Fidelity as a one stop shop

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lstone19
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Re: Fidelity as a one stop shop

Post by lstone19 »

mander75 wrote: Wed Mar 27, 2024 12:10 pm
lstone19 wrote: Wed Mar 27, 2024 11:01 am
mander75 wrote: Wed Mar 27, 2024 9:26 am I buy money market funds at Fidelity in my CMA every month. Question: Does MM interest accumulate once I place the order (it takes 1-2 days to execute) or once the purchased MM is settled in my CMA account? Does frequent MM buying negatively affect the interest?
I thought MMFs settle same day. Enter your order on Monday before market close and it settles Monday. AFAIK, all MMFs declare dividends daily but pay them monthly. Regardless, your money is always somewhere overnight (and interest and dividends are paid based on where your money is overnight) - if it's not in the MMF, it's in the CMA core earning interest at that rate.

More specifically, everything is based on settlement date. For instance, if I place an auction T-Bill order on Tuesday which executes on Thursday but settles the following Tuesday, the money is actually in the core position until that following Tuesday and earning dividends there even though your on-line positions will show you already owning the T-Bills. It will also show the money in the core position plus a "pending settlement" amount offsetting that.
Thank you. Say I buy FXAIX at 7 pm CST. When will it be executed and settled?
7pm CST is after market close so it will execute and settle the next day (when exactly is unimportant since dividends and interest are per day using the overnight positions). For the day where you entered the order after market close, it will earn on the position in your core (settlement) position.
slbnoob
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Re: Fidelity as a one stop shop

Post by slbnoob »

No Zelle at Fidelity is what stops me from closing other bank accounts!
CuriousGeorgeTx
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Re: Fidelity as a one stop shop

Post by CuriousGeorgeTx »

As I consider moving my checking activity to Fidelity, one question I have is how well they stand behind their bill pay service. If you have a payment scheduled for the due date but the vendor charges a late fee, what has been your experience with the Fidelity Inquiry process? I read through the information in Fidelity's site. It sounded like they would go to bat for you and try to work it out, but stopped short of saying they will definitely take care of you.

"Fidelity will contact the payee on your behalf in an attempt to resolve the problem. Your inquiry may take up to 10 business days to resolve and Fidelity will reply to you in writing once the issue has been resolved."

To be fair, I looked at the current wording in Ally's documentation, and they have softened it, though it still seems a little stronger:
"If a payee doesn't post your payment on time, we'll work with you to resolve the issue, as long as:

The Scheduled Delivery Date you selected was on or before the bill due date
The checking account you used to pay your bill was in good standing with sufficient funds on the Scheduled Delivery Date you selected
"


I have only had one time in my long experience with Ally Bill Pay where a payment was deemed late by the payee. It was our HOA, and they have a murky process for receiving and posting payments, but they claimed mine was late and assessed a late fee. I sent the information to Ally and in a week, they reimbursed me for the late fee. I now have Ally Bill Pay deliver that payment a few days early.

I have had my property tax payment delivered on the due date for years with no problems. The county says they honor post marks.

Thanks.
CuriousGeorgeTx
Posts: 345
Joined: Mon Dec 14, 2015 4:59 pm

Re: Fidelity as a one stop shop

Post by CuriousGeorgeTx »

CuriousGeorgeTx wrote: Tue Mar 26, 2024 7:20 pm
Lyrrad wrote: Tue Mar 26, 2024 6:52 pm I assume there's some sort of ownership verification that's failing.

A few months ago, I was able to connect a personal Fidelity account to a living trust. However, I didn't try connecting a trust account to TD.
Thanks. Sounds plausible. It would be great if someone at Fidelity could tell me what the problem is, but since the two people I talked to today (one in customer service, one in Fixed Income) assured me that it isn’t possible to do what others on this thread have confirmed is doable, I’m not sure I will ever find out.

Hopefully by playing with the Owner field in the TD link set up, I will figure out what they are looking for.
This evening I saw a $0 transaction “DIRECT DEBIT TREASURY DIRECTREAS DRCT (Cash)” in my Fidelity account. So it looks like the changing the owner in the TD Bank entry to XYZ Living Trust solved the problem! If I don’t get an email telling me that it failed tomorrow morning, I will be even more confident. I am buying a $500 4 wk TBill using the Fidelity account, auction tomorrow, issue next Tuesday. I’m feeling optimistic.
gavinsiu
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Fidelity CMA limitation with Advisor

Post by gavinsiu »

[Thread merged into here --admin LadyGeek]

I recently tried to add my financial advisor to my mom's Fidelity CMA account. Apparently unlike brokerage account, you cannot add an advisor. There have been a few thread asking for difference between CMA and brokerage, this appears to be one of them.
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LadyGeek
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Re: Fidelity as a one stop shop

Post by LadyGeek »

I merged gavinsiu's thread into the ongoing discussion.

(Thanks to the member who reported the post and provided a link to this thread.)
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MishkaWorries
Posts: 1382
Joined: Wed Aug 14, 2019 4:39 pm

Re: Fidelity as a one stop shop

Post by MishkaWorries »

Help with Fidelity Fullview asset allocation question.

I would like to have a few accounts (HSA, Emergency Fund, etc) not included in the asset allocation calculations. I'm sure I'm missing something simple but I've ran myself in circles looking.

As always,

Thanks for your attention and assistance.
We plan. G-d laughs.
MishkaWorries
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Joined: Wed Aug 14, 2019 4:39 pm

Re: Fidelity as a one stop shop

Post by MishkaWorries »

One more question:

Does Fidelity sell our information? The reason I ask is because in the last few weeks I consolidated several accounts with Fidelity and today I get a mailing from Fisher Investments.
We plan. G-d laughs.
baliktad
Posts: 97
Joined: Sun Mar 26, 2017 12:13 pm

Re: Fidelity as a one stop shop

Post by baliktad »

CuriousGeorgeTx wrote: Wed Mar 27, 2024 3:06 pm ...
I have only had one time in my long experience with Ally Bill Pay where a payment was deemed late by the payee. It was our HOA, and they have a murky process for receiving and posting payments, but they claimed mine was late and assessed a late fee. I sent the information to Ally and in a week, they reimbursed me for the late fee. I now have Ally Bill Pay deliver that payment a few days early.

I have had my property tax payment delivered on the due date for years with no problems. The county says they honor post marks.

Thanks.
Postmarks won't help you here. Every bill pay service I have ever used sends out mail with presorted indicia. This appears as a pre-printed plain black box outline on the envelope where you would normally place a stamp, with words like "PRESORTED First Class Mail US Postage Paid FISERV" inside. This type of mail does not get cancelled/postmarked as there is no need to cancel a stamp. Because there is no postmark, you must depend on the USPS to deliver the mail on time - the tax office has no evidence of the mailing date in case of late delivery.

Also note that Fidelity, like every other Bill Pay service, does not honor their late fee guarantee for tax payments. Their service agreement states in bold text:
The Service is not intended for use to make payments for alimony, child support, any type of insurance, taxes or other government fees or court-directed payments. You acknowledge that if you do submit a payment to one of these restricted vendors through the Service, Fidelity will not assume any liability for penalties, cancellation of coverage or any other expense, claim or damage related to nonpayment upon the processing or completion of such a payment. Any such payments are done at your own risk. While you are still able to submit such payments through the Service, they will not be covered under the Payment Guarantee in Section 13.
All that said, Fidelity's bill pay provider has established an electronic payment process with my county treasurer, so there's no printed check or USPS mail delays to worry about. I am happy to use Fidelity Bill Pay to pay my property taxes twice a year as they always deliver on exactly the day they say they will. Check your specific payee to confirm if they are enabled for electronic payments.
wunderkind
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Re: Fidelity as a one stop shop

Post by wunderkind »

CuriousGeorgeTx wrote: Wed Mar 27, 2024 3:06 pm As I consider moving my checking activity to Fidelity, one question I have is how well they stand behind their bill pay service. If you have a payment scheduled for the due date but the vendor charges a late fee, what has been your experience with the Fidelity Inquiry process?
I had a water bill payment through Fidelity that was late once. Customer service was very quick to investigate, and immediately offered to pay any incurred late fees. It was eventually resolved with the payee with no late fee. Fidelity handled it flawlessly.
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mhc
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Re: Fidelity as a one stop shop

Post by mhc »

MishkaWorries wrote: Thu Mar 28, 2024 2:59 pm Help with Fidelity Fullview asset allocation question.

I would like to have a few accounts (HSA, Emergency Fund, etc) not included in the asset allocation calculations. I'm sure I'm missing something simple but I've ran myself in circles looking.

As always,

Thanks for your attention and assistance.
When I set up Fullview a year or so ago, I couldn't figure out how to do that. I would argue that everything could be included in your retirement portfolio. Once you retire (HSA, EF), everything is your retirement portfolio. Splitting funds out into different buckets is just one way to look at your money. I choose to look at everything as our retirement portfolio. This paradigm works with Fullview.
52% TSM, 23% TISM, 24.5% TBM, 0.5% cash
techbud
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Re: Fidelity as a one stop shop

Post by techbud »

mhc wrote: Fri Mar 29, 2024 9:29 am
MishkaWorries wrote: Thu Mar 28, 2024 2:59 pm Help with Fidelity Fullview asset allocation question.

I would like to have a few accounts (HSA, Emergency Fund, etc) not included in the asset allocation calculations. I'm sure I'm missing something simple but I've ran myself in circles looking.

As always,

Thanks for your attention and assistance.
When I set up Fullview a year or so ago, I couldn't figure out how to do that. I would argue that everything could be included in your retirement portfolio. Once you retire (HSA, EF), everything is your retirement portfolio. Splitting funds out into different buckets is just one way to look at your money. I choose to look at everything as our retirement portfolio. This paradigm works with Fullview.
I believe you can remove accounts as follows: Within Fullview, go to Home; click on "View All" accounts, then you'll see a list of accounts.
Click on the account you want to remove. There will be a "Delete this account" button with a red X. Click that X to remove the account from FullView.
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mhc
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Re: Fidelity as a one stop shop

Post by mhc »

techbud wrote: Fri Mar 29, 2024 9:54 am
mhc wrote: Fri Mar 29, 2024 9:29 am
MishkaWorries wrote: Thu Mar 28, 2024 2:59 pm Help with Fidelity Fullview asset allocation question.

I would like to have a few accounts (HSA, Emergency Fund, etc) not included in the asset allocation calculations. I'm sure I'm missing something simple but I've ran myself in circles looking.

As always,

Thanks for your attention and assistance.
When I set up Fullview a year or so ago, I couldn't figure out how to do that. I would argue that everything could be included in your retirement portfolio. Once you retire (HSA, EF), everything is your retirement portfolio. Splitting funds out into different buckets is just one way to look at your money. I choose to look at everything as our retirement portfolio. This paradigm works with Fullview.
I believe you can remove accounts as follows: Within Fullview, go to Home; click on "View All" accounts, then you'll see a list of accounts.
Click on the account you want to remove. There will be a "Delete this account" button with a red X. Click that X to remove the account from FullView.
I did not read that Mishka wanted to delete the account. Mishka wants all accounts in Fullview, but not all accounts included in the asset allocation calculations.
52% TSM, 23% TISM, 24.5% TBM, 0.5% cash
CuriousGeorgeTx
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Re: Fidelity as a one stop shop

Post by CuriousGeorgeTx »

baliktad wrote: Thu Mar 28, 2024 11:24 pm
CuriousGeorgeTx wrote: Wed Mar 27, 2024 3:06 pm ...
I have only had one time in my long experience with Ally Bill Pay where a payment was deemed late by the payee. It was our HOA, and they have a murky process for receiving and posting payments, but they claimed mine was late and assessed a late fee. I sent the information to Ally and in a week, they reimbursed me for the late fee. I now have Ally Bill Pay deliver that payment a few days early.

I have had my property tax payment delivered on the due date for years with no problems. The county says they honor post marks.

Thanks.
Postmarks won't help you here. Every bill pay service I have ever used sends out mail with presorted indicia. This appears as a pre-printed plain black box outline on the envelope where you would normally place a stamp, with words like "PRESORTED First Class Mail US Postage Paid FISERV" inside. This type of mail does not get cancelled/postmarked as there is no need to cancel a stamp. Because there is no postmark, you must depend on the USPS to deliver the mail on time - the tax office has no evidence of the mailing date in case of late delivery.

Also note that Fidelity, like every other Bill Pay service, does not honor their late fee guarantee for tax payments. Their service agreement states in bold text:
The Service is not intended for use to make payments for alimony, child support, any type of insurance, taxes or other government fees or court-directed payments. You acknowledge that if you do submit a payment to one of these restricted vendors through the Service, Fidelity will not assume any liability for penalties, cancellation of coverage or any other expense, claim or damage related to nonpayment upon the processing or completion of such a payment. Any such payments are done at your own risk. While you are still able to submit such payments through the Service, they will not be covered under the Payment Guarantee in Section 13.
All that said, Fidelity's bill pay provider has established an electronic payment process with my county treasurer, so there's no printed check or USPS mail delays to worry about. I am happy to use Fidelity Bill Pay to pay my property taxes twice a year as they always deliver on exactly the day they say they will. Check your specific payee to confirm if they are enabled for electronic payments.
Thanks for the information. I have been living on the edge and didn’t know it. I’ve had Ally delivery the property tax payment for both our primary and vacation homes to their respective counties on the due date for many years with no issues. I had not thought about the absence of a postmark, or read the terms of service to know they would be excluded. Both of the counties I deal with receive checks (not electronic).
MishkaWorries
Posts: 1382
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Re: Fidelity as a one stop shop

Post by MishkaWorries »

mhc wrote: Fri Mar 29, 2024 9:58 am
techbud wrote: Fri Mar 29, 2024 9:54 am
mhc wrote: Fri Mar 29, 2024 9:29 am
MishkaWorries wrote: Thu Mar 28, 2024 2:59 pm Help with Fidelity Fullview asset allocation question.

I would like to have a few accounts (HSA, Emergency Fund, etc) not included in the asset allocation calculations. I'm sure I'm missing something simple but I've ran myself in circles looking.

As always,

Thanks for your attention and assistance.
When I set up Fullview a year or so ago, I couldn't figure out how to do that. I would argue that everything could be included in your retirement portfolio. Once you retire (HSA, EF), everything is your retirement portfolio. Splitting funds out into different buckets is just one way to look at your money. I choose to look at everything as our retirement portfolio. This paradigm works with Fullview.
I believe you can remove accounts as follows: Within Fullview, go to Home; click on "View All" accounts, then you'll see a list of accounts.
Click on the account you want to remove. There will be a "Delete this account" button with a red X. Click that X to remove the account from FullView.
I did not read that Mishka wanted to delete the account. Mishka wants all accounts in Fullview, but not all accounts included in the asset allocation calculations.
Yes mhc, you are correct. I want to see my total net worth but have my asset allocation exclude my cash positions since that money is spoken for to buy our next house and car. Since that money is spoken for, I can't do anything with it except keep it in cash i.e. no rebalancing.

You made an interesting point about HSA. I also have an almost completed TIPS and this started the idea of how to organize my portfolio. I think I'll do a portfolio request thread once I fill out my ladder.
We plan. G-d laughs.
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heartwood
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Re: Fidelity as a one stop shop

Post by heartwood »

CuriousGeorgeTx wrote: Fri Mar 29, 2024 4:16 pm
baliktad wrote: Thu Mar 28, 2024 11:24 pm
CuriousGeorgeTx wrote: Wed Mar 27, 2024 3:06 pm ...
I have only had one time in my long experience with Ally Bill Pay where a payment was deemed late by the payee. It was our HOA, and they have a murky process for receiving and posting payments, but they claimed mine was late and assessed a late fee. I sent the information to Ally and in a week, they reimbursed me for the late fee. I now have Ally Bill Pay deliver that payment a few days early.

I have had my property tax payment delivered on the due date for years with no problems. The county says they honor post marks.

Thanks.
Postmarks won't help you here. Every bill pay service I have ever used sends out mail with presorted indicia. This appears as a pre-printed plain black box outline on the envelope where you would normally place a stamp, with words like "PRESORTED First Class Mail US Postage Paid FISERV" inside. This type of mail does not get cancelled/postmarked as there is no need to cancel a stamp. Because there is no postmark, you must depend on the USPS to deliver the mail on time - the tax office has no evidence of the mailing date in case of late delivery.

Also note that Fidelity, like every other Bill Pay service, does not honor their late fee guarantee for tax payments. Their service agreement states in bold text:
The Service is not intended for use to make payments for alimony, child support, any type of insurance, taxes or other government fees or court-directed payments. You acknowledge that if you do submit a payment to one of these restricted vendors through the Service, Fidelity will not assume any liability for penalties, cancellation of coverage or any other expense, claim or damage related to nonpayment upon the processing or completion of such a payment. Any such payments are done at your own risk. While you are still able to submit such payments through the Service, they will not be covered under the Payment Guarantee in Section 13.
All that said, Fidelity's bill pay provider has established an electronic payment process with my county treasurer, so there's no printed check or USPS mail delays to worry about. I am happy to use Fidelity Bill Pay to pay my property taxes twice a year as they always deliver on exactly the day they say they will. Check your specific payee to confirm if they are enabled for electronic payments.
Thanks for the information. I have been living on the edge and didn’t know it. I’ve had Ally delivery the property tax payment for both our primary and vacation homes to their respective counties on the due date for many years with no issues. I had not thought about the absence of a postmark, or read the terms of service to know they would be excluded. Both of the counties I deal with receive checks (not electronic).
Slightly different bill pay experience but illustrates a bit about your "living on the edge".

I used to push my mortgage payment from fido to wells fargo. It worked flawlessly for about 8 (?) years.

At that time fido was sending a paper check to WF. That's since changed and WF since goes by EFT.

This was in the depths of covid. I scheduled a payment for 12/27 (an artifact of my original mortgage date). WF scheduled for it to arrive by the 27th, in fact I recall it was sent on the 23rd? USPS seems to be the culprit, it processed at WF on something like the 10th of January, over 2 weeks after it was sent.

Result: no penalty from WF, but they issue 1099s in very early January. It was too late to include several thousand dollars of the 12/27 payment interest in my 1099. resulting in a loss of roughly a thousand dollars in deductions.

Fido sent it in plenty of (normal) time. WF processed when received.

We since changed to a pull from WF. It works fine. It's an EFT.
CuriousGeorgeTx
Posts: 345
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Re: Fidelity as a one stop shop

Post by CuriousGeorgeTx »

heartwood wrote: Fri Mar 29, 2024 5:54 pm
CuriousGeorgeTx wrote: Fri Mar 29, 2024 4:16 pm
baliktad wrote: Thu Mar 28, 2024 11:24 pm
CuriousGeorgeTx wrote: Wed Mar 27, 2024 3:06 pm ...
I have only had one time in my long experience with Ally Bill Pay where a payment was deemed late by the payee. It was our HOA, and they have a murky process for receiving and posting payments, but they claimed mine was late and assessed a late fee. I sent the information to Ally and in a week, they reimbursed me for the late fee. I now have Ally Bill Pay deliver that payment a few days early.

I have had my property tax payment delivered on the due date for years with no problems. The county says they honor post marks.

Thanks.
Postmarks won't help you here. Every bill pay service I have ever used sends out mail with presorted indicia. This appears as a pre-printed plain black box outline on the envelope where you would normally place a stamp, with words like "PRESORTED First Class Mail US Postage Paid FISERV" inside. This type of mail does not get cancelled/postmarked as there is no need to cancel a stamp. Because there is no postmark, you must depend on the USPS to deliver the mail on time - the tax office has no evidence of the mailing date in case of late delivery.

Also note that Fidelity, like every other Bill Pay service, does not honor their late fee guarantee for tax payments. Their service agreement states in bold text:
The Service is not intended for use to make payments for alimony, child support, any type of insurance, taxes or other government fees or court-directed payments. You acknowledge that if you do submit a payment to one of these restricted vendors through the Service, Fidelity will not assume any liability for penalties, cancellation of coverage or any other expense, claim or damage related to nonpayment upon the processing or completion of such a payment. Any such payments are done at your own risk. While you are still able to submit such payments through the Service, they will not be covered under the Payment Guarantee in Section 13.
All that said, Fidelity's bill pay provider has established an electronic payment process with my county treasurer, so there's no printed check or USPS mail delays to worry about. I am happy to use Fidelity Bill Pay to pay my property taxes twice a year as they always deliver on exactly the day they say they will. Check your specific payee to confirm if they are enabled for electronic payments.
Thanks for the information. I have been living on the edge and didn’t know it. I’ve had Ally delivery the property tax payment for both our primary and vacation homes to their respective counties on the due date for many years with no issues. I had not thought about the absence of a postmark, or read the terms of service to know they would be excluded. Both of the counties I deal with receive checks (not electronic).
Slightly different bill pay experience but illustrates a bit about your "living on the edge".

I used to push my mortgage payment from fido to wells fargo. It worked flawlessly for about 8 (?) years.

At that time fido was sending a paper check to WF. That's since changed and WF since goes by EFT.

This was in the depths of covid. I scheduled a payment for 12/27 (an artifact of my original mortgage date). WF scheduled for it to arrive by the 27th, in fact I recall it was sent on the 23rd? USPS seems to be the culprit, it processed at WF on something like the 10th of January, over 2 weeks after it was sent.

Result: no penalty from WF, but they issue 1099s in very early January. It was too late to include several thousand dollars of the 12/27 payment interest in my 1099. resulting in a loss of roughly a thousand dollars in deductions.

Fido sent it in plenty of (normal) time. WF processed when received.

We since changed to a pull from WF. It works fine. It's an EFT.
thanks for sharing your experience.

I use EFT wherever it can be used 1) at no cost and 2) scheduled in advance (set and forget).
stocknoob4111
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Re: Fidelity as a one stop shop

Post by stocknoob4111 »

chassis wrote: Wed Mar 27, 2024 11:22 am Update?
It was a bug in the UI, the transaction did not happen even though it said it would.
chassis
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Re: Fidelity as a one stop shop

Post by chassis »

stocknoob4111 wrote: Sun Mar 31, 2024 6:59 pm
chassis wrote: Wed Mar 27, 2024 11:22 am Update?
It was a bug in the UI, the transaction did not happen even though it said it would.
Did you speak with a human at Fidelity, and they gave you the answer, "It was a bug in the UI"?
bbrock
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Re: Fidelity as a one stop shop

Post by bbrock »

Need clarification.

So for each our sons, we have a CMA account/brokerage account titled to our trust. I keep zero balance in their CMA side, rather their balance is maintained in their brokerage side in FDLXX. The settlement fund SPAXX currently has a $0.19.

I’m ready to teach them about debit cards. So if we go withdraw $20, let’s say, and I have a zero balance in their CMA, is that gonna be withdrawn from the brokerage automatically? Is there an overdraft fee? I can’t remember the nuances of this as we’ve never physically tried to withdraw cash. I want to maintain a zero balance in their CMA if everything could be handled with their brokerage (FDLXX).
bbrock
3000
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Re: Fidelity as a one stop shop

Post by 3000 »

bbrock wrote: Sun Mar 31, 2024 9:46 pm Need clarification.

So for each our sons, we have a CMA account/brokerage account titled to our trust. I keep zero balance in their CMA side, rather their balance is maintained in their brokerage side in FDLXX. The settlement fund SPAXX currently has a $0.19.

I’m ready to teach them about debit cards. So if we go withdraw $20, let’s say, and I have a zero balance in their CMA, is that gonna be withdrawn from the brokerage automatically? Is there an overdraft fee? I can’t remember the nuances of this as we’ve never physically tried to withdraw cash. I want to maintain a zero balance in their CMA if everything could be handled with their brokerage (FDLXX).
For the CMA to use a brokerage account as an overdraft source you need to set cash manager to do that. There is no fee for the overdraft feature.

If the ATM charges a fee (some Allpoint ATMs do not) it will be reimbursed. I do not know in which account the ATM fee reimbursement will be put in though.
bbrock
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Re: Fidelity as a one stop shop

Post by bbrock »

3000 wrote: Mon Apr 01, 2024 12:53 am
bbrock wrote: Sun Mar 31, 2024 9:46 pm Need clarification.

So for each our sons, we have a CMA account/brokerage account titled to our trust. I keep zero balance in their CMA side, rather their balance is maintained in their brokerage side in FDLXX. The settlement fund SPAXX currently has a $0.19.

I’m ready to teach them about debit cards. So if we go withdraw $20, let’s say, and I have a zero balance in their CMA, is that gonna be withdrawn from the brokerage automatically? Is there an overdraft fee? I can’t remember the nuances of this as we’ve never physically tried to withdraw cash. I want to maintain a zero balance in their CMA if everything could be handled with their brokerage (FDLXX).
For the CMA to use a brokerage account as an overdraft source you need to set cash manager to do that. There is no fee for the overdraft feature.

If the ATM charges a fee (some Allpoint ATMs do not) it will be reimbursed. I do not know in which account the ATM fee reimbursement will be put in though.
Got it. Thx.
bbrock
stocknoob4111
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Re: Fidelity as a one stop shop

Post by stocknoob4111 »

chassis wrote: Sun Mar 31, 2024 7:57 pm Did you speak with a human at Fidelity, and they gave you the answer, "It was a bug in the UI"?
Yes, that was confirmed by a rep that it is a bug and to ignore it. The reps have a read only view of what I see and he confirmed that he could see the erroneous entry as well.
CuriousGeorgeTx
Posts: 345
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Re: Fidelity as a one stop shop

Post by CuriousGeorgeTx »

bbrock wrote: Sun Mar 31, 2024 9:46 pm Need clarification.

So for each our sons, we have a CMA account/brokerage account titled to our trust. I keep zero balance in their CMA side, rather their balance is maintained in their brokerage side in FDLXX. The settlement fund SPAXX currently has a $0.19.

I’m ready to teach them about debit cards. So if we go withdraw $20, let’s say, and I have a zero balance in their CMA, is that gonna be withdrawn from the brokerage automatically? Is there an overdraft fee? I can’t remember the nuances of this as we’ve never physically tried to withdraw cash. I want to maintain a zero balance in their CMA if everything could be handled with their brokerage (FDLXX).
I tried to open a second trust brokerage account and a CMA for our RLT this morning. The online system directed me to a paper process. I called Customer Support and was told that there can only be one account per trust (with the same tax ID). If true, that would severely limit what I was hoping to set up in moving everything to Fidelity.
bbrock
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Location: CA

Re: Fidelity as a one stop shop

Post by bbrock »

CuriousGeorgeTx wrote: Mon Apr 01, 2024 9:13 am
bbrock wrote: Sun Mar 31, 2024 9:46 pm Need clarification.

So for each our sons, we have a CMA account/brokerage account titled to our trust. I keep zero balance in their CMA side, rather their balance is maintained in their brokerage side in FDLXX. The settlement fund SPAXX currently has a $0.19.

I’m ready to teach them about debit cards. So if we go withdraw $20, let’s say, and I have a zero balance in their CMA, is that gonna be withdrawn from the brokerage automatically? Is there an overdraft fee? I can’t remember the nuances of this as we’ve never physically tried to withdraw cash. I want to maintain a zero balance in their CMA if everything could be handled with their brokerage (FDLXX).
I tried to open a second trust brokerage account and a CMA for our RLT this morning. The online system directed me to a paper process. I called Customer Support and was told that there can only be one account per trust (with the same tax ID). If true, that would severely limit what I was hoping to set up in moving everything to Fidelity.
That’s strange. I better double check how things are on my end. But as it should stand, our taxable account is under our RLT and under that I’ve got two brokerage accounts. While they’re both in the RLT name, I just have them earmarked for each son.

I haven’t moved everything to Fidelity yet; may do it one day.
bbrock
CuriousGeorgeTx
Posts: 345
Joined: Mon Dec 14, 2015 4:59 pm

Re: Fidelity as a one stop shop

Post by CuriousGeorgeTx »

bbrock wrote: Mon Apr 01, 2024 11:01 am
That’s strange. I better double check how things are on my end. But as it should stand, our taxable account is under our RLT and under that I’ve got two brokerage accounts. While they’re both in the RLT name, I just have them earmarked for each son.

I haven’t moved everything to Fidelity yet; may do it one day.
Please let me know what you find.

I was planning to move all of my checking and savings account activity to Fidelity, but for estate planning purposes, I want them all owned by the trust. I'm doing to drop by my local Fidelity office this week and see if I get a different answer. My experience so far is that sometimes the reps don't know as much as they think they do (for example, I had trouble linking my Fidelity trust to my Treasury Direct Account in the TD Banks list. At this point I'm pretty sure (will know tomorrow for sure when a $500 TBill purchase I entered to test the link goes through) that it is possible and have heard from many on this site who have successfully linked Fidelity trust accounts. Yet I had two different Fidelity reps in different departments tell me it wasn't possible. So I'll keep poking around.

UPDATE: While I'm still going to make sure it is true that the trust can only have one account, if that is true, a possible workaround might be for me & DW to jointly own additional accounts with our RLT as the sole beneficiary of those accounts. That is what the estate planning attorney who drafted our documents said to do with banks (like our credit union) that don't provide for ownership by a trust.
bbrock
Posts: 1395
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Location: CA

Re: Fidelity as a one stop shop

Post by bbrock »

CuriousGeorgeTx wrote: Mon Apr 01, 2024 1:40 pm
bbrock wrote: Mon Apr 01, 2024 11:01 am
That’s strange. I better double check how things are on my end. But as it should stand, our taxable account is under our RLT and under that I’ve got two brokerage accounts. While they’re both in the RLT name, I just have them earmarked for each son.

I haven’t moved everything to Fidelity yet; may do it one day.
Please let me know what you find.

I was planning to move all of my checking and savings account activity to Fidelity, but for estate planning purposes, I want them all owned by the trust. I'm doing to drop by my local Fidelity office this week and see if I get a different answer. My experience so far is that sometimes the reps don't know as much as they think they do (for example, I had trouble linking my Fidelity trust to my Treasury Direct Account in the TD Banks list. At this point I'm pretty sure (will know tomorrow for sure when a $500 TBill purchase I entered to test the link goes through) that it is possible and have heard from many on this site who have successfully linked Fidelity trust accounts. Yet I had two different Fidelity reps in different departments tell me it wasn't possible. So I'll keep poking around.

UPDATE: While I'm still going to make sure it is true that the trust can only have one account, if that is true, a possible workaround might be for me & DW to jointly own additional accounts with our RLT as the sole beneficiary of those accounts. That is what the estate planning attorney who drafted our documents said to do with banks (like our credit union) that don't provide for ownership by a trust.
I was incorrec What I did was what you had discussed your last paragraph. I wanted to a streamlined opening ASAP, so I opened an individual account, and had the beneficiary set to the RLT. Something happens to me as a co-tte, it simply goes to my wife as fellow co-tte.

This may be a little more involved for her after I pass versus if it’s we have a Trust acct, but for what it’s worth right now this works splendid.
bbrock
kojima
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Re: Fidelity as a one stop shop

Post by kojima »

I have a few dollars in one of my IRA accounts where 100% of the holdings are in an ETF, except for the small % of cash that's in the account.

Is there a way to actually make it 100% in equities and use the remaining few dollars to purchase the ETF? I already have automatic dividend reinvesting setup in the account so wondering what the best way to get rid of the small % of cash that's left in the account.
TwstdSista
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Re: Fidelity as a one stop shop

Post by TwstdSista »

kojima wrote: Tue Apr 02, 2024 5:34 am I have a few dollars in one of my IRA accounts where 100% of the holdings are in an ETF, except for the small % of cash that's in the account.

Is there a way to actually make it 100% in equities and use the remaining few dollars to purchase the ETF? I already have automatic dividend reinvesting setup in the account so wondering what the best way to get rid of the small % of cash that's left in the account.
Use a mutual fund - I'd suggest FZROX.
SteveInNJ
Posts: 74
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Re: Fidelity as a one stop shop

Post by SteveInNJ »

kojima wrote: Tue Apr 02, 2024 5:34 am I have a few dollars in one of my IRA accounts where 100% of the holdings are in an ETF, except for the small % of cash that's in the account.

Is there a way to actually make it 100% in equities and use the remaining few dollars to purchase the ETF? I already have automatic dividend reinvesting setup in the account so wondering what the best way to get rid of the small % of cash that's left in the account.
You can buy fractional shares of ETFs. When you go to make a trade pick dollars instead of shares.

Also if it bothers you that much withdraw the few dollars and pay the minimal early withdrawal penalty :)
molecular
Posts: 49
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Re: Fidelity as a one stop shop

Post by molecular »

The transfers I've made from the CU to Fidelity have gone quickly.
Overall Fidelity's communication seems better than Vanguard's.
Still liking their platform.

In fairness to Vanguard I mailed them a check first class USPS on Friday afternoon and the amount shows as deposited when I logged in to their site today (Tuesday.) And they did send an e-mail notification of "Paperwork Received."

"Deposit Received" would be more accurate and less mysterious.
CuriousGeorgeTx
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Re: Fidelity as a one stop shop

Post by CuriousGeorgeTx »

bbrock wrote: Mon Apr 01, 2024 11:26 pm
CuriousGeorgeTx wrote: Mon Apr 01, 2024 1:40 pm
bbrock wrote: Mon Apr 01, 2024 11:01 am
That’s strange. I better double check how things are on my end. But as it should stand, our taxable account is under our RLT and under that I’ve got two brokerage accounts. While they’re both in the RLT name, I just have them earmarked for each son.

I haven’t moved everything to Fidelity yet; may do it one day.
Please let me know what you find.

I was planning to move all of my checking and savings account activity to Fidelity, but for estate planning purposes, I want them all owned by the trust. I'm doing to drop by my local Fidelity office this week and see if I get a different answer. My experience so far is that sometimes the reps don't know as much as they think they do (for example, I had trouble linking my Fidelity trust to my Treasury Direct Account in the TD Banks list. At this point I'm pretty sure (will know tomorrow for sure when a $500 TBill purchase I entered to test the link goes through) that it is possible and have heard from many on this site who have successfully linked Fidelity trust accounts. Yet I had two different Fidelity reps in different departments tell me it wasn't possible. So I'll keep poking around.

UPDATE: While I'm still going to make sure it is true that the trust can only have one account, if that is true, a possible workaround might be for me & DW to jointly own additional accounts with our RLT as the sole beneficiary of those accounts. That is what the estate planning attorney who drafted our documents said to do with banks (like our credit union) that don't provide for ownership by a trust.
I was incorrec What I did was what you had discussed your last paragraph. I wanted to a streamlined opening ASAP, so I opened an individual account, and had the beneficiary set to the RLT. Something happens to me as a co-tte, it simply goes to my wife as fellow co-tte.

This may be a little more involved for her after I pass versus if it’s we have a Trust acct, but for what it’s worth right now this works splendid.
Thanks for following up. I’m going to drop by the local Fidelity office when I finish my volunteer tax prep gig this afternoon and see what they have to say. I think I’d be OK with having a CMA account and perhaps another brokerage as a savings account with the workaround (DW and I as trustees, RLT as sole beneficiary), but not sure I would want to move my brokerage accounts from Schwab if they can’t be titled in the name of the trust.
bbrock
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Location: CA

Re: Fidelity as a one stop shop

Post by bbrock »

CuriousGeorgeTx wrote: Tue Apr 02, 2024 10:23 am
bbrock wrote: Mon Apr 01, 2024 11:26 pm
CuriousGeorgeTx wrote: Mon Apr 01, 2024 1:40 pm
bbrock wrote: Mon Apr 01, 2024 11:01 am
That’s strange. I better double check how things are on my end. But as it should stand, our taxable account is under our RLT and under that I’ve got two brokerage accounts. While they’re both in the RLT name, I just have them earmarked for each son.

I haven’t moved everything to Fidelity yet; may do it one day.
Please let me know what you find.

I was planning to move all of my checking and savings account activity to Fidelity, but for estate planning purposes, I want them all owned by the trust. I'm doing to drop by my local Fidelity office this week and see if I get a different answer. My experience so far is that sometimes the reps don't know as much as they think they do (for example, I had trouble linking my Fidelity trust to my Treasury Direct Account in the TD Banks list. At this point I'm pretty sure (will know tomorrow for sure when a $500 TBill purchase I entered to test the link goes through) that it is possible and have heard from many on this site who have successfully linked Fidelity trust accounts. Yet I had two different Fidelity reps in different departments tell me it wasn't possible. So I'll keep poking around.

UPDATE: While I'm still going to make sure it is true that the trust can only have one account, if that is true, a possible workaround might be for me & DW to jointly own additional accounts with our RLT as the sole beneficiary of those accounts. That is what the estate planning attorney who drafted our documents said to do with banks (like our credit union) that don't provide for ownership by a trust.
I was incorrec What I did was what you had discussed your last paragraph. I wanted to a streamlined opening ASAP, so I opened an individual account, and had the beneficiary set to the RLT. Something happens to me as a co-tte, it simply goes to my wife as fellow co-tte.

This may be a little more involved for her after I pass versus if it’s we have a Trust acct, but for what it’s worth right now this works splendid.
Thanks for following up. I’m going to drop by the local Fidelity office when I finish my volunteer tax prep gig this afternoon and see what they have to say. I think I’d be OK with having a CMA account and perhaps another brokerage as a savings account with the workaround (DW and I as trustees, RLT as sole beneficiary), but not sure I would want to move my brokerage accounts from Schwab if they can’t be titled in the name of the trust.
Called Fido on my 6 AM drive to work, Pacific time.
Discussed trust and brokerage accounts. After a good hold while she went and checked with her uppers, Lady stated there’s not a limit as far as how many brokerage accounts could be opened up under a trust account. Given that, I’m gonna add that to my to do list.
bbrock
CuriousGeorgeTx
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Re: Fidelity as a one stop shop

Post by CuriousGeorgeTx »

bbrock wrote: Tue Apr 02, 2024 1:34 pm
CuriousGeorgeTx wrote: Tue Apr 02, 2024 10:23 am
bbrock wrote: Mon Apr 01, 2024 11:26 pm
CuriousGeorgeTx wrote: Mon Apr 01, 2024 1:40 pm
bbrock wrote: Mon Apr 01, 2024 11:01 am
That’s strange. I better double check how things are on my end. But as it should stand, our taxable account is under our RLT and under that I’ve got two brokerage accounts. While they’re both in the RLT name, I just have them earmarked for each son.

I haven’t moved everything to Fidelity yet; may do it one day.
Please let me know what you find.

I was planning to move all of my checking and savings account activity to Fidelity, but for estate planning purposes, I want them all owned by the trust. I'm doing to drop by my local Fidelity office this week and see if I get a different answer. My experience so far is that sometimes the reps don't know as much as they think they do (for example, I had trouble linking my Fidelity trust to my Treasury Direct Account in the TD Banks list. At this point I'm pretty sure (will know tomorrow for sure when a $500 TBill purchase I entered to test the link goes through) that it is possible and have heard from many on this site who have successfully linked Fidelity trust accounts. Yet I had two different Fidelity reps in different departments tell me it wasn't possible. So I'll keep poking around.

UPDATE: While I'm still going to make sure it is true that the trust can only have one account, if that is true, a possible workaround might be for me & DW to jointly own additional accounts with our RLT as the sole beneficiary of those accounts. That is what the estate planning attorney who drafted our documents said to do with banks (like our credit union) that don't provide for ownership by a trust.
I was incorrec What I did was what you had discussed your last paragraph. I wanted to a streamlined opening ASAP, so I opened an individual account, and had the beneficiary set to the RLT. Something happens to me as a co-tte, it simply goes to my wife as fellow co-tte.

This may be a little more involved for her after I pass versus if it’s we have a Trust acct, but for what it’s worth right now this works splendid.
Thanks for following up. I’m going to drop by the local Fidelity office when I finish my volunteer tax prep gig this afternoon and see what they have to say. I think I’d be OK with having a CMA account and perhaps another brokerage as a savings account with the workaround (DW and I as trustees, RLT as sole beneficiary), but not sure I would want to move my brokerage accounts from Schwab if they can’t be titled in the name of the trust.
Called Fido on my 6 AM drive to work, Pacific time.
Discussed trust and brokerage accounts. After a good hold while she went and checked with her uppers, Lady stated there’s not a limit as far as how many brokerage accounts could be opened up under a trust account. Given that, I’m gonna add that to my to do list.
I went by my local Fidelity office this afternoon. It took a while, but eventually I was told that they could open as many trusts accounts as I wanted. They said they would take care of it and send me and DW as trustees documents to sign on Docusign. That hasn't come yet, but they were confident it would work. I will report back.

UPDATE: This morning (the day after I went by the office), I had an email with a link to complete the application for a 2nd trust brokerage account. I also had a message with a PDF to print off a pre-filled Trust CMA application, which cannot be done online).
Last edited by CuriousGeorgeTx on Wed Apr 03, 2024 10:31 am, edited 1 time in total.
Lyrrad
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Re: Fidelity as a one stop shop

Post by Lyrrad »

SteveInNJ wrote: Tue Apr 02, 2024 9:12 am
kojima wrote: Tue Apr 02, 2024 5:34 am I have a few dollars in one of my IRA accounts where 100% of the holdings are in an ETF, except for the small % of cash that's in the account.

Is there a way to actually make it 100% in equities and use the remaining few dollars to purchase the ETF? I already have automatic dividend reinvesting setup in the account so wondering what the best way to get rid of the small % of cash that's left in the account.
You can buy fractional shares of ETFs. When you go to make a trade pick dollars instead of shares.

Also if it bothers you that much withdraw the few dollars and pay the minimal early withdrawal penalty :)
You could probably withdraw up to $0.49 a year from each IRA and avoid all taxes penalties on that money.

I buy fractional shares and I've learned to ignore the leftover cents.
beachtime
Posts: 3
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Re: Fidelity as a one stop shop

Post by beachtime »

Newbie here, first post anywhere! I've been lurking since 2021 and have learned so much. Thank you all! I've read about 75 pages and finally decided to move most of my daily spending activity to Fidelity but ran into a snag. I've been doing set monthly recurring transfers from my Fidelity taxable account to my B&M checking/savings account to cover monthly expenses and bank CC payments. I just canceled that recurring transfer and tried to setup the same recurring transfer from the Fidelity taxable account to the CMA to replicate what I've been used to. However, the Fidelity website will not let me set recurring transfers between the Fidelity accounts. The ONE TIME/RECURRING tab does not appear. Can I not do recurring transfers between Fidelity accounts? If not, I'm sure there is a simple reason I'm not seeing.
bbrock
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Re: Fidelity as a one stop shop

Post by bbrock »

Deleted
Last edited by bbrock on Wed Apr 03, 2024 9:55 am, edited 1 time in total.
bbrock
3000
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Re: Fidelity as a one stop shop

Post by 3000 »

SPAXX will soon be available as a core position for the Cash Management Account. From the March statement’s Additional Information and Endnotes section at the end:

Please note that on or around June 15, 2024, you'll have the option to elect Fidelity(R) Government Money Market Fund (SPAXX) as your core sweep investment vehicle. You will not need to take any action if you wish to retain the Bank Sweep as your core position. For additional information on your core position options, including the current yields on the Bank Sweep and money market funds, please visit Fidelity.com/spend-save/fidelity-cash-management-account/overview
JohnSlackIV
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Re: Fidelity as a one stop shop

Post by JohnSlackIV »

beachtime wrote: Wed Apr 03, 2024 2:21 am Newbie here, first post anywhere! I've been lurking since 2021 and have learned so much. Thank you all! I've read about 75 pages and finally decided to move most of my daily spending activity to Fidelity but ran into a snag. I've been doing set monthly recurring transfers from my Fidelity taxable account to my B&M checking/savings account to cover monthly expenses and bank CC payments. I just canceled that recurring transfer and tried to setup the same recurring transfer from the Fidelity taxable account to the CMA to replicate what I've been used to. However, the Fidelity website will not let me set recurring transfers between the Fidelity accounts. The ONE TIME/RECURRING tab does not appear. Can I not do recurring transfers between Fidelity accounts? If not, I'm sure there is a simple reason I'm not seeing.
Welcome!

I don’t know the answer though I suspect others here might, but regardless, the quickest way to get this resolved is to just call Fidelity and ask them. Their customer support is generally excellent. If you do this, let us know what the issue was!
User avatar
VictorStarr
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Re: Fidelity as a one stop shop

Post by VictorStarr »

beachtime wrote: Wed Apr 03, 2024 2:21 am Newbie here, first post anywhere! I've been lurking since 2021 and have learned so much. Thank you all! I've read about 75 pages and finally decided to move most of my daily spending activity to Fidelity but ran into a snag. I've been doing set monthly recurring transfers from my Fidelity taxable account to my B&M checking/savings account to cover monthly expenses and bank CC payments. I just canceled that recurring transfer and tried to setup the same recurring transfer from the Fidelity taxable account to the CMA to replicate what I've been used to. However, the Fidelity website will not let me set recurring transfers between the Fidelity accounts. The ONE TIME/RECURRING tab does not appear. Can I not do recurring transfers between Fidelity accounts? If not, I'm sure there is a simple reason I'm not seeing.
You have to use the recurring transfer option. Sometimes this option is not available in the Transfer view (for transfers between Fidelity accounts). Here is how to create a recurring transfer:

Account & Trade → Transfers → Manage recurring transfers → Create new activity → Transfer.

The only frequencies available are monthly and annual.
Last edited by VictorStarr on Wed Apr 03, 2024 11:52 am, edited 1 time in total.
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runr
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Re: Fidelity as a one stop shop

Post by runr »

3000 wrote: Wed Apr 03, 2024 7:43 am SPAXX will soon be available as a core position for the Cash Management Account. From the March statement’s Additional Information and Endnotes section at the end:

Please note that on or around June 15, 2024, you'll have the option to elect Fidelity(R) Government Money Market Fund (SPAXX) as your core sweep investment vehicle. You will not need to take any action if you wish to retain the Bank Sweep as your core position. For additional information on your core position options, including the current yields on the Bank Sweep and money market funds, please visit Fidelity.com/spend-save/fidelity-cash-management-account/overview
Good to know, thanks. I'm still learning about Fido cash management account, so they will reimburse international ATM fee at the end of the statement period, but not the Visa 1% currency conversion (I think it basically says that in there TOS)?
fired at 39 since 2021
bbrock
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Re: Fidelity as a one stop shop

Post by bbrock »

JohnSlackIV wrote: Wed Apr 03, 2024 9:00 am
beachtime wrote: Wed Apr 03, 2024 2:21 am Newbie here, first post anywhere! I've been lurking since 2021 and have learned so much. Thank you all! I've read about 75 pages and finally decided to move most of my daily spending activity to Fidelity but ran into a snag. I've been doing set monthly recurring transfers from my Fidelity taxable account to my B&M checking/savings account to cover monthly expenses and bank CC payments. I just canceled that recurring transfer and tried to setup the same recurring transfer from the Fidelity taxable account to the CMA to replicate what I've been used to. However, the Fidelity website will not let me set recurring transfers between the Fidelity accounts. The ONE TIME/RECURRING tab does not appear. Can I not do recurring transfers between Fidelity accounts? If not, I'm sure there is a simple reason I'm not seeing.
Welcome!

I don’t know the answer though I suspect others here might, but regardless, the quickest way to get this resolved is to just call Fidelity and ask them. Their customer support is generally excellent. If you do this, let us know what the issue was!
I will second that on their CS. I contacted a rep yesterday for my drive to work, and she was beyond helpful. Everything that Vanguard is currently lacking. Back in the "old days," it seemed like Vanguard had similar CS, but definitely not nowadays. I was so impressed by this lady's professionalism and assistance.
bbrock
bbrock
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Re: Fidelity as a one stop shop

Post by bbrock »

runr wrote: Wed Apr 03, 2024 11:23 am
3000 wrote: Wed Apr 03, 2024 7:43 am SPAXX will soon be available as a core position for the Cash Management Account. From the March statement’s Additional Information and Endnotes section at the end:

Please note that on or around June 15, 2024, you'll have the option to elect Fidelity(R) Government Money Market Fund (SPAXX) as your core sweep investment vehicle. You will not need to take any action if you wish to retain the Bank Sweep as your core position. For additional information on your core position options, including the current yields on the Bank Sweep and money market funds, please visit Fidelity.com/spend-save/fidelity-cash-management-account/overview
Good to know, thanks. I'm still learning about Fido cash management account, so they will reimburse international ATM fee at the end of the statement period, but not the Visa 1% currency conversion (I think it basically says that in there TOS)?
I thought SPAXX is already the core, and has been, on my CMA account. In the two CMAs I have, it is invested in FDLXX, with what I thought was SPAXX as the settlement fund. I just saw it yesterday. Perhaps I am getting mixed up.
bbrock
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runr
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Re: Fidelity as a one stop shop

Post by runr »

bbrock wrote: Wed Apr 03, 2024 11:30 am
runr wrote: Wed Apr 03, 2024 11:23 am
3000 wrote: Wed Apr 03, 2024 7:43 am SPAXX will soon be available as a core position for the Cash Management Account. From the March statement’s Additional Information and Endnotes section at the end:

Please note that on or around June 15, 2024, you'll have the option to elect Fidelity(R) Government Money Market Fund (SPAXX) as your core sweep investment vehicle. You will not need to take any action if you wish to retain the Bank Sweep as your core position. For additional information on your core position options, including the current yields on the Bank Sweep and money market funds, please visit Fidelity.com/spend-save/fidelity-cash-management-account/overview
Good to know, thanks. I'm still learning about Fido cash management account, so they will reimburse international ATM fee at the end of the statement period, but not the Visa 1% currency conversion (I think it basically says that in there TOS)?
I thought SPAXX is already the core, and has been, on my CMA account. In the two CMAs I have, it is invested in FDLXX, with what I thought was SPAXX as the settlement fund. I just saw it yesterday. Perhaps I am getting mixed up.
Ya, your looking at your taxable, that's why a lot of customers do the financial gymnastics to get more yield.
fired at 39 since 2021
bbrock
Posts: 1395
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Re: Fidelity as a one stop shop

Post by bbrock »

runr wrote: Wed Apr 03, 2024 11:33 am
bbrock wrote: Wed Apr 03, 2024 11:30 am
runr wrote: Wed Apr 03, 2024 11:23 am
3000 wrote: Wed Apr 03, 2024 7:43 am SPAXX will soon be available as a core position for the Cash Management Account. From the March statement’s Additional Information and Endnotes section at the end:

Please note that on or around June 15, 2024, you'll have the option to elect Fidelity(R) Government Money Market Fund (SPAXX) as your core sweep investment vehicle. You will not need to take any action if you wish to retain the Bank Sweep as your core position. For additional information on your core position options, including the current yields on the Bank Sweep and money market funds, please visit Fidelity.com/spend-save/fidelity-cash-management-account/overview
Good to know, thanks. I'm still learning about Fido cash management account, so they will reimburse international ATM fee at the end of the statement period, but not the Visa 1% currency conversion (I think it basically says that in there TOS)?
I thought SPAXX is already the core, and has been, on my CMA account. In the two CMAs I have, it is invested in FDLXX, with what I thought was SPAXX as the settlement fund. I just saw it yesterday. Perhaps I am getting mixed up.
Ya, your looking at your taxable, that's why a lot of customers do the financial gymnastics to get more yield.
So was this notice to inform that SPAXX is going to be an option for customer's settlement in his/her retirement account? I am still not getting it... and I thought this mornings coffee was strong enough :oops:
bbrock
3000
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Re: Fidelity as a one stop shop

Post by 3000 »

bbrock wrote: Wed Apr 03, 2024 11:40 am
runr wrote: Wed Apr 03, 2024 11:33 am
bbrock wrote: Wed Apr 03, 2024 11:30 am
runr wrote: Wed Apr 03, 2024 11:23 am
3000 wrote: Wed Apr 03, 2024 7:43 am SPAXX will soon be available as a core position for the Cash Management Account. From the March statement’s Additional Information and Endnotes section at the end:

Good to know, thanks. I'm still learning about Fido cash management account, so they will reimburse international ATM fee at the end of the statement period, but not the Visa 1% currency conversion (I think it basically says that in there TOS)?
I thought SPAXX is already the core, and has been, on my CMA account. In the two CMAs I have, it is invested in FDLXX, with what I thought was SPAXX as the settlement fund. I just saw it yesterday. Perhaps I am getting mixed up.
Ya, your looking at your taxable, that's why a lot of customers do the financial gymnastics to get more yield.
So was this notice to inform that SPAXX is going to be an option for customer's settlement in his/her retirement account? I am still not getting it... and I thought this mornings coffee was strong enough :oops:
As of now the core position of Fidelity's Cash Management Account (CMA) is a FDIC-Insured Deposit Sweep which pays 2.72% APY. Any money deposited into a CMA goes into that.

You then can use the money in the FDIC core position to buy a money market fund like SPAXX or FDLXX to earn a higher yield. Fidelity treats funds in a money market fund as available to withdraw and will auto liquidate from the money market funds to cover debits to the account. You do not need to place a sell order.

By adding the option of SPAXX as a core position to the CMA Fidelity is eliminating the need to manually buy into SPAXX.

SPAXX is the default core position for Fidelity brokerage account known as "The Fidelity Account". Which is a taxable brokerage account.

SPAXX is also the core position in IRAs already.
3000
Posts: 273
Joined: Sat Aug 17, 2019 9:08 pm

Re: Fidelity as a one stop shop

Post by 3000 »

runr wrote: Wed Apr 03, 2024 11:23 am
3000 wrote: Wed Apr 03, 2024 7:43 am SPAXX will soon be available as a core position for the Cash Management Account. From the March statement’s Additional Information and Endnotes section at the end:

Please note that on or around June 15, 2024, you'll have the option to elect Fidelity(R) Government Money Market Fund (SPAXX) as your core sweep investment vehicle. You will not need to take any action if you wish to retain the Bank Sweep as your core position. For additional information on your core position options, including the current yields on the Bank Sweep and money market funds, please visit Fidelity.com/spend-save/fidelity-cash-management-account/overview
Good to know, thanks. I'm still learning about Fido cash management account, so they will reimburse international ATM fee at the end of the statement period, but not the Visa 1% currency conversion (I think it basically says that in there TOS)?
ATM fees are reimbursed after the ATM withdrawal posts to the account not at the end of the statement period. My understanding from this thread is the 1% fee is only charged for point of sale transactions not ATM withdrawals.
trueson1
Posts: 318
Joined: Mon Mar 13, 2017 11:40 am

Re: Fidelity as a one stop shop

Post by trueson1 »

Assuming the Fidelity CMC has bill pay. If, so how good is it? A good smooth bill pay is a must for me.
beachtime
Posts: 3
Joined: Wed Apr 03, 2024 1:29 am

Re: Fidelity as a one stop shop

Post by beachtime »

VictorStarr wrote: Wed Apr 03, 2024 11:15 am
beachtime wrote: Wed Apr 03, 2024 2:21 am Newbie here, first post anywhere! I've been lurking since 2021 and have learned so much. Thank you all! I've read about 75 pages and finally decided to move most of my daily spending activity to Fidelity but ran into a snag. I've been doing set monthly recurring transfers from my Fidelity taxable account to my B&M checking/savings account to cover monthly expenses and bank CC payments. I just canceled that recurring transfer and tried to setup the same recurring transfer from the Fidelity taxable account to the CMA to replicate what I've been used to. However, the Fidelity website will not let me set recurring transfers between the Fidelity accounts. The ONE TIME/RECURRING tab does not appear. Can I not do recurring transfers between Fidelity accounts? If not, I'm sure there is a simple reason I'm not seeing.
You have to use the recurring transfer option. Sometimes this option is not available in the Transfer view (for transfers between Fidelity accounts). Here is how to create a recurring transfer:

Account & Trade → Transfers → Manage recurring transfers → Create new activity → Transfer.

The only frequencies available are monthly and annual.
VictorStarr
Those are the steps I took. After entering, account from(taxable), then transferred to (CMA) the ONE TIME/RECURRING tab does not appear. If I change the "transferred to" an outside bank the recurring tab appears! I'll be calling customer service this afternoon. They've also been very helpful to us in the past.
bbrock
Posts: 1395
Joined: Mon Nov 23, 2009 7:55 pm
Location: CA

Re: Fidelity as a one stop shop

Post by bbrock »

3000 wrote: Wed Apr 03, 2024 12:45 pm
runr wrote: Wed Apr 03, 2024 11:23 am
3000 wrote: Wed Apr 03, 2024 7:43 am SPAXX will soon be available as a core position for the Cash Management Account. From the March statement’s Additional Information and Endnotes section at the end:

Please note that on or around June 15, 2024, you'll have the option to elect Fidelity(R) Government Money Market Fund (SPAXX) as your core sweep investment vehicle. You will not need to take any action if you wish to retain the Bank Sweep as your core position. For additional information on your core position options, including the current yields on the Bank Sweep and money market funds, please visit Fidelity.com/spend-save/fidelity-cash-management-account/overview
Good to know, thanks. I'm still learning about Fido cash management account, so they will reimburse international ATM fee at the end of the statement period, but not the Visa 1% currency conversion (I think it basically says that in there TOS)?
ATM fees are reimbursed after the ATM withdrawal posts to the account not at the end of the statement period. My understanding from this thread is the 1% fee is only charged for point of sale transactions not ATM withdrawals.
Is the 1% POS reimbursed as well?
bbrock
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