Fidelity as a one stop shop

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Stubbie
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Re: Fidelity as a one stop shop

Post by Stubbie »

midwest_bound wrote: Mon Oct 28, 2024 8:54 am The Fidelity Visa has been my go-to credit card for the last several years. After learning about US Bank's upcoming smartly card and Bank of America's preferred rewards program I'm starting to rethink this strategy. I've been happy with Fidelity because all my other accounts are there, it really simplifies my life not having to juggle different accounts. On the other hand, I'm leaving money on the table. Does anyone forego extra cash back for simplicity?
No. The 5.25% vs 2% was just too big of a difference. It means a couple thousand dollars a year to me.
volstagg
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Re: Fidelity as a one stop shop

Post by volstagg »

Just got the following email for my Fidelity ELAN Credit Card
Earn up to $100 when you simplify your airport security process.

Receive up to 10,000 Reward Points every four years when you apply for either Global Entry® or TSA PreCheck®. That’s worth up to $100 when deposited into an eligible Fidelity® account,¹ once every four years. Be sure to pay the application fee using your card to be eligible.
Learn more about this benefit and review the terms at https://Fidelity.com/AirportBenefits
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fetch5482
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Re: Fidelity as a one stop shop

Post by fetch5482 »

volstagg wrote: Mon Oct 28, 2024 3:22 pm Just got the following email for my Fidelity ELAN Credit Card
Earn up to $100 when you simplify your airport security process.

Receive up to 10,000 Reward Points every four years when you apply for either Global Entry® or TSA PreCheck®. That’s worth up to $100 when deposited into an eligible Fidelity® account,¹ once every four years. Be sure to pay the application fee using your card to be eligible.
Learn more about this benefit and review the terms at https://Fidelity.com/AirportBenefits
Thanks for posting. I have not yet received this email, so good to know.
Global Entry recently increased the application fee from $100 to $120. So this not cover the entire fee, but still a great benefit for a card without annual fees. Some of my more premium cards (such as Capital One Venture X) have such a benefit, but comes with an annual fee.
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SnowBog
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Re: Fidelity as a one stop shop

Post by SnowBog »

fetch5482 wrote: Mon Oct 28, 2024 3:32 pm
volstagg wrote: Mon Oct 28, 2024 3:22 pm Just got the following email for my Fidelity ELAN Credit Card

Thanks for posting. I have not yet received this email, so good to know.
Global Entry recently increased the application fee from $100 to $120. So this not cover the entire fee, but still a great benefit for a card without annual fees. Some of my more premium cards (such as Capital One Venture X) have such a benefit, but comes with an annual fee.
And for those with multiple family members, this helps get more covered at a reduced cost... Our child will be 18 within 2 years, guess who will be using this benefit then! :wink:
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FrugalProfessor
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Re: Fidelity as a one stop shop

Post by FrugalProfessor »

SnowBog wrote: Mon Oct 28, 2024 3:45 pm
fetch5482 wrote: Mon Oct 28, 2024 3:32 pm

Thanks for posting. I have not yet received this email, so good to know.
Global Entry recently increased the application fee from $100 to $120. So this not cover the entire fee, but still a great benefit for a card without annual fees. Some of my more premium cards (such as Capital One Venture X) have such a benefit, but comes with an annual fee.
And for those with multiple family members, this helps get more covered at a reduced cost... Our child will be 18 within 2 years, guess who will be using this benefit then! :wink:
My first Fidelity credit card was a 2% 529 Mastercard that I opened during my undergrad around 2005. I eventually transitioned the card to the current 2% Visa. It was my primary card until I abandoned it to jump on board the 5.25%/2.625% BoA bandwagon. I haven't transacted on that card for close to a decade now, but this $100 discount on Global Entry is a great deal. Thanks for sharing! I would have surely missed it otherwise.

We now have 3 cards with this perk (USBAR, BoA PR, and now this). As stated by fetch5482, having this perk without an annual fee is pretty unique. I have a soon-to-be 18-year-old who I will gladly use this on in the coming months.
I blog here: https://www.frugalprofessor.com/
tj
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Re: Fidelity as a one stop shop

Post by tj »

FrugalProfessor wrote: Mon Oct 28, 2024 4:03 pm
SnowBog wrote: Mon Oct 28, 2024 3:45 pm

And for those with multiple family members, this helps get more covered at a reduced cost... Our child will be 18 within 2 years, guess who will be using this benefit then! :wink:
My first Fidelity credit card was a 2% 529 Mastercard that I opened during my undergrad around 2005. I eventually transitioned the card to the current 2% Visa. It was my primary card until I abandoned it to jump on board the 5.25%/2.625% BoA bandwagon. I haven't transacted on that card for close to a decade now, but this $100 discount on Global Entry is a great deal. Thanks for sharing! I would have surely missed it otherwise.

We now have 3 cards with this perk (USBAR, BoA PR, and now this). As stated by fetch5482, having this perk without an annual fee is pretty unique. I have a soon-to-be 18-year-old who I will gladly use this on in the coming months.
Note that both USBAR and BofA PR only credit you $100 of the $120.

They haven't increased their offering to cover the whole cost like some of the other cards. I'll be using my Venture X when I need to renew as it covers the full $120.
NYCaviator
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Re: Fidelity as a one stop shop

Post by NYCaviator »

midwest_bound wrote: Mon Oct 28, 2024 8:54 am The Fidelity Visa has been my go-to credit card for the last several years. After learning about US Bank's upcoming smartly card and Bank of America's preferred rewards program I'm starting to rethink this strategy. I've been happy with Fidelity because all my other accounts are there, it really simplifies my life not having to juggle different accounts. On the other hand, I'm leaving money on the table. Does anyone forego extra cash back for simplicity?
I’ve actually begun to prefer BoA/Merrill to fidelity and am slowing moving away from fidelity. The BoA cards have better cash back, Merrill has been a lot easier to deal with than Fidelity as of late, and BoA is a real bank not a CMA. Plus they recently updated their website and I find it easier to use than Fidelity.

I think BoA/Merrill is a much better “one stop shop” than Fidelity by a long shot.

But, after all of the recent issues with Fidelity and other banks/brokerages, I wouldn’t consolidate everything in one place. I think a two bank/two brokerage setup is the ideal balance of safety and reliability.
GaryA505
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Re: Fidelity as a one stop shop

Post by GaryA505 »

NYCaviator wrote: Mon Oct 28, 2024 7:55 pm
midwest_bound wrote: Mon Oct 28, 2024 8:54 am The Fidelity Visa has been my go-to credit card for the last several years. After learning about US Bank's upcoming smartly card and Bank of America's preferred rewards program I'm starting to rethink this strategy. I've been happy with Fidelity because all my other accounts are there, it really simplifies my life not having to juggle different accounts. On the other hand, I'm leaving money on the table. Does anyone forego extra cash back for simplicity?
I’ve actually begun to prefer BoA/Merrill to fidelity and am slowing moving away from fidelity. The BoA cards have better cash back, Merrill has been a lot easier to deal with than Fidelity as of late, and BoA is a real bank not a CMA. Plus they recently updated their website and I find it easier to use than Fidelity.

I think BoA/Merrill is a much better “one stop shop” than Fidelity by a long shot.

But, after all of the recent issues with Fidelity and other banks/brokerages, I wouldn’t consolidate everything in one place. I think a two bank/two brokerage setup is the ideal balance of safety and reliability.
I started down the path of using BofA/Merrill for everything, as we like BofA for banking. I found the procedures for setting up things like automatic recurring transfers at Merrill to be cumbersome and outdated compared to Fidelity.
Get most of it right and don't make any big mistakes. All else being equal, simpler is better. Simple is as simple does.
glitchy
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Re: Fidelity as a one stop shop

Post by glitchy »

On the plus side for Fidelity's credit card, as of email just received, I (and I assume everyone else) is getting rental car CDW coverage again. (Secondary in the US, primary elsewhere.) Also $100 credit every few years against PreCheck or Global Entry fees as noted above but I find the CDW far more interesting.
BUBear29
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Re: Fidelity as a one stop shop

Post by BUBear29 »

glitchy wrote: Mon Oct 28, 2024 8:23 pm On the plus side for Fidelity's credit card, as of email just received, I (and I assume everyone else) is getting rental car CDW coverage again. (Secondary in the US, primary elsewhere.) Also $100 credit every few years against PreCheck or Global Entry fees as noted above but I find the CDW far more interesting.
Yes I also just received this email. Makes me feel even better using this as my primary. Fidelity is just great all around. Now I just need Zelle!!
There is no dignity quite so impressive, and no one independence quite so important, as living within your means.
need403bhelp
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Re: Fidelity as a one stop shop

Post by need403bhelp »

BUBear29 wrote: Mon Oct 28, 2024 9:14 pm
glitchy wrote: Mon Oct 28, 2024 8:23 pm On the plus side for Fidelity's credit card, as of email just received, I (and I assume everyone else) is getting rental car CDW coverage again. (Secondary in the US, primary elsewhere.) Also $100 credit every few years against PreCheck or Global Entry fees as noted above but I find the CDW far more interesting.
Yes I also just received this email. Makes me feel even better using this as my primary. Fidelity is just great all around. Now I just need Zelle!!
Works with Zelle app can send up to $500 per week receive more
BUBear29
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Re: Fidelity as a one stop shop

Post by BUBear29 »

need403bhelp wrote: Mon Oct 28, 2024 9:30 pm
BUBear29 wrote: Mon Oct 28, 2024 9:14 pm

Yes I also just received this email. Makes me feel even better using this as my primary. Fidelity is just great all around. Now I just need Zelle!!
Works with Zelle app can send up to $500 per week receive more
I tried but turns out it won’t let you do it if the payee is registered as a business. So I can’t pay my lawn or housekeeping service with it unfortunately. Still has to be through a bank account.
There is no dignity quite so impressive, and no one independence quite so important, as living within your means.
SteveInNJ
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Re: Fidelity as a one stop shop

Post by SteveInNJ »

BUBear29 wrote: Mon Oct 28, 2024 9:38 pm
need403bhelp wrote: Mon Oct 28, 2024 9:30 pm

Works with Zelle app can send up to $500 per week receive more
I tried but turns out it won’t let you do it if the payee is registered as a business. So I can’t pay my lawn or housekeeping service with it unfortunately. Still has to be through a bank account.
I've given up on Zelle with Fidelity. I still have my BoA account for any immediate local banking needs, and when I need to *send* a Zelle I wire money from Fidelity to BoA to cover the transfer. I still have Zelle setup under a different email address to *receive* transfers as there don't seem to be restrictions/problems with that and Fidelity.
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fetch5482
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Re: Fidelity as a one stop shop

Post by fetch5482 »

Yeah I've given up on Zelle, cashier's check, depositing cash and hardware based 2FA (Yubico or Google Titan) as things Fidelity will do anytime soon. I have a chase account where I maintain a minimum $1500 balance to avoid monthly fees to do just those few things.
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lstone19
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Re: Fidelity as a one stop shop

Post by lstone19 »

Caduceus wrote: Mon Oct 28, 2024 7:07 am I wonder if this is a product of Fidelity using AI to take over the fraud management systems. It would explain a lot of things. Maybe AI requires time to adjust (initially too aggressive, catching too many things, and then it learns and fine-tunes to reduce false positives). Might also explain why they've been maintaining radio silence - maybe they wanted to boast about being the first in the industry to utilize AI in fraud-prevention and now they don't want to explain away a strategic failure. My husband is still using the credit card but has zeroed out the cash management account. We'll wait a year or so to see if the CMA is still usable because these hold times are totally unreasonable.
I'm wondering the same thing. AI run amuck. By the end of the month, my wife and I will have moved about half our current assets away from Fidelity. We're still using the CMA (all bills paid by auto-pay pulls from the biller) and no check deposits or ACH pulls and so far no problems (a check I mobile deposited to BofA over the weekend was available this morning - other than a Roth IRA, I do not have significant assets with BofA/Merrill but the checking account is 43 years old). But any major disruption to us by Fidelity and we'll move the rest away and quickly.

If it is AI gone crazy, then it appears it's not intelligent enough to understand that long-established accounts are low-risk - a major failing IMHO.
mander75
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Re: Fidelity as a one stop shop

Post by mander75 »

It is almost end of 2024 - what are other benefits you get besides the free TurboTax Premier from Fidelity each year?

Great note above on the TSA Pre Check reimbursement now offered by Fidelity 2% cashback credit card!
PatrickA5
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Re: Fidelity as a one stop shop

Post by PatrickA5 »

Free Fidelity Turbotax?

Someone should start a thread about this. :D
tj
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Re: Fidelity as a one stop shop

Post by tj »

PatrickA5 wrote: Tue Oct 29, 2024 2:15 pm Free Fidelity Turbotax?

Someone should start a thread about this. :D
And the opaque nature of how to receive that offer? I'm sure it already does exist. :D
need403bhelp
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Re: Fidelity as a one stop shop

Post by need403bhelp »

BUBear29 wrote: Mon Oct 28, 2024 9:38 pm
need403bhelp wrote: Mon Oct 28, 2024 9:30 pm

Works with Zelle app can send up to $500 per week receive more
I tried but turns out it won’t let you do it if the payee is registered as a business. So I can’t pay my lawn or housekeeping service with it unfortunately. Still has to be through a bank account.
Interesting I guess I use it so sparingly haven’t run into that problem.
need403bhelp
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Re: Fidelity as a one stop shop

Post by need403bhelp »

SteveInNJ wrote: Tue Oct 29, 2024 9:13 am
BUBear29 wrote: Mon Oct 28, 2024 9:38 pm
I tried but turns out it won’t let you do it if the payee is registered as a business. So I can’t pay my lawn or housekeeping service with it unfortunately. Still has to be through a bank account.
I've given up on Zelle with Fidelity. I still have my BoA account for any immediate local banking needs, and when I need to *send* a Zelle I wire money from Fidelity to BoA to cover the transfer. I still have Zelle setup under a different email address to *receive* transfers as there don't seem to be restrictions/problems with that and Fidelity.
That’s pretty smart. I didn’t think about wiring the money although wouldn’t work on weekends I ?think
Northern Flicker
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Re: Fidelity as a one stop shop

Post by Northern Flicker »

The credit union we use supports Saturday ACH transfers. It appears that Fidelity does not. ACH jobs submitted after the daily cutoff on Friday have executed on Monday.
MCST
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Re: Fidelity as a one stop shop

Post by MCST »

lstone19 wrote: Tue Oct 29, 2024 1:03 pm
I'm wondering the same thing. AI run amuck. By the end of the month, my wife and I will have moved about half our current assets away from Fidelity. We're still using the CMA (all bills paid by auto-pay pulls from the biller) and no check deposits or ACH pulls and so far no problems (a check I mobile deposited to BofA over the weekend was available this morning - other than a Roth IRA, I do not have significant assets with BofA/Merrill but the checking account is 43 years old). But any major disruption to us by Fidelity and we'll move the rest away and quickly.

If it is AI gone crazy, then it appears it's not intelligent enough to understand that long-established accounts are low-risk - a major failing IMHO.
Something more than AI is going on, otherwise Fidelity would have fixed it by now. Chase was affected by the same check kiting scam and they aren't holding funds for weeks. I wonder how much money has left Fidelity because of this.
Caduceus
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Re: Fidelity as a one stop shop

Post by Caduceus »

MCST wrote: Wed Oct 30, 2024 5:54 am Something more than AI is going on, otherwise Fidelity would have fixed it by now. Chase was affected by the same check kiting scam and they aren't holding funds for weeks. I wonder how much money has left Fidelity because of this.
Maybe Fidelity wants to train the AI algorithm and is willing to accept the two or three months it would take to get the system smart enough to set reasonable parameters. Without real-world feedback - having the AI get things wrong and learning it got it wrong - the AI can't improve, perhaps.

I also wonder how much money has left Fidelity. My husband closed his CMA account. Although, he had like $300 in it only. Which is probably why the rep told him, rudely, to just leave Fidelity if he was so unhappy.
MCST
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Re: Fidelity as a one stop shop

Post by MCST »

Caduceus wrote: Wed Oct 30, 2024 6:17 am I also wonder how much money has left Fidelity. My husband closed his CMA account. Although, he had like $300 in it only. Which is probably why the rep told him, rudely, to just leave Fidelity if he was so unhappy.
I got the same treatment when I called in about rejecting my ACATS transfer. I told them I was fed up guessing if my funds would clear in a day or two or be held for weeks, which is why I was leaving.
volstagg
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Re: Fidelity as a one stop shop

Post by volstagg »

MCST wrote: Wed Oct 30, 2024 6:40 am
Caduceus wrote: Wed Oct 30, 2024 6:17 am I also wonder how much money has left Fidelity. My husband closed his CMA account. Although, he had like $300 in it only. Which is probably why the rep told him, rudely, to just leave Fidelity if he was so unhappy.
I got the same treatment when I called in about rejecting my ACATS transfer. I told them I was fed up guessing if my funds would clear in a day or two or be held for weeks, which is why I was leaving.
I suspect they got a bit of a black eye over this and will rethink their long term strategy related to promoting the CMA and other banking like functions they offer.

Personally, I haven't been impacted in any way by these events, yet still decided to move my day-to-day banking and the bulk of my cash back to Alliant, where I'd done my banking previously. I still plan to keep my Brokerage, IRA, etc at Fidelity and hold onto the CMA with some cash in it, but only as a backup to Alliant. As of now my direct deposits, check writing, check deposits, bill pay, etc are all back at Alliant, where it had been for years without a single problem.
soobaerodude
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Re: Fidelity as a one stop shop

Post by soobaerodude »

VictorStarr wrote: Wed Oct 09, 2024 5:42 pm PSA:
You can improve the yield of cash at Fidelity by using Fidelity Institutional funds - FRSXX and FNSXX.
FRSXX is Treasury only MMF with ER of 0.18% and 7-day yield of 4.87%
FNSXX has an ER of 0.18% and 7-day yield of 4.84%.
FRSXX and FNSXX are available with no minimums at WellsTrade.

I purchased $50 of FRSXX and FNSXX in my Wells Trade account and did partial ACAT to my Fidelity account. Day later I purchased more of FRSXX and FNSXX and moved to my other accounts. So far so good.
...
Thank you for this. I discovered last year that I could purchase FRSXX in my WellsTrade account without the $10M initial investment, but did not think about transferring the shares to Fidelity. I did an ACAT transfer of my small $50 purchase of FRSXX into my CMA account a few weeks ago. I can now hold my cash position in FRSXX which gets auto-liquidated for any debits.
Northern Flicker
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Re: Fidelity as a one stop shop

Post by Northern Flicker »

I think Vanguard customers appreciate not having to play these games to get an even better yield.
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

Northern Flicker wrote: Wed Oct 30, 2024 1:11 pm I think Vanguard customers appreciate not having to play these games to get an even better yield.
If only Vanguard allowed for auto liquidation of their money market funds.
lstone19
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Re: Fidelity as a one stop shop

Post by lstone19 »

Caduceus wrote: Wed Oct 30, 2024 6:17 am I also wonder how much money has left Fidelity.
I as well. In the last month, my wife and I have moved almost half of what we had at Fidelity away (and picking up some "new money" incentives as well). Being in the decumulation phase of life, we are now positioned to go several years without access to what we have at Fidelity (not that I think it ever would go that long). I doubt this money will ever return to Fidelity.
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

MCST wrote: Wed Oct 30, 2024 5:54 am
lstone19 wrote: Tue Oct 29, 2024 1:03 pm
I'm wondering the same thing. AI run amuck. By the end of the month, my wife and I will have moved about half our current assets away from Fidelity. We're still using the CMA (all bills paid by auto-pay pulls from the biller) and no check deposits or ACH pulls and so far no problems (a check I mobile deposited to BofA over the weekend was available this morning - other than a Roth IRA, I do not have significant assets with BofA/Merrill but the checking account is 43 years old). But any major disruption to us by Fidelity and we'll move the rest away and quickly.

If it is AI gone crazy, then it appears it's not intelligent enough to understand that long-established accounts are low-risk - a major failing IMHO.
Something more than AI is going on, otherwise Fidelity would have fixed it by now. Chase was affected by the same check kiting scam and they aren't holding funds for weeks. I wonder how much money has left Fidelity because of this.
I wonder how much money Chase lost.
mander75
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Re: Fidelity as a one stop shop

Post by mander75 »

Question on Fidelity HSA account: what information does Fidelity require to get reimbursed?

I have a pile of scanned receipts some itemized and some not. Does Fidelity require details of service or medication/prescription name? Also Walgreens for example just shows "FSA RX xxxxx" as a line item on their receipts - will it be accepted?

Any intel will be appreciated!
BUJimmy
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Re: Fidelity as a one stop shop

Post by BUJimmy »

mander75 wrote: Wed Oct 30, 2024 6:46 pm Question on Fidelity HSA account: what information does Fidelity require to get reimbursed?

I have a pile of scanned receipts some itemized and some not. Does Fidelity require details of service or medication/prescription name? Also Walgreens for example just shows "FSA RX xxxxx" as a line item on their receipts - will it be accepted?

Any intel will be appreciated!
Fidelity does not care. They just report the distributions at the end of the year.
lstone19
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Re: Fidelity as a one stop shop

Post by lstone19 »

BUJimmy wrote: Wed Oct 30, 2024 7:15 pm
mander75 wrote: Wed Oct 30, 2024 6:46 pm Question on Fidelity HSA account: what information does Fidelity require to get reimbursed?

I have a pile of scanned receipts some itemized and some not. Does Fidelity require details of service or medication/prescription name? Also Walgreens for example just shows "FSA RX xxxxx" as a line item on their receipts - will it be accepted?

Any intel will be appreciated!
Fidelity does not care. They just report the distributions at the end of the year.
That’s one of the great parts of an HSA. You are the administrator authorizing payments. While some HSA custodians have fields to input what the expense was (I don’t think Fidelity does), that’s strictly for you to use as an aid for tracking (I use a spreadsheet). They cannot deny a distribution due to lack of documentation.
lakpr
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Re: Fidelity as a one stop shop

Post by lakpr »

anon_investor wrote: Wed Oct 30, 2024 5:20 pm I wonder how much money Chase lost.
According to this story, four individuals stole about $662k in total.

https://www.marketwatch.com/story/jpmor ... e-c6e69ef9

Invoking Pareto principle, this $660k is likely to be the 80% of the fraudulent amount, so perhaps Chase lost about $850k in total. Let’s be generous and say a million dollars.
Lyrrad
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Re: Fidelity as a one stop shop

Post by Lyrrad »

mander75 wrote: Wed Oct 30, 2024 6:46 pm Question on Fidelity HSA account: what information does Fidelity require to get reimbursed?

I have a pile of scanned receipts some itemized and some not. Does Fidelity require details of service or medication/prescription name? Also Walgreens for example just shows "FSA RX xxxxx" as a line item on their receipts - will it be accepted?

Any intel will be appreciated!
In addition to the other replies:

You'll get a Form 1099-SA for the HSA distribution. Report the distribution and qualified expenses on your tax return on Form 8889 on lines 14a and 15. Keep sufficient documentation for a while in case of audit.
Lyrrad
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Re: Fidelity as a one stop shop

Post by Lyrrad »

lakpr wrote: Wed Oct 30, 2024 8:04 pm
anon_investor wrote: Wed Oct 30, 2024 5:20 pm I wonder how much money Chase lost.
According to this story, four individuals stole about $662k in total.

https://www.marketwatch.com/story/jpmor ... e-c6e69ef9

Invoking Pareto principle, this $660k is likely to be the 80% of the fraudulent amount, so perhaps Chase lost about $850k in total. Let’s be generous and say a million dollars.
How does that invoke the Pareto principle, unless there were only about 20 people that defrauded Chase?
lakpr
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Re: Fidelity as a one stop shop

Post by lakpr »

Lyrrad wrote: Wed Oct 30, 2024 8:22 pm
lakpr wrote: Wed Oct 30, 2024 8:04 pm
According to this story, four individuals stole about $662k in total.

https://www.marketwatch.com/story/jpmor ... e-c6e69ef9

Invoking Pareto principle, this $660k is likely to be the 80% of the fraudulent amount, so perhaps Chase lost about $850k in total. Let’s be generous and say a million dollars.
How does that invoke the Pareto principle, unless there were only about 20 people that defrauded Chase?
It’s not the number of people, it is the amount of fraudulent checks that I am guessing on.
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

Lyrrad wrote: Wed Oct 30, 2024 8:16 pm
mander75 wrote: Wed Oct 30, 2024 6:46 pm Question on Fidelity HSA account: what information does Fidelity require to get reimbursed?

I have a pile of scanned receipts some itemized and some not. Does Fidelity require details of service or medication/prescription name? Also Walgreens for example just shows "FSA RX xxxxx" as a line item on their receipts - will it be accepted?

Any intel will be appreciated!
In addition to the other replies:

You'll get a Form 1099-SA for the HSA distribution. Report the distribution and qualified expenses on your tax return on Form 8889 on lines 14a and 15. Keep sufficient documentation for a while in case of audit.
+1 about keeping the documentation. In other BH threads, folks have reported being auited for large HSA distributions and needing to provide documentation to the IRS.
lstone19
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Re: Fidelity as a one stop shop

Post by lstone19 »

anon_investor wrote: Thu Oct 31, 2024 12:24 am +1 about keeping the documentation. In other BH threads, folks have reported being auited for large HSA distributions and needing to provide documentation to the IRS.
Unless I've missed some, ONE person has reported being audited and even then it wasn't clear the HSA was the main focus of the audit. I have records but I'm not going to overly worry about it.
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Re: Fidelity as a one stop shop

Post by anon_investor »

lstone19 wrote: Thu Oct 31, 2024 1:18 am
anon_investor wrote: Thu Oct 31, 2024 12:24 am +1 about keeping the documentation. In other BH threads, folks have reported being auited for large HSA distributions and needing to provide documentation to the IRS.
Unless I've missed some, ONE person has reported being audited and even then it wasn't clear the HSA was the main focus of the audit. I have records but I'm not going to overly worry about it.
At least the post(s) I read, the IRS audit specifically ask for documentation the HSA withdrawals were for qualified expenses and the poster provided it and that resolved the audit.

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Northern Flicker
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Re: Fidelity as a one stop shop

Post by Northern Flicker »

lstone19 wrote: Wed Oct 30, 2024 7:35 pm
BUJimmy wrote: Wed Oct 30, 2024 7:15 pm

Fidelity does not care. They just report the distributions at the end of the year.
That’s one of the great parts of an HSA. You are the administrator authorizing payments. While some HSA custodians have fields to input what the expense was (I don’t think Fidelity does), that’s strictly for you to use as an aid for tracking (I use a spreadsheet). They cannot deny a distribution due to lack of documentation.
If you withdraw cash, that is correct. They will assume you know how to manage the documentation. Some HSA's restrict debit card usage to qualifying transactions-- not sure about Fidelity in that regard.
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Re: Fidelity as a one stop shop

Post by Northern Flicker »

Vanguard explicitly states their requirements for mobile check deposit:

https://investor.vanguard.com/investor- ... investment

7-day hold, $500K daily limit.
Mobile check investments follow the same collectability rule as all other transactions which is 7 days.
This motivates the question: why does Fidelity sometimes need much longer hold times, over 2x that length?
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Re: Fidelity as a one stop shop

Post by Northern Flicker »

anon_investor wrote: Wed Oct 30, 2024 4:41 pm
Northern Flicker wrote: Wed Oct 30, 2024 1:11 pm I think Vanguard customers appreciate not having to play these games to get an even better yield.
If only Vanguard allowed for auto liquidation of their money market funds.
I think they do with respect to checkwriting, and have for years. They don't support online billpay directly from a Vanguard fund or account at all, and assets must be in the settlement fund to purchase a marketable security.
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Re: Fidelity as a one stop shop

Post by Lyrrad »

Northern Flicker wrote: Fri Nov 01, 2024 3:18 am Vanguard explicitly states their requirements for mobile check deposit:

https://investor.vanguard.com/investor- ... investment

7-day hold, $500K daily limit.
Mobile check investments follow the same collectability rule as all other transactions which is 7 days.
This motivates the question: why does Fidelity sometimes need much longer hold times, over 2x that length?
Vanguard does impose longer hold times without notice. Earlier this year, they told me of a two month hold time unless they set up a three way call with the check issuer to confirm there were sufficient funds and that the check had cleared, even after the 7-day hold period had expired. I made a mobile deposit of a rollover check into my Vanguard Traditional IRA, and they refused to let me roll it over into my Vanguard administered employer sponsored 401k plan without the two month wait without the phone call.

It was annoying since the check in question was for well under 1% of the value of the 401k plan.
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Re: Fidelity as a one stop shop

Post by anon_investor »

Northern Flicker wrote: Fri Nov 01, 2024 3:22 am
anon_investor wrote: Wed Oct 30, 2024 4:41 pm

If only Vanguard allowed for auto liquidation of their money market funds.
I think they do with respect to checkwriting, and have for years. They don't support online billpay directly from a Vanguard fund or account at all, and assets must be in the settlement fund to purchase a marketable security.
I haven't written more than 5 paper checks in the last decade, everything is paid via ACH. The Fido MMF auto liquidation is still superior to Vanguard's offering in terms of daily convenience.
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Re: Fidelity as a one stop shop

Post by Northern Flicker »

Lyrrad wrote: Fri Nov 01, 2024 9:19 am
Northern Flicker wrote: Fri Nov 01, 2024 3:18 am Vanguard explicitly states their requirements for mobile check deposit:

https://investor.vanguard.com/investor- ... investment

7-day hold, $500K daily limit.


This motivates the question: why does Fidelity sometimes need much longer hold times, over 2x that length?
Vanguard does impose longer hold times without notice. Earlier this year, they told me of a two month hold time unless they set up a three way call with the check issuer to confirm there were sufficient funds and that the check had cleared, even after the 7-day hold period had expired. I made a mobile deposit of a rollover check into my Vanguard Traditional IRA, and they refused to let me roll it over into my Vanguard administered employer sponsored 401k plan without the two month wait without the phone call.
The 3-way call is not a hold. Nonetheless, the FAQ should mention the possibility of such a contingency.
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Re: Fidelity as a one stop shop

Post by Northern Flicker »

anon_investor wrote: Fri Nov 01, 2024 11:19 am
Northern Flicker wrote: Fri Nov 01, 2024 3:22 am
I think they do with respect to checkwriting, and have for years. They don't support online billpay directly from a Vanguard fund or account at all, and assets must be in the settlement fund to purchase a marketable security.
I haven't written more than 5 paper checks in the last decade, everything is paid via ACH. The Fido MMF auto liquidation is still superior to Vanguard's offering in terms of daily convenience.
I don't use the checks either. The point was that the difference is not as much auto-liquidation as that Fidelity supports a more comprehensive set of banking features. Vanguard is not currently trying to support bill payment.

Vanguard does not support it for purchasing securities, and I think you have to list the explicit funds when requesting checks, but I don't think they have to be MMFs.

I don't know if the newish Vanguard FDIC-insured settlement account can be combined with mutual funds for funds for check clearing.

The Fidelity auto-liquidation is particularly advantageous if you are doing all banking with funds at Fidelity. We use a local credit union for ATM withdrawals and any paper checks. To move assets from Fidelity to there is a nuisance-- have to turn off money transfer lockdown for a couple of days until the transfer completes, then remember to turn it back on.
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Re: Fidelity as a one stop shop

Post by volstagg »

Northern Flicker wrote: Fri Nov 01, 2024 12:53 pm have to turn off money transfer lockdown for a couple of days until the transfer completes, then remember to turn it back on.
Actually, you don't. You can turn off lockdown, do the transfer and turn it back on in the same session. Once the transfer is scheduled and shows on the website or app, its good and lockdown on or off doesn't have any impact on the transfer completing. That's how recurring transfers work also, turn off lockdown, setup the recurring transfer, turn lockdown back on and the recurrent transfer will happen no problem.
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Re: Fidelity as a one stop shop

Post by anon_investor »

Northern Flicker wrote: Fri Nov 01, 2024 12:53 pm
anon_investor wrote: Fri Nov 01, 2024 11:19 am

I haven't written more than 5 paper checks in the last decade, everything is paid via ACH. The Fido MMF auto liquidation is still superior to Vanguard's offering in terms of daily convenience.
I don't use the checks either. The point was that the difference is not as much auto-liquidation as that Fidelity supports a more comprehensive set of banking features. Vanguard is not currently trying to support bill payment.

Vanguard does not support it for purchasing securities, and I think you have to list the explicit funds when requesting checks, but I don't think they have to be MMFs.

I don't know if the newish Vanguard FDIC-insured settlement account can be combined with mutual funds for funds for check clearing.

The Fidelity auto-liquidation is particularly advantageous if you are doing all banking with funds at Fidelity. We use a local credit union for ATM withdrawals and any paper checks. To move assets from Fidelity to there is a nuisance-- have to turn off money transfer lockdown for a couple of days until the transfer completes, then remember to turn it back on.
Fido has just worked really well for me as basically a high yield checking account. I use FSIXX which is usually 90-95% state/local tax exempt and yields higher after tax for me than any other "checking" account like option.
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Re: Fidelity as a one stop shop

Post by Northern Flicker »

volstagg wrote: Fri Nov 01, 2024 1:32 pm
Northern Flicker wrote: Fri Nov 01, 2024 12:53 pm have to turn off money transfer lockdown for a couple of days until the transfer completes, then remember to turn it back on.
Actually, you don't. You can turn off lockdown, do the transfer and turn it back on in the same session. Once the transfer is scheduled and shows on the website or app, its good and lockdown on or off doesn't have any impact on the transfer completing. That's how recurring transfers work also, turn off lockdown, setup the recurring transfer, turn lockdown back on and the recurrent transfer will happen no problem.
Thanks. That's not what a Fidelity rep told me. I don't doubt what you wrote is correct. At that point, they may as well just allow the transfer to be scheduled with lockdown on based on having authenticated to log on.
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