Fidelity as a one stop shop

[volstagg]

I can't even do a backdoor Roth IRA conversion on my own account. I keep getting an error message on the website, despite funding the account with settled funds from my brokerage that are even showing as available to withdraw in the IRA. The phone reps can't seem to figure it out and "think" it may be some sort of hold.

I'm seriously considering a move to Schwab or Vanguard. Money movement at Fidelity has become a complete mess, and there is no end in sight to the issues.

Suggest you review this Reddit post, these steps worked for me.

https://www.reddit.com/r/fidelityinvest ... nt_i_ever/

[bbrock]

I can't even do a backdoor Roth IRA conversion on my own account. I keep getting an error message on the website, despite funding the account with settled funds from my brokerage that are even showing as available to withdraw in the IRA. The phone reps can't seem to figure it out and "think" it may be some sort of hold.

I'm seriously considering a move to Schwab or Vanguard. Money movement at Fidelity has become a complete mess, and there is no end in sight to the issues.

Suggest you review this Reddit post, these steps worked for me.

https://www.reddit.com/r/fidelityinvest ... nt_i_ever/

volstagg, thanks for posting that. Helpful and perfect timing.

[MtnTravel]

Suggest you review this Reddit post, these steps worked for me.

https://www.reddit.com/r/fidelityinvest ... nt_i_ever/

Thanks for posting. I'm still getting the error on both accounts so I'll have to call in again and have Fidelity do it. Hopefully that process works for others. It looks like it may be a website issue.

[bling]

I can't even do a backdoor Roth IRA conversion on my own account. I keep getting an error message on the website, despite funding the account with settled funds from my brokerage that are even showing as available to withdraw in the IRA. The phone reps can't seem to figure it out and "think" it may be some sort of hold.

I'm seriously considering a move to Schwab or Vanguard. Money movement at Fidelity has become a complete mess, and there is no end in sight to the issues.

Suggest you review this Reddit post, these steps worked for me.

https://www.reddit.com/r/fidelityinvest ... nt_i_ever/

do everything except don't transfer all. leave at least a cent in your traditional IRA to keep it open.

my traditional was closed after just 8ish months of inactivity last year. i did not have an option to reopen at the time and the reps said it wasn't possible either, and open a brand new account. i waited anyway and the reopen option reappeared last december, and i was able to reopen.

i'm not leaving it to chance on how fidelity implements/changes their policies in the future.

[InvisibleAerobar]

FYI

Last year we moved all our accounts from Vanguard to Fidelity. Yesterday, I tried to start the backdoor Roth process for my DW. She had given me limited account authorization. I could not make the IRA contribution for her. We switched the authorization to Full Access. I still couldn't make the contribution for her. Apparently, there is no way for me to make the contribution for her online short of me logging into her account. This was not an issue at Vanguard. Not a huge deal, but people should be aware of this difference between Vanguard and Fidelity. I am still quite pleased with Fidelity despite this minor frustration.

I can't even do a backdoor Roth IRA conversion on my own account. I keep getting an error message on the website, despite funding the account with settled funds from my brokerage that are even showing as available to withdraw in the IRA. The phone reps can't seem to figure it out and "think" it may be some sort of hold.

I'm seriously considering a move to Schwab or Vanguard. Money movement at Fidelity has become a complete mess, and there is no end in sight to the issues.

This is an interesting perspective to read for someone currently with Roth IRA at Schwab, as I'm contemplating the move in the other direction.

We are fortunate enough to be forced into doing backdoor Roth, and the process at Schwab was quite painless. Opened a new tIRA on New Year's Day, funds arrived in my brokerage checking earlier this morning, I moved said funds to tIRA and then immediately converted the amount into my existing Roth IRA account. So far so good.

The downside is that I like the crutch of dollar-cost-averaging, and there's no way I can automatically liquidate funds held in Schwab Money Market and use the liquidated funds to purchase equity index funds (S&P 500 and TSM). So for now, I have to remember to liquidate funds monthly, but I get the impression that this will drive me bonkers. Alas, I am seriously considering transferring everything to Fidelity.

Swings and roundabouts.

I will say though, for someone like my wife, who prefers not to get into the weeds and probably prefers DCA even more than I do, Fidelity's set-up where the sweep fund earns meaningful money market rate is likely better. In fact, for a few years, we "forgot" to actually invest the money contributed, and having that money earn some interest is a lot nicer than the alternative at Schwab. But we'll have to see if Fidelity throws up the same sort of road block for her backdoor Roth contribution.

[bbrock]

Thx volstagg and others. Opened up our TIRA late last night, funded it with transfers from other Fido accounts, opened up our Roth quickly and shortlythereafter. This morning did our backdoor conversions. Simple. No problem.

Even smoother, and much easier than what I remember at Vanguard.

Glad I made the switch to Fidelity.

[MtnTravel]

I can't even do a backdoor Roth IRA conversion on my own account. I keep getting an error message on the website, despite funding the account with settled funds from my brokerage that are even showing as available to withdraw in the IRA. The phone reps can't seem to figure it out and "think" it may be some sort of hold.

I'm seriously considering a move to Schwab or Vanguard. Money movement at Fidelity has become a complete mess, and there is no end in sight to the issues.

This is an interesting perspective to read for someone currently with Roth IRA at Schwab, as I'm contemplating the move in the other direction.

I was ultimately able to do a rollover on both of our IRAs by calling in. I used Schwab several years ago and remember it being very smooth. Same with Vanguard. Fidelity, not so much.

I'd caution you about relying on Fidelity for any sort of cash handling. Read the long thread about issues with the CMA on here. Reddit has a pretty interesting one too. Long story short, if you deposit a check or "pull" funds into Fidelity, there is a good chance they'll be subject to a 16 business day hold. There is no way to tell if it'll affect you until after you initiate the transfer. And there's no way to undo it or have Fidelity lift the hold. You're still able to buy securities, but you can't withdraw it or use it to pay bills. Fidelity's money market rates are also a bit lower than everyone else's. So you're trading a bit more convenience for a lower yield. Vanguard still has a true sweep fund, and its yields are higher than Fidelity's, so that may be something to look into.

[InvisibleAerobar]

This is an interesting perspective to read for someone currently with Roth IRA at Schwab, as I'm contemplating the move in the other direction.

I was ultimately able to do a rollover on both of our IRAs by calling in. I used Schwab several years ago and remember it being very smooth. Same with Vanguard. Fidelity, not so much.

I'd caution you about relying on Fidelity for any sort of cash handling. Read the long thread about issues with the CMA on here. Reddit has a pretty interesting one too. Long story short, if you deposit a check or "pull" funds into Fidelity, there is a good chance they'll be subject to a 16 business day hold. There is no way to tell if it'll affect you until after you initiate the transfer. And there's no way to undo it or have Fidelity lift the hold. You're still able to buy securities, but you can't withdraw it or use it to pay bills. Fidelity's money market rates are also a bit lower than everyone else's. So you're trading a bit more convenience for a lower yield. Vanguard still has a true sweep fund, and its yields are higher than Fidelity's, so that may be something to look into.

Thanks for the notice re: push vs pull. I'll make sure that we push money into my wife's Roth.

[vtMaps]

Thanks for the notice re: push vs pull. I'll make sure that we push money into my wife's Roth.

Push vs Pull only matters if you intend to withdraw the money sooner than 16 days. Are you planning to withdraw the money from the Roth within 16 days of depositing it? --vtMaps

[deltaneutral83]

I had a 401k rollover to IRA with Fidelity. The 401k my old employer used was with Fidelity, so I called one day at 9 am to handle, funds were handled at 4PM that day obviously, and I was able to trade (i.e. buy back) and did so at 9:38 a.m. the following day in my Trad. Out of the market for 8 minutes on a 401k rollover, that's a record for me.

[mends]

I withdrew funds from my Traditional IRA a few days ago and as of today, it is now showing as PENDING and I see under my IRA Withdrawal history of the fully processed NORMAL DISTR line.

However, it is still not showing up under the 2025 RMD section in Fidelity. Do I just need to wait a few days or did I not withdraw the funds properly? I just did a regular transfer from my IRA to my individual Fidelity account.

[GaryA505]

I'm trying to take my 2024 RMD at Fidelity. The web site shows me the 2024 and 2025 RMD amounts, but when I try to take the 2024 RMD it shows the 2025 RMD amount. Anyone?

[tj]

I'm trying to take my 2024 RMD at Fidelity. The web site shows me the 2024 and 2025 RMD amounts, but when I try to take the 2024 RMD it shows the 2025 RMD amount. Anyone?

According to Fidelity, you're supposed to have taken your 2024 RMD by December 31 2024. The only exception is if it is your first year taking an RMD.

https://www.fidelity.com/learning-cente ... -first-rmd

[8foot7]

Finally, last night, got around to setting up bill pay at Fidelity from Ally. We've been happily using Ally for many years, however, I opened our breadth of Fido accounts with the intention of eventually moving to Fido for bill pay and to be able to keep our checking/cash savings acct. in one account with better ATY.

Just be aware, like other Fidelity Banking services, Fidelity pays a 3rd party for the Bill Pay service and then integrates it. If you run into an issue with a payment, you'll have to deal with that 3rd party company and they can and will randomly change electronic payments to paper check and send it via USPS. Had it happen to me this month, they changed my CitiBank Credit Card payment from electronic (which it had been for ever) to a paper check and mailed it less then a week before the due date and between two major holidays. Now I get to wait and see if the paper check will make it to Citi before my due date and if not will need to deal with getting Citi a payment via an alternate way to avoid late fee, interest, etc!

When I called Fidelity on Friday and asked why a paper check was sent when the web site indicated it would go electronic and had been going electronic every month since I set it up, I was told "it can happen", that Fidelity has no control over the situation, they just contract with the 3rd party company (I forget its name) and that company can and sometimes does change the payment method from Electronic to paper check, based on a criteria which the rep hinted at that seemed about as opaque as who qualifies for the free TT offer.

I've seen others on this thread report the same (recall someone saying their regular mortgage payment to Wells Fargo was randomly switched to check with no notice), but I hadn't had it happen to me until this month. Bill Pay was the last banking service I was still using with Fidelity (Having switched check writing, deposits and ATM usage back to Alliant after all the other issues), but after this experience I am going all in and my new years resolution is going to be use Fidelity only for Investments and a real bank/CU for banking.

Holy moly they are still doing this?
I posted about this very phenomenon a while back, through Schwab Bank but using the Checkfree service or whatever it's called these days:
viewtopic.php?p=7045886#p7045886

[GaryA505]

I'm trying to take my 2024 RMD at Fidelity. The web site shows me the 2024 and 2025 RMD amounts, but when I try to take the 2024 RMD it shows the 2025 RMD amount. Anyone?

According to Fidelity, you're supposed to have taken your 2024 RMD by December 31 2024. The only exception is if it is your first year taking an RMD.

https://www.fidelity.com/learning-cente ... -first-rmd

This is my first year RMD so I have until April 1 to take the 2024 RMD.

[tj]

According to Fidelity, you're supposed to have taken your 2024 RMD by December 31 2024. The only exception is if it is your first year taking an RMD.

https://www.fidelity.com/learning-cente ... -first-rmd

This is my first year RMD so I have until April 1 to take the 2024 RMD.

Well you have to take your 2025 RMD this year also, so why does it matter if the first RMD is a little higher than what it's supposed to be?

[tj]

Just be aware, like other Fidelity Banking services, Fidelity pays a 3rd party for the Bill Pay service and then integrates it. If you run into an issue with a payment, you'll have to deal with that 3rd party company and they can and will randomly change electronic payments to paper check and send it via USPS. Had it happen to me this month, they changed my CitiBank Credit Card payment from electronic (which it had been for ever) to a paper check and mailed it less then a week before the due date and between two major holidays. Now I get to wait and see if the paper check will make it to Citi before my due date and if not will need to deal with getting Citi a payment via an alternate way to avoid late fee, interest, etc!

When I called Fidelity on Friday and asked why a paper check was sent when the web site indicated it would go electronic and had been going electronic every month since I set it up, I was told "it can happen", that Fidelity has no control over the situation, they just contract with the 3rd party company (I forget its name) and that company can and sometimes does change the payment method from Electronic to paper check, based on a criteria which the rep hinted at that seemed about as opaque as who qualifies for the free TT offer.

I've seen others on this thread report the same (recall someone saying their regular mortgage payment to Wells Fargo was randomly switched to check with no notice), but I hadn't had it happen to me until this month. Bill Pay was the last banking service I was still using with Fidelity (Having switched check writing, deposits and ATM usage back to Alliant after all the other issues), but after this experience I am going all in and my new years resolution is going to be use Fidelity only for Investments and a real bank/CU for banking.

Holy moly they are still doing this?
I posted about this very phenomenon a while back, through Schwab Bank but using the Checkfree service or whatever it's called these days:
viewtopic.php?p=7045886#p7045886

I think it's pretty common for banks and credit unions to pay third parties to operate their bill pays. Nothing unusual about Fidelity or Schwab in that regard. A mega bank might be easier to deal with if issues pop up though?

[8foot7]

Holy moly they are still doing this?
I posted about this very phenomenon a while back, through Schwab Bank but using the Checkfree service or whatever it's called these days:
viewtopic.php?p=7045886#p7045886

I think it's pretty common for banks and credit unions to pay third parties to operate their bill pays. Nothing unusual about Fidelity or Schwab in that regard. A mega bank might be easier to deal with if issues pop up though?

Seems like a Checkfree/Fiserv issue indeed but here is evidence it's across multiple "host" institutions. Users beware.
Since my report I have been manually paying bills at each biller's website, which is far less convenient than sitting down on Sunday evening with a glass of wine and entering bills to pay that week on a single bill pay screen. But I suppose I have gotten used to it.

[tj]

I think it's pretty common for banks and credit unions to pay third parties to operate their bill pays. Nothing unusual about Fidelity or Schwab in that regard. A mega bank might be easier to deal with if issues pop up though?

Seems like a Checkfree/Fiserv issue indeed but here is evidence it's across multiple "host" institutions. Users beware.
Since my report I have been manually paying bills at each biller's website, which is far less convenient than sitting down on Sunday evening with a glass of wine and entering bills to pay that week on a single bill pay screen. But I suppose I have gotten used to it.

A year or two ago, I just set up auto pays at all the billers. i got tired of calling banks to request fee waivers because I made a mistake. No reason to take that change when there's an easy solution.

[GaryA505]

This is my first year RMD so I have until April 1 to take the 2024 RMD.

Well you have to take your 2025 RMD this year also, so why does it matter if the first RMD is a little higher than what it's supposed to be?

No, the first RMD won't be "a little higher than what it's supposed to be". The first RMD (2024) is what it is.
I have to take my 2024 RMD by 4/1/2025 and I have to take my 2025 RMD by 12/31/2025.

Let's say the 2024 RMD is $10,000 and the 2025 RMD is $12,000.
I have to take $10,000 by 4/1/2025 to satisfy the 2024 RMD.
I have to take an additional $12,000 by 12/31/2025 to satisfy the 2025 RMD.

[tACKJAYE]

Did Fidelity recently change its EFT limits for everyone, https://www.fidelity.com/customer-servi ... -bank-wire? I thought the limits were much higher, around $1 million. I found out when I tried to transfer stocks from one Fidelity account to another financial institution's account that the transfer wasn't allowed if the value exceeded $250,000.

[tACKJAYE]

I don't use Fidelity or Schwab bill pay but use BoA bill pay as one place, where payments get scheduled automatically except Chase, 2 days before the due date, but monies are withdrawn from FI CMA, i.e. pay account within BoA Bill pay is set to FI CMA account.

I think it's pretty common for banks and credit unions to pay third parties to operate their bill pays. Nothing unusual about Fidelity or Schwab in that regard. A mega bank might be easier to deal with if issues pop up though?

Seems like a Checkfree/Fiserv issue indeed but here is evidence it's across multiple "host" institutions. Users beware.
Since my report I have been manually paying bills at each biller's website, which is far less convenient than sitting down on Sunday evening with a glass of wine and entering bills to pay that week on a single bill pay screen. But I suppose I have gotten used to it.

[tj]

Well you have to take your 2025 RMD this year also, so why does it matter if the first RMD is a little higher than what it's supposed to be?

No, the first RMD won't be "a little higher than what it's supposed to be". The first RMD (2024) is what it is.
I have to take my 2024 RMD by 4/1/2025 and I have to take my 2025 RMD by 12/31/2025.

Let's say the 2024 RMD is $10,000 and the 2025 RMD is $12,000.
I have to take $10,000 by 4/1/2025 to satisfy the 2024 RMD.
I have to take an additional $12,000 by 12/31/2025 to satisfy the 2025 RMD.

This makes no sense to me. You have to pay $22,000 to the IRS in 2025 and at least $10,000 needs to be before 4/1/25

Why would the IRS care if you pay $12,000 in March and $10,000 in December vs $10,000 in March and $12,000 in December?

In any event, you should probably call (or chat on their website ) with Fidelity to accomplish what you are wanting to do.

[tj]

I don't use Fidelity or Schwab bill pay but use BoA bill pay as one place, where payments get scheduled automatically except Chase, 2 days before the due date, but monies are withdrawn from FI CMA, i.e. pay account within BoA Bill pay is set to FI CMA account.

Seems like a Checkfree/Fiserv issue indeed but here is evidence it's across multiple "host" institutions. Users beware.
Since my report I have been manually paying bills at each biller's website, which is far less convenient than sitting down on Sunday evening with a glass of wine and entering bills to pay that week on a single bill pay screen. But I suppose I have gotten used to it.

It's crazy to me that Bank of America lets you use other institutions as source accounts for their bill pay service to pay other billers. I suspect if there are issues, they wouldn't go out of their way to be super helpful.

[GaryA505]

No, the first RMD won't be "a little higher than what it's supposed to be". The first RMD (2024) is what it is.
I have to take my 2024 RMD by 4/1/2025 and I have to take my 2025 RMD by 12/31/2025.

Let's say the 2024 RMD is $10,000 and the 2025 RMD is $12,000.
I have to take $10,000 by 4/1/2025 to satisfy the 2024 RMD.
I have to take an additional $12,000 by 12/31/2025 to satisfy the 2025 RMD.

This makes no sense to me. You have to pay $22,000 to the IRS in 2025 and at least $10,000 needs to be before 4/1/25

Why would the IRS care if you pay $12,000 in March and $10,000 in December vs $10,000 in March and $12,000 in December?

In any event, you should probably call (or chat on their website ) with Fidelity to accomplish what you are wanting to do.

The IRS probably doesn't care, but I do. I only want to withdraw the 2024 RMD of $10000 by April 1, then do the 2025 RMD later.

I'm sure there is someone else on here who has experienced this, that's why I posted the question.

[glitchy]

Did Fidelity recently change its EFT limits for everyone, https://www.fidelity.com/customer-servi ... -bank-wire? I thought the limits were much higher, around $1 million. I found out when I tried to transfer stocks from one Fidelity account to another financial institution's account that the transfer wasn't allowed if the value exceeded $250,000.

The ACH limit has long been $100k out and $250k in, done online. As the web page says they may do higher if you call. (I have done this, it wasn't hard, but the accounts in question had been linked for ages and had a solid history of transfers between them.)

That said "transfer stocks" sounds like ACATS, which I'm surprised has a limit.

[tj]

Did Fidelity recently change its EFT limits for everyone, https://www.fidelity.com/customer-servi ... -bank-wire? I thought the limits were much higher, around $1 million. I found out when I tried to transfer stocks from one Fidelity account to another financial institution's account that the transfer wasn't allowed if the value exceeded $250,000.

The ACH limit has long been $100k out and $250k in, done online. As the web page says they may do higher if you call. (I have done this, it wasn't hard, but the accounts in question had been linked for ages and had a solid history of transfers between them.)

That said "transfer stocks" sounds like ACATS, which I'm surprised has a limit.

I'm surprised about that also. I don't know they'd be allowed to hold your stocks hostage.

[mhc]

Just completed his/her backdoor Roths for the first time at Fidelity. Previously, we had been at Vanguard. Here are some observations.

1. Vanguard is easier for me to do both because Fidelity does not allow me to do online (phone only, maybe paper) contributions to her IRA or online Roth conversions of her IRA. My DW gave me Full Authority. I don't think POA would solve this. I just don't think their online interface would support it.

2. I think the process may be a little faster at Fidelity. It seems like Fidelity lets one invest money while it is still marked pending. I don't recall Vanguard allowing this.

3. During the Roth conversion, it asked if the IRA should be left open. I said yes. Hopefully, it will be there next year even though it has a $0 balance. Vanguard always left the IRAs open with a $0 balance.

I think I prefer the Vanguard experience better, but the Fidelity process is not bad now that I know their system.

[tj]

Just completed his/her backdoor Roths for the first time at Fidelity. Previously, we had been at Vanguard. Here are some observations.

1. Vanguard is easier for me to do both because Fidelity does not allow me to do online (phone only, maybe paper) contributions to her IRA or online Roth conversions of her IRA. My DW gave me Full Authority. I don't think POA would solve this. I just don't think their online interface would support it.

2. I think the process may be a little faster at Fidelity. It seems like Fidelity lets one invest money while it is still marked pending. I don't recall Vanguard allowing this.

3. During the Roth conversion, it asked if the IRA should be left open. I said yes. Hopefully, it will be there next year even though it has a $0 balance. Vanguard always left the IRAs open with a $0 balance.

I think I prefer the Vanguard experience better, but the Fidelity process is not bad now that I know their system.

You could just create a log in for her and log in and do it. Or have her log in....

There are numerous posts in this thread about Fidelity auto-closing $0 iRA's....

This link was posted recently:

https://www.reddit.com/r/fidelityinvest ... nt_i_ever/

[RetiredAL]

FYI

Last year we moved all our accounts from Vanguard to Fidelity. Yesterday, I tried to start the backdoor Roth process for my DW. She had given me limited account authorization. I could not make the IRA contribution for her. We switched the authorization to Full Access. I still couldn't make the contribution for her. Apparently, there is no way for me to make the contribution for her online short of me logging into her account. This was not an issue at Vanguard. Not a huge deal, but people should be aware of this difference between Vanguard and Fidelity. I am still quite pleased with Fidelity despite this minor frustration.

I can't even do a backdoor Roth IRA conversion on my own account. I keep getting an error message on the website, despite funding the account with settled funds from my brokerage that are even showing as available to withdraw in the IRA. The phone reps can't seem to figure it out and "think" it may be some sort of hold.

I'm seriously considering a move to Schwab or Vanguard. Money movement at Fidelity has become a complete mess, and there is no end in sight to the issues.

Be aware that Vanguard has some quirky money movement rules many have complained about.

Although no longer funding DW's Roth at Schwab as we are now retired, I always had to call to have money moved from our Joint Account to her Roth. Issue is dissimilar name/titling between the accounts.

[volstagg]

Did Fidelity recently change its EFT limits for everyone, https://www.fidelity.com/customer-servi ... -bank-wire? I thought the limits were much higher, around $1 million. I found out when I tried to transfer stocks from one Fidelity account to another financial institution's account that the transfer wasn't allowed if the value exceeded $250,000.

The link you posted is related to bank wire or ACH, the movement of cash. Where do you see stocks listed? You can't bank wire or ACH transfer shares of stock.

[tACKJAYE]

Ok, so contacted Fidelity and was advised to resubmit, since it was mistakenly rejected. However, they did tell me that internal transfer (between Fidelity accounts) of shares can't exceed 250K value, just like ACH limits. Why would there be a limit on moving monies/shares between two identical accounts at the same institution?

Did Fidelity recently change its EFT limits for everyone, https://www.fidelity.com/customer-servi ... -bank-wire? I thought the limits were much higher, around $1 million. I found out when I tried to transfer stocks from one Fidelity account to another financial institution's account that the transfer wasn't allowed if the value exceeded $250,000.

The link you posted is related to bank wire or ACH, the movement of cash. Where do you see stocks listed? You can't bank wire or ACH transfer shares of stock.

[tj]

Ok, so contacted Fidelity and was advised to resubmit, since it was mistakenly rejected. However, they did tell me that internal transfer (between Fidelity accounts) of shares can't exceed 250K value, just like ACH limits. Why would there be a limit on moving monies/shares between two identical accounts at the same institution?

The link you posted is related to bank wire or ACH, the movement of cash. Where do you see stocks listed? You can't bank wire or ACH transfer shares of stock.

You are transferring between your own accounts or to somebody else's account?

[tACKJAYE]

Transferring between my own accounts.

Ok, so contacted Fidelity and was advised to resubmit, since it was mistakenly rejected. However, they did tell me that internal transfer (between Fidelity accounts) of shares can't exceed 250K value, just like ACH limits. Why would there be a limit on moving monies/shares between two identical accounts at the same institution?

You are transferring between your own accounts or to somebody else's account?

[Gadget]

Transferring between my own accounts.

You are transferring between your own accounts or to somebody else's account?

I know this doesn't help you personally, but I just checked and my limit is one cent shy of $100 million. If someone could loan me just a few dollars I'll be happy to test that limit.

But I've never seen a small transfer limit between my own Fidelity accounts. Maybe your account is new?

I just opened US Bank accounts for their new credit card, and I have a ridiculous $5000ish transfer limit between my own accounts there. But it is a brand new account.

[aj44]

I was going to give Fidelity CMA a tryout for my banking but like others on this thread oooooof, the 3 week hold on my test balloon deposit.

I can't imagine what executive thought this was a good idea.

[bbrock]

I realize that the Fidelity CMA‘s are not going to link up with empower, correct? Even though Empower was missing some transactions here and there from our Ally checking accounts, it was better than nothing. And, I struggle with Fido full view as often times I’ll have to constantly re-enter our passwords and login info for linked accounts.

[stilllurking]

I realize that the Fidelity CMA‘s are not going to link up with empower, correct? Even though Empower was missing some transactions here and there from our Ally checking accounts, it was better than nothing. And, I struggle with Fido full view as often times I’ll have to constantly re-enter our passwords and login info for linked accounts.

Fidelity CMAs work fine in Empower dashboard. I have multiple accounts and they all sync fine.

[soobaerodude]

This is an interesting perspective to read for someone currently with Roth IRA at Schwab, as I'm contemplating the move in the other direction.

We are fortunate enough to be forced into doing backdoor Roth, and the process at Schwab was quite painless. Opened a new tIRA on New Year's Day, funds arrived in my brokerage checking earlier this morning, I moved said funds to tIRA and then immediately converted the amount into my existing Roth IRA account. So far so good.

I agree. Completing backdoor Roths at Schwab is painless. Even though we have CMA and 401k at Fidelity, we prefer holding our Roths with Schwab.

[bbrock]

I realize that the Fidelity CMA‘s are not going to link up with empower, correct? Even though Empower was missing some transactions here and there from our Ally checking accounts, it was better than nothing. And, I struggle with Fido full view as often times I’ll have to constantly re-enter our passwords and login info for linked accounts.

Fidelity CMAs work fine in Empower dashboard. I have multiple accounts and they all sync fine.

Hi stilllurking.

Well, is there something else I have to setup to get it to show transactions? I already have some debits/charges on one of the CMA accounts as I moved them over to debit the Fido acct. vs. my Ally.

I know some people prefer Full View for budgeting, transaction mgmt, cashflow, I have just found Empower is good enough and I'd prefer to use it if I can get all the Fido transactions to post.

[stilllurking]

Fidelity CMAs work fine in Empower dashboard. I have multiple accounts and they all sync fine.

Hi stilllurking.

Well, is there something else I have to setup to get it to show transactions? I already have some debits/charges on one of the CMA accounts as I moved them over to debit the Fido acct. vs. my Ally.

I know some people prefer Full View for budgeting, transaction mgmt, cashflow, I have just found Empower is good enough and I'd prefer to use it if I can get all the Fido transactions to post.

If the transactions were within a day, then they won't show up until the following day. Meaning it is a day behind. I would see Tuesdays transactions today and Wednesday's tomorrow. There is a retrieve transactions button on the website for each account you can try to use which may force a refresh and fill in missing transactions. I don't think it can be done on the phone app.

[bbrock]

Hi stilllurking.

Well, is there something else I have to setup to get it to show transactions? I already have some debits/charges on one of the CMA accounts as I moved them over to debit the Fido acct. vs. my Ally.

I know some people prefer Full View for budgeting, transaction mgmt, cashflow, I have just found Empower is good enough and I'd prefer to use it if I can get all the Fido transactions to post.

If the transactions were within a day, then they won't show up until the following day. Meaning it is a day behind. I would see Tuesdays transactions today and Wednesday's tomorrow. There is a retrieve transactions button on the website for each account you can try to use which may force a refresh and fill in missing transactions. I don't think it can be done on the phone app.

Thanks stilllurking.

Stange, I don't even see my CMA's listed at Empower. I updated the connection, went through all the Fido screens, selected the accounts, .but still not showing at Empower.

[stilllurking]

If the transactions were within a day, then they won't show up until the following day. Meaning it is a day behind. I would see Tuesdays transactions today and Wednesday's tomorrow. There is a retrieve transactions button on the website for each account you can try to use which may force a refresh and fill in missing transactions. I don't think it can be done on the phone app.

Thanks stilllurking.

Stange, I don't even see my CMA's listed at Empower. I updated the connection, went through all the Fido screens, selected the accounts, .but still not showing at Empower.

I have reached out to their support team in the past. Sometimes they are able to work the back end to get it to show up. They're pretty responsive.

[bbrock]

Thanks stilllurking.

Stange, I don't even see my CMA's listed at Empower. I updated the connection, went through all the Fido screens, selected the accounts, .but still not showing at Empower.

I have reached out to their support team in the past. Sometimes they are able to work the back end to get it to show up. They're pretty responsive.

Got it. Let me try again to get it to populate. In this case, is it sometimes good to delete my entire Fidelity connection/accounts from Empower and then reload them?

[stilllurking]

I have reached out to their support team in the past. Sometimes they are able to work the back end to get it to show up. They're pretty responsive.

Got it. Let me try again to get it to populate. In this case, is it sometimes good to delete my entire Fidelity connection/accounts from Empower and then reload them?

I've done that in the past but didn't think I've had success with it. I think it could be something on the back end that they need to tweak to get the transactions to populate. My vanguard 401k only updates the balance but I don't see any transactions. I just manually add it once in a while to the savings page to show me how much I've saved across all of my accounts.

[pokebowl]

I must have been living under a rock. I use Fidelity CMA and didn't realize back in September they instituted long deposit holds for checks (all check types), or EFTs that are not ACH pushes up to 16 business days or 3 weeks. Had to scramble to cover a bill after an ACH failure. I did an EFT in December, saw the money was available and went on with life, until today where it still shows a hold for another week.

Couldn't find much on Fidelity's website, but oh boy, a simple Reddit search unleashed many a unhappy customers screaming at Fidelity. Does anyone know if this is occurring at every financial firm or a Fidelity only policy? If only Fidelity I may end up closing shop as that is a liability in my opinion should I ever be unable to perform an ACH push to access my money in a timely manner.

[FrugalProfessor]

I must have been living under a rock. I use Fidelity CMA and didn't realize back in September they instituted long deposit holds for checks (all check types), or EFTs that are not ACH pushes up to 16 business days or 3 weeks. Had to scramble to cover a bill after an ACH failure. I did an EFT in December, saw the money was available and went on with life, until today where it still shows a hold for another week.

Couldn't find much on Fidelity's website, but oh boy, a simple Reddit search unleashed many a unhappy customers screaming at Fidelity. Does anyone know if this is occurring at every financial firm or a Fidelity only policy? If only Fidelity I may end up closing shop as that is a liability in my opinion should I ever be unable to perform an ACH push to access my money in a timely manner.

Most of my fidelity problems have been solved by following the finance buff's advice of only ACH pushing to Fidelity.

https://thefinancebuff.com/ach-push-avo ... losed.html

This of course does not solve the mobile check deposit issue.

How that helps.

[w5000]

Most of my fidelity problems have been solved by following the finance buff's advice of only ACH pushing to Fidelity.

That's what I'm doing too, but I wouldn't say that it's solving the problem -- it's an inconvenient workaround. It's inconvenient because if I pulled funds with Fidelity, I can invest them right away -- to pull funds and invest them takes a few minutes at most. But now, I have to initiate a push from my external bank, wait a few days, then remember to come back and invest the funds once they land at Fidelity.

[InvisibleAerobar]

Quick follow up on this.

How do I do trial deposits with Fidelity when there is only a tIRA account and a Roth IRA account? I don’t want money going in and then coming back out to become an issue.

Should I separately open a taxable brokerage account (that won’t be funded) solely for the purpose of facilitating push transfers to Fidelity?

[tj]

Most of my fidelity problems have been solved by following the finance buff's advice of only ACH pushing to Fidelity.

That's what I'm doing too, but I wouldn't say that it's solving the problem -- it's an inconvenient workaround. It's inconvenient because if I pulled funds with Fidelity, I can invest them right away -- to pull funds and invest them takes a few minutes at most. But now, I have to initiate a push from my external bank, wait a few days, then remember to come back and invest the funds once they land at Fidelity.

You can still invest the funds right away, just can't withdraw them. It's a withdrawal hold, not a deposit/investment hold.