Fidelity as a one stop shop

[chassis]

Has anyone ever had the experience of not being reimbursed for the ATM fee?

I could not say for sure. However, one time I was in Jardin, Colombia, the ATM included the fee as part of the withdrawal meaning no breakout for the ATM fee. Fidelity could not tell what was what and did not reimburse the ATM fee.

I wish I had saved the printed receipt. Just curious has this happened to anyone else?

I have not noticed Fidelity failing to reimburse an ATM fee.

I made quite a few withdrawals the few days while in Colombia so I may be mixing things up. I am not blaming this on Fidelity just to be clear.

I recall the ATM screen showing the ATM fee asking whether I'd like to proceed. However, once the transaction was finished, the receipt only showed one total, instead of the ATM fee + withdrawal amount.

Patience. Let it go for a month and update this thread.

The ATM company/provider/services has nothing to do with Fidelity’s reimbursement to you.

[increment]

Plus I don't think Symantec VIP is a great solution (but better than text codes or nothing at all) but it being limited to one device makes it a worse solution than Google Authenticator / Authy and anything else in that area.

If it is limited to one physical item, then that is likely better in terms of security, although it is worse in terms of convenience.

[volstagg]

I know Fidelity keeps saying they're adding new security options "soon" but it seems their internal support for Symantec VIP is weak (went through something similar but all with one rep with the last phone a few years back). Plus I don't think Symantec VIP is a great solution (but better than text codes or nothing at all) but it being limited to one device makes it a worse solution than Google Authenticator / Authy and anything else in that area.

Search earlier in this thread and Google in general, you can easily generate a SymantecVIP code that can be imported into any authenticator app that supports TOTP (Google Auth, Authy, Microsoft Authenticator, etc) using Python. I've had both mine and DW's accounts setup with SymantecVIP for a few years now, but the codes generated are stored in Google Authenticator (without cloud sync enabled) on each of our phones. I also keep a copy of the QR codes generated by the Python module, stored in a VeraCrypt volume on a usb drive in the fire safe, so I can easily re-import them if something happened to both our phones (damaged in an accident, etc).

[ShadowCat]

Does anyone live near an Allpoint+ deposit ATM and if so, has anyone tried depositing cash into the Fidelity CMA account through it? I assume it wouldn't work, but surprisingly can't find an answer online. Anyone able to confirm that it does or doesn't work?

[mrmass]

Just had a very frustrating experience changing Symantec VIP for my new phone. First rep. removed the old and took the ID of the new credential on the new phone but despite him saying it was added, it wasn't so I was then able to login with no 2FA. So he then transferred me to someone else who took the information and them put me on hold to check something. But it turns out I was back in the call queue and ended up getting connected to a third rep. Fortunately, he knew what he was doing and got it right.

I know Fidelity keeps saying they're adding new security options "soon" but it seems their internal support for Symantec VIP is weak (went through something similar but all with one rep with the last phone a few years back). Plus I don't think Symantec VIP is a great solution (but better than text codes or nothing at all) but it being limited to one device makes it a worse solution than Google Authenticator / Authy and anything else in that area.

I use the fido app on the iphone to authenticate, it changed for me about a month ago. No more texts.

[KiwiBobs]

Anyone able to use CMA debit card on Google Pay to withdraw cash?
I tried Wells Fargo, US Bank and Chase today. All failed.

[Lyrrad]

Anyone able to use CMA debit card on Google Pay to withdraw cash?
I tried Wells Fargo, US Bank and Chase today. All failed.

Are there any US ATMs that accept NFC debit cards issued by another bank?

[ScubaHogg]

Without digging through 100 pages, am I understanding correctly that there is no advantage to a CMA vs a brokerage if one has over $250k in non-workplace plans at Fidelity?

https://thefinancebuff.com/fidelity-cas ... vings.html

[VictorStarr]

Without digging through 100 pages, am I understanding correctly that there is no advantage to a CMA vs a brokerage if one has over $250k in non-workplace plans at Fidelity?

https://thefinancebuff.com/fidelity-cas ... vings.html

Yes, you are correct. If you don’t care about FDIC insurance and overdraft protection (via Fidelity Cash Manager), a dedicated brokerage account is the way to go. You may enable debit card and check writing (in Account Features).

One more thing, Fidelity brokerage debit card is gold (instead of the classic green of CMA card).

[Tex]

Does anyone live near an Allpoint+ deposit ATM and if so, has anyone tried depositing cash into the Fidelity CMA account through it? I assume it wouldn't work, but surprisingly can't find an answer online. Anyone able to confirm that it does or doesn't work?

It will not work for the CMA.

[volstagg]

Without digging through 100 pages, am I understanding correctly that there is no advantage to a CMA vs a brokerage if one has over $250k in non-workplace plans at Fidelity?

https://thefinancebuff.com/fidelity-cas ... vings.html

Just be aware that if you use a debit card with a brokerage, even if you have over $250k, you won't get automatic ATM fee reimbursement. You need to get the debit card / Brokerage account correctly coded for that. You can search other details in this thread on how to do that, some have only been able to get it done if they have a advisor, some have been able to call Fidelity and get it done, so it's YMMV. The key thing to be aware of is, ATM fee reimbursements on a standard Brokerage account Debit Card (Gold Card) are not automatic like they are with a CMA (Green Card).

[VictorStarr]

Without digging through 100 pages, am I understanding correctly that there is no advantage to a CMA vs a brokerage if one has over $250k in non-workplace plans at Fidelity?

https://thefinancebuff.com/fidelity-cas ... vings.html

Just be aware that if you use a debit card with a brokerage, even if you have over $250k, you won't get automatic ATM fee reimbursement. You need to get the debit card / Brokerage account correctly coded for that. You can search other details in this thread on how to do that, some have only been able to get it done if they have a advisor, some have been able to call Fidelity and get it done, so it's YMMV. The key thing to be aware of is, ATM fee reimbursements on a standard Brokerage account Debit Card (Gold Card) are not automatic like they are with a CMA (Green Card).

I do not doubt that some people have problems with ATM fee reimbursements on a brokerage debit card. But it is not a general rule.
A few months ago I opened a Fidelity brokerage account with a debit card and had no problem with reimbursements of ATM fees. Also I automatically got higher limits on the debit card ($1530/$5000/$2500). I have a PCG status.

[VictorStarr]

Does anyone live near an Allpoint+ deposit ATM and if so, has anyone tried depositing cash into the Fidelity CMA account through it? I assume it wouldn't work, but surprisingly can't find an answer online. Anyone able to confirm that it does or doesn't work?

It will not work for the CMA.

I tried PNC Bank ATM (issuer of Fidelity debit card) and Allpoint deposit ATM, but it didn't work.

[volstagg]

I do not doubt that some people have problems with ATM fee reimbursements on a brokerage debit card. But it is not a general rule.

Why is it not a general rule? Do you have some insight into Fidelity internal procedures or are you just an N of 1 situation who didn't have a problem? Given that I and others have had the same situation happen, it sounds like it is more the general rule that it won't work by default and you just got lucky.

A few months ago I opened a Fidelity brokerage account with a debit card and had no problem with reimbursements of ATM fees. Also I automatically got higher limits on the debit card ($1530/$5000/$2500). I have a PCG status.

I have been a Fidelity customer for nearly 30 years, and have had PCG status for the last 10 or so, yet when I got a Debit card on my Brokerage account back in 2019, in an attempt to consolidate to just one account and simplify, I was not getting reimbursed for ATM fees when I used the Brokerage debit card. Each time I used an ATM, I had to call the PCG dedicated number a few days later about it and they had to do a manual reimbursement of the fees. They could never tell me why it wasn't happening automatically. After the 4th or 5th time of this happening, I gave up and went back to just using the CMA Debit card for ATM purposes.

Others have reported being more persistent and contacting Fidelity to get the problem fixed, I wasn't, I gave up and eventually just canceled the Gold Debit card and use the CMA Green Debit card the 1 or 2 times a year I need cash from an ATM.

So, my comments stand. If you get a debit card on a regular brokerage account, even with $250k+ in household assets you may not get automatically reimbursed for ATM fees, if that happens, don't be surprised, they can do a manual reimbursement of the ATM fees and be persistent until they get it resolved, or just use the CMA for ATM use. Having read this entire thread, I haven't seen anyone report a problem with the CMA and not getting ATM fees reimbursed.

[volstagg]

Does anyone live near an Allpoint+ deposit ATM and if so, has anyone tried depositing cash into the Fidelity CMA account through it? I assume it wouldn't work, but surprisingly can't find an answer online. Anyone able to confirm that it does or doesn't work?

It will not work for the CMA.

I tried PNC Bank ATM (issuer of Fidelity debit card) and Allpoint deposit ATM, but it didn't work.

Fidelity is up front about this on their ATM/Debit Card FAQs page

https://www.fidelity.com/spend-save/faq ... %20account.

Can I deposit funds to my Fidelity account at an ATM via my debit card?

No, cash and check deposits cannot be made using an ATM. Instead, review other ways to deposit money to your Fidelity account.

[VictorStarr]

I do not doubt that some people have problems with ATM fee reimbursements on a brokerage debit card. But it is not a general rule.

Why is it not a general rule? Do you have some insight into Fidelity internal procedures or are you just an N of 1 situation who didn't have a problem? Given that I and others have had the same situation happen, it sounds like it is more the general rule that it won't work by default and you just got lucky.

A few months ago I opened a Fidelity brokerage account with a debit card and had no problem with reimbursements of ATM fees. Also I automatically got higher limits on the debit card ($1530/$5000/$2500). I have a PCG status.

I have been a Fidelity customer for nearly 30 years, and have had PCG status for the last 10 or so, yet when I got a Debit card on my Brokerage account back in 2019, in an attempt to consolidate to just one account and simplify, I was not getting reimbursed for ATM fees when I used the Brokerage debit card. Each time I used an ATM, I had to call the PCG dedicated number a few days later about it and they had to do a manual reimbursement of the fees. They could never tell me why it wasn't happening automatically. After the 4th or 5th time of this happening, I gave up and went back to just using the CMA Debit card for ATM purposes.

Others have reported being more persistent and contacting Fidelity to get the problem fixed, I wasn't, I gave up and eventually just canceled the Gold Debit card and use the CMA Green Debit card the 1 or 2 times a year I need cash from an ATM.

So, my comments stand. If you get a debit card on a regular brokerage account, even with $250k+ in household assets you may not get automatically reimbursed for ATM fees, if that happens, don't be surprised, they can do a manual reimbursement of the ATM fees and be persistent until they get it resolved, or just use the CMA for ATM use. Having read this entire thread, I haven't seen anyone report a problem with the CMA and not getting ATM fees reimbursed.

Fidelity debit card page clearly states that
“ For Fidelity Cash Management Account owners, Youth Account owners or Fidelity Account® owners coded Premium, Active Trader VIP, Private Client Group, Wealth Management, or former Youth Account owners, your account will automatically be reimbursed for all ATM fees charged by other institutions while using the Fidelity® Debit Card at any ATM displaying the Visa®, Plus® or Star® logos.”
https://www.fidelity.com/spend-save/atm-debit-card

As I said previously I don’t doubt that some people experienced problems with ATM fee reimbursement for debit cards linked to Fidelity brokerage accounts. I am sorry that you personally had issues and could not resolve them. But this anecdotal evidence is not proof that “ATM fee reimbursements on a standard Brokerage account Debit Card (Gold Card) are not automatic like they are with a CMA (Green Card)”.

I don’t have any insight into Fidelity internal procedures but maybe this issue with incorrect coding of brokerage debit cards is resolved and new applicants are getting their card properly coded.

[ScubaHogg]

Yes, you are correct. If you don’t care about FDIC insurance and overdraft protection (via Fidelity Cash Manager), a dedicated brokerage account is the way to go. You may enable debit card and check writing (in Account Features).

One more thing, Fidelity brokerage debit card is gold (instead of the classic green of CMA card).

Just be aware that if you use a debit card with a brokerage, even if you have over $250k, you won't get automatic ATM fee reimbursement. You need to get the debit card / Brokerage account correctly coded for that. You can search other details in this thread on how to do that, some have only been able to get it done if they have a advisor, some have been able to call Fidelity and get it done, so it's YMMV. The key thing to be aware of is, ATM fee reimbursements on a standard Brokerage account Debit Card (Gold Card) are not automatic like they are with a CMA (Green Card).

Thanks

[classicindexer]

Just had a very frustrating experience changing Symantec VIP for my new phone. First rep. removed the old and took the ID of the new credential on the new phone but despite him saying it was added, it wasn't so I was then able to login with no 2FA. So he then transferred me to someone else who took the information and them put me on hold to check something. But it turns out I was back in the call queue and ended up getting connected to a third rep. Fortunately, he knew what he was doing and got it right.

I know Fidelity keeps saying they're adding new security options "soon" but it seems their internal support for Symantec VIP is weak (went through something similar but all with one rep with the last phone a few years back). Plus I don't think Symantec VIP is a great solution (but better than text codes or nothing at all) but it being limited to one device makes it a worse solution than Google Authenticator / Authy and anything else in that area.

I use the fido app on the iphone to authenticate, it changed for me about a month ago. No more texts.

For the 2FA using Fidelity mobile app to become active did you have to do anything?

I am assuming if you don’t have Symantec VIP 2FA enabled then the first time you login to the Fidelity mobile app that you would have to complete 2FA using a code sent via SMS. Then going forward they would/could enable 2FA push notification to the Fidelity mobile app.

[mrmass]

Just had a very frustrating experience changing Symantec VIP for my new phone. First rep. removed the old and took the ID of the new credential on the new phone but despite him saying it was added, it wasn't so I was then able to login with no 2FA. So he then transferred me to someone else who took the information and them put me on hold to check something. But it turns out I was back in the call queue and ended up getting connected to a third rep. Fortunately, he knew what he was doing and got it right.

I know Fidelity keeps saying they're adding new security options "soon" but it seems their internal support for Symantec VIP is weak (went through something similar but all with one rep with the last phone a few years back). Plus I don't think Symantec VIP is a great solution (but better than text codes or nothing at all) but it being limited to one device makes it a worse solution than Google Authenticator / Authy and anything else in that area.

I use the fido app on the iphone to authenticate, it changed for me about a month ago. No more texts.

For the 2FA using Fidelity mobile app to become active did you have to do anything?

I am assuming if you don’t have Symantec VIP 2FA enabled then the first time you login to the Fidelity mobile app that you would have to complete 2FA using a code sent via SMS. Then going forward they would/could enable 2FA push notification to the Fidelity mobile app.

No I didn’t do anything. It just started happening one day. I’m on an iPhone and always update my apps.

[mander75]

One way is to have CMA and transfer from external bank to CMA.

This is the way. Once the funds are settled in the CMA, you can do the TIRA contribution immediately followed by the Roth conversion (transfer from Traditional to Roth account). The "One Stop Shop" folks by definition would not need to transfer money into a Fidelity account since the funds are already with Fidelity.

You could also wire directly to the TIRA account from the external bank (Fidelity does not charge for wire transfers):
https://www.fidelity.com/bin-public/060 ... ctions.pdf

Thank you. I opened CMA. When said “immediately” - would it mean I can transfer $6500 from CMA to TIRA and then, say in a min, transfer to RIRA from TIRA to finish backdoor Roth IRA?

[brew]

Thank you. I opened CMA. When said “immediately” - would it mean I can transfer $6500 from CMA to TIRA and then, say in a min, transfer to RIRA from TIRA to finish backdoor Roth IRA?

Yes. When I did the backdoor earlier this year, I transferred $6500 from my brokerage account to the TIRA. I then submitted a second transfer of $6500 from the TIRA to the Roth.

The option to "convert entire account balance" from the TIRA did not work. I had to choose "convert partial account balance" and manually enter $6500 (the entire account balance). This same-day conversion prevented any taxable interest accruing in the TIRA before the conversion to Roth.

Edit: Some changes for clarity, and I referred to this WCI post, although it has screenshots from the older Fidelity web UI:
https://www.whitecoatinvestor.com/how-t ... -fidelity/

[mander75]

Yes, you are correct. If you don’t care about FDIC insurance and overdraft protection (via Fidelity Cash Manager), a dedicated brokerage account is the way to go. You may enable debit card and check writing (in Account Features).

One more thing, Fidelity brokerage debit card is gold (instead of the classic green of CMA card).

Just be aware that if you use a debit card with a brokerage, even if you have over $250k, you won't get automatic ATM fee reimbursement. You need to get the debit card / Brokerage account correctly coded for that. You can search other details in this thread on how to do that, some have only been able to get it done if they have a advisor, some have been able to call Fidelity and get it done, so it's YMMV. The key thing to be aware of is, ATM fee reimbursements on a standard Brokerage account Debit Card (Gold Card) are not automatic like they are with a CMA (Green Card).

Thanks

Does brokerage account allow “Bill Pay”? Else besides ATM reimbursement and FDIC insurance - any other significant difference? What comes to mind is that in Mint - will be a bit inconvenient to see “cash” in investments section as taxable brokerage is considered “investments”.

[JoMoney]

Yes, you are correct. If you don’t care about FDIC insurance and overdraft protection (via Fidelity Cash Manager), a dedicated brokerage account is the way to go. You may enable debit card and check writing (in Account Features).

One more thing, Fidelity brokerage debit card is gold (instead of the classic green of CMA card).

Just be aware that if you use a debit card with a brokerage, even if you have over $250k, you won't get automatic ATM fee reimbursement. You need to get the debit card / Brokerage account correctly coded for that. You can search other details in this thread on how to do that, some have only been able to get it done if they have a advisor, some have been able to call Fidelity and get it done, so it's YMMV. The key thing to be aware of is, ATM fee reimbursements on a standard Brokerage account Debit Card (Gold Card) are not automatic like they are with a CMA (Green Card).

Thanks

Does brokerage account allow “Bill Pay”? Else besides ATM reimbursement and FDIC insurance - any other significant difference? What comes to mind is that in Mint - will be a bit inconvenient to see “cash” in investments section as taxable brokerage is considered “investments”.

Yes, brokerage account offers "Bill Pay"

[mander75]

Yes, you are correct. If you don’t care about FDIC insurance and overdraft protection (via Fidelity Cash Manager), a dedicated brokerage account is the way to go. You may enable debit card and check writing (in Account Features).

One more thing, Fidelity brokerage debit card is gold (instead of the classic green of CMA card).

Just be aware that if you use a debit card with a brokerage, even if you have over $250k, you won't get automatic ATM fee reimbursement. You need to get the debit card / Brokerage account correctly coded for that. You can search other details in this thread on how to do that, some have only been able to get it done if they have a advisor, some have been able to call Fidelity and get it done, so it's YMMV. The key thing to be aware of is, ATM fee reimbursements on a standard Brokerage account Debit Card (Gold Card) are not automatic like they are with a CMA (Green Card).

Thanks

Does brokerage account allow “Bill Pay”? Else besides ATM reimbursement and FDIC insurance - any other significant difference? What comes to mind is that in Mint - will be a bit inconvenient to see “cash” in investments section as taxable brokerage is considered “investments”.

Yes, brokerage account offers "Bill Pay"

Thank you. If I have multiple credit cards linked in “Bill Pay” - do I need to set them again if I change to using a taxable account instead of CMA for paying bills? Will equity or bonds be auto liquidated if I pay for bills or it will only be MM funds? Lastly - how to get reimbursed for ATM using taxable account’s debt card?

[muffins14]

Anyone able to use CMA debit card on Google Pay to withdraw cash?
I tried Wells Fargo, US Bank and Chase today. All failed.

I’m not sure I understand this. Why wouldn’t you just use the CMA debit card in the ATM? Why are you trying to use google pay on the ATM?

[JoMoney]

...
Thank you. If I have multiple credit cards linked in “Bill Pay” - do I need to set them again if I change to using a taxable account instead of CMA for paying bills? Will equity or bonds be auto liquidated if I pay for bills or it will only be MM funds? Lastly - how to get reimbursed for ATM using taxable account’s debt card?

Yes, if you create a new account you have to turn on "Bill Pay" for that account, and will have to create a new list of payees in that account.
No, equity or bonds do not get "auto liquidated" to pay bills or any other cash withdrawals. You have to have cash "available for withdrawal" in the settlement fund (or other money market fund) to withdraw or pay bills from it.
Note that both the CMA account and Fidelity Brokerage account are both "Taxable Accounts", they are both "Brokerage Accounts", you can buy and sell stocks, bonds, etc.. in either account. The big difference is that the CMA uses a FDIC bank sweep as it's core settlement account, and the regular brokerage account uses a government money market fund as the core settlement fund.

As far as ATM reimbursements, if you use an in-network ATM (same network as PNC Bank) you won't have any ATM charges. Unlike the CMA account, the brokerage account doesn't automatically come with reimbursement of other ATM fees. If you meet certain eligibility requirements / status level with Fidelity, you may get ATM rebates - for myself, I had to call Fidelity PCG customer service and they had to get the card specially coded to allow ATM reimbursements. Someone else above said it was automatic for them.

Also, note that if you're planning on trading stocks or bonds, its best to segregate that to a different account than the one you're using for cash management/bill pay, as trading activity will impact your "available to withdraw" cash and may inadvertently cause you to bounce a bill payment.
i.e.
If you have $1,000 "available to withdraw" cash , then sell $1,000 of a bond fund, you'll have $1,000 "available to withdraw" + $1,000 "available to trade" (while the bond fund sale is pending settlement)
If you immediately buy another fund for $1,000, it will draw against your "available to withdraw" money FIRST leaving you with $0 available to withdraw until the bond sale settlement completes.
Having an account for bill pay/cash management that's separate from your trading account will avoid the issues commingling money that hasn't settled yet from trading activity.

[mander75]

...
Thank you. If I have multiple credit cards linked in “Bill Pay” - do I need to set them again if I change to using a taxable account instead of CMA for paying bills? Will equity or bonds be auto liquidated if I pay for bills or it will only be MM funds? Lastly - how to get reimbursed for ATM using taxable account’s debt card?

Yes, if you create a new account you have to turn on "Bill Pay" for that account, and will have to create a new list of payees in that account.
No, equity or bonds do not get "auto liquidated" to pay bills or any other cash withdrawals. You have to have cash "available for withdrawal" in the settlement fund (or other money market fund) to withdraw or pay bills from it.
Note that both the CMA account and Fidelity Brokerage account are both "Taxable Accounts", they are both "Brokerage Accounts", you can buy and sell stocks, bonds, etc.. in either account. The big difference is that the CMA uses a FDIC bank sweep as it's core settlement account, and the regular brokerage account uses a government money market fund as the core settlement fund.

As far as ATM reimbursements, if you use an in-network ATM (same network as PNC Bank) you won't have any ATM charges. Unlike the CMA account, the brokerage account doesn't automatically come with reimbursement of other ATM fees. If you meet certain eligibility requirements / status level with Fidelity, you may get ATM rebates - for myself, I had to call Fidelity PCG customer service and they had to get the card specially coded to allow ATM reimbursements. Someone else above said it was automatic for them.

Also, note that if you're planning on trading stocks or bonds, its best to segregate that to a different account than the one you're using for cash management/bill pay, as trading activity will impact your "available to withdraw" cash and may inadvertently cause you to bounce a bill payment.
i.e.
If you have $1,000 "available to withdraw" cash , then sell $1,000 of a bond fund, you'll have $1,000 "available to withdraw" + $1,000 "available to trade" (while the bond fund sale is pending settlement)
If you immediately buy another fund for $1,000, it will draw against your "available to withdraw" money FIRST leaving you with $0 available to withdraw until the bond sale settlement completes.
Having an account for bill pay/cash management that's separate from your trading account will avoid the issues commingling money that hasn't settled yet from trading activity.

Thank you. In this case, would you recommend using separate taxable account as “checking” account for bill pay and to store cash in MM fund (separately from my trading account)? I can still keep CMA just in case. It seems (after my trial and error) that just using separate taxable account is more beneficial (primarily because of automatic MM fund core position).

Separately - I have FZDXX but my current investment in it is way less than $100k. Will Fidelity eventually disallow to purchase it as I am not planning to have $100k in this fund or I can keep using it indefinitely as I met initial $100k requirements?

[Eno Deb]

Separately - I have FZDXX but my current investment in it is way less than $100k. Will Fidelity eventually disallow to purchase it as I am not planning to have $100k in this fund or I can keep using it indefinitely as I met initial $100k requirements?

Fidelity's web page says that the required minimum balance to keep a position open is $10,000. But they don't seem to enforce even that minimum.

[tj]

Separately - I have FZDXX but my current investment in it is way less than $100k. Will Fidelity eventually disallow to purchase it as I am not planning to have $100k in this fund or I can keep using it indefinitely as I met initial $100k requirements?

Fidelity's web page says that the required minimum balance to keep a position open is $10,000. But they don't seem to enforce even that minimum.

I'm pretty sure there were reports here of people being auto liquidated if their balance fell below the $10k.

[JoMoney]

...
Thank you. In this case, would you recommend using separate taxable account as “checking” account for bill pay and to store cash in MM fund (separately from my trading account)? I can still keep CMA just in case. It seems (after my trial and error) that just using separate taxable account is more beneficial (primarily because of automatic MM fund core position).

Separately - I have FZDXX but my current investment in it is way less than $100k. Will Fidelity eventually disallow to purchase it as I am not planning to have $100k in this fund or I can keep using it indefinitely as I met initial $100k requirements?

If you frequently make trades in stocks/funds, and are concerned about cash being temporarily unavailable to withdraw until any trading activity in the account has settled, then yes, I think it makes sense to segregate your brokerage account for trading securities/funds as a separate account from the brokerage (or CMA) account you use for cash management/bill pay. If you think you can manage to work around that possible unavailability to withdraw funds, and you like consolidating the number of accounts you have transactions in/across, then maybe it's not an issue and you're better off consolidating.

The "benefit" of having a government money market fund as the core settlement fund, rather than the FDIC bank sweep core for the CMA account, is pretty trivial. It's a pretty simple activity to buy a money market fund. If you're using FZDXX or some other non-government money market fund that's not eligible to be the core settlement fund, I don't see how it's of any benefit at all, you would still have to buy that fund as a separate transaction .

I have no idea if Fidelity will eventually disallow future purchases of a fund you're not maintaining the minimum initial purchase amount of.

[mander75]

Thank you again. Appreciate your wisdom.

I am a “platinum” Fidelity customer. Assets above $250k. Apparently I could try to ask (like you did) to get a taxable account debit card marked to have zero ATM fee. My wife also has account with Fidelity. Could she also get a “zero fee” debit card for taxable account?

Would you know Fidelity’s tier structure (what are different levels) and requirements for each as well as differentiated benefits for each?

[JoMoney]

Thank you again. Appreciate your wisdom.

I am a “platinum” Fidelity customer. Assets above $250k. Apparently I could try to ask (like you did) to get a taxable account debit card marked to have zero ATM fee. My wife also has account with Fidelity. Could she also get a “zero fee” debit card for taxable account?

Would you know Fidelity’s tier structure (what are different levels) and requirements for each as well as differentiated benefits for each?

No, I don't know what different tier structures or benefits exist. I've never heard of "platinum", but they do mention "premium".
I do know that everyone can use the CMA account and get any ATM fee's reimbursed, and for other (non-CMA) accounts they've explained:

https://www.fidelity.com/customer-servi ... a-overview
ATM/debit card

There's no annual fee on the card. Other institutions may assess fees for use of ATMs in their network. Fidelity® Cash Management Account customers or Fidelity accounts coded Premium, Private Client Group, or Wealth Management or held by customers with householded annual trading activity of 120 or more stock, bond, or options trades, will be reimbursed for ATM fees charged by other institutions.

Please review our Reimbursement Schedule and the Fidelity Debit Card Agreement (PDF) for more details on fees, reimbursements, and limits.

[TimeRunner]

Seems like it's time to remind new readers that most Fido account holders use a CMA account for cash management, bill paying, and ACH transfers, and use a brokerage account for investing. One can go down the rabbit-hole of optimization with complexification and flowchart diagrams, and that can be a delightful and rewarding hobby, but it's not necessary to gain many of the benefits of just having a CMA and a brokerage account and using them in the generic way they were intended. May discussion resume.

[PatrickA5]

Seems like it's time to remind new readers that most Fido account holders use a CMA account for cash management, bill paying, and ACH transfers, and use a brokerage account for investing. One can go down the rabbit-hole of optimization with complexification and flowchart diagrams, and that can be a delightful and rewarding hobby, but it's not necessary to gain many of the benefits of just having a CMA and a brokerage account and using them in the generic way they were intended. May discussion resume.

Exactly.

[8000m]

I've been considering a move to Fidelity (brokerage account)for a significant portion of our taxable estate. Developed a few concerns about the transfer limitations/capabilities of the Brokerage Account after reading: https://www.fidelity.com/customer-servi ... -bank-wire

Is the below really true relative to Self Directed Brokerage accounts?

Eligibility
All Fidelity brokerage and mutual fund accounts are eligible for electronic funds transfer (EFT), with the exception of self-employed 401(k) plans, self-directed brokerage accounts, SIMPLE IRAs, Fidelity Retirement plans (Keogh), and non-prototype accounts. Trust, business accounts, inherited IRAs, stand-alone SMAs, and Fidelity personalized portfolio accounts must establish the EFT service by completing the Electronic Funds Transfer (EFT) Authorization (PDF). Inherited IRAs cannot accept contributions via EFT.

[tj]

I've been considering a move to Fidelity (brokerage account)for a significant portion of our taxable estate. Developed a few concerns about the transfer limitations/capabilities of the Brokerage Account after reading: https://www.fidelity.com/customer-servi ... -bank-wire

Is the below really true relative to Self Directed Brokerage accounts?

Eligibility
All Fidelity brokerage and mutual fund accounts are eligible for electronic funds transfer (EFT), with the exception of self-employed 401(k) plans, self-directed brokerage accounts, SIMPLE IRAs, Fidelity Retirement plans (Keogh), and non-prototype accounts. Trust, business accounts, inherited IRAs, stand-alone SMAs, and Fidelity personalized portfolio accounts must establish the EFT service by completing the Electronic Funds Transfer (EFT) Authorization (PDF). Inherited IRAs cannot accept contributions via EFT.

I send ACHs from my Fidelity brokerage account to banks/CUs

[VictorStarr]

I've been considering a move to Fidelity (brokerage account)for a significant portion of our taxable estate. Developed a few concerns about the transfer limitations/capabilities of the Brokerage Account after reading: https://www.fidelity.com/customer-servi ... -bank-wire

Is the below really true relative to Self Directed Brokerage accounts?

Eligibility
All Fidelity brokerage and mutual fund accounts are eligible for electronic funds transfer (EFT), with the exception of self-employed 401(k) plans, self-directed brokerage accounts, SIMPLE IRAs, Fidelity Retirement plans (Keogh), and non-prototype accounts. Trust, business accounts, inherited IRAs, stand-alone SMAs, and Fidelity personalized portfolio accounts must establish the EFT service by completing the Electronic Funds Transfer (EFT) Authorization (PDF). Inherited IRAs cannot accept contributions via EFT.

I think here "self-directed brokerage account" does not mean a regular Fidelity account but Fidelity BrokerageLink® that is a brokerage account connected to a 401K account.

[8000m]

I send ACHs from my Fidelity brokerage account to banks/CUs

Thanks TJ.
Are you able to set them (ACH outbound transfers) up to recur on a schedule of your choosing w/ no fees?

[VictorStarr]

I send ACHs from my Fidelity brokerage account to banks/CUs

Thanks TJ.
Are you able to set them (ACH outbound transfers) up to recur on a schedule of your choosing w/ no fees?

Not tj, but you can schedule recurring ACH transfers (but not wires). Unfortunately, the only two available frequencies are annual and monthly.

Three months ago the official Fidelity rep claimed support for other frequencies (weekly, …) but these options still are not available to me. Fidelity engineering is better than Vanguard one but still is really mediocre and slow.

Here is relevant reddit post:
https://www.reddit.com/r/fidelityinvest ... _based_on/

[8000m]

Not tj, but you can schedule recurring ACH transfers (but not wires). Unfortunately, the only two available frequencies are annual and monthly.

Three months ago the official Fidelity rep claimed support for other frequencies (weekly, …) but these options still are not available to me. Fidelity engineering is better than Vanguard one but still is really mediocre and slow.

Appreciate that Victor.

[VictorStarr]

Not tj, but you can schedule recurring ACH transfers (but not wires). Unfortunately, the only two available frequencies are annual and monthly.

Three months ago the official Fidelity rep claimed support for other frequencies (weekly, …) but these options still are not available to me. Fidelity engineering is better than Vanguard one but still is really mediocre and slow.

Appreciate that Victor.

You are welcome.
It is worth mentioning that Fidelity also offers free unlimited wire transfer, supports storing wire account information, and wire execution is very fast. Unfortunately no support for recurring wires.

[tj]

I send ACHs from my Fidelity brokerage account to banks/CUs

Thanks TJ.
Are you able to set them (ACH outbound transfers) up to recur on a schedule of your choosing w/ no fees?

I've never had the need to do a recurring outbound ACH. I have recurring bill pay to pay my rent. What's nice is they don't remove the funds until the recipient cashes the check and my landlord seems extremely slow in cashing the check, so I get all those extra days of 5% interest.

[JoMoney]

The nice thing about using "Fidelity as a one stop shop", is that means not having other bank/CU accounts to need to shuffle money around to.

[bogswenbern]

The nice thing about using "Fidelity as a one stop shop", is that means not having other bank/CU accounts to need to shuffle money around to.

Can contributions to a Vanguard 401k be made from Fidelity? Been told we cannot make these from a Vanguard Brokerage Account. Vanguard requires contributions to be made from a bank or credit union.

[tj]

The nice thing about using "Fidelity as a one stop shop", is that means not having other bank/CU accounts to need to shuffle money around to.

I'm too lazy to change all my established auto pay's from CU to Fidelity. Plus I like having a real checking account.

[JoMoney]

The nice thing about using "Fidelity as a one stop shop", is that means not having other bank/CU accounts to need to shuffle money around to.

I'm too lazy to change all my established auto pay's from CU to Fidelity. Plus I like having a real checking account.

Sounds like a concern for something other than a thread about using "Fidelity as a one stop shop"

[chassis]

Can contributions to a Vanguard 401k be made from Fidelity? Been told we cannot make these from a Vanguard Brokerage Account. Vanguard requires contributions to be made from a bank or credit union.

The Vanguard 401k is an employer-sponsored plan, correct?

[mander75]

I send ACHs from my Fidelity brokerage account to banks/CUs

Thanks TJ.
Are you able to set them (ACH outbound transfers) up to recur on a schedule of your choosing w/ no fees?

I've never had the need to do a recurring outbound ACH. I have recurring bill pay to pay my rent. What's nice is they don't remove the funds until the recipient cashes the check and my landlord seems extremely slow in cashing the check, so I get all those extra days of 5% interest.

Are you using a separate taxable account as your “checking” account?

[tj]

I send ACHs from my Fidelity brokerage account to banks/CUs

Thanks TJ.
Are you able to set them (ACH outbound transfers) up to recur on a schedule of your choosing w/ no fees?

I've never had the need to do a recurring outbound ACH. I have recurring bill pay to pay my rent. What's nice is they don't remove the funds until the recipient cashes the check and my landlord seems extremely slow in cashing the check, so I get all those extra days of 5% interest.

Are you using a separate taxable account as your “checking” account?

Yeah. I keep enough cash in the brokerage account for x number of months of rent earning 5% and use the checking account to pay for everything else.

[tACKJAYE]

What are the advantages, if any, of using brokerage i.e. Fidelity accounts as checking accounts for Bill Pay, Checks instead of CMA? TIA!

I don't understand why you'd want automatic overdraft withdrawals enabled for this. What's the point of having all this compartmentalization if money is going to automatically flow into the CMA accounts if they get compromised? How does that limit your losses?

The updated image has restated this as "manual transfer" for maximum security.