Fidelity as a one stop shop
Re: Fidelity as a one stop shop
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?
Re: Fidelity as a one stop shop
I would assume that people would find a card with better cashback and no FTF.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?
Re: Fidelity as a one stop shop
I feel like I recently saw and answered this elsewhere.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 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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Re: Fidelity as a one stop shop
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?
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?
Re: Fidelity as a one stop shop
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.tj wrote: ↑Tue May 09, 2023 8:20 amI would assume that people would find a card with better cashback and no FTF.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?
Re: Fidelity as a one stop shop
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.muffins14 wrote: ↑Tue May 09, 2023 8:51 amI feel like I recently saw and answered this elsewhere.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 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
(AGE minus 23%) Bonds | 5% REITs | Balance 80% US (75/25 TSM/SCV) + 20% International (80/20 Developed/Emerging)
Re: Fidelity as a one stop shop
You can look up the routing (ABA) and account numbers for direct debit/deposit by going to this link: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?
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.
Re: Fidelity as a one stop shop
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.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?
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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Re: Fidelity as a one stop shop
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.
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.
Re: Fidelity as a one stop shop
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?
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?
Re: Fidelity as a one stop shop
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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Re: Fidelity as a one stop shop
That should be fineLazyFinanceJunkie 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.
Crom laughs at your Four Winds
Re: Fidelity as a one stop shop
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.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?
Costco's 3% on travel and dining with no FTF does make it compelling for flights/hotels/restaurants while traveling.
Re: Fidelity as a one stop shop
Who does Fidelity outsource their bill pay to? Where do the checks get mailed from?
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Re: Fidelity as a one stop shop
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.
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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Re: Fidelity as a one stop shop
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.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.
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
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.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.
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Re: Fidelity as a one stop shop
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.simpleisbest wrote: ↑Wed May 10, 2023 9:18 amI 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.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.
Re: Fidelity as a one stop shop
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.
Re: Fidelity as a one stop shop
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.baliktad wrote: ↑Tue May 09, 2023 11:52 pmFidelity 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.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?
Costco's 3% on travel and dining with no FTF does make it compelling for flights/hotels/restaurants while traveling.
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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Re: Fidelity as a one stop shop
Re: Fidelity as a one stop shop
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%.simpleisbest wrote: ↑Wed May 10, 2023 9:18 amI 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.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.
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
anon_investor wrote: ↑Wed May 10, 2023 9:24 amYou 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.simpleisbest wrote: ↑Wed May 10, 2023 9:18 amI 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.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.
SoFi is obsolete.
Re: Fidelity as a one stop shop
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 mesimpleisbest wrote: ↑Wed May 10, 2023 9:18 amI 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.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.
Crom laughs at your Four Winds
Re: Fidelity as a one stop shop
muffins14 wrote: ↑Wed May 10, 2023 9:51 amIf 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 mesimpleisbest wrote: ↑Wed May 10, 2023 9:18 amI 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.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.
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.)
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
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Re: Fidelity as a one stop shop
[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.
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
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.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.
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Re: Schwab as a one stop shop
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.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.
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.offbyapixel wrote: ↑Wed May 10, 2023 1:31 pmThis 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.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.
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Re: Schwab as a one stop shop
Thanks anon_investor.anon_investor wrote: ↑Wed May 10, 2023 1:40 pmYou 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.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.
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.offbyapixel wrote: ↑Wed May 10, 2023 1:31 pmThis 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.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.
Re: Fidelity as a one stop shop
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
UMB is Kansas City, MO I believe.tj wrote: ↑Wed May 10, 2023 4:04 pmDo you know where they are geographically mailed from? Like, Is UMB on the west or east coast?
Re: Fidelity as a one stop shop
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.)
(Thanks to the member who reported the post and explained what's wrong.)
Re: Fidelity as a one stop shop
And UMB is who fidelity outsources their bill pay to? Or another vendor?gobigorgohome wrote: ↑Wed May 10, 2023 5:44 pmUMB is Kansas City, MO I believe.tj wrote: ↑Wed May 10, 2023 4:04 pmDo 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
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?tj wrote: ↑Wed May 10, 2023 6:35 pmAnd UMB is who fidelity outsources their bill pay to? Or another vendor?gobigorgohome wrote: ↑Wed May 10, 2023 5:44 pmUMB is Kansas City, MO I believe.tj wrote: ↑Wed May 10, 2023 4:04 pmDo 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
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.classicindexer wrote: ↑Wed May 10, 2023 7:43 pmBillPay 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?tj wrote: ↑Wed May 10, 2023 6:35 pmAnd UMB is who fidelity outsources their bill pay to? Or another vendor?gobigorgohome wrote: ↑Wed May 10, 2023 5:44 pmUMB is Kansas City, MO I believe.
Re: Fidelity as a one stop shop
It should.
I don't think that's right.The Big Apple wrote: ↑Wed May 10, 2023 9:02 pm No, because in Canada, they only accept MasterCard (and debit).
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.
Re: Fidelity as a one stop shop
But that only applies to purchases at Costco, correct? I meant any gas station in Canada, just like in the US.The Big Apple wrote: ↑Wed May 10, 2023 9:02 pmNo, because in Canada, they only accept MasterCard (and debit).
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Re: Fidelity as a one stop shop
That makes sense. I saw a soft inquiry from "FISERVCHECKFREE CORP" while I was waiting for BillPay to become active on my account.BoglesBeagle wrote: ↑Wed May 10, 2023 1:26 pmI believe the processing service is CheckFree, as several other big banks also use (iirc, that name is mentioned in the terms and conditions).
Re: Fidelity as a one stop shop
According to the guide I got with the card, the 4% cash back on gas applies worldwide:snowman wrote: ↑Wed May 10, 2023 10:01 pmBut that only applies to purchases at Costco, correct? I meant any gas station in Canada, just like in the US.The Big Apple wrote: ↑Wed May 10, 2023 9:02 pmNo, because in Canada, they only accept MasterCard (and debit).
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.
Re: Fidelity as a one stop shop
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.tj wrote: ↑Wed May 10, 2023 9:34 pmJust want to know when to schedule a rent payment. I guess I'll rely on the 5 business days and hope for the best.classicindexer wrote: ↑Wed May 10, 2023 7:43 pmBillPay 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?tj wrote: ↑Wed May 10, 2023 6:35 pmAnd UMB is who fidelity outsources their bill pay to? Or another vendor?
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 $1000 in deductions for that tax year. I now have Fido pull from the checking account.
Second was in 2022 paying my LTC premiums. Fido showed as sent EFT. The company did not receive it. The explain was that the address Fido had in its files for the mega corp had changed. They advised to cancel the EFT (after maybe 45 days?) and manually enter the address etc and send a paper check via USPS.
You might want to confirm method and pay by information with Fido rather than relying on my anecdotal reports.
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Re: Fidelity as a one stop shop
I never knew that, that is very interesting to know! I just assumed when in Canada, a MasterCard is required and my US (Citi) Costco Visa card would not be accepted.Lyrrad wrote: ↑Wed May 10, 2023 9:55 pmI don't think that's right.The Big Apple wrote: ↑Wed May 10, 2023 9:02 pm No, because in Canada, they only accept MasterCard (and debit).
Just like US Costco locations accept Canadian (CIBC) Costco MasterCard cards, Costco Canada locations accept American (Citi) Costco Visa cards.
You can also use the electronic and physical "Shop" cards in the other country for purchases, though the electronic ones probably aren't accepted at gas pumps.
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Re: Fidelity as a one stop shop
Will you get FX rates on using a Shop Card? Or is it dollar for dollar? Might be good arbitrage opp if you have the C$ ones to use in the US. Not so good the other way around.
Re: Fidelity as a one stop shop
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.heartwood wrote: ↑Thu May 11, 2023 7:08 amRE: 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.tj wrote: ↑Wed May 10, 2023 9:34 pmJust want to know when to schedule a rent payment. I guess I'll rely on the 5 business days and hope for the best.classicindexer wrote: ↑Wed May 10, 2023 7:43 pmBillPay 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?
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.
Re: Fidelity as a one stop shop
Thank you! That's good to know. Really appreciate your reply.Gryphon wrote: ↑Thu May 11, 2023 2:11 amAccording to the guide I got with the card, the 4% cash back on gas applies worldwide:snowman wrote: ↑Wed May 10, 2023 10:01 pmBut that only applies to purchases at Costco, correct? I meant any gas station in Canada, just like in the US.The Big Apple wrote: ↑Wed May 10, 2023 9:02 pmNo, because in Canada, they only accept MasterCard (and debit).
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.
Re: Fidelity as a one stop shop
I had no idea, thank you for that!The Big Apple wrote: ↑Thu May 11, 2023 7:25 amI 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.Lyrrad wrote: ↑Wed May 10, 2023 9:55 pmI don't think that's right.The Big Apple wrote: ↑Wed May 10, 2023 9:02 pm No, because in Canada, they only accept MasterCard (and debit).
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.
- VictorStarr
- Posts: 746
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- Location: Washington
Re: Fidelity as a one stop shop
Fidelity BillPay processing is done by CheckFree (not by UMB).tj wrote: ↑Thu May 11, 2023 7:35 amThe 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.heartwood wrote: ↑Thu May 11, 2023 7:08 amRE: 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.
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.
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Re: Fidelity as a one stop shop
Interesting. Thanks for sharing.fetch5482 wrote: ↑Tue May 02, 2023 8:09 amYes, 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.zero_coupon wrote: ↑Tue May 02, 2023 6:10 amRegarding 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?
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Re: Fidelity as a one stop shop
Is there any Fidelity branding on the checks sent via this service?VictorStarr wrote: ↑Thu May 11, 2023 3:14 pm Fidelity BillPay processing is done by CheckFree (not by UMB).