle. Turned out to be a non-issue as the dealer accepted a personal check anyway but it is nice to know it is an option from Fidelity. I also only have brokerage there, no CMA so if they can do this for cash in a brokerage I am sure they can do it for a CMA account.

Topic Author
Dottie57
Posts: 7131
Joined: Thu May 19, 2016 5:43 pm
Location: Earth Northern Hemisphere

Re: Fidelity CMA and paying for a Condo.

Post by Dottie57 » Sun Nov 17, 2019 9:10 am

Alchemist wrote:
Sun Nov 17, 2019 2:06 am
Dottie57 wrote:
Sat Nov 16, 2019 11:03 pm
I am thinking of buying a condo that is larger and more age appropriate. Most of my money is tied up in deferred accounts at fidelity. After reading the thread on ACH transfer at Ally, I am wary of transferring money between my bank and Fidelity.

When paying for real estate I think the mode is to have a cashiers check. If I open a CMA account at Fidelity can they produce a cashiers check or is a bank the only way for me to get the payment?

I am really putting the cart before the horse as I have not yet put in an offer. But I started worrying tonight lie a crazy person..
It seems from other posters that a wire transfer is the way to go, but I just wanted to give an answer on the cashier check for clarity.

Fidelity can produce cashiers checks and will over night it to your address on record. I asked them about this when purchasing a vehicle. Turned out to be a non-issue as the dealer accepted a personal check anyway but it is nice to know it is an option from Fidelity. I also only have brokerage there, no CMA so if they can do this for cash in a brokerage I am sure they can do it for a CMA account.
Thank you so much.

Topic Author
Dottie57
Posts: 7131
Joined: Thu May 19, 2016 5:43 pm
Location: Earth Northern Hemisphere

Re: Fidelity CMA and paying for a Condo.

Post by Dottie57 » Sun Nov 17, 2019 9:10 am

Alchemist wrote:
Sun Nov 17, 2019 2:06 am
Dottie57 wrote:
Sat Nov 16, 2019 11:03 pm
I am thinking of buying a condo that is larger and more age appropriate. Most of my money is tied up in deferred accounts at fidelity. After reading the thread on ACH transfer at Ally, I am wary of transferring money between my bank and Fidelity.

When paying for real estate I think the mode is to have a cashiers check. If I open a CMA account at Fidelity can they produce a cashiers check or is a bank the only way for me to get the payment?

I am really putting the cart before the horse as I have not yet put in an offer. But I started worrying tonight lie a crazy person..
It seems from other posters that a wire transfer is the way to go, but I just wanted to give an answer on the cashier check for clarity.

Fidelity can produce cashiers checks and will over night it to your address on record. I asked them about this when purchasing a vehicle. Turned out to be a non-issue as the dealer accepted a personal check anyway but it is nice to know it is an option from Fidelity. I also only have brokerage there, no CMA so if they can do this for cash in a brokerage I am sure they can do it for a CMA account.
Thank you so much. And thank you to others suggesting a wire transfer.

Post Reply