Fidelity as a one stop shop

[GaryA505]

Some of us didn't have any problems at all. I wouldn't use it if I had a lot of mobile check deposits and I needed access to that money right away.

Yup. I mobile deposited a six figure check (to a CMA that had 3 figures in it) and it was available for withdrawal in about a week.

When I deposit checks in person at BofA they tell me it will be 7 to 10 business days.

[tj]

Yup. I mobile deposited a six figure check (to a CMA that had 3 figures in it) and it was available for withdrawal in about a week.

When I deposit checks in person at BofA they tell me it will be 7 to 10 business days.

This is specifically why I deposited the check to Fidelity. It was a large check and it started accruing interest right away, because the funds were available for trading but not yet for withdrawal. There was essentially a "withdrawal" hold rather than a "deposit hold". I didn't have any immediate plans to spend the money, so fi it did end up being a 16 day hold for withdrawal (like some people have reported), I would not have cared, but it ended up being much less.

[acljump]

Tried searching this thread but could not find clear answers to the following questions. Apologies if these questions have been asked before.

1) Can you open a Fidelity Cash Management Account and/or a regular Fidelity Brokerage Account if your credit has been frozen with the three main credit reporting bureaus (Experian, Equifax, and Transunion)? OR do you have to unfreeze before you can open the accounts? If so, at which credit bureau do you have to unfreeze first?

2) The Fidelity Cash Management Account is also a type of brokerage account, so you can buy stocks, bonds, mutual funds, etc. inside of it. Since this is the case, why would someone open the regular Fidelity Brokerage Account alongside the Fidelity Cash Management Account? What would be the pros and cons of having both accounts instead of just using only the Cash Management Account for both checking, savings, and a brokerage account? Is it due to security? For instance, having two accounts makes it harder for someone to compromise both accounts?

[urban]

2) The Fidelity Cash Management Account is also a type of brokerage account, so you can buy stocks, bonds, mutual funds, etc. inside of it. Since this is the case, why would someone open the regular Fidelity Brokerage Account alongside the Fidelity Cash Management Account? What would be the pros and cons of having both accounts instead of just using only the Cash Management Account for both checking, savings, and a brokerage account? Is it due to security? For instance, having two accounts makes it harder for someone to compromise both accounts?

From the security point of view, you would like to have your main money (a brokerage account) separately from your checking/savings account.

[volstagg]

1) Can you open a Fidelity Cash Management Account and/or a regular Fidelity Brokerage Account if your credit has been frozen with the three main credit reporting bureaus (Experian, Equifax, and Transunion)? OR do you have to unfreeze before you can open the accounts? If so, at which credit bureau do you have to unfreeze first?

I've not heard of Fidelity doing any kind of credit pull, including Chex to open an account.

2) The Fidelity Cash Management Account is also a type of brokerage account, so you can buy stocks, bonds, mutual funds, etc. inside of it. Since this is the case, why would someone open the regular Fidelity Brokerage Account alongside the Fidelity Cash Management Account? What would be the pros and cons of having both accounts instead of just using only the Cash Management Account for both checking, savings, and a brokerage account? Is it due to security? For instance, having two accounts makes it harder for someone to compromise both accounts?

Why would someone open multiple savings accounts or checking accounts, because it makes sense in their situation. Yes, you can do all things via a CMA (except for a few limitations like no margin in a CMA) but from an organizational standpoint, I wouldn't want to commingle cash, stocks, bonds, ATM, check writing, etc all in a single account.

[anon_investor]

I'm guessing Fidelity isn't good for one stop shop because of CMA problems? Not a big fan of not knowing if the funds will settle for weeks.

I just pulled a $5k+ amount to my Fido CMA from Ally Bank.

11/26: Initiated the transfer from my Fido account and the entire amount was immediate available to trade. I purchased FSIXX.
11/27: Funds were withdrawn from my Ally Bank account. The entire amount in my Fido CMA is shown in FSIXX. Fund are not yet listed as available to withdraw, no available to withdraw date shown.
11/28 (Thanksgiving day): Funds are not yet available to withdaw, but the available to withdraw date is now listed as 11/30.

So this $5k+ transfer took a little longer than the usually sub $500 transfers I make a couple times a month, where they are always available to withdraw within 1-2 business days.

Still nice to know I am not experiencing the 16+ day wait other people are experiencing.

[Lyrrad]

Why would someone open multiple savings accounts or checking accounts, because it makes sense in their situation. Yes, you can do all things via a CMA (except for a few limitations like no margin in a CMA) but from an organizational standpoint, I wouldn't want to commingle cash, stocks, bonds, ATM, check writing, etc all in a single account.

In particular, the Auto Roll feature of Treasury Bills, or even manually rolling them can result in the loss of available balance between auction and settlement. So, I try to keep Tuesday and Thursday settling bills in separate accounts.

I also maintain multiple CMAs since I sometimes want more cash than than the daily ATM limit.

[volstagg]

I also maintain multiple CMAs since I sometimes want more cash than than the daily ATM limit.

How much cash do you get out at a time? You can call Fidelity and raise the ATM limits to something like $5,000 per day, per card. It's easier to get them to raise the limits then lower them.

[Lyrrad]

I also maintain multiple CMAs since I sometimes want more cash than than the daily ATM limit.

How much cash do you get out at a time? You can call Fidelity and raise the ATM limits to something like $5,000 per day, per card. It's easier to get them to raise the limits then lower them.

I may try that again. I could only raise it to a smaller amount when I tried a while back, and then they raised the default to $1,000/card.

I have noticed that some ATMs from major US banks restrict total ATM cash withdrawals for non-customers to $1,000 per card per day, even if the card has a higher limit. So multiple cards could still be useful.

[mhc]

Tried searching this thread but could not find clear answers to the following questions. Apologies if these questions have been asked before.

1) Can you open a Fidelity Cash Management Account and/or a regular Fidelity Brokerage Account if your credit has been frozen with the three main credit reporting bureaus (Experian, Equifax, and Transunion)? OR do you have to unfreeze before you can open the accounts? If so, at which credit bureau do you have to unfreeze first?

2) The Fidelity Cash Management Account is also a type of brokerage account, so you can buy stocks, bonds, mutual funds, etc. inside of it. Since this is the case, why would someone open the regular Fidelity Brokerage Account alongside the Fidelity Cash Management Account? What would be the pros and cons of having both accounts instead of just using only the Cash Management Account for both checking, savings, and a brokerage account? Is it due to security? For instance, having two accounts makes it harder for someone to compromise both accounts?

1. Yes. I'm pretty sure I opened mine this year with my credit frozen.

2. I use the CMA for bill pay, ATM, and checks. All our banking needs. I use the brokerage to hold our taxable portfolio along with Roths. I like having my banking separate from my retirement portfolio. I guess it is for security reasons. I also do not use the Cash Manager feature.

[bople]

How much cash do you get out at a time? You can call Fidelity and raise the ATM limits to something like $5,000 per day, per card. It's easier to get them to raise the limits then lower them.

I may try that again. I could only raise it to a smaller amount when I tried a while back, and then they raised the default to $1,000/card.

I have noticed that some ATMs from major US banks restrict total ATM cash withdrawals for non-customers to $1,000 per card per day, even if the card has a higher limit. So multiple cards could still be useful.

Ask to have your "Cash Transfer" raised to $5,000/day. It will automatically raise your ATM withdrawal limit to $5,000. If you ask for "ATM withdrawal limit" they will tell you it has a $2,500/day max.

The "Purchases" limit can be raised to $50,000/day and the "Teller advance" to $10,000/day.

The bigger issue is that most ATMs will not dispense more than $800 in a single transaction, so getting out large sums can be very annoying. Even more so if the ATM doesn't allow you to choose bills and you get all $20s. My go to lately has been Chase ATMs since I can use my Apple Pay Fidelity CMA virtual card and it lets me choose bills—still $800/transaction limit though.

[baliktad]

My go to lately has been Chase ATMs since I can use my Apple Pay Fidelity CMA virtual card and it lets me choose bills

This is the first I've heard of an ATM accepting Apple Pay virtual cards issued by an entity other than the ATM owner. I'm not likely to carry around another physical card, but if I can add my card to Apple Pay and use it for ATM withdrawals, that's compelling. Can you share any more experiences you've had with the Fidelity debit card via Apple Pay? Successful or not successful?

[learning30]

I'm guessing Fidelity isn't good for one stop shop because of CMA problems? Not a big fan of not knowing if the funds will settle for weeks.

I just pulled a $5k+ amount to my Fido CMA from Ally Bank.

11/26: Initiated the transfer from my Fido account and the entire amount was immediate available to trade. I purchased FSIXX.
11/27: Funds were withdrawn from my Ally Bank account. The entire amount in my Fido CMA is shown in FSIXX. Fund are not yet listed as available to withdraw, no available to withdraw date shown.
11/28: Funds are not yet available to withdaw, but the available to withdraw date is now listed as 11/30.

So this $5k+ transfer took a little longer than the usually sub $500 transfers I make a couple times a month, where they are always available to withdraw within 1-2 business days.

Still nice to know I am not experiencing the 16+ day wait other people are experiencing.

I just completed my Fidelity one stop shop consolidation and direct deposit works fine but a $500 transfer from my chase checking is going to be on hold for 30 days I'm told. The rep told me that the 30 day hold is in place because of the fraud but will be lifted at some point in the undetermined future. 30 days!

I'm liking Fidelity so far but man that is a bummer of a policy.

[anon_investor]

I just pulled a $5k+ amount to my Fido CMA from Ally Bank.

11/26: Initiated the transfer from my Fido account and the entire amount was immediate available to trade. I purchased FSIXX.
11/27: Funds were withdrawn from my Ally Bank account. The entire amount in my Fido CMA is shown in FSIXX. Fund are not yet listed as available to withdraw, no available to withdraw date shown.
11/28: Funds are not yet available to withdaw, but the available to withdraw date is now listed as 11/30.

So this $5k+ transfer took a little longer than the usually sub $500 transfers I make a couple times a month, where they are always available to withdraw within 1-2 business days.

Still nice to know I am not experiencing the 16+ day wait other people are experiencing.

I just completed my Fidelity one stop shop consolidation and direct deposit works fine but a $500 transfer from my chase checking is going to be on hold for 30 days I'm told. The rep told me that the 30 day hold is in place because of the fraud but will be lifted at some point in the undetermined future. 30 days!

I'm liking Fidelity so far but man that is a bummer of a policy.

How new is your account? Mine CMA is a couple of years old. As I mentioned before in this thread, my bimonthly transfers of <$500 only have 1-2 biz day holds. I just did a >$5k transfer and the hold will about 3 biz days.

[learning30]

I just completed my Fidelity one stop shop consolidation and direct deposit works fine but a $500 transfer from my chase checking is going to be on hold for 30 days I'm told. The rep told me that the 30 day hold is in place because of the fraud but will be lifted at some point in the undetermined future. 30 days!

I'm liking Fidelity so far but man that is a bummer of a policy.

How new is your account? Mine CMA is a couple of years old. As I mentioned before in this thread, my bimonthly transfers of <$500 only have 1-2 biz day holds. I just did a >$5k transfer and the hold will about 3 biz days.

Been open maybe a month or so. This was my first DD to hit and that chase transfer was my first bank to CMA transfer. I know with time things will speed up, however he mentioned that this was a company wide policy at the moment but maybe it is just for brand new accounts?

[anon_investor]

How new is your account? Mine CMA is a couple of years old. As I mentioned before in this thread, my bimonthly transfers of <$500 only have 1-2 biz day holds. I just did a >$5k transfer and the hold will about 3 biz days.

Been open maybe a month or so. This was my first DD to hit and that chase transfer was my first bank to CMA transfer. I know with time things will speed up, however he mentioned that this was a company wide policy at the moment but maybe it is just for brand new accounts?

Definitely not impacting all accounts (multiple data points shared on BHs). Hopefully it improves for you overtime.

[bople]

My go to lately has been Chase ATMs since I can use my Apple Pay Fidelity CMA virtual card and it lets me choose bills

This is the first I've heard of an ATM accepting Apple Pay virtual cards issued by an entity other than the ATM owner. I'm not likely to carry around another physical card, but if I can add my card to Apple Pay and use it for ATM withdrawals, that's compelling. Can you share any more experiences you've had with the Fidelity debit card via Apple Pay? Successful or not successful?

I have only tried using it at ATMs and only Chase ATMs have been successful. I am certain it could work as a debit card normally to pay for stuff with Apple Pay, but with US Bank Altitude Reserve and other cards existing, that seems foolish to do.

I am excited because I will be able to stop carrying my physical CMA card domestically, since there are so many Chase ATMs.

[Lyrrad]

I have only tried using it at ATMs and only Chase ATMs have been successful. I am certain it could work as a debit card normally to pay for stuff with Apple Pay, but with US Bank Altitude Reserve and other cards existing, that seems foolish to do.

I am excited because I will be able to stop carrying my physical CMA card domestically, since there are so many Chase ATMs.

Earlier in this thread, after reading about it here, it didn’t work at the ATM in a nearby Chase branch. I’ll try again when the new debit cards arrive, hopefully in a week or so.

[bople]

I have only tried using it at ATMs and only Chase ATMs have been successful. I am certain it could work as a debit card normally to pay for stuff with Apple Pay, but with US Bank Altitude Reserve and other cards existing, that seems foolish to do.

I am excited because I will be able to stop carrying my physical CMA card domestically, since there are so many Chase ATMs.

Earlier in this thread, after reading about it here, it didn’t work at the ATM in a nearby Chase branch. I’ll try again when the new debit cards arrive, hopefully in a week or so.

I tried earlier this year and it didn't work, then found https://www.reddit.com/r/fidelityinvest ... s_at_atms/ where it seems folks were reporting lots of data points. I tried two weeks ago and it worked for me at the same ATM that it didn't work earlier this year. Maybe it is a phased rollout? I then got my parents to add their CMA debit cards to Apple Pay and it worked for them as well.

I have tried BofA and US Bank ATMs and it didn't work. It almost seems like it will work since it accepts the tap and asks for your PIN but then when you actually try to get cash it rejects the transaction.