Fidelity as a one stop shop

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snowman
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Re: Fidelity as a one stop shop

Post by snowman »

For those of you that travel internationally and use Fidelity Visa as your primary CC at home - do you continue using it abroad, or do you switch to no FTF card? It seems to me that with 2% cashback and 1% FTF, the net is 1% cashback. My other card is Costco Visa which has 1% cashback and no FTF, so net 1% cashback as well. So it appears to be a wash, but maybe I am missing something. Is one better than the other abroad?
tj
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Re: Fidelity as a one stop shop

Post by tj »

snowman wrote: Tue May 09, 2023 8:16 am For those of you that travel internationally and use Fidelity Visa as your primary CC at home - do you continue using it abroad, or do you switch to no FTF card? It seems to me that with 2% cashback and 1% FTF, the net is 1% cashback. My other card is Costco Visa which has 1% cashback and no FTF, so net 1% cashback as well. So it appears to be a wash, but maybe I am missing something. Is one better than the other abroad?
I would assume that people would find a card with better cashback and no FTF.
muffins14
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Re: Fidelity as a one stop shop

Post by muffins14 »

snowman wrote: Tue May 09, 2023 8:16 am For those of you that travel internationally and use Fidelity Visa as your primary CC at home - do you continue using it abroad, or do you switch to no FTF card? It seems to me that with 2% cashback and 1% FTF, the net is 1% cashback. My other card is Costco Visa which has 1% cashback and no FTF, so net 1% cashback as well. So it appears to be a wash, but maybe I am missing something. Is one better than the other abroad?
I feel like I recently saw and answered this elsewhere.

I just use the fidelity visa. 1% of my total annual foreign spend is not a lot. Maybe $10-$20 annually. not worth my time to think about it

Your situation looks like a wash to me. There are obviously other travel cards with no fee and travel rewards in excess of 1% if you want that
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LazyFinanceJunkie
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Re: Fidelity as a one stop shop

Post by LazyFinanceJunkie »

Curious issue came up with setting up my CMA/Brokerage as my new "checking account."

What is the "correct" account to set up my bills/credit card payments to debit from? My understanding is the brokerage, correct?

I ran into a strange wrinkle adding the brokerage to my Citi card as the autopay. It tried to do 2 deposits to verify the amount. I verified the amounts, but then got an email the following evening saying it had failed. Anyone have experience with this? Am I doing something wrong?
snowman
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Re: Fidelity as a one stop shop

Post by snowman »

tj wrote: Tue May 09, 2023 8:20 am
snowman wrote: Tue May 09, 2023 8:16 am For those of you that travel internationally and use Fidelity Visa as your primary CC at home - do you continue using it abroad, or do you switch to no FTF card? It seems to me that with 2% cashback and 1% FTF, the net is 1% cashback. My other card is Costco Visa which has 1% cashback and no FTF, so net 1% cashback as well. So it appears to be a wash, but maybe I am missing something. Is one better than the other abroad?
I would assume that people would find a card with better cashback and no FTF.
Not necessarily. We are full time RVers, and our international travel this year involves spending the summer in Alaska, which means we are driving through Canada on the way up and down. We will not be spending money on airfare, hotels, restaurants, taxis and such like most people do when they travel abroad. We will be spending most money on diesel fuel, followed by campground fees, groceries and propane. Plus, even if better CC existed, receiving it would be logistically challenging. I am comfortable with the mix of cards we have, the question is whether my assumption that net-net it's a wash is correct.
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fetch5482
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Re: Fidelity as a one stop shop

Post by fetch5482 »

muffins14 wrote: Tue May 09, 2023 8:51 am
snowman wrote: Tue May 09, 2023 8:16 am For those of you that travel internationally and use Fidelity Visa as your primary CC at home - do you continue using it abroad, or do you switch to no FTF card? It seems to me that with 2% cashback and 1% FTF, the net is 1% cashback. My other card is Costco Visa which has 1% cashback and no FTF, so net 1% cashback as well. So it appears to be a wash, but maybe I am missing something. Is one better than the other abroad?
I feel like I recently saw and answered this elsewhere.

I just use the fidelity visa. 1% of my total annual foreign spend is not a lot. Maybe $10-$20 annually. not worth my time to think about it

Your situation looks like a wash to me. There are obviously other travel cards with no fee and travel rewards in excess of 1% if you want that
I use capital one venture X which doesn't have the ftf and has 2% cash back. The card does have an annual fee, but if you use it correctly, the fee is $0 net after benefits each year.
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Eno Deb
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Re: Fidelity as a one stop shop

Post by Eno Deb »

LazyFinanceJunkie wrote: Tue May 09, 2023 9:10 am Curious issue came up with setting up my CMA/Brokerage as my new "checking account."

What is the "correct" account to set up my bills/credit card payments to debit from? My understanding is the brokerage, correct?
You can look up the routing (ABA) and account numbers for direct debit/deposit by going to this link:

https://digital.fidelity.com/ftgw/digit ... formation/

You can also get there from the main menu (Account Features->Payments->Direct Debit or similar). If you have checks for the account, you also have a shorter account number that you can use as well.
muffins14
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Re: Fidelity as a one stop shop

Post by muffins14 »

LazyFinanceJunkie wrote: Tue May 09, 2023 9:10 am Curious issue came up with setting up my CMA/Brokerage as my new "checking account."

What is the "correct" account to set up my bills/credit card payments to debit from? My understanding is the brokerage, correct?

I ran into a strange wrinkle adding the brokerage to my Citi card as the autopay. It tried to do 2 deposits to verify the amount. I verified the amounts, but then got an email the following evening saying it had failed. Anyone have experience with this? Am I doing something wrong?
You just need to pick which one you want. Do you want to pay from your brokerage or your CMA? Enter the payments details for the correct account.

Not sure why it failed for you. Maybe contact Citi.

I use a brokerage for some autopay and a CMA for other autopay and have not had issues
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LazyFinanceJunkie
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Re: Fidelity as a one stop shop

Post by LazyFinanceJunkie »

Thanks. Sounds like it doesn’t matter then?

My plan is to keep $0 in the CMA and have it overdraft from the brokerage. I think it’s really just for ATM access, while the cash will all sit in the brokerage.
vaylie
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Re: Fidelity as a one stop shop

Post by vaylie »

I recently transitioned over to using my Fidelity CMA as my main checking account and started a Brokerage account as my savings account to save for a down payment, to keep in Treasuries until I'm ready for a purchase.

My question is: Has anyone gone through a mortgage underwriting or approval process while using this kind of setup? Do they consider your brokerage account with a core position the same way they would consider a traditional checking/savings account vs an account with investments in securities? What about if the account held treasuries that I'd plan to sell for my down payment?

Ideally I'd like to just wire a down payment from my brokerage account directly, but I don't know if I should instead put everything into my CMA instead when I'm ready to start the house hunting process. I also know there are complications if there are major transfers within the past 60 days of the underwriting process. Does this apply to transfers between two accounts at the same institution?
muffins14
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Re: Fidelity as a one stop shop

Post by muffins14 »

vaylie wrote: Tue May 09, 2023 8:27 pm I recently transitioned over to using my Fidelity CMA as my main checking account and started a Brokerage account as my savings account to save for a down payment, to keep in Treasuries until I'm ready for a purchase.

My question is: Has anyone gone through a mortgage underwriting or approval process while using this kind of setup? Do they consider your brokerage account with a core position the same way they would consider a traditional checking/savings account vs an account with investments in securities? What about if the account held treasuries that I'd plan to sell for my down payment?

Ideally I'd like to just wire a down payment from my brokerage account directly, but I don't know if I should instead put everything into my CMA instead when I'm ready to start the house hunting process. I also know there are complications if there are major transfers within the past 60 days of the underwriting process. Does this apply to transfers between two accounts at the same institution?

Just ask the bank. I essentially went through this exact process in February. I used my fidelity brokerage as my brokerage and my “bank”, so I had no real “bank” to talk a about. Everything was co-mingled in my brokerage.

They may need some education on the fact that when you buy treasuries or other money markets, you aren’t getting a gift or cash influx (because it might look like a redemption from core etc). But in my experience I just explained what the transactions were and they were fine.

I wouldn’t say there were “complications”, I just had to let them know what money was earmarked for the down payment, and what was not, what was a sale vs a purchase, but that’s pretty much it.
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muffins14
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Re: Fidelity as a one stop shop

Post by muffins14 »

LazyFinanceJunkie wrote: Tue May 09, 2023 3:24 pm Thanks. Sounds like it doesn’t matter then?

My plan is to keep $0 in the CMA and have it overdraft from the brokerage. I think it’s really just for ATM access, while the cash will all sit in the brokerage.
That should be fine
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baliktad
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Re: Fidelity as a one stop shop

Post by baliktad »

snowman wrote: Tue May 09, 2023 8:16 am For those of you that travel internationally and use Fidelity Visa as your primary CC at home - do you continue using it abroad, or do you switch to no FTF card? It seems to me that with 2% cashback and 1% FTF, the net is 1% cashback. My other card is Costco Visa which has 1% cashback and no FTF, so net 1% cashback as well. So it appears to be a wash, but maybe I am missing something. Is one better than the other abroad?
Fidelity pays cash back monthly (assuming you've accrued $25 minimum rebate). Costco pays cash back annually, on the second statement close after the end of the year (could be up to 14 months before you see the rebate check). Not a wash if you believe there is a time value to money.

Costco's 3% on travel and dining with no FTF does make it compelling for flights/hotels/restaurants while traveling.
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Re: Fidelity as a one stop shop

Post by tj »

Who does Fidelity outsource their bill pay to? Where do the checks get mailed from?
simpleisbest
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Re: Fidelity as a one stop shop

Post by simpleisbest »

I don't see a point to a "one stop shop". Each bank has their own advantages, which can be mixed and matched to create a superior investment strategy. As well as diversifying, because sometimes service at one bank is disrupted.

Fidelity has a good individual bond exchange and pays good interest for a checking account.
Vanguard has better mutual funds and ETFs and money market fund.
SoFi has a HYSA that you can pay bills directly from.

They all have their role in the master plan.
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

simpleisbest wrote: Wed May 10, 2023 9:09 am I don't see a point to a "one stop shop". Each bank has their own advantages, which can be mixed and matched to create a superior investment strategy. As well as diversifying, because sometimes service at one bank is disrupted.

Fidelity has a good individual bond exchange and pays good interest for a checking account.
Vanguard has better mutual funds and ETFs and money market fund.
SoFi has a HYSA that you can pay bills directly from.

They all have their role in the master plan.
I agree one does not need a "one stop shop" per se, but can reduce the number of total financial institutions and simply where it makes sense.

You can buy Vanguard ETFs at Fidelity for a taxable account, and for tax advantaged accounts Fidelity's index mutual funds have lower expense ratios than Vanguard.

While no one can touch Vanguard's money market funds, you can get money market fund rates for your "checking account" at Fidelity, which currently out perform SoFi.

I do think there are superior credit card options than what is offered at Fidelity, but no one beats Fidelity's HSA option.
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Re: Fidelity as a one stop shop

Post by simpleisbest »

anon_investor wrote: Wed May 10, 2023 9:14 am you can get money market fund rates for your "checking account" at Fidelity, which currently out perform SoFi.
I don't think that's true. Checking accounts only pay 2.57%, if you want to unlock their money market rate of 4.7%, you need to open a brokerage account, which isn't a checking account.
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

simpleisbest wrote: Wed May 10, 2023 9:18 am
anon_investor wrote: Wed May 10, 2023 9:14 am you can get money market fund rates for your "checking account" at Fidelity, which currently out perform SoFi.
I don't think that's true. Checking accounts only pay 2.57%, if you want to unlock their money market rate of 4.7%, you need to open a brokerage account, which isn't a checking account.
You can just manually buy any of Fidelity's money market funds in a Fidelity CMA and Fidelity treats it as cash and will auto liquidate it to satisfying any payments, ACH withdrawals, ATM withdrawls, debit card payments, checks, etc. I am using FDRXX (this is a government money market fund with a current 1 day yield is 4.74%) in my Fidelity CMA, and I pay 100% of all my bills out of that account. I get paid twice a month, and it takes less than 10 seconds to manually buy FDRXX on pay day. There are more exotic ways to automate this set up using a brokerage account for overdraft with SPAXX or FZFXX as the "core" settlement fund.
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heartwood
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Re: Fidelity as a one stop shop

Post by heartwood »

tj wrote: Wed May 10, 2023 8:37 am Who does Fidelity outsource their bill pay to? Where do the checks get mailed from?
The check (using bill pay in my CMA) is from UMB Bank, NA, the same bank as used for your paper checkbook. The bill pay check uses the same routing and account numbers as that checkbook as well.
snowman
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Re: Fidelity as a one stop shop

Post by snowman »

baliktad wrote: Tue May 09, 2023 11:52 pm
snowman wrote: Tue May 09, 2023 8:16 am For those of you that travel internationally and use Fidelity Visa as your primary CC at home - do you continue using it abroad, or do you switch to no FTF card? It seems to me that with 2% cashback and 1% FTF, the net is 1% cashback. My other card is Costco Visa which has 1% cashback and no FTF, so net 1% cashback as well. So it appears to be a wash, but maybe I am missing something. Is one better than the other abroad?
Fidelity pays cash back monthly (assuming you've accrued $25 minimum rebate). Costco pays cash back annually, on the second statement close after the end of the year (could be up to 14 months before you see the rebate check). Not a wash if you believe there is a time value to money.

Costco's 3% on travel and dining with no FTF does make it compelling for flights/hotels/restaurants while traveling.
Thanks, very helpful. I thought about the cashback feature exactly as you described it. I really like how the money automatically gets deposited monthly into my CMA. That's the main reason why I am inclined to keep using it in Canada. I just wasn't sure if my other assumptions were correct.

Do you by any chance know if 4% cashback on gasoline purchases with Costco Visa also apply to gasoline purchases in Canada?
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

heartwood wrote: Wed May 10, 2023 9:26 am
tj wrote: Wed May 10, 2023 8:37 am Who does Fidelity outsource their bill pay to? Where do the checks get mailed from?
The check (using bill pay in my CMA) is from UMB Bank, NA, the same bank as used for your paper checkbook. The bill pay check uses the same routing and account numbers as that checkbook as well.
I wonder how much business UMB Bank gets from Fidelity.
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heartwood
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Re: Fidelity as a one stop shop

Post by heartwood »

simpleisbest wrote: Wed May 10, 2023 9:18 am
anon_investor wrote: Wed May 10, 2023 9:14 am you can get money market fund rates for your "checking account" at Fidelity, which currently out perform SoFi.
I don't think that's true. Checking accounts only pay 2.57%, if you want to unlock their money market rate of 4.7%, you need to open a brokerage account, which isn't a checking account.
It takes very little effort to get the higher rate in CMA. I hold SPRXX Fidelity MM in my CMA. Today it shows as 4.72%.

After a deposit (pension, SS, etc) I go to "positions" and if there's a significant amount in the core account I "buy" SPRXX. Those funds come out of the core account into SPRXX and I get the higher rate. I do it once or 2x a month.
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Re: Fidelity as a one stop shop

Post by simpleisbest »

anon_investor wrote: Wed May 10, 2023 9:24 am
simpleisbest wrote: Wed May 10, 2023 9:18 am
anon_investor wrote: Wed May 10, 2023 9:14 am you can get money market fund rates for your "checking account" at Fidelity, which currently out perform SoFi.
I don't think that's true. Checking accounts only pay 2.57%, if you want to unlock their money market rate of 4.7%, you need to open a brokerage account, which isn't a checking account.
You can just manually buy any of Fidelity's money market funds in a Fidelity CMA and Fidelity treats it as cash and will auto liquidate it to satisfying any payments, ACH withdrawals, ATM withdrawls, debit card payments, checks, etc. I am using FDRXX (this is a government money market fund with a current 1 day yield is 4.74%) in my Fidelity CMA, and I pay 100% of all my bills out of that account. I get paid twice a month, and it takes less than 10 seconds to manually buy FDRXX on pay day.
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muffins14
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Re: Fidelity as a one stop shop

Post by muffins14 »

simpleisbest wrote: Wed May 10, 2023 9:18 am
anon_investor wrote: Wed May 10, 2023 9:14 am you can get money market fund rates for your "checking account" at Fidelity, which currently out perform SoFi.
I don't think that's true. Checking accounts only pay 2.57%, if you want to unlock their money market rate of 4.7%, you need to open a brokerage account, which isn't a checking account.
If I can write checks from it, get direct deposit into it, and use an ATM with a debit card connected to it, it works just like a checking account for me :)
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JoMoney
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Re: Fidelity as a one stop shop

Post by JoMoney »

muffins14 wrote: Wed May 10, 2023 9:51 am
simpleisbest wrote: Wed May 10, 2023 9:18 am
anon_investor wrote: Wed May 10, 2023 9:14 am you can get money market fund rates for your "checking account" at Fidelity, which currently out perform SoFi.
I don't think that's true. Checking accounts only pay 2.57%, if you want to unlock their money market rate of 4.7%, you need to open a brokerage account, which isn't a checking account.
If I can write checks from it, get direct deposit into it, and use an ATM with a debit card connected to it, it works just like a checking account for me :)
:thumbsup
Just to clarify again, the Fidelity CMA account (currently only paying 2.57% on FDIC sweep core) is also a brokerage account, and one can also buy a higher yielding money market fund with full access through ATM/debit, billpay, checkwriting, etc.. without also opening a separate brokerage.
But if you want the money market fund as the core, rather than the FDIC bank sweep, you have to use the regular brokerage (and forego the ATM fee rebates.)
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Re: Fidelity as a one stop shop

Post by BoglesBeagle »

tj wrote: Wed May 10, 2023 8:37 am Who does Fidelity outsource their bill pay to? Where do the checks get mailed from?
I believe the processing service is CheckFree, as several other big banks also use (iirc, that name is mentioned in the terms and conditions).
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Re: Fidelity as a one stop shop

Post by stilllurking »

[Merged into here from Schwab as a one stop shop --admin LadyGeek]

Is there a specific place to enroll in auto roll at Fidelity? I didn’t see it on the order screen. Is it Auto rolled by default and I would need to unenroll when desired? I purchased my first T Bill and don’t see where to enroll/unenroll.
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Re: Schwab as a one stop shop

Post by offbyapixel »

anon_investor wrote: Wed May 10, 2023 1:04 pm One plus of Fidelity is true T-Bill autoroll. Fidelity will take your maturing T-Bill and roll it into the next available T-Bill of the same maturity. There is no lag time where your money sits earning no interest. Schwab on the otherhand holds the proceeds from your maturing T-Bill for a week and you get minimal interest during this time.
This is true, but it's worth noting you can manually buy the t-bill at auction that settles on the same day the maturing t-bill settles, and you won't be charged any margin interest. It's not automatic, but it only takes like 5 minutes.
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Re: Schwab as a one stop shop

Post by anon_investor »

stilllurking wrote: Wed May 10, 2023 1:27 pm Is there a specific place to enroll in auto roll at Fidelity? I didn’t see it on the order screen. Is it Auto rolled by default and I would need to unenroll when desired? I purchased my first T Bill and don’t see where to enroll/unenroll.
You only can do autoroll for new issue T-Bill purchases, there is a box to check when you purchase. Purchases on the secondary market are not elgiible.
offbyapixel wrote: Wed May 10, 2023 1:31 pm
anon_investor wrote: Wed May 10, 2023 1:04 pm One plus of Fidelity is true T-Bill autoroll. Fidelity will take your maturing T-Bill and roll it into the next available T-Bill of the same maturity. There is no lag time where your money sits earning no interest. Schwab on the otherhand holds the proceeds from your maturing T-Bill for a week and you get minimal interest during this time.
This is true, but it's worth noting you can manually buy the t-bill at auction that settles on the same day the maturing t-bill settles, and you won't be charged any margin interest. It's not automatic, but it only takes like 5 minutes.
Having to remember to manually purchase new T-Bills is a pain in the butt, I tried to do that for my parents' Vanguard account. But it is very YMMV, not everyone is buying a bunch of different T-Bills and autorolling them.
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Re: Schwab as a one stop shop

Post by stilllurking »

anon_investor wrote: Wed May 10, 2023 1:40 pm
stilllurking wrote: Wed May 10, 2023 1:27 pm Is there a specific place to enroll in auto roll at Fidelity? I didn’t see it on the order screen. Is it Auto rolled by default and I would need to unenroll when desired? I purchased my first T Bill and don’t see where to enroll/unenroll.
You only can do autoroll for new issue T-Bill purchases, there is a box to check when you purchase. Purchases on the secondary market are not elgiible.
offbyapixel wrote: Wed May 10, 2023 1:31 pm
anon_investor wrote: Wed May 10, 2023 1:04 pm One plus of Fidelity is true T-Bill autoroll. Fidelity will take your maturing T-Bill and roll it into the next available T-Bill of the same maturity. There is no lag time where your money sits earning no interest. Schwab on the otherhand holds the proceeds from your maturing T-Bill for a week and you get minimal interest during this time.
This is true, but it's worth noting you can manually buy the t-bill at auction that settles on the same day the maturing t-bill settles, and you won't be charged any margin interest. It's not automatic, but it only takes like 5 minutes.
Having to remember to manually purchase new T-Bills is a pain in the butt, I tried to do that for my parents' Vanguard account. But it is very YMMV, not everyone is buying a bunch of different T-Bills and autorolling them.
Thanks anon_investor.
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Re: Fidelity as a one stop shop

Post by tj »

heartwood wrote: Wed May 10, 2023 9:26 am
tj wrote: Wed May 10, 2023 8:37 am Who does Fidelity outsource their bill pay to? Where do the checks get mailed from?
The check (using bill pay in my CMA) is from UMB Bank, NA, the same bank as used for your paper checkbook. The bill pay check uses the same routing and account numbers as that checkbook as well.
Do you know where they are geographically mailed from? Like, Is UMB on the west or east coast?
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Re: Fidelity as a one stop shop

Post by gobigorgohome »

tj wrote: Wed May 10, 2023 4:04 pm
heartwood wrote: Wed May 10, 2023 9:26 am
tj wrote: Wed May 10, 2023 8:37 am Who does Fidelity outsource their bill pay to? Where do the checks get mailed from?
The check (using bill pay in my CMA) is from UMB Bank, NA, the same bank as used for your paper checkbook. The bill pay check uses the same routing and account numbers as that checkbook as well.
Do you know where they are geographically mailed from? Like, Is UMB on the west or east coast?
UMB is Kansas City, MO I believe.
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Re: Fidelity as a one stop shop

Post by LadyGeek »

I merged stilllurking's post and replies from Schwab as a one stop shop into here.

(Thanks to the member who reported the post and explained what's wrong.)
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tj
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Re: Fidelity as a one stop shop

Post by tj »

gobigorgohome wrote: Wed May 10, 2023 5:44 pm
tj wrote: Wed May 10, 2023 4:04 pm
heartwood wrote: Wed May 10, 2023 9:26 am
tj wrote: Wed May 10, 2023 8:37 am Who does Fidelity outsource their bill pay to? Where do the checks get mailed from?
The check (using bill pay in my CMA) is from UMB Bank, NA, the same bank as used for your paper checkbook. The bill pay check uses the same routing and account numbers as that checkbook as well.
Do you know where they are geographically mailed from? Like, Is UMB on the west or east coast?
UMB is Kansas City, MO I believe.
And UMB is who fidelity outsources their bill pay to? Or another vendor?
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Re: Fidelity as a one stop shop

Post by classicindexer »

tj wrote: Wed May 10, 2023 6:35 pm
gobigorgohome wrote: Wed May 10, 2023 5:44 pm
tj wrote: Wed May 10, 2023 4:04 pm
heartwood wrote: Wed May 10, 2023 9:26 am
tj wrote: Wed May 10, 2023 8:37 am Who does Fidelity outsource their bill pay to? Where do the checks get mailed from?
The check (using bill pay in my CMA) is from UMB Bank, NA, the same bank as used for your paper checkbook. The bill pay check uses the same routing and account numbers as that checkbook as well.
Do you know where they are geographically mailed from? Like, Is UMB on the west or east coast?
UMB is Kansas City, MO I believe.
And UMB is who fidelity outsources their bill pay to? Or another vendor?
BillPay services sending via check usually say it is about 5 business days to deliver and the deliver by date is usually the guarantee for any late fee reimbursement. Where they get mailed from might make some arrive sooner but what does it matter?
The Big Apple
Posts: 70
Joined: Mon Jul 30, 2018 9:28 pm

Re: Fidelity as a one stop shop

Post by The Big Apple »

snowman wrote: Wed May 10, 2023 9:27 am Do you by any chance know if 4% cashback on gasoline purchases with Costco Visa also apply to gasoline purchases in Canada?
No, because in Canada, they only accept MasterCard (and debit).
tj
Posts: 9368
Joined: Wed Dec 23, 2009 11:10 pm

Re: Fidelity as a one stop shop

Post by tj »

classicindexer wrote: Wed May 10, 2023 7:43 pm
tj wrote: Wed May 10, 2023 6:35 pm
gobigorgohome wrote: Wed May 10, 2023 5:44 pm
tj wrote: Wed May 10, 2023 4:04 pm
heartwood wrote: Wed May 10, 2023 9:26 am

The check (using bill pay in my CMA) is from UMB Bank, NA, the same bank as used for your paper checkbook. The bill pay check uses the same routing and account numbers as that checkbook as well.
Do you know where they are geographically mailed from? Like, Is UMB on the west or east coast?
UMB is Kansas City, MO I believe.
And UMB is who fidelity outsources their bill pay to? Or another vendor?
BillPay services sending via check usually say it is about 5 business days to deliver and the deliver by date is usually the guarantee for any late fee reimbursement. Where they get mailed from might make some arrive sooner but what does it matter?
Just want to know when to schedule a rent payment. I guess I'll rely on the 5 business days and hope for the best.
Lyrrad
Posts: 928
Joined: Sun Jul 27, 2008 10:59 am

Re: Fidelity as a one stop shop

Post by Lyrrad »

snowman wrote: Wed May 10, 2023 9:27 am Do you by any chance know if 4% cashback on gasoline purchases with Costco Visa also apply to gasoline purchases in Canada?
It should.
The Big Apple wrote: Wed May 10, 2023 9:02 pm No, because in Canada, they only accept MasterCard (and debit).
I don't think that's right.

Just like US Costco locations accept Canadian (CIBC) Costco MasterCard cards, Costco Canada locations accept American (Citi) Costco Visa cards.

You can also use the electronic and physical "Shop" cards in the other country for purchases, though the electronic ones probably aren't accepted at gas pumps.
snowman
Posts: 1477
Joined: Thu Jan 31, 2013 11:59 am

Re: Fidelity as a one stop shop

Post by snowman »

The Big Apple wrote: Wed May 10, 2023 9:02 pm
snowman wrote: Wed May 10, 2023 9:27 am Do you by any chance know if 4% cashback on gasoline purchases with Costco Visa also apply to gasoline purchases in Canada?
No, because in Canada, they only accept MasterCard (and debit).
But that only applies to purchases at Costco, correct? I meant any gas station in Canada, just like in the US.
lostcoast2023
Posts: 47
Joined: Wed May 03, 2023 4:58 pm

Re: Fidelity as a one stop shop

Post by lostcoast2023 »

BoglesBeagle wrote: Wed May 10, 2023 1:26 pm
tj wrote: Wed May 10, 2023 8:37 am Who does Fidelity outsource their bill pay to? Where do the checks get mailed from?
I believe the processing service is CheckFree, as several other big banks also use (iirc, that name is mentioned in the terms and conditions).
That makes sense. I saw a soft inquiry from "FISERVCHECKFREE CORP" while I was waiting for BillPay to become active on my account.
Gryphon
Posts: 631
Joined: Sat May 07, 2016 11:43 am
Location: Missouri

Re: Fidelity as a one stop shop

Post by Gryphon »

snowman wrote: Wed May 10, 2023 10:01 pm
The Big Apple wrote: Wed May 10, 2023 9:02 pm
snowman wrote: Wed May 10, 2023 9:27 am Do you by any chance know if 4% cashback on gasoline purchases with Costco Visa also apply to gasoline purchases in Canada?
No, because in Canada, they only accept MasterCard (and debit).
But that only applies to purchases at Costco, correct? I meant any gas station in Canada, just like in the US.
According to the guide I got with the card, the 4% cash back on gas applies worldwide:
4% cash back on eligible gas worldwide, including gas at Costco, for the first $7,000 per year in gas purchases and then 1% thereafter. You will only earn 1% cash back, not 4%, for gas purchased at superstores, supermarkets, convenience stores and warehouse clubs other than Costco or for fuel used for non-automobile purposes.
User avatar
heartwood
Posts: 2700
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Re: Fidelity as a one stop shop

Post by heartwood »

tj wrote: Wed May 10, 2023 9:34 pm
classicindexer wrote: Wed May 10, 2023 7:43 pm
tj wrote: Wed May 10, 2023 6:35 pm
gobigorgohome wrote: Wed May 10, 2023 5:44 pm
tj wrote: Wed May 10, 2023 4:04 pm

Do you know where they are geographically mailed from? Like, Is UMB on the west or east coast?
UMB is Kansas City, MO I believe.
And UMB is who fidelity outsources their bill pay to? Or another vendor?
BillPay services sending via check usually say it is about 5 business days to deliver and the deliver by date is usually the guarantee for any late fee reimbursement. Where they get mailed from might make some arrive sooner but what does it matter?
Just want to know when to schedule a rent payment. I guess I'll rely on the 5 business days and hope for the best.
RE: scheduling a rent payment, Fidelity Bill Pay mails paper checks to most of my payees. However, the larger company payees get an EFT transfer on the pay-by date. It depends on how you entered the payee, manually or by searching the bill pay screen for the corporate payee.

In the Bill Pay Payment Center each payee now has a small or no symbol to the right of the payee name, above the box to enter the amount: a check and a pen for a mailed payment by USPS. No symbol for electronic (ACH) payment; it used to show a lightning bolt, now nothing. You have no control over the method, unless you want to switch to mailing a check; then you can manually enter all the company information as a new payee.

I learned all this the hard way, twice. Once in 2020 paying Wells Fargo mortgage when Fido were still sending them paper checks. Fido sent the check early enough, but it was delayed in USPS and arrived after the closing date for the 1099 for the year. Fido eventually made WF an EFT bill pay. I lost about a $1000 in deductions for that tax year. I now have Fido pull from the checking account.

Second was in 2022 paying my LTC premiums. Fido showed as sent EFT. The company did not receive it. The explain was that the address Fido had in its files for the mega corp had changed. They advised to cancel the EFT (after maybe 45 days?) and manually enter the address etc and send a paper check via USPS.

You might want to confirm method and pay by information with Fido rather than relying on my anecdotal reports.
The Big Apple
Posts: 70
Joined: Mon Jul 30, 2018 9:28 pm

Re: Fidelity as a one stop shop

Post by The Big Apple »

Lyrrad wrote: Wed May 10, 2023 9:55 pm
The Big Apple wrote: Wed May 10, 2023 9:02 pm No, because in Canada, they only accept MasterCard (and debit).
I don't think that's right.

Just like US Costco locations accept Canadian (CIBC) Costco MasterCard cards, Costco Canada locations accept American (Citi) Costco Visa cards.

You can also use the electronic and physical "Shop" cards in the other country for purchases, though the electronic ones probably aren't accepted at gas pumps.
I never knew that, that is very interesting to know! I just assumed when in Canada, a MasterCard is required and my US (Citi) Costco Visa card would not be accepted.
stilllurking
Posts: 585
Joined: Mon Jun 16, 2014 10:44 am

Re: Fidelity as a one stop shop

Post by stilllurking »

Will you get FX rates on using a Shop Card? Or is it dollar for dollar? Might be good arbitrage opp if you have the C$ ones to use in the US. Not so good the other way around.
tj
Posts: 9368
Joined: Wed Dec 23, 2009 11:10 pm

Re: Fidelity as a one stop shop

Post by tj »

heartwood wrote: Thu May 11, 2023 7:08 am
tj wrote: Wed May 10, 2023 9:34 pm
classicindexer wrote: Wed May 10, 2023 7:43 pm
tj wrote: Wed May 10, 2023 6:35 pm
gobigorgohome wrote: Wed May 10, 2023 5:44 pm

UMB is Kansas City, MO I believe.
And UMB is who fidelity outsources their bill pay to? Or another vendor?
BillPay services sending via check usually say it is about 5 business days to deliver and the deliver by date is usually the guarantee for any late fee reimbursement. Where they get mailed from might make some arrive sooner but what does it matter?
Just want to know when to schedule a rent payment. I guess I'll rely on the 5 business days and hope for the best.
RE: scheduling a rent payment, Fidelity Bill Pay mails paper checks to most of my payees. However, the larger company payees get an EFT transfer on the pay-by date. It depends on how you entered the payee, manually or by searching the bill pay screen for the corporate payee.

In the Bill Pay Payment Center each payee now has a small or no symbol to the right of the payee name, above the box to enter the amount: a check and a pen for a mailed payment by USPS. No symbol for electronic (ACH) payment; it used to show a lightning bolt, now nothing. You have no control over the method, unless you want to switch to mailing a check; then you can manually enter all the company information as a new payee.

I learned all this the hard way, twice. Once in 2020 paying Wells Fargo mortgage when Fido were still sending them paper checks. Fido sent the check early enough, but it was delayed in USPS and arrived after the closing date for the 1099 for the year. Fido eventually made WF an EFT bill pay. I lost about a $1000 in deductions for that tax year. I now have Fido pull from the checking account.

Second was in 2022 paying my LTC premiums. Fido showed as sent EFT. The company did not receive it. The explain was that the address Fido had in its files for the mega corp had changed. They advised to cancel the EFT (after maybe 45 days?) and manually enter the address etc and send a paper check via USPS.

You might want to confirm method and pay by information with Fido rather than relying on my anecdotal reports.
The landlord is not w big corporation, so I assume it will be a paper check, therefore I'd ideally find a bank that uses a bill pay service located in California. Alliant used to use Wescom in LA, but they switched to somebody else.
snowman
Posts: 1477
Joined: Thu Jan 31, 2013 11:59 am

Re: Fidelity as a one stop shop

Post by snowman »

Gryphon wrote: Thu May 11, 2023 2:11 am
snowman wrote: Wed May 10, 2023 10:01 pm
The Big Apple wrote: Wed May 10, 2023 9:02 pm
snowman wrote: Wed May 10, 2023 9:27 am Do you by any chance know if 4% cashback on gasoline purchases with Costco Visa also apply to gasoline purchases in Canada?
No, because in Canada, they only accept MasterCard (and debit).
But that only applies to purchases at Costco, correct? I meant any gas station in Canada, just like in the US.
According to the guide I got with the card, the 4% cash back on gas applies worldwide:
4% cash back on eligible gas worldwide, including gas at Costco, for the first $7,000 per year in gas purchases and then 1% thereafter. You will only earn 1% cash back, not 4%, for gas purchased at superstores, supermarkets, convenience stores and warehouse clubs other than Costco or for fuel used for non-automobile purposes.
Thank you! That's good to know. Really appreciate your reply.
snowman
Posts: 1477
Joined: Thu Jan 31, 2013 11:59 am

Re: Fidelity as a one stop shop

Post by snowman »

The Big Apple wrote: Thu May 11, 2023 7:25 am
Lyrrad wrote: Wed May 10, 2023 9:55 pm
The Big Apple wrote: Wed May 10, 2023 9:02 pm No, because in Canada, they only accept MasterCard (and debit).
I don't think that's right.

Just like US Costco locations accept Canadian (CIBC) Costco MasterCard cards, Costco Canada locations accept American (Citi) Costco Visa cards.

You can also use the electronic and physical "Shop" cards in the other country for purchases, though the electronic ones probably aren't accepted at gas pumps.
I never knew that, that is very interesting to know! I just assumed when in Canada, a MasterCard is required and my US (Citi) Costco Visa card would not be accepted.
I had no idea, thank you for that!
User avatar
VictorStarr
Posts: 746
Joined: Sat Jan 04, 2020 9:13 pm
Location: Washington

Re: Fidelity as a one stop shop

Post by VictorStarr »

tj wrote: Thu May 11, 2023 7:35 am
heartwood wrote: Thu May 11, 2023 7:08 am
tj wrote: Wed May 10, 2023 9:34 pm

Just want to know when to schedule a rent payment. I guess I'll rely on the 5 business days and hope for the best.
RE: scheduling a rent payment, Fidelity Bill Pay mails paper checks to most of my payees. However, the larger company payees get an EFT transfer on the pay-by date. It depends on how you entered the payee, manually or by searching the bill pay screen for the corporate payee.

In the Bill Pay Payment Center each payee now has a small or no symbol to the right of the payee name, above the box to enter the amount: a check and a pen for a mailed payment by USPS. No symbol for electronic (ACH) payment; it used to show a lightning bolt, now nothing. You have no control over the method, unless you want to switch to mailing a check; then you can manually enter all the company information as a new payee.

I learned all this the hard way, twice. Once in 2020 paying Wells Fargo mortgage when Fido were still sending them paper checks. Fido sent the check early enough, but it was delayed in USPS and arrived after the closing date for the 1099 for the year. Fido eventually made WF an EFT bill pay. I lost about a $1000 in deductions for that tax year. I now have Fido pull from the checking account.

Second was in 2022 paying my LTC premiums. Fido showed as sent EFT. The company did not receive it. The explain was that the address Fido had in its files for the mega corp had changed. They advised to cancel the EFT (after maybe 45 days?) and manually enter the address etc and send a paper check via USPS.

You might want to confirm method and pay by information with Fido rather than relying on my anecdotal reports.
The landlord is not w big corporation, so I assume it will be a paper check, therefore I'd ideally find a bank that uses a bill pay service located in California. Alliant used to use Wescom in LA, but they switched to somebody else.
Fidelity BillPay processing is done by CheckFree (not by UMB).
There are a relatively small number of BillPay processing companies. For example, CheckFree is used by Fidelity, Schwab Bank, Navy Federal CU, and (maybe) Ally Bank.
Fidelity BillPay sent by check works rather well but from time to time there are delays caused by USPS related to holiday seasons and elections. For check delivery I would add an extra week to ensure timely delivery during the holiday season.
zero_coupon
Posts: 578
Joined: Sun Jun 05, 2022 5:26 am

Re: Fidelity as a one stop shop

Post by zero_coupon »

fetch5482 wrote: Tue May 02, 2023 8:09 am
zero_coupon wrote: Tue May 02, 2023 6:10 am
fetch5482 wrote: Mon May 01, 2023 11:17 am I have brokerage accounts for specific purposes:
  • ...
  • Depositing checks (since check images from the issuer usually reveals the account number I prefer deposits to be in its own account where I maintain a $0 balance)
    ...
Regarding typical bank accounts, is it typical that a check issuer will eventually see the number of the acccount into which the check is deposited? Do most/all banks reveal this infrmation?
Yes, atleast with chase bank every time I issued a check, eventually both the sides of the check image would show up in my account. The back side of the check will have the account in which the check was deposited. Since then I've been assuming that accounts into which I deposit checks will be public knowledge in some way.
Interesting. Thanks for sharing.
zero_coupon
Posts: 578
Joined: Sun Jun 05, 2022 5:26 am

Re: Fidelity as a one stop shop

Post by zero_coupon »

VictorStarr wrote: Thu May 11, 2023 3:14 pm Fidelity BillPay processing is done by CheckFree (not by UMB).
Is there any Fidelity branding on the checks sent via this service?
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