Fidelity Cash Management Changes

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howard71
Posts: 477
Joined: Wed Oct 28, 2020 11:10 am

Fidelity Cash Management Changes

Post by howard71 »

I do my banking with Fidelity and they have been previewing changes they intend to make to Cash Management. I think it totally sucks but try as I might I couldn't find any place to register my opinion on the website.

My major complaint is that on the old system they recorded both Withdrawals and Deposits as "Direct Deposits" but it was clear which was which because they were in two separate columns, one green and one red. Now they just all show up in one column and you have to look and see which
one has a negative sign in front of it.

If they want to classify a debit from your account as a "Direct Deposit" for their own accounting purposes I have no problem with that but they need
to make it more clear to the customers as they did before, IMHO.

Anybody else having the same experience?
Gryphon
Posts: 631
Joined: Sat May 07, 2016 11:43 am
Location: Missouri

Re: Fidelity Cash Management Changes

Post by Gryphon »

The only withdrawals from my CMA are for bill payments, and they don't show up as Direct Deposit. But yes everything is in one column, both deposits & withdrawals. That matches the way I have my registers set up in Quicken, though, so I'm fine with it. And TBH I don't use the Fidelity website very much - just bill pay and downloading statements at the beginning of the month - so I don't much care how the rest of it looks.
Bama12
Posts: 826
Joined: Fri Aug 30, 2019 11:48 pm

Re: Fidelity Cash Management Changes

Post by Bama12 »

I don't understand why so many here use the Cash Management instead of credit unions?
criticalmass
Posts: 2839
Joined: Wed Feb 12, 2014 9:58 pm

Re: Fidelity Cash Management Changes

Post by criticalmass »

Bama12 wrote: Sat Oct 16, 2021 8:48 pm I don't understand why so many here use the Cash Management instead of credit unions?
What can credit unions do that CMA cannot do?
I like the worldwide ATM fee rebate on Fidelity. I also like the no FTF on ATM withdrawals.

I have several credit union accounts, but all of them charge an FTF. Fidelity used FiServ Checkfree, only some credit unions do.
2pedals
Posts: 1988
Joined: Wed Dec 31, 2014 11:31 am

Re: Fidelity Cash Management Changes

Post by 2pedals »

criticalmass wrote: Sat Oct 16, 2021 8:58 pm
Bama12 wrote: Sat Oct 16, 2021 8:48 pm I don't understand why so many here use the Cash Management instead of credit unions?
What can credit unions do that CMA cannot do?
I like the worldwide ATM fee rebate on Fidelity. I also like the no FTF on ATM withdrawals.

I have several credit union accounts, but all of them charge an FTF. Fidelity used FiServ Checkfree, only some credit unions do.
No cash deposits ≠ good cash management
arf30
Posts: 892
Joined: Sat Dec 28, 2013 10:55 am

Re: Fidelity Cash Management Changes

Post by arf30 »

Bama12 wrote: Sat Oct 16, 2021 8:48 pm I don't understand why so many here use the Cash Management instead of credit unions?
All credit unions in my area have beyond ancient technology, which may or may not be a deal breaker depending on your generation. Fidelity on the other hand has a modern app and website.
classicindexer
Posts: 207
Joined: Tue Apr 09, 2019 10:43 am

Re: Fidelity Cash Management Changes

Post by classicindexer »

arf30 wrote: Sat Oct 16, 2021 9:18 pm
Bama12 wrote: Sat Oct 16, 2021 8:48 pm I don't understand why so many here use the Cash Management instead of credit unions?
All credit unions in my area have beyond ancient technology, which may or may not be a deal breaker depending on your generation. Fidelity on the other hand has a modern app and website.
This ^ and I like the instant transfers between Fidelity accounts. Also have a CU too, just prefer to use Fidelity to work mostly with one web site/mobile app including their Visa. My CU doesn’t have a 2% cash back Visa.
Bama12
Posts: 826
Joined: Fri Aug 30, 2019 11:48 pm

Re: Fidelity Cash Management Changes

Post by Bama12 »

My credit union has free checks, 1.5% cash back, 6% credit card , 2% interest on savings and a lot cleaner web site. It's just an average credit union.
Bama12
Posts: 826
Joined: Fri Aug 30, 2019 11:48 pm

Re: Fidelity Cash Management Changes

Post by Bama12 »

2pedals wrote: Sat Oct 16, 2021 9:13 pm
criticalmass wrote: Sat Oct 16, 2021 8:58 pm
Bama12 wrote: Sat Oct 16, 2021 8:48 pm I don't understand why so many here use the Cash Management instead of credit unions?
What can credit unions do that CMA cannot do?
I like the worldwide ATM fee rebate on Fidelity. I also like the no FTF on ATM withdrawals.

I have several credit union accounts, but all of them charge an FTF. Fidelity used FiServ Checkfree, only some credit unions do.
No cash deposits ≠ good cash management
I haven't used cash in five years.
Gryphon
Posts: 631
Joined: Sat May 07, 2016 11:43 am
Location: Missouri

Re: Fidelity Cash Management Changes

Post by Gryphon »

2pedals wrote: Sat Oct 16, 2021 9:13 pm No cash deposits ≠ good cash management
For me "cash management" rarely involves actual physical cash anymore so the CMA's lack of cash deposits isn't an issue. And I do have a brick & mortar savings account I can use for that if the need arises. It's an easy to use web site and I already have other accounts there - that's the appeal of the CMA.
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JoMoney
Posts: 16260
Joined: Tue Jul 23, 2013 5:31 am

Re: Fidelity Cash Management Changes

Post by JoMoney »

Bama12 wrote: Sat Oct 16, 2021 8:48 pm I don't understand why so many here use the Cash Management instead of credit unions?
I used to use Fideliy's CMA because I liked the consolidated statements (I have my retirement accounts at Fidelity), and it could be used to keep cash in a Money Market fund that was earning a high rate of interest (in years past.) The CMA is a brokerage account, so you can also use it to buy CD's, mutual funds, stocks, bonds, etc... It's also an eligible account to receive the 2% cash back on their Fidelity rewards visa card.

I stopped using is because despite my liking of the consolidated statements, I needed a separate "bank" statement that could be used for some other purposes where I didn't want to sharing my entire investment/retirement account statements with.
The Fidelity credit card also fell out of favor with me when it dropped rental car collision damage waiver (something I need), and I got more into playing the credit card reward game and found better cards for my spending patterns and bonuses.

I left my favored credit union when they were unable to provide a signature guarantee for a form needed after getting locked out of Treasury Direct, and one of the giant monster national banks (Chase) were able to, and paid me a new account bonus to boot ;)
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
criticalmass
Posts: 2839
Joined: Wed Feb 12, 2014 9:58 pm

Re: Fidelity Cash Management Changes

Post by criticalmass »

2pedals wrote: Sat Oct 16, 2021 9:13 pm
criticalmass wrote: Sat Oct 16, 2021 8:58 pm
Bama12 wrote: Sat Oct 16, 2021 8:48 pm I don't understand why so many here use the Cash Management instead of credit unions?
What can credit unions do that CMA cannot do?
I like the worldwide ATM fee rebate on Fidelity. I also like the no FTF on ATM withdrawals.

I have several credit union accounts, but all of them charge an FTF. Fidelity used FiServ Checkfree, only some credit unions do.
No cash deposits ≠ good cash management
Not sure what you mean...credit unions are only worthwhile if you have cash to deposit? I don't have cash to deposit. Most of my ATM withdrawals are non-USA currency. I haven't found any credit union that can replace the functionality I receive from Fidelity.
criticalmass
Posts: 2839
Joined: Wed Feb 12, 2014 9:58 pm

Re: Fidelity Cash Management Changes

Post by criticalmass »

Bama12 wrote: Sat Oct 16, 2021 9:42 pm My credit union has free checks, 1.5% cash back, 6% credit card , 2% interest on savings and a lot cleaner web site. It's just an average credit union.
Where are you finding 2% on an insured savings account? Is it a true 2% for a full balance (say $35k) or does it involve monthly hoop jumping and small balance limits?
mervinj7
Posts: 2496
Joined: Thu Mar 27, 2014 3:10 pm

Re: Fidelity Cash Management Changes

Post by mervinj7 »

Bama12 wrote: Sat Oct 16, 2021 9:42 pm My credit union has free checks, 1.5% cash back, 6% credit card , 2% interest on savings and a lot cleaner web site. It's just an average credit union.
Do you believe most credit unions in America are giving out 2% in savings and 6% on their CCs?
smectym
Posts: 1530
Joined: Thu May 26, 2011 5:07 pm

Re: Fidelity Cash Management Changes

Post by smectym »

JoMoney wrote: Sat Oct 16, 2021 10:10 pm
Bama12 wrote: Sat Oct 16, 2021 8:48 pm I don't understand why so many here use the Cash Management instead of credit unions?
I used to use Fideliy's CMA because I liked the consolidated statements (I have my retirement accounts at Fidelity), and it could be used to keep cash in a Money Market fund that was earning a high rate of interest (in years past.) The CMA is a brokerage account, so you can also use it to buy CD's, mutual funds, stocks, bonds, etc... It's also an eligible account to receive the 2% cash back on their Fidelity rewards visa card.

I stopped using is because despite my liking of the consolidated statements, I needed a separate "bank" statement that could be used for some other purposes where I didn't want to sharing my entire investment/retirement account statements with.
The Fidelity credit card also fell out of favor with me when it dropped rental car collision damage waiver (something I need), and I got more into playing the credit card reward game and found better cards for my spending patterns and bonuses.

I left my favored credit union when they were unable to provide a signature guarantee for a form needed after getting locked out of Treasury Direct, and one of the giant monster national banks (Chase) were able to, and paid me a new account bonus to boot ;)
>>The Fidelity credit card also fell out of favor with me when it dropped rental car collision damage waiver (something I need)

Thanks for flagging this, I was unaware. These days one sort of assumes the credit card covers CDW, it's a bit of a surprise
Bama12
Posts: 826
Joined: Fri Aug 30, 2019 11:48 pm

Re: Fidelity Cash Management Changes

Post by Bama12 »

mervinj7 wrote: Sat Oct 16, 2021 11:09 pm
Bama12 wrote: Sat Oct 16, 2021 9:42 pm My credit union has free checks, 1.5% cash back, 6% credit card , 2% interest on savings and a lot cleaner web site. It's just an average credit union.
Do you believe most credit unions in America are giving out 2% in savings and 6% on their CCs?
I live in Alabama and the one two miles from my house does and has for years. I have no idea about the rest of American.
Doing a quick google search I see Connexus Credit Union paying 1.75% on checking accounts and 2% on teen accounts.
DoubleComma
Posts: 2035
Joined: Sun Aug 23, 2020 2:23 pm

Re: Fidelity Cash Management Changes

Post by DoubleComma »

Bama12 wrote: Sun Oct 17, 2021 12:10 am
mervinj7 wrote: Sat Oct 16, 2021 11:09 pm
Bama12 wrote: Sat Oct 16, 2021 9:42 pm My credit union has free checks, 1.5% cash back, 6% credit card , 2% interest on savings and a lot cleaner web site. It's just an average credit union.
Do you believe most credit unions in America are giving out 2% in savings and 6% on their CCs?
I live in Alabama and the one two miles from my house does and has for years. I have no idea about the rest of American.
Doing a quick google search I see Connexus Credit Union paying 1.75% on checking accounts and 2% on teen accounts.
Do share the name of the credit union two miles from your house. I’m sure many other Alabamians would like to take advantage of this find.
3000
Posts: 252
Joined: Sat Aug 17, 2019 9:08 pm

Re: Fidelity Cash Management Changes

Post by 3000 »

Bama12 wrote: Sat Oct 16, 2021 8:48 pm I don't understand why so many here use the Cash Management instead of credit unions?
Everything is just easier in one place. I have a checking account at a local CU but I haven’t used it for a long time.
3000
Posts: 252
Joined: Sat Aug 17, 2019 9:08 pm

Re: Fidelity Cash Management Changes

Post by 3000 »

JoMoney wrote: Sat Oct 16, 2021 10:10 pm
Bama12 wrote: Sat Oct 16, 2021 8:48 pm I don't understand why so many here use the Cash Management instead of credit unions?
I used to use Fideliy's CMA because I liked the consolidated statements (I have my retirement accounts at Fidelity), and it could be used to keep cash in a Money Market fund that was earning a high rate of interest (in years past.) The CMA is a brokerage account, so you can also use it to buy CD's, mutual funds, stocks, bonds, etc... It's also an eligible account to receive the 2% cash back on their Fidelity rewards visa card.

I stopped using is because despite my liking of the consolidated statements, I needed a separate "bank" statement that could be used for some other purposes where I didn't want to sharing my entire investment/retirement account statements with.
The Fidelity credit card also fell out of favor with me when it dropped rental car collision damage waiver (something I need), and I got more into playing the credit card reward game and found better cards for my spending patterns and bonuses.

I left my favored credit union when they were unable to provide a signature guarantee for a form needed after getting locked out of Treasury Direct, and one of the giant monster national banks (Chase) were able to, and paid me a new account bonus to boot ;)
Is the consolidated statement something you asked for? I opened a brokerage, Roth IRA, and CMA at the same time and get two statements a month. One is for the brokerage and Roth and the other is just for the CMA.
Misenplace
Moderator
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Re: Fidelity Cash Management Changes

Post by Misenplace »

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