Fidelity Cash Mgmt account?

[hoops777]

TMobile and similar accounts that give a discount for autopay using a cc are changing the rules.

You now have to use a transfer from a bank to keep your discount.

I called Fidelity and the guy didn’t know the answer and he got back to me and said yes, it will work with bill pay.

I am not certain autopay is the same as billpay.

So does anyone have the cash mgmt account and know the answer?

I checked older threads and never saw this addressed.

Thanks

[anon_investor]

TMobile and similar accounts that give a discount for autopay using a cc are changing the rules.

You now have to use a transfer from a bank to keep your discount.

I called Fidelity and the guy didn’t know the answer and he got back to me and said yes, it will work with bill pay.

I am not certain autopay is the same as billpay.

So does anyone have the cash mgmt account and know the answer?

Thanks

A Fidelity cash management account has an account and routing number to use like a checking account. My Wells Fargo mortgage is auto paid (having entered the account and routing number like a checking account. You can do the same on the T-Mobile website.

[sidr]

For such discounts with auto-pay you give your service providers your routing number and account number and they pull the money from your account. That way they have all the information they need to bill you and without credit card fees and so forth. Bill pay is a push -- you have Fidelity or your other bank send (push) money to your service provider. They are not the same.

[hoops777]

TMobile and similar accounts that give a discount for autopay using a cc are changing the rules.

You now have to use a transfer from a bank to keep your discount.

I called Fidelity and the guy didn’t know the answer and he got back to me and said yes, it will work with bill pay.

I am not certain autopay is the same as billpay.

So does anyone have the cash mgmt account and know the answer?

Thanks

A Fidelity cash management account has an account and routing number to use like a checking account. My Wells Fargo mortgage is auto paid (having entered the account and routing number like a checking account. You can do the same on the T-Mobile website.

Thanks.
Funny I have to get the answer here and Fidelity did not get it.

[hoops777]

For such discounts with auto-pay you give your service providers your routing number and account number and they pull the money from your account. That way they have all the information they need to bill you and without credit card fees and so forth. Bill pay is a push -- you have Fidelity or your other bank send (push) money to your service provider. They are not the same.

Thanks.
Yes I understand the difference but the Fidelity rep did not which is why I posted.
Cash mgmt sounds like a good deal so I will open the account.My HSA is there so it should be easy.

[whodidntante]

Every month there is an orgy of automatic payments (direct debits) hitting my Fidelity CMA account. It's fine.

[anon_investor]

TMobile and similar accounts that give a discount for autopay using a cc are changing the rules.

You now have to use a transfer from a bank to keep your discount.

I called Fidelity and the guy didn’t know the answer and he got back to me and said yes, it will work with bill pay.

I am not certain autopay is the same as billpay.

So does anyone have the cash mgmt account and know the answer?

Thanks

A Fidelity cash management account has an account and routing number to use like a checking account. My Wells Fargo mortgage is auto paid (having entered the account and routing number like a checking account. You can do the same on the T-Mobile website.

Thanks.
Funny I have to get the answer here and Fidelity did not get it.

I just happen to have T-Mobile too, so I know when you set up auto pay you can out in a bank account. And I use my Fidelity cash management account as a checking account (it works well for this purpose, I pay all my credit card bills from it).

[hoops777]

Every month there is an orgy of automatic payments (direct debits) hitting my Fidelity CMA account. It's fine.

Thanks.

[dumbmoney]

Autopay normally means you authorize the merchant to debit your account at any time and in any amount. So that's different from "bill paying" where the timing and amount is under your control (even if you automate it).

[chinchin]

Wow, this is really a desperate move by T-Mobile. Not happy at all about this. Are they really trying to save on credit card fees?

[UpperNwGuy]

As best as I can figure it out as a T-Mobile customer, they still accept credit cards for payment of monthly bills. What seems to have changed is that they no longer give the 5% discount for using autopay if you pay with a credit card.

[aristotelian]

For such discounts with auto-pay you give your service providers your routing number and account number and they pull the money from your account. That way they have all the information they need to bill you and without credit card fees and so forth. Bill pay is a push -- you have Fidelity or your other bank send (push) money to your service provider. They are not the same.

Thanks.
Yes I understand the difference but the Fidelity rep did not which is why I posted.
Cash mgmt sounds like a good deal so I will open the account.My HSA is there so it should be easy.

You will set up the autopay through T Mobile. Just give them your routing information and you should be good. You won't use bill pay or anything on Fidelity's side

In some ways brokerage is a better account. Brokerage allows you to choose a money market fund as your core account so you don't have to transfer manually into the money market fund.

[hoops777]

As best as I can figure it out as a T-Mobile customer, they still accept credit cards for payment of monthly bills. What seems to have changed is that they no longer give the 5% discount for using autopay if you pay with a credit card.

That is correct starting in May.

[anon_investor]

As best as I can figure it out as a T-Mobile customer, they still accept credit cards for payment of monthly bills. What seems to have changed is that they no longer give the 5% discount for using autopay if you pay with a credit card.

That is correct starting in May.

I guess that is how they can afford to buy Mint Mobile...

[2pedals]

As best as I can figure it out as a T-Mobile customer, they still accept credit cards for payment of monthly bills. What seems to have changed is that they no longer give the 5% discount for using autopay if you pay with a credit card.

That is correct starting in May.

I guess that is how they can afford to buy Mint Mobile...

I going to say you might want to try Mint Mobile instead since you probably could save more than 5% and use auto pay on your credit card.

[anon_investor]

As best as I can figure it out as a T-Mobile customer, they still accept credit cards for payment of monthly bills. What seems to have changed is that they no longer give the 5% discount for using autopay if you pay with a credit card.

That is correct starting in May.

I guess that is how they can afford to buy Mint Mobile...

I going to say you might want to try Mint Mobile instead since you probably could save more to 5% and use auto pay on your credit card.

Wonder how TMob will jack up Mint Mobile prices.

[OhioAndy]

Datapoints TBD in May but I was told that if you have autopay set up via a checking account and hit pay via credit card you’ll still get the autopay discount. Can’t test it until May but I will be doing so.

[2pedals]

I don’t really care for autopay using banking numbers and I try to avoid. I would rather use a credit card. I worry that if there is a problem with a overpayment or fraud it might be a bigger hassle after all money is no longer in the account and you can’t fight the charge with the credit card company.

[Eno Deb]

Wow, this is really a desperate move by T-Mobile. Not happy at all about this. Are they really trying to save on credit card fees?

It's not just T-Mobile. Comcast Internet is pulling a similar move. Starting this month you pay $5 more when using a credit card for auto-pay rather than a checking account. I will not switch though. The cash back from my credit card reduces the damage a bit for me.

[anon_investor]

Wow, this is really a desperate move by T-Mobile. Not happy at all about this. Are they really trying to save on credit card fees?

It's not just T-Mobile. Comcast Internet is pulling a similar move. Starting this month you pay $5 more when using a credit card for auto-pay rather than a checking account. I will not switch though. The cash back from my credit card reduces the damage a bit for me.

Hasn't Verizon been like this already for years?

[chassis]

TMobile and similar accounts that give a discount for autopay using a cc are changing the rules.

You now have to use a transfer from a bank to keep your discount.

I called Fidelity and the guy didn’t know the answer and he got back to me and said yes, it will work with bill pay.

I am not certain autopay is the same as billpay.

So does anyone have the cash mgmt account and know the answer?

I checked older threads and never saw this addressed.

Thanks

What are you trying to do, pay your cell phone bill from a Fidelity cash management account? Yes, this is possible.

Don't get tangled up in words like bill pay and autopay.

[JoMoney]

Wow, this is really a desperate move by T-Mobile. Not happy at all about this. Are they really trying to save on credit card fees?

I don't know how Tmobile works, but as far as I know, "auto-pay" doesn't necessarily mean a bank ACH direct-debit. Several of my utilities offer a discount for auto-pay, which includes the option to charge a credit card. Auto-pay just means they debit/charge your payment method automatically, not necessarily the payment method.

[muffins14]

Wow, this is really a desperate move by T-Mobile. Not happy at all about this. Are they really trying to save on credit card fees?

I imagine so, I see it happening at more and more stores now, especially small local restaurants. Fees seem to be anywhere from 2-5% and are expressed as an extra percentage on your bill, or as a discount for using cash

[OhioAndy]

Wow, this is really a desperate move by T-Mobile. Not happy at all about this. Are they really trying to save on credit card fees?

I don't know how Tmobile works, but as far as I know, "auto-pay" doesn't necessarily mean a bank ACH direct-debit. Several of my utilities offer a discount for auto-pay, which includes the option to charge a credit card. Auto-pay just means they debit/charge your payment method automatically, not necessarily the payment method.

They’re calling out that credit cards aren’t eligible explicitly in the alert.

[anon_investor]

Wow, this is really a desperate move by T-Mobile. Not happy at all about this. Are they really trying to save on credit card fees?

I don't know how Tmobile works, but as far as I know, "auto-pay" doesn't necessarily mean a bank ACH direct-debit. Several of my utilities offer a discount for auto-pay, which includes the option to charge a credit card. Auto-pay just means they debit/charge your payment method automatically, not necessarily the payment method.

They’re calling out that credit cards aren’t eligible explicitly in the alert.

Following Verizon's lead...