Fidelity Cash Management Changes
Fidelity Cash Management Changes
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?
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?
Re: Fidelity Cash Management Changes
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.
Re: Fidelity Cash Management Changes
I don't understand why so many here use the Cash Management instead of credit unions?
-
- Posts: 2839
- Joined: Wed Feb 12, 2014 9:58 pm
Re: Fidelity Cash Management Changes
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.
Re: Fidelity Cash Management Changes
No cash deposits ≠ good cash managementcriticalmass wrote: ↑Sat Oct 16, 2021 8:58 pmWhat 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.
Re: Fidelity Cash Management Changes
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.
-
- Posts: 207
- Joined: Tue Apr 09, 2019 10:43 am
Re: Fidelity Cash Management Changes
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.
Re: Fidelity Cash Management Changes
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.
Re: Fidelity Cash Management Changes
I haven't used cash in five years.2pedals wrote: ↑Sat Oct 16, 2021 9:13 pmNo cash deposits ≠ good cash managementcriticalmass wrote: ↑Sat Oct 16, 2021 8:58 pmWhat 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.
Re: Fidelity Cash Management Changes
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.
Re: Fidelity Cash Management Changes
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
-
- Posts: 2839
- Joined: Wed Feb 12, 2014 9:58 pm
Re: Fidelity Cash Management Changes
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.2pedals wrote: ↑Sat Oct 16, 2021 9:13 pmNo cash deposits ≠ good cash managementcriticalmass wrote: ↑Sat Oct 16, 2021 8:58 pmWhat 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.
-
- Posts: 2839
- Joined: Wed Feb 12, 2014 9:58 pm
Re: Fidelity Cash Management Changes
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?
Re: Fidelity Cash Management Changes
>>The Fidelity credit card also fell out of favor with me when it dropped rental car collision damage waiver (something I need)JoMoney wrote: ↑Sat Oct 16, 2021 10:10 pmI 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
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
Re: Fidelity Cash Management Changes
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.
-
- Posts: 2035
- Joined: Sun Aug 23, 2020 2:23 pm
Re: Fidelity Cash Management Changes
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.Bama12 wrote: ↑Sun Oct 17, 2021 12:10 amI 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.
Re: Fidelity Cash Management Changes
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.JoMoney wrote: ↑Sat Oct 16, 2021 10:10 pmI 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
-
- Moderator
- Posts: 6091
- Joined: Mon Feb 01, 2016 8:46 pm
Re: Fidelity Cash Management Changes
This thread has run its course and is locked (not asking for advice, therefore not actionable). General comment threads are off topic in the forums with "Personal" in the title. See: A reminder that non-investing general comment threads are OT
If you have a specific question, please ask directly and provide sufficient information for members to supply appropriate advice.- It must be personal. In other words, you must be asking about your own situation. You can also ask on behalf of someone specific, such as a family member.
- It must be actionable. You must be able to do something specific with the replies that will make a difference in your situation.