Fidelity as a one stop shop

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xmorphicx
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Re: Fidelity as a one stop shop

Post by xmorphicx »

1morelia wrote: Mon Jun 10, 2024 1:40 pm
bmstrong wrote: Mon Jun 10, 2024 10:42 am This is the week we should be able to switch into SPAXX in the CMA?
I little help please...based on what I learned reading this discussion, I decided to open a CMA with Fidelity to start my "one stop shop" moving my finances..
So when I query which was my Core Fund/Position the system said:
"For your Cash Management (Individual - TOD) account (XXXXXXXX), the core position is (FDIC) - FDIC-INSURED DEPOSIT SWEEP. For more detailed information, please check the position details."

Me: How do I change my core position? Cash Management (Ind... XXXXXXX).
"The account you selected does not have other eligible core positions."

Not sure what am I missing, I just started funding my CMA and had understood that the core fund/position was set at account opening...I do not want to keep my money in the FDIC option to low interest (I do not have much money in there for now ~3k) nor I want to manually have to move money I deposit but (according to what I have read here) there should be a way to setup your core and so money automatically goes in and out from there....I will appreciate any guidance on how to get a core fund associated with my CMA...

BTW - the Fidelity representative says that SPAXX should be available to use as core on 15 June...

thanks all!
Yep, that's accurate - currently your only option for the Core Position is the FDIC-insured deposit sweep, which is why you cannot find the option to change it. As you said, SPAXX will become a core option around June 15th, at which point you can select either SPAXX or the FDIC-insured deposit sweep in the CMA. By the way, your Core Position is not something that is just set at account opening - you can change it anytime! In the meantime, what most people do is manually purchase one of the money market funds eligible for auto-liquidation (i.e., MMFs that automatically sell to fill debits as needed) such as SPAXX (or SPRXX, FDLXX, etc.). It's an already easy process that's about to become seamless around June 15th.
Lastrun
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Re: Fidelity as a one stop shop

Post by Lastrun »

xmorphicx wrote: Mon Jun 10, 2024 2:44 pm ....... It's an already easy process that's about to become seamless around June 15th.
I had posited a while back that roughly one-third of the posts of this over 6,000 post thread would become irrelevant after June 15 as they focused on all the gyrations to keep money out of the FDIC CMA core.

Still nice to have cash and investing separation as well as better yielding or more tax efficient money markets, but still.....
cb474
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Re: Fidelity as a one stop shop

Post by cb474 »

Lastrun wrote: Mon Jun 10, 2024 1:45 pm Called today, and the script is exactly the same as cb474's-BNY sent me to Fidelity in Denver, they put in a work order. Said should happen in 5 days.

We'll see, but at this point, I am thinking it may have just been easier to open a second CMA and put $500 bucks in it, and fund it for international travel as needed and cancel the debit cards on the main CMA.
Yeah, if it doesn't work, I'm thinking of doing something similar. Or just using my old bank checking account exclusively for cash and the ATM. Probaby something I should have done a long time ago.

Of course, none of this would be necessary if banks took fraud more seriously, i.e. by requiring pin codes for every debit card transaction. It is kind of nonsensical that we live in a moment where every random website is more and more requiring two factor authentication (via SMS or an authenticator app), even some websites, in my experience, where there is very little risk involved if someone accesses my user account. And yet when it comes to having your checking account cleared out of thousands of dollars, not even one factor of authentication is required. What's up with that? (I mean, I have some answers, but it's still mind boggling.)
NYCaviator
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Re: Fidelity as a one stop shop

Post by NYCaviator »

cb474 wrote: Mon Jun 10, 2024 5:46 pm
Lastrun wrote: Mon Jun 10, 2024 1:45 pm Called today, and the script is exactly the same as cb474's-BNY sent me to Fidelity in Denver, they put in a work order. Said should happen in 5 days.

We'll see, but at this point, I am thinking it may have just been easier to open a second CMA and put $500 bucks in it, and fund it for international travel as needed and cancel the debit cards on the main CMA.
Yeah, if it doesn't work, I'm thinking of doing something similar. Or just using my old bank checking account exclusively for cash and the ATM. Probaby something I should have done a long time ago.

Of course, none of this would be necessary if banks took fraud more seriously, i.e. by requiring pin codes for every debit card transaction. It is kind of nonsensical that we live in a moment where every random website is more and more requiring two factor authentication (via SMS or an authenticator app), even some websites, in my experience, where there is very little risk involved if someone accesses my user account. And yet when it comes to having your checking account cleared out of thousands of dollars, not even one factor of authentication is required. What's up with that? (I mean, I have some answers, but it's still mind boggling.)
You can also lock the debit cards when you aren't using them. I opened a CMA to use as a HYSA only but opted not to get a debit card. We're just going to use our regular bank for that. To me, paying a 3% foreign transaction fee once in a blue moon is fine considering I value having my checking at a real bank. I find that I use ATMs less and less these days, even overseas. I can't remember the last time I needed actual cash.
Lastrun
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Re: Fidelity as a one stop shop

Post by Lastrun »

NYCaviator wrote: Mon Jun 10, 2024 6:40 pm …..
You can also lock the debit cards when you aren't using them. I opened a CMA to use as a HYSA only but opted not to get a debit card. We're just going to use our regular bank for that. To me, paying a 3% foreign transaction fee once in a blue moon is fine considering I value having my checking at a real bank. I find that I use ATMs less and less these days, even overseas. I can't remember the last time I needed actual cash.
I really only use ATMs internationally for occasional tips. My fear is that I have the card unlocked overseas, it is stolen, and I can’t re-lock it before mischief. Honestly, the main issue with Fidelity’s debit card controls, as I think I have posted, is they are rudimentary-lock only. At BofA you can separately set ATM and debit limits as well as lock, allowing one to make a debit card effectively ATM only, with lock and unlock capabilities.

Honestly, I first used an ATM card in 1982, but was never a debit guy, and somewhat embarrassingly recently realized you could use a debit card without a PIN for merchant transactions.
Lyrrad
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Re: Fidelity as a one stop shop

Post by Lyrrad »

Lastrun wrote: Mon Jun 10, 2024 6:54 pm I really only use ATMs internationally for occasional tips. My fear is that I have the card unlocked overseas, it is stolen, and I can’t re-lock it before mischief. Honestly, the main issue with Fidelity’s debit card controls, as I think I have posted, is they are rudimentary-lock only. At BofA you can separately set ATM and debit limits as well as lock, allowing one to make a debit card effectively ATM only, with lock and unlock capabilities.

Honestly, I first used an ATM card in 1982, but was never a debit guy, and somewhat embarrassingly recently realized you could use a debit card without a PIN for merchant transactions.
For that scenario, you may want to consider a separate CMA only for ATM withdrawals. You can lock the card and/or and keep a very low balance, until you plan to use it.

Presumably you can follow the instructions others have posted to reduce purchase limits, too.
Lastrun
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Re: Fidelity as a one stop shop

Post by Lastrun »

Lyrrad wrote: Mon Jun 10, 2024 7:12 pm
Lastrun wrote: Mon Jun 10, 2024 6:54 pm I really only use ATMs internationally for occasional tips. My fear is that I have the card unlocked overseas, it is stolen, and I can’t re-lock it before mischief. Honestly, the main issue with Fidelity’s debit card controls, as I think I have posted, is they are rudimentary-lock only. At BofA you can separately set ATM and debit limits as well as lock, allowing one to make a debit card effectively ATM only, with lock and unlock capabilities.

Honestly, I first used an ATM card in 1982, but was never a debit guy, and somewhat embarrassingly recently realized you could use a debit card without a PIN for merchant transactions.
For that scenario, you may want to consider a separate CMA only for ATM withdrawals. You can lock the card and/or and keep a very low balance, until you plan to use it.

Presumably you can follow the instructions others have posted to reduce purchase limits, too.
Yes and yes, see my posts upthread. I called Fidelity and reported back and noted that reflecting on things this afternoon it may just be easier to run a second CMA.
cb474
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Re: Fidelity as a one stop shop

Post by cb474 »

NYCaviator wrote: Mon Jun 10, 2024 6:40 pmYou can also lock the debit cards when you aren't using them. I opened a CMA to use as a HYSA only but opted not to get a debit card. We're just going to use our regular bank for that. To me, paying a 3% foreign transaction fee once in a blue moon is fine considering I value having my checking at a real bank. I find that I use ATMs less and less these days, even overseas. I can't remember the last time I needed actual cash.
Yes, I'm aware of that, it's been mentioned many times in this thread. I probably will use the lock feature.

But I do think it has downsides. For one thing, I generally never use the apps of financial institutions. I think doing banking on one's phone is its own security risk, in many ways (also someone who follows closely the security bugs that frequently show up in mobile operating systems). And sure I could just log into the website to lock/unlock, but typing in a long password on a phone is annoying. I am also concerned that if I'm planning to lock/unlock just at the moment I go to the ATM, that, if I'm travelling internationally, I'm assuming I'll always have good signal and no problem connecting. My experience with the international data on my mobile plan has been less than optimum. So I don't necessarily want to count on always having a internet connection, in order to be able to withdraw cash from an ATM. To me, people in this thread have made the lock/unlock feature sound easy and convenient, but I can forsee potential pitfalls.

Probably having an separate account just for holding a small amount of cash for the ATM is the best solution, but it's just annoying to have lots of different accounts and having to remember to shift money around (kind of the opposite of the one-stop-shop ethos). So to me all the options are less than ideal. I will be happy though if Fidelity comes through and lowers my purchase limit to $0, as requested.
cb474
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Re: Fidelity as a one stop shop

Post by cb474 »

Lastrun wrote: Mon Jun 10, 2024 6:54 pmHonestly, the main issue with Fidelity’s debit card controls, as I think I have posted, is they are rudimentary-lock only. At BofA you can separately set ATM and debit limits as well as lock, allowing one to make a debit card effectively ATM only, with lock and unlock capabilities.
Those BofA features sound great. A good example that Fidelity could really step up their game on their debit card services.
increment
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Re: Fidelity as a one stop shop

Post by increment »

mhc wrote: Sat Jun 08, 2024 3:46 pm 2. At Vanguard I had everything set to Spec ID. This does not seem to be an option at Fidelity. Do I have to specify this in some way every time I sell?
As I understand it, Vanguard's Spec ID means "you cannot place a sell order without first having to choose lots." There is no Fidelity option for that.

However, you can (meaningfully) choose lots each time you sell if your default disposal method is any of the choices besides the average-basis one. You just have to remember, every time, to exercise your option to do so when placing the order.
cme
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Re: Fidelity as a one stop shop

Post by cme »

We have to do some structural work on the house (200K - hurray for California pricing!) and I want to keep cash available to write checks to contractors as work is completed. I pay more than 50% in income taxes, so something like a CA Muni MMF (FSPXX) provides highest after-tax return.

I'm thinking that I:

1) Move the funds from bank to Fidelity brokerage, place into CA Muni MMF (FSPXX)
2) Open CMA with zero balance and order checks
3) Don't set up any sort of overdraft protection on the CMA. Keep brokerage account Locked.
4) When a bill comes due:
-a) Release lock on brokerage account
-b) Transfer sum to CMA
-c) Replace lock on brokerage account
-d) Write check off CMA

Will that achieve what I want? Is there a Better Way (TM)?

[If everything is copacetic, maybe there is a Phase 2 involving moving our banking over to Fidelity]
zero_coupon
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Re: Fidelity as a one stop shop

Post by zero_coupon »

Is it possible to get a Fidelity credit card issued with a variation of one's name (e.g. with/without middle initial) from that which appears on one's Fidelity account? Or is the Elan CC application auto-filled by Fidelity such that there's no choice (i.e. name on CC must match Fidelity account exactly)?
cb474
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Re: Fidelity as a one stop shop

Post by cb474 »

cme wrote: Mon Jun 10, 2024 11:15 pmI pay more than 50% in income taxes, so something like a CA Muni MMF (FSPXX) provides highest after-tax return.
Are you sure about that? I did the math on this a couple months ago, comparing Vanguard's treasury money market to their California money market, and the rate was so much better on a treasury money market fund that it easily compensated for the extra taxes. And when I was checking, the spread between the California fund and the Treasury fund was less than it is now. I mean, right now Fidelity's treasury money market is paying 2.28% more than their California muni (2.65% vs 4.93%--almost twice the rate). Even in your 50% bracket it seems like you'd earn slightly more on FDLXX (unless I'm missing something). Plus the Treasury Money Market fund is a safer fund.
cme
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Re: Fidelity as a one stop shop

Post by cme »

That's fair: last week, 100% of 3.02% was better than 56.85% (37+2.35+3.8=43.15% federal) of 4.96% - and next week could be different.

Main point was that tax-advantaged funds are better than HYSA where I'd pay 55.58% (43.15%+12.43% CA state) in taxes, so I'm interested in keeping MMF in Fidelity brokerage.

Do the other aspects of the plan work?
cb474
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Re: Fidelity as a one stop shop

Post by cb474 »

cme wrote: Tue Jun 11, 2024 3:17 amDo the other aspects of the plan work?
Is the reason you want to have a separate brokerage, from the CMA with the checks, because you're worried about checking fraud? I wonder how much of a risk that really is? There's been a lot of discussion recently in the thread about fraud with the debit card. But you can open a CMA and not get the debit card. I think you can also have check writing on a regular brokerage.

I think I would be tempted to just open a regular brokerage or a CMA, put the money in whatever money market I want, and only have check writing available on that account. If it's in the CMA, as far as I understand, Fidelity will automatically pull money from funds in a money market, to cover checks written against the core/cash position.

But if you're really concerned about security, then your scheme does seem more secure. I think other people here have more experience than I do with the sort of thing you're talking about, in a Fidelity account.
cme
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Re: Fidelity as a one stop shop

Post by cme »

Yes, exactly, I would use the CMA as an imprest account because I'm concerned about fraud/theft. Writing checks directly off our brokerage account (which includes additional funds & investments) feels unwise.
NYCaviator
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Re: Fidelity as a one stop shop

Post by NYCaviator »

cb474 wrote: Mon Jun 10, 2024 8:02 pm But I do think it has downsides. For one thing, I generally never use the apps of financial institutions. I think doing banking on one's phone is its own security risk, in many ways (also someone who follows closely the security bugs that frequently show up in mobile operating systems).

Probably having an separate account just for holding a small amount of cash for the ATM is the best solution, but it's just annoying to have lots of different accounts and having to remember to shift money around (kind of the opposite of the one-stop-shop ethos).
I agree that lock/unlock is inconvenient if you're doing it a lot. But it sounds like you're concerned with security, so a one-stop shop may not be your best option after all. If there is some issue with your account (lockout, security breach, etc.) you could lose complete access to all of your money. I've become a pretty firm believer is doing my checking at a real bank, but keeping the rest of my money at a brokerage. Hopefully Fidelity can get it figured out for you though!
NYCaviator
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Re: Fidelity as a one stop shop

Post by NYCaviator »

cme wrote: Mon Jun 10, 2024 11:15 pm I want to keep cash available to write checks to contractors as work is completed.

1) Move the funds from bank to Fidelity brokerage, place into CA Muni MMF (FSPXX)
.....
-d) Write check off CMA
Why not just keep the 200k in your Fidelity brokerage and then transfer the amount you need to pay to the contractors your regular bank checking? What you're proposing seems like a major hassle.

I recently worked with a contractor that allowed you to pay via ACH with Plaid. I didn't use it, but that's at least becoming an option.

I don't like writing checks since the advent of mobile check cashing because you don't know what the person is going to do with the check after they deposit it. I'd bet a lot of people just throw it out rather than shred it, even though it's got your account info all over it.

What I've done with contractors who only want to take checks is just get a cashiers check from the bank. It's free, it's quick, it works the same as a check, and it doesn't have my actual account number on it.
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bmstrong
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Re: Fidelity as a one stop shop

Post by bmstrong »

3000 wrote: Tue Jun 04, 2024 1:08 am
zero_coupon wrote: Mon Jun 03, 2024 11:03 pm
VictorStarr wrote: Tue Nov 02, 2021 1:04 am You can ask Fidelity to increase ATM cash limit. I have debit cards for two CMA accounts with limits of $1000 and $1530. By default Fidelity cards come with $520 limit. If you have Premium or Private Client status Fidelity will increase limit on request.
You have to be Premium or Private Client to increase the debit limit? What are the requirements to be Premium or Private Client?
Fidelity raised the limit to $1000 for debit cards.
The debit card daily ATM limit was raised earlier this month from $500 to $1,000 for some of our clients who use a debit card with their standard Fidelity brokerage account, cash management account (CMA), and Bloom spend accounts.
The quote is from a post on Fidelity’s official subreddit.

https://www.reddit.com/r/fidelityinvest ... d_to_1000/
Can I actually see my limit on the application or website?
bople
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Re: Fidelity as a one stop shop

Post by bople »

bmstrong wrote: Tue Jun 11, 2024 8:21 am
3000 wrote: Tue Jun 04, 2024 1:08 am
zero_coupon wrote: Mon Jun 03, 2024 11:03 pm
VictorStarr wrote: Tue Nov 02, 2021 1:04 am You can ask Fidelity to increase ATM cash limit. I have debit cards for two CMA accounts with limits of $1000 and $1530. By default Fidelity cards come with $520 limit. If you have Premium or Private Client status Fidelity will increase limit on request.
You have to be Premium or Private Client to increase the debit limit? What are the requirements to be Premium or Private Client?
Fidelity raised the limit to $1000 for debit cards.
The debit card daily ATM limit was raised earlier this month from $500 to $1,000 for some of our clients who use a debit card with their standard Fidelity brokerage account, cash management account (CMA), and Bloom spend accounts.
The quote is from a post on Fidelity’s official subreddit.

https://www.reddit.com/r/fidelityinvest ... d_to_1000/
Can I actually see my limit on the application or website?
https://www.fidelitydebitcard.com/ once you are logged in.
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mhc
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Re: Fidelity as a one stop shop

Post by mhc »

increment wrote: Mon Jun 10, 2024 8:20 pm
mhc wrote: Sat Jun 08, 2024 3:46 pm 2. At Vanguard I had everything set to Spec ID. This does not seem to be an option at Fidelity. Do I have to specify this in some way every time I sell?
As I understand it, Vanguard's Spec ID means "you cannot place a sell order without first having to choose lots." There is no Fidelity option for that.

However, you can (meaningfully) choose lots each time you sell if your default disposal method is any of the choices besides the average-basis one. You just have to remember, every time, to exercise your option to do so when placing the order.
Thanks.
52% TSM, 23% TISM, 24.5% TBM, 0.5% cash
zero_coupon
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Re: Fidelity as a one stop shop

Post by zero_coupon »

NYCaviator wrote: Tue Jun 11, 2024 6:58 am
cme wrote: Mon Jun 10, 2024 11:15 pm I want to keep cash available to write checks to contractors as work is completed.

1) Move the funds from bank to Fidelity brokerage, place into CA Muni MMF (FSPXX)
.....
-d) Write check off CMA
Why not just keep the 200k in your Fidelity brokerage and then transfer the amount you need to pay to the contractors your regular bank checking?
Yes, the CMA isn't serving much of a useful purpose here (over that which a checking account would provide). However, it does seem to accomplish the goal of providng a separate source of money for contractor payment.
NYCaviator wrote: Tue Jun 11, 2024 6:58 am I don't like writing checks since the advent of mobile check cashing because you don't know what the person is going to do with the check after they deposit it. I'd bet a lot of people just throw it out rather than shred it, even though it's got your account info all over it.
Good point. I guess electronic payment methods really are better, for this reason. Do you view Zelle as a preferable alternative, where accepted?
zero_coupon
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Re: Fidelity as a one stop shop

Post by zero_coupon »

zero_coupon wrote: Tue Jun 11, 2024 2:42 am Is it possible to get a Fidelity credit card issued with a variation of one's name (e.g. with/without middle initial) from that which appears on one's Fidelity account? Or is the Elan CC application auto-filled by Fidelity such that there's no choice (i.e. name on CC must match Fidelity account exactly)?
I assume that the Elan CC application must be completed from within one's Fidelity account? So perhaps one isn't even asked for one's basic personal info (i.e. it's auto-populated from Fideity's database)? Therefore no choice whether to include/exclude/initialize a middle name on CC (i.e. it will be the same as on the Fidelity account)?
bople
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Re: Fidelity as a one stop shop

Post by bople »

zero_coupon wrote: Tue Jun 11, 2024 12:10 pm
NYCaviator wrote: Tue Jun 11, 2024 6:58 am I don't like writing checks since the advent of mobile check cashing because you don't know what the person is going to do with the check after they deposit it. I'd bet a lot of people just throw it out rather than shred it, even though it's got your account info all over it.
Good point. I guess electronic payment methods really are better, for this reason. Do you view Zelle as a preferable alternative, where accepted?
Zelle is 10x more secure then sending a paper check. The big negative with Zelle and Fidelity is that you are limited to $500/day since there is no direct Zelle support, but only the generic Zelle app that runs through a debit card.

This is one of the reasons (the other being the 2.625% unlimited cashback) that we have a BofA/Merrill setup. Not certain if you have to have a non-Merrill Edge account or not, but our Zelle limit is $15,000/day from the BofA checking and a wire from Fidelity usually arrives within a couple of hours. We still use the Fidelity CMA as a payment hub for everything else.

The BofA account is also the burner account for any paper checks we actually need to write, like 1-2/year, if that.
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bmstrong
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Re: Fidelity as a one stop shop

Post by bmstrong »

bople wrote: Tue Jun 11, 2024 8:49 am
bmstrong wrote: Tue Jun 11, 2024 8:21 am
3000 wrote: Tue Jun 04, 2024 1:08 am
zero_coupon wrote: Mon Jun 03, 2024 11:03 pm
VictorStarr wrote: Tue Nov 02, 2021 1:04 am You can ask Fidelity to increase ATM cash limit. I have debit cards for two CMA accounts with limits of $1000 and $1530. By default Fidelity cards come with $520 limit. If you have Premium or Private Client status Fidelity will increase limit on request.
You have to be Premium or Private Client to increase the debit limit? What are the requirements to be Premium or Private Client?
Fidelity raised the limit to $1000 for debit cards.
The debit card daily ATM limit was raised earlier this month from $500 to $1,000 for some of our clients who use a debit card with their standard Fidelity brokerage account, cash management account (CMA), and Bloom spend accounts.
The quote is from a post on Fidelity’s official subreddit.

https://www.reddit.com/r/fidelityinvest ... d_to_1000/
Can I actually see my limit on the application or website?
https://www.fidelitydebitcard.com/ once you are logged in.
Excellent. Appreciate the link.
zero_coupon
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Re: Fidelity as a one stop shop

Post by zero_coupon »

bople wrote: Tue Jun 11, 2024 12:58 pm
zero_coupon wrote: Tue Jun 11, 2024 12:10 pm
NYCaviator wrote: Tue Jun 11, 2024 6:58 am I don't like writing checks since the advent of mobile check cashing because you don't know what the person is going to do with the check after they deposit it. I'd bet a lot of people just throw it out rather than shred it, even though it's got your account info all over it.
Good point. I guess electronic payment methods really are better, for this reason. Do you view Zelle as a preferable alternative, where accepted?
Zelle is 10x more secure then sending a paper check. The big negative with Zelle and Fidelity is that you are limited to $500/day since there is no direct Zelle support, but only the generic Zelle app that runs through a debit card.

This is one of the reasons (the other being the 2.625% unlimited cashback) that we have a BofA/Merrill setup. Not certain if you have to have a non-Merrill Edge account or not, but our Zelle limit is $15,000/day from the BofA checking and a wire from Fidelity usually arrives within a couple of hours. We still use the Fidelity CMA as a payment hub for everything else.

The BofA account is also the burner account for any paper checks we actually need to write, like 1-2/year, if that.
Good info, thanks.
UpperNwGuy
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Re: Fidelity as a one stop shop

Post by UpperNwGuy »

zero_coupon wrote: Tue Jun 11, 2024 12:18 pm
zero_coupon wrote: Tue Jun 11, 2024 2:42 am Is it possible to get a Fidelity credit card issued with a variation of one's name (e.g. with/without middle initial) from that which appears on one's Fidelity account? Or is the Elan CC application auto-filled by Fidelity such that there's no choice (i.e. name on CC must match Fidelity account exactly)?
I assume that the Elan CC application must be completed from within one's Fidelity account? So perhaps one isn't even asked for one's basic personal info (i.e. it's auto-populated from Fideity's database)? Therefore no choice whether to include/exclude/initialize a middle name on CC (i.e. it will be the same as on the Fidelity account)?
Why is this issue important to you?
tj
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Re: Fidelity as a one stop shop

Post by tj »

zero_coupon wrote: Tue Jun 11, 2024 12:18 pm
zero_coupon wrote: Tue Jun 11, 2024 2:42 am Is it possible to get a Fidelity credit card issued with a variation of one's name (e.g. with/without middle initial) from that which appears on one's Fidelity account? Or is the Elan CC application auto-filled by Fidelity such that there's no choice (i.e. name on CC must match Fidelity account exactly)?
I assume that the Elan CC application must be completed from within one's Fidelity account? So perhaps one isn't even asked for one's basic personal info (i.e. it's auto-populated from Fideity's database)? Therefore no choice whether to include/exclude/initialize a middle name on CC (i.e. it will be the same as on the Fidelity account)?

I'm pretty sure the Elan application has nothing to do with your fidelity account.
engineerbme
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Re: Fidelity as a one stop shop

Post by engineerbme »

any rumors to Fidelity's reward program that they've currently paused enrollment for and possible changes?
cb474
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Re: Fidelity as a one stop shop

Post by cb474 »

NYCaviator wrote: Tue Jun 11, 2024 6:52 am
cb474 wrote: Mon Jun 10, 2024 8:02 pm But I do think it has downsides. For one thing, I generally never use the apps of financial institutions. I think doing banking on one's phone is its own security risk, in many ways (also someone who follows closely the security bugs that frequently show up in mobile operating systems).

Probably having an separate account just for holding a small amount of cash for the ATM is the best solution, but it's just annoying to have lots of different accounts and having to remember to shift money around (kind of the opposite of the one-stop-shop ethos).
I agree that lock/unlock is inconvenient if you're doing it a lot. But it sounds like you're concerned with security, so a one-stop shop may not be your best option after all. If there is some issue with your account (lockout, security breach, etc.) you could lose complete access to all of your money. I've become a pretty firm believer is doing my checking at a real bank, but keeping the rest of my money at a brokerage. Hopefully Fidelity can get it figured out for you though!
Yeah, I'm not doing the one stop shop thing, partly for that reason. I already had that happen once, a few years ago, where I got locked out of my regular checking account, for "fraud," when there actually was no fraud. My bank really did not seem conerned about solving the problem expeditiously, even though I'd been with them for decades, which seemed to count for nothing (thanks USAA). They even tried to convince me that barring me from all access to my funds was somehow helping me. So I've concluded that it's probably a good idea to have more than one checking account. And I'm honsetly happy with Vanguard as a brokerage.

So, I'm really just interested in the CMA account in order to have checking that pays a decent yield. When I said I didn't want to have lots and lots of accounts, I just meant I hesitate to have a second CMA account with a small amount of funds, just for ATM cash withdrawals. But that does seem to be the best solution to security on the debit card and still earning a yield on the funds.
cme
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Re: Fidelity as a one stop shop

Post by cme »

zero_coupon wrote: Tue Jun 11, 2024 12:10 pm
NYCaviator wrote: Tue Jun 11, 2024 6:58 am
cme wrote: Mon Jun 10, 2024 11:15 pm I want to keep cash available to write checks to contractors as work is completed.

1) Move the funds from bank to Fidelity brokerage, place into CA Muni MMF (FSPXX)
.....
-d) Write check off CMA
Why not just keep the 200k in your Fidelity brokerage and then transfer the amount you need to pay to the contractors your regular bank checking?
Yes, the CMA isn't serving much of a useful purpose here (over that which a checking account would provide). However, it does seem to accomplish the goal of providing a separate source of money for contractor payment.
Oh, two reasons:

I was thinking of keeping the funds at Fidelity mostly due to speed of transfer: contractors will present checks same-day and ACH transfer between my checking account and Fidelity takes 24 hours - but then sometimes are also subject to holding periods of a couple days.

It's an excuse to give Fidelity a test-run for more banking services.

This feels like it has same/higher level of burden as CMA...? I did come here for advice and it sounds like the advice is not to bother with CMA - but I feel like I'm missing something as to why...

4) When a bill comes due:
-a) Release lock on brokerage account
-b) Transfer sum to checking
-c) Replace lock on brokerage account
-d) Wait for funds to clear
-e) Write check off checking
cb474
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Re: Fidelity as a one stop shop

Post by cb474 »

NYCaviator wrote: Tue Jun 11, 2024 6:58 amI don't like writing checks since the advent of mobile check cashing because you don't know what the person is going to do with the check after they deposit it. I'd bet a lot of people just throw it out rather than shred it, even though it's got your account info all over it.
That is a good point about mobile check depositing. What I don't get is why don't we hear about check writing fraud more? I hear about debit (and credit) card fraud all the time. I know lots of people who have experienced both. But I really never hear about check writing fraud. I'm not saying it doesn't happen. But why isn't it more common? Is there some reason, despite the checking account number being right on a check, that this sort of fraud is harder to do?

Off hand, it seems like, trying to deposit a fake check requires having a bank account and providing identifying information. And a hold will be put on the funds, which is not conducive to a quick get away. Going into a bank or check cashing place to cash a check requires providing ID, etc., and they are probably pretty wary of fraud and know how to recognize it. Whereas with a debit card, once you physically have it (via theft) you just run around to stores, buy a bunch of jewlery and electronics really quickly, where no one asks you to prove anything, and then you've got the goods, literally, to resell later and you can toss the card within a few hours of acquiring it. That seems a lot more conducive to crime. But I'm just guessing.
ThirstyScholar
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Re: Fidelity as a one stop shop

Post by ThirstyScholar »

bople wrote: Tue Jun 11, 2024 8:49 am
bmstrong wrote: Tue Jun 11, 2024 8:21 am
3000 wrote: Tue Jun 04, 2024 1:08 am
zero_coupon wrote: Mon Jun 03, 2024 11:03 pm
VictorStarr wrote: Tue Nov 02, 2021 1:04 am You can ask Fidelity to increase ATM cash limit. I have debit cards for two CMA accounts with limits of $1000 and $1530. By default Fidelity cards come with $520 limit. If you have Premium or Private Client status Fidelity will increase limit on request.
You have to be Premium or Private Client to increase the debit limit? What are the requirements to be Premium or Private Client?
Fidelity raised the limit to $1000 for debit cards.
The debit card daily ATM limit was raised earlier this month from $500 to $1,000 for some of our clients who use a debit card with their standard Fidelity brokerage account, cash management account (CMA), and Bloom spend accounts.
The quote is from a post on Fidelity’s official subreddit.

https://www.reddit.com/r/fidelityinvest ... d_to_1000/
Can I actually see my limit on the application or website?
https://www.fidelitydebitcard.com/ once you are logged in.
Thanks for the link. I have one debit card linked to a brokerage account and another debit card linked to CMA. Both don’t show any limit information at all.
cb474
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Re: Fidelity as a one stop shop

Post by cb474 »

cme wrote: Tue Jun 11, 2024 5:17 pmI was thinking of keeping the funds at Fidelity mostly due to speed of transfer: contractors will present checks same-day and ACH transfer between my checking account and Fidelity takes 24 hours - but then sometimes are also subject to holding periods of a couple days.
I haven't tried this, but supposedly the CMA account has free wire transfers. I don't know if that's also true of your regular Fidelity brokerage. So from a CMA and maybe the regular brokerage you could get funds to your bank checking account very quickly, without a hold (but you'd want to check that your bank does not charge a fee for incoming wires). I saw someone in this thread, I think (you could search for it), say they use the wire transfer to their bank a lot.

On the other hand, why not open a CMA, put the funds for the contractors in that account, and just do the check writing from there? Then you would at least have isolated the checks from your regular brokerage. And you could lock the CMA account, except for when you have an outstanding check. That might be reasonably secure, though certainly not the most secure scenario you could construct.
cme
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Re: Fidelity as a one stop shop

Post by cme »

Yep, CMA would pay 2.72% and I'd get to keep 45% of that. So it sounds like the only question is whether the hassle of moving funds between brokerage and CMA is worth $3K to me.

Thanks for helping me think though it. :)
bople
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Re: Fidelity as a one stop shop

Post by bople »

ThirstyScholar wrote: Tue Jun 11, 2024 5:23 pm
bople wrote: Tue Jun 11, 2024 8:49 am
bmstrong wrote: Tue Jun 11, 2024 8:21 am
Can I actually see my limit on the application or website?
https://www.fidelitydebitcard.com/ once you are logged in.
Thanks for the link. I have one debit card linked to a brokerage account and another debit card linked to CMA. Both don’t show any limit information at all.
Do you see any action links to the right of the card? Like Replace Card, Manage PIN, etc? If your card is locked, you will see no limits and have to unlock it first. Same is true if you never verified the card when you received it.
bople
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Re: Fidelity as a one stop shop

Post by bople »

cme wrote: Tue Jun 11, 2024 5:32 pm Yep, CMA would pay 2.72% and I'd get to keep 45% of that. So it sounds like the only question is whether the hassle of moving funds between brokerage and CMA is worth $3K to me.

Thanks for helping me think though it. :)
Just buy FDLXX or one of the higher tiers for all the cash you have in the account. The CMA will auto-liquidate it when needed for any cash needs.

Starting next week, you can make your default core position SPAXX, but then it will not help with the 45% keep problem.
ThirstyScholar
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Re: Fidelity as a one stop shop

Post by ThirstyScholar »

bople wrote: Tue Jun 11, 2024 5:33 pm
ThirstyScholar wrote: Tue Jun 11, 2024 5:23 pm
bople wrote: Tue Jun 11, 2024 8:49 am
bmstrong wrote: Tue Jun 11, 2024 8:21 am
Can I actually see my limit on the application or website?
https://www.fidelitydebitcard.com/ once you are logged in.
Thanks for the link. I have one debit card linked to a brokerage account and another debit card linked to CMA. Both don’t show any limit information at all.
Do you see any action links to the right of the card? Like Replace Card, Manage PIN, etc? If your card is locked, you will see no limits and have to unlock it first. Same is true if you never verified the card when you received it.
Of course :oops: I unlocked one of the debit cards and looks like Fidelity indeed raised the ATM limit to $1530.
Lastrun
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Re: Fidelity as a one stop shop

Post by Lastrun »

tj wrote: Mon Jul 24, 2023 3:58 pm
StewedCarrot wrote: Mon Jul 24, 2023 3:57 pm I’ve been trying to understand Fidelity CMA+Brokerage vs Fidelity Bloom “Save and Spend” accounts.

Bloom seems to have advantages over the standard accounts -
+ SPAXX is the default MMF for both Bloom accounts vs the CMA’s lower yielding FDIC account
+ Opening and annual bonuses with Bloom

One negative, Bloom does need to be opened via a phone app.

Are there other reasons to choose the CMA/brokerage combo?
As far as I know, Bloom is not just opened on an app, but operated only out of the Bloom app. I opened it for the bonus, but didn't keep it around. Didn't think there was a point in keeping it around.
(emphasis mine)

Tj the prophet on Bloom, and less than 12 months later neither does Fidelity. https://www.doctorofcredit.com/fidelit ... -ios-only/

Sorry to drag up an old post.
zero_coupon
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Re: Fidelity as a one stop shop

Post by zero_coupon »

cb474 wrote: Tue Jun 11, 2024 5:21 pm What I don't get is why don't we hear about check writing fraud more? I hear about debit (and credit) card fraud all the time. I know lots of people who have experienced both. But I really never hear about check writing fraud. I'm not saying it doesn't happen. But why isn't it more common? Is there some reason, despite the checking account number being right on a check, that this sort of fraud is harder to do?
See this current thread:
FTC1ftc2 wrote: Tue Jun 11, 2024 6:05 am we recently had two checks stolen from out mail box and attempts made to extract around 10k from us this way.
cb474
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Re: Fidelity as a one stop shop

Post by cb474 »

cme wrote: Tue Jun 11, 2024 5:32 pm Yep, CMA would pay 2.72% and I'd get to keep 45% of that. So it sounds like the only question is whether the hassle of moving funds between brokerage and CMA is worth $3K to me.

Thanks for helping me think though it. :)
Do you understand that the CMA account is also a brokerage account and you can buy just about all the same funds, ETFs, etc., in it that you can buy in the regular brokerage account? I think the CMA has some limitations, but it's pretty much a full blow brokerage account. So, as bople points out, you can put your money in the same money market funds in the CMA account, as you would use in the regular brokerage account and Fidelity will auto-liquidate funds from the money market fund, to cover checks written against the account; or starting June 15 you can even use the SPAXX money market fund as the core cash position for the CMA account. You don't need your regular Fidelity brokerage account to access the Fidelity money market funds, they are all available directly in the CMA account.
cb474
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Re: Fidelity as a one stop shop

Post by cb474 »

zero_coupon wrote: Wed Jun 12, 2024 1:59 am
cb474 wrote: Tue Jun 11, 2024 5:21 pm What I don't get is why don't we hear about check writing fraud more? I hear about debit (and credit) card fraud all the time. I know lots of people who have experienced both. But I really never hear about check writing fraud. I'm not saying it doesn't happen. But why isn't it more common? Is there some reason, despite the checking account number being right on a check, that this sort of fraud is harder to do?
See this current thread:
FTC1ftc2 wrote: Tue Jun 11, 2024 6:05 am we recently had two checks stolen from out mail box and attempts made to extract around 10k from us this way.
Yes, I already acknowledged in the statement from me that you're quoting that checking fraud happens. My point was (clearly) that it's puzzling why it is not more common--like debit and credit card fraud. One instance of someone mentioning experiencing checking fraud is neither here nor there, for the point I was making.
NYCaviator
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Re: Fidelity as a one stop shop

Post by NYCaviator »

cb474 wrote: Wed Jun 12, 2024 4:30 am
zero_coupon wrote: Wed Jun 12, 2024 1:59 am
cb474 wrote: Tue Jun 11, 2024 5:21 pm What I don't get is why don't we hear about check writing fraud more? I hear about debit (and credit) card fraud all the time. I know lots of people who have experienced both. But I really never hear about check writing fraud. I'm not saying it doesn't happen. But why isn't it more common? Is there some reason, despite the checking account number being right on a check, that this sort of fraud is harder to do?
See this current thread:
FTC1ftc2 wrote: Tue Jun 11, 2024 6:05 am we recently had two checks stolen from out mail box and attempts made to extract around 10k from us this way.
Yes, I already acknowledged in the statement from me that you're quoting that checking fraud happens. My point was (clearly) that it's puzzling why it is not more common--like debit and credit card fraud. One instance of someone mentioning experiencing checking fraud is neither here nor there, for the point I was making.
I think it's because washing a check is a lot harder to do than stealing a credit card number. It's easier for a criminal to get a card skimmer that steals hundreds of cards before it is discovered and they can use the cards remotely. Plus, fewer and fewer people are using checks vs. plastic these days, making cards a much easier target.

With credit and debit cards, one call to the bank to report the theft and fraud and you're done. On the other hand, dealing with check/account theft is a much, much bigger hassle for the victim. You often have to open an entirely new account and put stop payments on everything.

I was a victim of check theft years ago and it was a major hassle. They had the person on camera cashing the washed check and, as far as I know, didn't pursue the thief. I had to fill out lots of forms at the bank. I try to avoid using checks whenever possible.
zero_coupon
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Re: Fidelity as a one stop shop

Post by zero_coupon »

cb474 wrote: Wed Jun 12, 2024 4:30 am
zero_coupon wrote: Wed Jun 12, 2024 1:59 am
cb474 wrote: Tue Jun 11, 2024 5:21 pm What I don't get is why don't we hear about check writing fraud more? I hear about debit (and credit) card fraud all the time. I know lots of people who have experienced both. But I really never hear about check writing fraud. I'm not saying it doesn't happen. But why isn't it more common? Is there some reason, despite the checking account number being right on a check, that this sort of fraud is harder to do?
See this current thread:
FTC1ftc2 wrote: Tue Jun 11, 2024 6:05 am we recently had two checks stolen from out mail box and attempts made to extract around 10k from us this way.
Yes, I already acknowledged in the statement from me that you're quoting that checking fraud happens. My point was (clearly) that it's puzzling why it is not more common--like debit and credit card fraud. One instance of someone mentioning experiencing checking fraud is neither here nor there, for the point I was making.
Well, I happened to observe that report of fraud shortly after reading your comment. So it was timely and relevant, and speaks somewhat to the frequency of check fraud.
NYCaviator wrote: Wed Jun 12, 2024 6:53 am With credit and debit cards, one call to the bank to report the theft and fraud and you're done.
Apparently it can take more than a call:
UpperNwGuy wrote: Wed Jun 12, 2024 8:03 am I had fraud on both my debit card and my credit card within the same year. Both cards were from the same financial institution. Getting my money refunded on the credit card was easy. Getting my money refunded on my debit card was a long, tedious process that included two visits to the police station, a visit to notary public, and a visit to the post office.
cb474
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Re: Fidelity as a one stop shop

Post by cb474 »

NYCaviator wrote: Wed Jun 12, 2024 6:53 am I think it's because washing a check is a lot harder to do than stealing a credit card number. It's easier for a criminal to get a card skimmer that steals hundreds of cards before it is discovered and they can use the cards remotely. Plus, fewer and fewer people are using checks vs. plastic these days, making cards a much easier target.

With credit and debit cards, one call to the bank to report the theft and fraud and you're done. On the other hand, dealing with check/account theft is a much, much bigger hassle for the victim. You often have to open an entirely new account and put stop payments on everything.

I was a victim of check theft years ago and it was a major hassle. They had the person on camera cashing the washed check and, as far as I know, didn't pursue the thief. I had to fill out lots of forms at the bank. I try to avoid using checks whenever possible.
I had an intereting conversation with Fidelity today about checkwriting on the CMA account. People may have noticed that there are three different versions of the account number, for a CMA account: the actual official account number with a letter in it, a very long version of the account number with no letters which can be found in the website, and a different number that appears on the checks. The account services person, with whom I spoke, claimed that the number on the checks can not be used for any purpose other than cashing checks--in other words it cannot be used to set up electronic fund transfers between two financial institutions. This would seem to make Fidelity checks more secure than typical checks that have the single unique account number on them used for all purposes.

In addition, I was told, a specific check number check can only be used once. There is communication between the bank cashing the check and Fidelity, where they verify with that the specific check number has not been used for that account before. Someone above expressed concern about what people do with checks after using mobile deposit and that they probably throw them out and do not shred them. In this case, it would Fidelity protects you, because Fidelity knows that check number has been used and the account number on the check is not useful for anything else.

I suppose if someone stole a check that had not been cashed yet and then washed it, it could be used. So this system is not fool proof. But check washing is a lot more of a hassle as a mode of fraud, so at leat that makes it less likely than debit card fraud.

It would be nice if there was a service where you could log into your account and specify: I wrote this check number, in this amount, to this person. And then the check could not be cashed unless those conditions were met. For the few checks I write, I wouldn't mind doing that.
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Re: Fidelity as a one stop shop

Post by volstagg »

cb474 wrote: Thu Jun 13, 2024 2:01 am I had an intereting conversation with Fidelity today about checkwriting on the CMA account. People may have noticed that there are three different versions of the account number, for a CMA account: the actual official account number with a letter in it, a very long version of the account number with no letters which can be found in the website, and a different number that appears on the checks. The account services person, with whom I spoke, claimed that the number on the checks can not be used for any purpose other than cashing checks--in other words it cannot be used to set up electronic fund transfers between two financial institutions. This would seem to make Fidelity checks more secure than typical checks that have the single unique account number on them used for all purposes.
The services person was wrong, likely a front line person with not a lot of direct experience remembering something from their training. I use both the longer and shorter (from the checks) numbers interchangeably because, as has been reported here by several people, some ACH auto payment systems can't/won't take the longer number, some can't/won't take the shorter number.
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Re: Fidelity as a one stop shop

Post by vtMaps »

cb474 wrote: Thu Jun 13, 2024 2:01 am The account services person, with whom I spoke, claimed that the number on the checks can not be used for any purpose other than cashing checks--in other words it cannot be used to set up electronic fund transfers between two financial institutions.
That is wrong (as Volstagg replied). The only number I have ever used to set up EFT is the acct number on the paper checks. --vtMaps
"Truly, whoever can make you believe absurdities can make you commit atrocities" --Voltaire, as translated by Norman Lewis Torrey
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Re: Fidelity as a one stop shop

Post by bople »

vtMaps wrote: Thu Jun 13, 2024 6:37 am
cb474 wrote: Thu Jun 13, 2024 2:01 am The account services person, with whom I spoke, claimed that the number on the checks can not be used for any purpose other than cashing checks--in other words it cannot be used to set up electronic fund transfers between two financial institutions.
That is wrong (as Volstagg replied). The only number I have ever used to set up EFT is the acct number on the paper checks. --vtMaps
Same for me, in only using the shorter number for ACH.

Has anyone tried using the shorter number without first setting up checking on the account? My suspicion is that it would work
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VictorStarr
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Re: Fidelity as a one stop shop

Post by VictorStarr »

bople wrote: Thu Jun 13, 2024 7:08 am
vtMaps wrote: Thu Jun 13, 2024 6:37 am
cb474 wrote: Thu Jun 13, 2024 2:01 am The account services person, with whom I spoke, claimed that the number on the checks can not be used for any purpose other than cashing checks--in other words it cannot be used to set up electronic fund transfers between two financial institutions.
That is wrong (as Volstagg replied). The only number I have ever used to set up EFT is the acct number on the paper checks. --vtMaps
Same for me, in only using the shorter number for ACH.

Has anyone tried using the shorter number without first setting up checking on the account? My suspicion is that it would work
Yes, I used a shorter 13-digit number with a brokerage account without check writing enabled.
See discussion in this thread:
viewtopic.php?p=7057981#p7057981

BTW, you can search any thread at bogleheads.org by going to the top of the page and typing your query into the “Search this topic… “ field.
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southerndoc
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Re: Fidelity as a one stop shop

Post by southerndoc »

Good news for Fidelity cash management users. I received a reply from Fidelity on a Reddit thread that cash management accounts will be able to select SPAXX as their core fund effective June 20: https://www.reddit.com/r/fidelityinvest ... &context=3
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