Fidelity as a one stop shop

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
Dregob
Posts: 891
Joined: Wed Sep 26, 2018 9:45 pm

Re: Fidelity as a one stop shop

Post by Dregob »

jbranx wrote: Sat Dec 15, 2018 9:17 pm Agree with the other replies: Fidelity has everything you need. If you happen to qualify for high net worth designation, you're in gravy. If you live close to a Fido branch, drive there with all your account information and they will take care of the paperwork. Easy to do online as well.

Fidelity advantages:

index funds as cheap or cheaper than Vanguard for most asset classes; three "zero" cost index funds;

competitive money market accounts, though maybe not as high as Vanguard, depending on the amount you initially deposit in them;

absolutely superb customer service, great website, continuous improvement;

if you say you intend to self-manage your accounts, they will totally leave you alone;

excellent tracking of divs and cap gains, easy downloading at tax time into TurboTax etc.

great donor advised fund to handle all 501c eligible charities;

very good Visa card with US Bank that gives you 2% on all transactions that you can deposit back into your account; ATM reimbursement; collision damage waiver on rental cars;

designated contact/advisor if you want one; 24-hour phone service by well-trained agents;

very good trust services; excellent execution on trades; no commissions on bunch of Ishares ETFs;

direct deposit of SS and any other services; great phone app for electronic deposit of all checks; I use them as my sole bank; while not a bank, you won't be able to tell the difference given all the services they provide; good CD lists; ability to create CD and treasury ladders; free treasury purchases at auction;

I've been a customer since 1983. The only caution is that they do have lots of higher-cost funds and services that you can easily resist.
The zero cost Fidelity index funds really tie you to Fidelity (not that that is a bad thing).
SnowBog
Posts: 4863
Joined: Fri Dec 21, 2018 10:21 pm

Re: Fidelity as a one stop shop

Post by SnowBog »

Dregob wrote: Mon May 13, 2024 10:42 pm
jbranx wrote: Sat Dec 15, 2018 9:17 pm Agree with the other replies: Fidelity has everything you need. If you happen to qualify for high net worth designation, you're in gravy. If you live close to a Fido branch, drive there with all your account information and they will take care of the paperwork. Easy to do online as well.

Fidelity advantages:

index funds as cheap or cheaper than Vanguard for most asset classes; three "zero" cost index funds;

competitive money market accounts, though maybe not as high as Vanguard, depending on the amount you initially deposit in them;

absolutely superb customer service, great website, continuous improvement;

if you say you intend to self-manage your accounts, they will totally leave you alone;

excellent tracking of divs and cap gains, easy downloading at tax time into TurboTax etc.

great donor advised fund to handle all 501c eligible charities;

very good Visa card with US Bank that gives you 2% on all transactions that you can deposit back into your account; ATM reimbursement; collision damage waiver on rental cars;

designated contact/advisor if you want one; 24-hour phone service by well-trained agents;

very good trust services; excellent execution on trades; no commissions on bunch of Ishares ETFs;

direct deposit of SS and any other services; great phone app for electronic deposit of all checks; I use them as my sole bank; while not a bank, you won't be able to tell the difference given all the services they provide; good CD lists; ability to create CD and treasury ladders; free treasury purchases at auction;

I've been a customer since 1983. The only caution is that they do have lots of higher-cost funds and services that you can easily resist.
The zero cost Fidelity index funds really tie you to Fidelity (not that that is a bad thing).
IMHO the "zero" funds should only be used in tax-advantaged accounts, where there is zero tax impact, should you ever want to move your funds.

I prefer ETFs in taxable accounts for their typically lower ER, lower taxes, and increased portability.
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bmstrong
Posts: 309
Joined: Mon Sep 18, 2017 7:14 pm

Re: Fidelity as a one stop shop

Post by bmstrong »

Huge thanks for everyone in this mad sprawling thread. Paid my utilities, automatically, with the interest in my CMA. What a wonderful feeling! Bring on SPAXX/June!
lostdog
Posts: 5392
Joined: Thu Feb 04, 2016 1:15 pm

Re: Fidelity as a one stop shop

Post by lostdog »

How are some of you setup for cash management with your spouse and joint ownership?
Mattman25
Posts: 71
Joined: Wed Nov 01, 2023 1:38 pm

Re: Fidelity as a one stop shop

Post by Mattman25 »

lostdog wrote: Tue May 14, 2024 9:28 am How are some of you setup for cash management with your spouse and joint ownership?
Our main taxable account is setup as JWROS (joint with rights of survivorship) and I use that instead of a CMA account for debit transactions. But you could also make a CMA account JWROS, right? Reward credit card pulls from and deposits into this same joint account. Cash is held in sweep position (SPAXX) in this account.
bbrock
Posts: 1514
Joined: Mon Nov 23, 2009 7:55 pm
Location: CA

Re: Fidelity as a one stop shop

Post by bbrock »

lostdog wrote: Tue May 14, 2024 9:28 am How are some of you setup for cash management with your spouse and joint ownership?
Still in the midst of getting two CMA’s re-registered from individual with TOD to our Trust to be registered Trust CMA’s. The Fido rep over the phone completed/filled in the necessary boxes, forwarded me the forms, and I just need to set an appointment at my local Bank of America to get the forms notarized since they offer free notary services (I think it’s at PH level). The forms are the “Fido change of account registration – cash management,” and “ Fidelity certification of trust.”

Fortunately our balances are low in the CMA accounts, we don’t have to deal with the medallion signature guarantee as well. Had that had to happen that would’ve been a pain because BofA doesn’t do a Medallion signature guarantees for non-BFA forms, at least that’s what it stated online.
bbrock
bbrock
Posts: 1514
Joined: Mon Nov 23, 2009 7:55 pm
Location: CA

Re: Fidelity as a one stop shop

Post by bbrock »

Dregob wrote: Mon May 13, 2024 10:42 pm
jbranx wrote: Sat Dec 15, 2018 9:17 pm Agree with the other replies: Fidelity has everything you need. If you happen to qualify for high net worth designation, you're in gravy. If you live close to a Fido branch, drive there with all your account information and they will take care of the paperwork. Easy to do online as well.

Fidelity advantages:

index funds as cheap or cheaper than Vanguard for most asset classes; three "zero" cost index funds;

competitive money market accounts, though maybe not as high as Vanguard, depending on the amount you initially deposit in them;

absolutely superb customer service, great website, continuous improvement;

if you say you intend to self-manage your accounts, they will totally leave you alone;

excellent tracking of divs and cap gains, easy downloading at tax time into TurboTax etc.

great donor advised fund to handle all 501c eligible charities;

very good Visa card with US Bank that gives you 2% on all transactions that you can deposit back into your account; ATM reimbursement; collision damage waiver on rental cars;

designated contact/advisor if you want one; 24-hour phone service by well-trained agents;

very good trust services; excellent execution on trades; no commissions on bunch of Ishares ETFs;

direct deposit of SS and any other services; great phone app for electronic deposit of all checks; I use them as my sole bank; while not a bank, you won't be able to tell the difference given all the services they provide; good CD lists; ability to create CD and treasury ladders; free treasury purchases at auction;

I've been a customer since 1983. The only caution is that they do have lots of higher-cost funds and services that you can easily resist.
The zero cost Fidelity index funds really tie you to Fidelity (not that that is a bad thing).
@Dregob, I wanted to research if the Foard does primary or secondary CDW coverage. Per Google search, this is what was found:
As of April 1, 2021, the Fidelity Visa Signature card no longer offers auto rental collision damage waiver (CDW) or extended warranty protection benefits.

Also, how can you have a designated contact/advisor “if you want one?” Don’t you have to be at a certain wealth level for that?
bbrock
Dregob
Posts: 891
Joined: Wed Sep 26, 2018 9:45 pm

Re: Fidelity as a one stop shop

Post by Dregob »

Yes they did drop the auto rental insurance benefit. I don’t rent cars very often. But I have a letter from my auto insurance stating it covers a rental car. Look at your auto policy if you have one. This is helpful when the auto rental company tells you insurance is mandatory!
I have a backup card that I can use that does offer the rental benefit.

I don’t have a designated contact. Don’t need or want one at this point. No cold calls is a benefit!
bbrock
Posts: 1514
Joined: Mon Nov 23, 2009 7:55 pm
Location: CA

Re: Fidelity as a one stop shop

Post by bbrock »

Dregob wrote: Tue May 14, 2024 10:41 pm Yes they did drop the auto rental insurance benefit. I don’t rent cars very often. But I have a letter from my auto insurance stating it covers a rental car. Look at your auto policy if you have one. This is helpful when the auto rental company tells you insurance is mandatory!
I have a backup card that I can use that does offer the rental benefit.

I don’t have a designated contact. Don’t need or want one at this point. No cold calls is a benefit!
Got it.

For the rental, it was more so trying to find out if it’s primary coverage or secondary. Most credit cards do secondary. A handful do primary coverage. Through learning here at Bogleheads primary is much more optimal since they completely bypasses your insurance company if a problem arises.
bbrock
bbrock
Posts: 1514
Joined: Mon Nov 23, 2009 7:55 pm
Location: CA

ACAT fee reimbursement

Post by bbrock »

Hey y’all.

Will Fido reimburse a $99 ACAT fee for $216k transfer? Will they reimburse a $75 ACAT fee for a $356k transfer?
bbrock
tj
Posts: 9847
Joined: Wed Dec 23, 2009 11:10 pm

Re: ACAT fee reimbursement

Post by tj »

bbrock wrote: Wed May 22, 2024 7:35 pm Hey y’all.

Will Fido reimburse a $99 ACAT fee for $216k transfer? Will they reimburse a $75 ACAT fee for a $356k transfer?
Probably. Only way to find out is to ask them.
FBM
Posts: 8
Joined: Thu Jul 02, 2020 9:26 am

Re: ACAT fee reimbursement

Post by FBM »

bbrock wrote: Wed May 22, 2024 7:35 pm Hey y’all.

Will Fido reimburse a $99 ACAT fee for $216k transfer? Will they reimburse a $75 ACAT fee for a $356k transfer?
According to this they will (login required): https://digital.fidelity.com/ftgw/digit ... tf/feeinfo
Fidelity may reimburse your transfer fees if you transferred an account worth $25,000 or greater.*

*If you already had $25,000 or more in personal investments (not in a workplace-sponsored plan (401(k), Health Savings Account, Employee Stock Plan, etc.) at Fidelity at the time you transferred an account with a value less than $25,000, you may also be eligible for reimbursement.

You can’t request reimbursement for an amount that’s greater than the transfer fee you were charged. Only termination or transfer-related fees are eligible for reimbursement. Any reimbursements made in nonretirement brokerage accounts are taxable and may create a 1099-MISC reporting. Reimbursements made in retirement brokerage or personal investing Health Savings Accounts are nontaxable. Reimbursements cannot be issued by check or credited to another retirement or nonretirement account.
jimcorreia
Posts: 6
Joined: Mon Jan 24, 2022 2:48 am

Re: ACAT fee reimbursement

Post by jimcorreia »

*If you already had $25,000 or more in personal investments (not in a workplace-sponsored plan (401(k), Health Savings Account, Employee Stock Plan, etc.) at Fidelity at the time you transferred an account with a value less than $25,000, you may also be eligible for reimbursement.
May is the key word, here. I transferred a small account, and the request was denied even though I had more than $25,000 in personal investments with Fidelity at the time.

I also transferred a large (>$25K account), and they did reimburse the fee.
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