Fidelity as a one stop shop

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vtMaps
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Re: Fidelity as a one stop shop

Post by vtMaps »

jmaf6556 wrote: Thu Jan 14, 2021 11:53 am This is from page 3 of this thread:
You need a regular brokerage account and have all of your deposits go into there. You can then setup cash manager to automagically pull from that when you need cash in the CMA.

Or what I do is use the regular brokerage account for everything except ATM withdrawals. That approach limits my risk in the event my debit card is lost or stolen.
How does this limit risk in the event a debit card is lost or stolen? Is it supposed to read, it limits my risk of having my debit card lost or stolen?
If you set up the CMA to automatically pull what you need from the brokerage account, then you don't limit risk of debit card fraud. If they are not linked, then you only keep enough money in the CMA to cover your ATM needs.

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VictorStarr
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Re: Fidelity as a one stop shop

Post by VictorStarr »

vtMaps wrote: Thu Jan 14, 2021 1:03 pm
jmaf6556 wrote: Thu Jan 14, 2021 11:53 am This is from page 3 of this thread:
You need a regular brokerage account and have all of your deposits go into there. You can then setup cash manager to automagically pull from that when you need cash in the CMA.

Or what I do is use the regular brokerage account for everything except ATM withdrawals. That approach limits my risk in the event my debit card is lost or stolen.
How does this limit risk in the event a debit card is lost or stolen? Is it supposed to read, it limits my risk of having my debit card lost or stolen?
If you set up the CMA to automatically pull what you need from the brokerage account, then you don't limit risk of debit card fraud. If they are not linked, then you only keep enough money in the CMA to cover your ATM needs.
The middle ground is to use "minimum target balance":
The minimum target balance is used to automatically transfer available cash on a nightly basis to restore the cash balance minimum you have set for your Fidelity® Cash Management Account. It is triggered by your available cash balance only (not transactions) and will draw your minimum transfer amount ($250 minimum) of cash from your designated funding accounts (up to $99,999.99 per day per funding account) in the order you have set.
With this method the maximum amount one can withdraw is an account balance, it is my understanding how it works.

see this page for more details: https://www.fidelity.com/cash-managemen ... nt-account
snowman
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Re: Fidelity as a one stop shop

Post by snowman »

Hey guys, am I the only one who hates the new and "improved" BillPay? I understand companies make constant changes to stay on top of things, but why change something that's really good to something that's significantly worse? What's the driving force here?

To give specific example, on the old landing page you could see, on a single screen, all your payees on the left, and all pending, in process, and processed payments on the right. Everything in a font size appropriate for the screen. Now the font is way bigger, and you have to click to get to each one of those 3 categories, then come back to the landing (home) page, then go again to different page, then come back again...

How is this more "simplified" when it's just the opposite? Can someone working in IT/software development (seems like we have a lot of SWE BHs) explain in plain English why companies do that? I know Vanguard did something like that couple years ago, and Capital One maybe 5 years ago. Is it something that benefits app users vs. PC users? Or is it security related? Or something else? BTW, I checked BillPay on Fidelity app, and it's exactly the same as before, so I don't believe it's app related.

I am genuinely curious what causes good companies to take something that's working well and make it a lot worse. What am I missing?
lstone19
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Re: Fidelity as a one stop shop

Post by lstone19 »

snowman wrote: Wed Jan 20, 2021 11:01 am Hey guys, am I the only one who hates the new and "improved" BillPay? I understand companies make constant changes to stay on top of things, but why change something that's really good to something that's significantly worse? What's the driving force here?

...
I am genuinely curious what causes good companies to take something that's working well and make it a lot worse. What am I missing?
No, I don't think you're missing anything. I'd much rather have a good summary on one page that separate pages for everything. Change for the sake of change.
vtMaps
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Re: Fidelity as a one stop shop

Post by vtMaps »

snowman wrote: Wed Jan 20, 2021 11:01 am I am genuinely curious what causes good companies to take something that's working well and make it a lot worse. What am I missing?
I don't know if it applies here, but many companies dumb down their web site so that it resembles the mobile app. Makes for a more uniformly dumb experience for those who access their accounts on multiple devices.

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Leif
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Re: Fidelity as a one stop shop

Post by Leif »

snowman wrote: Wed Jan 20, 2021 11:01 am Hey guys, am I the only one who hates the new and "improved" BillPay? I understand companies make constant changes to stay on top of things, but why change something that's really good to something that's significantly worse? What's the driving force here?
I agree. Bad move. I like the changes to the watch list and positions list. Why they think the changes to BillPay are an improvement I really don't understand. I've joined Fidelity's Greenline forum. I'll be leaving a comment on the new BillPay.
Last edited by Leif on Wed Jan 20, 2021 1:52 pm, edited 1 time in total.
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ThereAreNoGurus
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Re: Fidelity as a one stop shop

Post by ThereAreNoGurus »

vtMaps wrote: Wed Jan 20, 2021 12:15 pm
snowman wrote: Wed Jan 20, 2021 11:01 am I am genuinely curious what causes good companies to take something that's working well and make it a lot worse. What am I missing?
I don't know if it applies here, but many companies dumb down their web site so that it resembles the mobile app. Makes for a more uniformly dumb experience for those who access their accounts on multiple devices.
Exactly. Citibank did similar a while ago. It's terrible for laptop/desktop users. Much more scrolling and clicking.
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GeraniumLover
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Re: Fidelity as a one stop shop

Post by GeraniumLover »

Leif wrote: Wed Jan 20, 2021 1:46 pm I've joined Fidelity's Greenline forum.
How does one join that forum?
zxllxz
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Re: Fidelity as a one stop shop

Post by zxllxz »

From the Fidelity Greenline forum FAQ
"Currently, we are only accepting participation from Fidelity customers who are selected through
invitation only. "
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VictorStarr
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Re: Fidelity as a one stop shop

Post by VictorStarr »

snowman wrote: Wed Jan 20, 2021 11:01 am Hey guys, am I the only one who hates the new and "improved" BillPay? I understand companies make constant changes to stay on top of things, but why change something that's really good to something that's significantly worse? What's the driving force here?
I agree that new BillPay is way worser then the previous version. Back in October, it was barely usable - I could not delete or modify payees. Now it is more robust but UI forces users to do a lot of scrolling and clicking to accomplish simple tasks.

My best guess that Fidelity decided to rewrite previous version of BillPay that looked dated and new version with a lot of white space is more "modern" and has mobile like UI. I am afraid that new BayPay is just the beginning, soon we will see new and "improved" Cash Management page.
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Re: Fidelity as a one stop shop

Post by BUBear29 »

Why does anyone use billpay? My Fido CC bill is auto drafted from my CMA. All my other bills autopay on the Fido CC.
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xenorg
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Re: Fidelity as a one stop shop

Post by xenorg »

The new Bill Pay is pretty annoying compared to previous version. I personally want to see as much information as possible on the front page, not have to click through different pages. At least the last version allowed seeing previous, pending, outstanding, etc in same view on first page. My guess is that they wanted to reduce queries to the database and separate the views to cut down queries. A big mistake if the case to prioritize system efficiency over customer ease.

I do however like Fidelity as a one stop shop for everything. I use the Full View to pull in consolidated view of all my accounts (credit cards, mortgage, other banks, etc.). Is my primary checking as free ATM use anywhere, mobile app deposits, etc. Hopefully they fix Bill Pay. It works fine, just poor layout in latest version.
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Re: Fidelity as a one stop shop

Post by drk »

BUBear29 wrote: Thu Jan 21, 2021 3:52 pm Why does anyone use billpay? My Fido CC bill is auto drafted from my CMA. All my other bills autopay on the Fido CC.
I use it for my mortgage payment and for credit cards with crappy websites (e.g., Bank of America).
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Re: Fidelity as a one stop shop

Post by Spirit Rider »

BUBear29 wrote: Thu Jan 21, 2021 3:52 pm Why does anyone use billpay? My Fido CC bill is auto drafted from my CMA. All my other bills autopay on the Fido CC.
I have bills that require a convenience fee if paid by credit card. I never autopay utilities or credit cards. Too many double debits and other errors over the years. I do have credit cards on autopay minimums. I schedule utility and full credit card payments monthly. Never had a problem in 20 years.
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Re: Fidelity as a one stop shop

Post by radiowave »

Spirit Rider wrote: Thu Jan 21, 2021 4:59 pm
BUBear29 wrote: Thu Jan 21, 2021 3:52 pm Why does anyone use billpay? My Fido CC bill is auto drafted from my CMA. All my other bills autopay on the Fido CC.
I have bills that require a convenience fee if paid by credit card. I never autopay utilities or credit cards. Too many double debits and other errors over the years. I do have credit cards on autopay minimums. I schedule utility and full credit card payments monthly. Never had a problem in 20 years.
I've used Fidelity, BoA, and Ally Bank bill pay. Of the 3, I find Ally is much easier to use and mostly intuitive.

A follow up question . . . I know we're talking about Fidelity as one stop shop, but anyone have any experience with Schwab bill pay?
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Re: Fidelity as a one stop shop

Post by FrugalProfessor »

radiowave wrote: Thu Jan 21, 2021 5:09 pm
Spirit Rider wrote: Thu Jan 21, 2021 4:59 pm
BUBear29 wrote: Thu Jan 21, 2021 3:52 pm Why does anyone use billpay? My Fido CC bill is auto drafted from my CMA. All my other bills autopay on the Fido CC.
I have bills that require a convenience fee if paid by credit card. I never autopay utilities or credit cards. Too many double debits and other errors over the years. I do have credit cards on autopay minimums. I schedule utility and full credit card payments monthly. Never had a problem in 20 years.
I've used Fidelity, BoA, and Ally Bank bill pay. Of the 3, I find Ally is much easier to use and mostly intuitive.

A follow up question . . . I know we're talking about Fidelity as one stop shop, but anyone have any experience with Schwab bill pay?
There's a parallel "Schwab as a one stop shop" thread here: viewtopic.php?t=287311
I blog here: https://www.frugalprofessor.com/
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heartwood
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Re: Fidelity as a one stop shop

Post by heartwood »

drk wrote: Thu Jan 21, 2021 4:37 pm
BUBear29 wrote: Thu Jan 21, 2021 3:52 pm Why does anyone use billpay? My Fido CC bill is auto drafted from my CMA. All my other bills autopay on the Fido CC.
I use it for my mortgage payment and for credit cards with crappy websites (e.g., Bank of America).
I learned a lesson last month. I've used Fidelity BillPay for my mortgage forever. It's a automatic monthly payment scheduled for the last day of the month. Never had a problem, always credited on that date. In December I even changed the pay-by date to the 30th. When I didn't receive a credit email from Wells Fargo by the 4th (or 5th?) I called both Fido and WF. Short story: some Fido Billpays are by EFT, some are paper checks and are mailed. It shows in your list of payees whether its EFT or mailed. For WF, it's mailed via USPS. I think we're all familiar with recent mail snafus.
The check showed up at WF and was credited on the 6th, in 2021, causing me to miss it being included in 2020 interest payments. WF issued 1099s on the 5th. We lost a months interest deduction for 2020. It will cost us a little less than $1000 in extra taxes.
The last day of the month payment was an artifact of an end of month payment when we moved and started the mortgage in December, getting an extra deduction for that year. We've now changed to paying on the 1st and will get our 12 payments a year going forward.
Fido would have paid any late fees, but will not compensate for lost tax deductions.
drk
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Re: Fidelity as a one stop shop

Post by drk »

radiowave wrote: Thu Jan 21, 2021 5:09 pm anyone have any experience with Schwab bill pay?
I had a late payment thanks to Schwab's bill pay, and Schwab refused to cover the fees. That's what got me to finish consolidating everything at Fidelity.
heartwood wrote: Thu Jan 21, 2021 5:28 pm I called both Fido and WF. Short story: some Fido Billpays are by EFT, some are paper checks and are mailed. It shows in your list of payees whether its EFT or mailed. For WF, it's mailed via USPS. I think we're all familiar with recent mail snafus.
That's a bummer. It's kind of incredible to me that Wells isn't set up for electronic payment while the regional bank servicing my mortgage is. :oops:
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Re: Fidelity as a one stop shop

Post by radiowave »

heartwood wrote: Thu Jan 21, 2021 5:28 pm
drk wrote: Thu Jan 21, 2021 4:37 pm
BUBear29 wrote: Thu Jan 21, 2021 3:52 pm Why does anyone use billpay? My Fido CC bill is auto drafted from my CMA. All my other bills autopay on the Fido CC.
I use it for my mortgage payment and for credit cards with crappy websites (e.g., Bank of America).
I learned a lesson last month. I've used Fidelity BillPay for my mortgage forever. It's a automatic monthly payment scheduled for the last day of the month. Never had a problem, always credited on that date. In December I even changed the pay-by date to the 30th. When I didn't receive a credit email from Wells Fargo by the 4th (or 5th?) I called both Fido and WF. Short story: some Fido Billpays are by EFT, some are paper checks and are mailed. It shows in your list of payees whether its EFT or mailed. For WF, it's mailed via USPS. I think we're all familiar with recent mail snafus.
The check showed up at WF and was credited on the 6th, in 2021, causing me to miss it being included in 2020 interest payments. WF issued 1099s on the 5th. We lost a months interest deduction for 2020. It will cost us a little less than $1000 in extra taxes.
The last day of the month payment was an artifact of an end of month payment when we moved and started the mortgage in December, getting an extra deduction for that year. We've now changed to paying on the 1st and will get our 12 payments a year going forward.
Fido would have paid any late fees, but will not compensate for lost tax deductions.
Had a similar problem with Fidelity bill pay. Mortgage check by mail never arrived (found out it was never cut). Luckily the mortgage company let us know, still had a late fee which Fidelity paid. Have not used mailed checks in bill pay since then.
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life in slices
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Re: Fidelity as a one stop shop

Post by life in slices »

I have a taxable account at Vanguard and all my/our retirement accounts at Fidelity. I have given some thought on consolidating all our accounts at Fidelity, mostly for simplification and perhaps make it easier on my wife to manage in the future if I was disabled/injured/died.

My only concern would be, if for some reason, we are temporarily locked out of Fido (IDtheft, IT issues, etc.) and not having access to funds - whereas, if I kept taxable at Vanguard, I would at least would have some access to funds (if needed), while sorting out FIDO issues

I recognize this has a very slim chance of happening, but was curious if others feel the same or have fully consolidated at FIDO with no worries

If it helps I am in my early 50s and still have a decade of so of accumulating

Thanks!
jmw
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Re: Fidelity as a one stop shop

Post by jmw »

The new billpay is much worse. I was looking for a way to go back to the classic billpay but no go there. I wish there was a secret URL to go back to the old interface.
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Re: Fidelity as a one stop shop

Post by xenorg »

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Re: Fidelity as a one stop shop

Post by BUBear29 »

life in slices wrote: Fri Jan 22, 2021 1:11 pm I have a taxable account at Vanguard and all my/our retirement accounts at Fidelity. I have given some thought on consolidating all our accounts at Fidelity, mostly for simplification and perhaps make it easier on my wife to manage in the future if I was disabled/injured/died.

My only concern would be, if for some reason, we are temporarily locked out of Fido (IDtheft, IT issues, etc.) and not having access to funds - whereas, if I kept taxable at Vanguard, I would at least would have some access to funds (if needed), while sorting out FIDO issues

I recognize this has a very slim chance of happening, but was curious if others feel the same or have fully consolidated at FIDO with no worries

If it helps I am in my early 50s and still have a decade of so of accumulating

Thanks!
Why do you need access to funds? Access would be restored likely in 24 hours maximum. Do you have a credit card?

I consolidated everything to Fido (investing, banking, credit card) and love it (note I was anti consolidation at the beginning of this thread). It takes a bit to get used to the CMA but its simple after you get the hang of it. I do keep a Chase savings account with a min $300 to avoid fees in case I need to deposit and a credit card as backup in case of fraud. That should be all you need and in fact you could use the savings account to hold some more funds for comfort in the event of an access issue.

I say go for it.
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heartwood
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Re: Fidelity as a one stop shop

Post by heartwood »

I've looked at the Fidelity site and also googled w/o success.

I can EFT funds from my BOA checking to a 3rd party account at a different bank.

Can I do the same from Fidelity? With routing and account numbers, can I EFT from my Fidelity account to someone else at BOA? Online, w/o calling?
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Re: Fidelity as a one stop shop

Post by VictorStarr »

heartwood wrote: Mon Jan 25, 2021 3:49 pm I've looked at the Fidelity site and also googled w/o success.

I can EFT funds from my BOA checking to a 3rd party account at a different bank.

Can I do the same from Fidelity? With routing and account numbers, can I EFT from my Fidelity account to someone else at BOA? Online, w/o calling?
No, you can not do transfer to third party account.
You can use BillPay to send money to third party account.
In Fidelity BillPay create a new payee (Company, bank by name, and account number).
You may need a zip code. Do a search: "<bank name> deposit check by mail" to find an address.
Fidelity BillPay uses ACH transfer to make a payment to banks.
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heartwood
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Re: Fidelity as a one stop shop

Post by heartwood »

VictorStarr wrote: Tue Jan 26, 2021 3:27 am
heartwood wrote: Mon Jan 25, 2021 3:49 pm I've looked at the Fidelity site and also googled w/o success.

I can EFT funds from my BOA checking to a 3rd party account at a different bank.

Can I do the same from Fidelity? With routing and account numbers, can I EFT from my Fidelity account to someone else at BOA? Online, w/o calling?
No, you can not do transfer to third party account.
You can use BillPay to send money to third party account.
In Fidelity BillPay create a new payee (Company, bank by name, and account number).
You may need a zip code. Do a search: "<bank name> deposit check by mail" to find an address.
Fidelity BillPay uses ACH transfer to make a payment to banks.
Thanks, just what I thought, no EFT to a 3rd party account.

Your comment "Fidelity BillPay uses ACH transfer to make a payment to banks." is not 100% so. In BillPay look at each Payee. To the right of the Payee name is an icon: pencil/paper means they send a check by USPS; a lighting bolt means ACH electronic transfer. I learned that sending my mortgage payment to Wells Fargo and it was caught in the USPS mess at year's end. So Fidelity to Wells Fargo is by paper check via USPS. I had a pay by date of 12/30. They show sending a check on 12/24; it arrived at WF on 1/6. I'm losing almost $1000 in 2020 taxes due to the interest being credited in 2021 instead of 2020.
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Re: Fidelity as a one stop shop

Post by snow20 »

heartwood wrote: Tue Jan 26, 2021 9:35 am
VictorStarr wrote: Tue Jan 26, 2021 3:27 am
heartwood wrote: Mon Jan 25, 2021 3:49 pm I've looked at the Fidelity site and also googled w/o success.

I can EFT funds from my BOA checking to a 3rd party account at a different bank.

Can I do the same from Fidelity? With routing and account numbers, can I EFT from my Fidelity account to someone else at BOA? Online, w/o calling?
No, you can not do transfer to third party account.
You can use BillPay to send money to third party account.
In Fidelity BillPay create a new payee (Company, bank by name, and account number).
You may need a zip code. Do a search: "<bank name> deposit check by mail" to find an address.
Fidelity BillPay uses ACH transfer to make a payment to banks.
Thanks, just what I thought, no EFT to a 3rd party account.

Your comment "Fidelity BillPay uses ACH transfer to make a payment to banks." is not 100% so. In BillPay look at each Payee. To the right of the Payee name is an icon: pencil/paper means they send a check by USPS; a lighting bolt means ACH electronic transfer. I learned that sending my mortgage payment to Wells Fargo and it was caught in the USPS mess at year's end. So Fidelity to Wells Fargo is by paper check via USPS. I had a pay by date of 12/30. They show sending a check on 12/24; it arrived at WF on 1/6. I'm losing almost $1000 in 2020 taxes due to the interest being credited in 2021 instead of 2020.
This happens to be my first post, but I am not new to this thread as I've been following since pre-pandemic times. I disagree as I currently use EFT to a 3rd party account. This is actually how I automated my rent payment each month directly to my landlord's account, which is at a small local credit union. This did take considerable effort though as it requires one to fill out a form and to receive a "medallion signature guarantee" stamp. Prior to the pandemic, people could get around the medallion signature guarantee by walking in to a Fidelity branch and signing the form in front of a Fidelity employee. This was not possible for me because my local Fidelity branch has been closed due to COVID.

To get started, I filled out the "EFT Authorization Form" and obtained a medallion signature guarantee. On this form you can select "3rd Party EFT Authorization" Note, this is for brokerage or CMA accounts only. In my case I waited a couple weeks without hearing from Fidelity, so I called in. Fido CS told me that I also needed to fill out the "Automatic Withdrawals" Form. This also required me to get a medallion signature guarantee. But since mailing in that form, I have enjoyed automatic rent payments using my CMA account. For me, it was worth the hassle. Hope this helps.
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heartwood
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Re: Fidelity as a one stop shop

Post by heartwood »

^^^
Yes, thanks. Good to know it can be done, but for my situation it's too much work with the Medallion forms since I already have a working way using BOA. I transfer money monthly to a family member's account. I was trying to simplify by using Fidelity which is my primary checking/billpay account, but I'll stick with the easy way that already works for me.
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Re: Fidelity as a one stop shop

Post by VictorStarr »

heartwood wrote: Tue Jan 26, 2021 9:35 am
VictorStarr wrote: Tue Jan 26, 2021 3:27 am
heartwood wrote: Mon Jan 25, 2021 3:49 pm I've looked at the Fidelity site and also googled w/o success.

I can EFT funds from my BOA checking to a 3rd party account at a different bank.

Can I do the same from Fidelity? With routing and account numbers, can I EFT from my Fidelity account to someone else at BOA? Online, w/o calling?
No, you can not do transfer to third party account.
You can use BillPay to send money to third party account.
In Fidelity BillPay create a new payee (Company, bank by name, and account number).
You may need a zip code. Do a search: "<bank name> deposit check by mail" to find an address.
Fidelity BillPay uses ACH transfer to make a payment to banks.
Thanks, just what I thought, no EFT to a 3rd party account.

Your comment "Fidelity BillPay uses ACH transfer to make a payment to banks." is not 100% so. In BillPay look at each Payee. To the right of the Payee name is an icon: pencil/paper means they send a check by USPS; a lighting bolt means ACH electronic transfer. I learned that sending my mortgage payment to Wells Fargo and it was caught in the USPS mess at year's end. So Fidelity to Wells Fargo is by paper check via USPS. I had a pay by date of 12/30. They show sending a check on 12/24; it arrived at WF on 1/6. I'm losing almost $1000 in 2020 taxes due to the interest being credited in 2021 instead of 2020.
You are right, depending on payee BillPay may use ACH or check.
I use BillPay to contribute money to Roth IRA of my daughter and Fidelity uses check for transfer. In December I also experienced substantial (at least a week) delay due to USPS problems.
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VictorStarr
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Re: Fidelity as a one stop shop

Post by VictorStarr »

snow20 wrote: Tue Jan 26, 2021 3:10 pm To get started, I filled out the "EFT Authorization Form" and obtained a medallion signature guarantee. On this form you can select "3rd Party EFT Authorization" Note, this is for brokerage or CMA accounts only. In my case I waited a couple weeks without hearing from Fidelity, so I called in. Fido CS told me that I also needed to fill out the "Automatic Withdrawals" Form. This also required me to get a medallion signature guarantee. But since mailing in that form, I have enjoyed automatic rent payments using my CMA account. For me, it was worth the hassle. Hope this helps.
It is interesting, I did the "EFT Authorization Form" and to my disappointment found that it can not be used for recurring transfers.
So now I have to fill out the "Automatic Withdrawals" Form and it also requires a medallion signature guarantee.
In general, I can accomplish a lot of tasks at Fidelity using their site but recurring transfer between Fidelity accounts has very unintuitive interface and requires a medallion signature guarantee.
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Re: Fidelity as a one stop shop

Post by BUBear29 »

VictorStarr wrote: Tue Jan 26, 2021 6:48 pm
snow20 wrote: Tue Jan 26, 2021 3:10 pm To get started, I filled out the "EFT Authorization Form" and obtained a medallion signature guarantee. On this form you can select "3rd Party EFT Authorization" Note, this is for brokerage or CMA accounts only. In my case I waited a couple weeks without hearing from Fidelity, so I called in. Fido CS told me that I also needed to fill out the "Automatic Withdrawals" Form. This also required me to get a medallion signature guarantee. But since mailing in that form, I have enjoyed automatic rent payments using my CMA account. For me, it was worth the hassle. Hope this helps.
It is interesting, I did the "EFT Authorization Form" and to my disappointment found that it can not be used for recurring transfers.
So now I have to fill out the "Automatic Withdrawals" Form and it also requires a medallion signature guarantee.
In general, I can accomplish a lot of tasks at Fidelity using their site but recurring transfer between Fidelity accounts has very unintuitive interface and requires a medallion signature guarantee.
You should be able to set up Withdrawals (recurring) on the website. I’ve had them set up from my CMA to taxable and 529 accounts no problem at all.
There is no dignity quite so impressive, and no one independence quite so important, as living within your means.
snow20
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Re: Fidelity as a one stop shop

Post by snow20 »

BUBear29 wrote: Tue Jan 26, 2021 7:39 pm
VictorStarr wrote: Tue Jan 26, 2021 6:48 pm
snow20 wrote: Tue Jan 26, 2021 3:10 pm To get started, I filled out the "EFT Authorization Form" and obtained a medallion signature guarantee. On this form you can select "3rd Party EFT Authorization" Note, this is for brokerage or CMA accounts only. In my case I waited a couple weeks without hearing from Fidelity, so I called in. Fido CS told me that I also needed to fill out the "Automatic Withdrawals" Form. This also required me to get a medallion signature guarantee. But since mailing in that form, I have enjoyed automatic rent payments using my CMA account. For me, it was worth the hassle. Hope this helps.
It is interesting, I did the "EFT Authorization Form" and to my disappointment found that it can not be used for recurring transfers.
So now I have to fill out the "Automatic Withdrawals" Form and it also requires a medallion signature guarantee.
In general, I can accomplish a lot of tasks at Fidelity using their site but recurring transfer between Fidelity accounts has very unintuitive interface and requires a medallion signature guarantee.
You should be able to set up Withdrawals (recurring) on the website. I’ve had them set up from my CMA to taxable and 529 accounts no problem at all.
I do believe that is correct--I don't believe a form/medallion guarantee is needed for recurring withdrawals to Fido accounts. I was referring to automatic withdrawals to external accounts.
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VictorStarr
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Re: Fidelity as a one stop shop

Post by VictorStarr »

snow20 wrote: Tue Jan 26, 2021 9:48 pm
BUBear29 wrote: Tue Jan 26, 2021 7:39 pm You should be able to set up Withdrawals (recurring) on the website. I’ve had them set up from my CMA to taxable and 529 accounts no problem at all.
I do believe that is correct--I don't believe a form/medallion guarantee is needed for recurring withdrawals to Fido accounts. I was referring to automatic withdrawals to external accounts.
Yes, sure one can freely transfer money between individual, join or trust accounts that belongs to the same individual.
I specifically referred to case of transferring money to Fido account that belongs to other individual. In my case, I wanted to transfer money to account that belongs to my adult daughter. And it was necessary to file a form with medallion guarantee.
BUBear29
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Re: Fidelity as a one stop shop

Post by BUBear29 »

VictorStarr wrote: Wed Jan 27, 2021 1:27 am
snow20 wrote: Tue Jan 26, 2021 9:48 pm
BUBear29 wrote: Tue Jan 26, 2021 7:39 pm You should be able to set up Withdrawals (recurring) on the website. I’ve had them set up from my CMA to taxable and 529 accounts no problem at all.
I do believe that is correct--I don't believe a form/medallion guarantee is needed for recurring withdrawals to Fido accounts. I was referring to automatic withdrawals to external accounts.
Yes, sure one can freely transfer money between individual, join or trust accounts that belongs to the same individual.
I specifically referred to case of transferring money to Fido account that belongs to other individual. In my case, I wanted to transfer money to account that belongs to my adult daughter. And it was necessary to file a form with medallion guarantee.
I see. Would you be able to set it up in the Billpay format?
There is no dignity quite so impressive, and no one independence quite so important, as living within your means.
GaryA505
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Re: Fidelity as a one stop shop

Post by GaryA505 »

Are there differences in the Automatic Withdrawal features on Vanguard and Fidelity?

From what I have found so far, it appears that at Fidelity you can set up Automatic Withdrawal to sell any mutual funds (Fidelity or other) for the automatic withdrawal, but a Vanguard rep told me they can only do it with Vanguard mutual funds. True?
Get most of it right and don't make any big mistakes. All else being equal, simpler is better. Simple is as simple does.
HomeStretch
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Re: Fidelity as a one stop shop

Post by HomeStretch »

VictorStarr wrote: Wed Jan 27, 2021 1:27 am Yes, sure one can freely transfer money between individual, join or trust accounts that belongs to the same individual.
I specifically referred to case of transferring money to Fido account that belongs to other individual. In my case, I wanted to transfer money to account that belongs to my adult daughter. And it was necessary to file a form with medallion guarantee.
I transfer money from my Fidelity CMA to my adult child’s Fidelity account. I am not an account holder on child’s account and vice versa. It can only be done by calling a Fidelity rep (meaning I can’t do it myself online). Transferred funds are immediately available. No medallion guarantee was required by Fidelity to do this. I am “Fidelity voice verified”.
increment
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Re: Fidelity as a one stop shop

Post by increment »

HomeStretch wrote: Thu Jan 28, 2021 11:46 am I transfer money from my Fidelity CMA to my adult child’s Fidelity account. I am not an account holder on child’s account and vice versa. It can only be done by calling a Fidelity rep (meaning I can’t do it myself online).
The feature list for the latest version of the iPhone app includes "Transfer money to another friend or family member's Fidelity account." (I don't use this feature so can't vouch for their claim.)
HomeStretch
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Re: Fidelity as a one stop shop

Post by HomeStretch »

increment wrote: Thu Jan 28, 2021 12:21 pm
HomeStretch wrote: Thu Jan 28, 2021 11:46 am I transfer money from my Fidelity CMA to my adult child’s Fidelity account. I am not an account holder on child’s account and vice versa. It can only be done by calling a Fidelity rep (meaning I can’t do it myself online).
The feature list for the latest version of the iPhone app includes "Transfer money to another friend or family member's Fidelity account." (I don't use this feature so can't vouch for their claim.)
Nice! Thanks for mentioning as I haven’t reviewed the new app features.

Edit: I know Fidelity sometimes rolls out new features at first selectively to user groups. I just checked the app and don’t see this option yet. I asked the app’s virtual assistant (VA) how to “transfer to a friend”. One of the VA options was to transfer to a friend’s Fidelity account. When I selected that, the VA told me I needed to call Fidelity in order to transfer to a Fidelity account that I did not own.
Last edited by HomeStretch on Thu Jan 28, 2021 1:57 pm, edited 1 time in total.
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Leif
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Re: Fidelity as a one stop shop

Post by Leif »

increment wrote: Thu Jan 28, 2021 12:21 pm The feature list for the latest version of the iPhone app includes "Transfer money to another friend or family member's Fidelity account." (I don't use this feature so can't vouch for their claim.)
Do you mean "Send Money with PayPal"? That requires the recipient to have a PayPal account.
zie
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Re: Fidelity as a one stop shop

Post by zie »

VictorStarr apparently talks about how to do it further up the thread, here: viewtopic.php?p=5547781#p5547781
So you don't have to click, here is their instructions:
VictorStarr wrote: Wed Oct 14, 2020 6:48 pm Lately, I faced a problem of transfering money to accounts that I do not own (my adult children).
If you co-own an account you can use ACH transfer, but it is not possible to link account that does not belong to you.
I found that I can use BillPay to transfer money to arbitrary Fidelity accounts (and bank accounts).

Create BillPay payee using "Add a company".
For brokerage or CMA accounts use
Company: "Fidelity Brokerage Services LLC"
Account number: <account-number>

For IRA accounts use
Company name: "FIDELITY INVESTMENTS"
Account number: <account-number>

Fidelity BillPay "knows" about these companies so no need to type address and phone number.

For brokerage account (company - "Fidelity Brokerage Services LLC") payment is electronic and takes one day.
For IRA account (company - "Fidelity Investments") payment is by check and takes longer.

I used the same approach to transfer money to bank accounts that I do not own - find address to deposit checks by mail and use this address to create payee. For payments made with check I usually add "FBO <account-number>".
Whether rich or poor, a young woman should know how a bank account works, understand the composition of mortgages and bonds, and know the value of interest and how it accumulates. -Hetty Green
Fidelity1977
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Re: Fidelity as a one stop shop

Post by Fidelity1977 »

I wish the CMA allowed you to view the image of a check that has been deposited. I am hoping they upgrade this feature with the coming enhancements.
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GeraniumLover
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Re: Fidelity as a one stop shop

Post by GeraniumLover »

Fidelity1977 wrote: Thu Jan 28, 2021 10:13 pm I wish the CMA allowed you to view the image of a check that has been deposited. I am hoping they upgrade this feature with the coming enhancements.
They had that feature for a little while last year, then removed it for some reason
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JoMoney
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Re: Fidelity as a one stop shop

Post by JoMoney »

Fidelity1977 wrote: Thu Jan 28, 2021 10:13 pm I wish the CMA allowed you to view the image of a check that has been deposited. I am hoping they upgrade this feature with the coming enhancements.
It's been a long time since I wrote a check on my Fidelity CMA, but I thought they did provide an image on your monthly statement :confused
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bugleheadd
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Re: Fidelity as a one stop shop

Post by bugleheadd »

cant see my accounts in fidelity right now. only 401k.

not advised for one stop shop. have at least one or two other accounts at different brokerages
jumbopapa
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Re: Fidelity as a one stop shop

Post by jumbopapa »

bugleheadd wrote: Fri Jan 29, 2021 8:42 am cant see my accounts in fidelity right now. only 401k.

not advised for one stop shop. have at least one or two other accounts at different brokerages
Can confirm that I'm having issues too. I can see my accounts on mobile, but not desktop. Can't even login on desktop.
bugleheadd
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Re: Fidelity as a one stop shop

Post by bugleheadd »

jumbopapa wrote: Fri Jan 29, 2021 8:44 am
bugleheadd wrote: Fri Jan 29, 2021 8:42 am cant see my accounts in fidelity right now. only 401k.

not advised for one stop shop. have at least one or two other accounts at different brokerages
Can confirm that I'm having issues too. I can see my accounts on mobile, but not desktop. Can't even login on desktop.
and this is not the first time. at the hieght of the selloffs last year, fidelity (and others) also had issues.
Chant
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Re: Fidelity as a one stop shop

Post by Chant »

jumbopapa wrote: Fri Jan 29, 2021 8:44 am
bugleheadd wrote: Fri Jan 29, 2021 8:42 am cant see my accounts in fidelity right now. only 401k.

not advised for one stop shop. have at least one or two other accounts at different brokerages
Can confirm that I'm having issues too. I can see my accounts on mobile, but not desktop. Can't even login on desktop.
I can’t even get in on my mobile. Frustrating.
jumbopapa
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Re: Fidelity as a one stop shop

Post by jumbopapa »

bugleheadd wrote: Fri Jan 29, 2021 8:46 am and this is not the first time. at the hieght of the selloffs last year, fidelity (and others) also had issues.
I don’t normally care about outages during selloffs too much, just happened to have some maintenance I need to do today. From an ancillary search on DuckDuckGo it seems like a lot of brokerages are having outages.
jumbopapa
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Re: Fidelity as a one stop shop

Post by jumbopapa »

Chant wrote: Fri Jan 29, 2021 8:48 am
I can’t even get in on my mobile. Frustrating.
It was weird because it told me that FaceID was available right now, so I had to manually enter my password. In any case, I got an error when attempting to make a trade.
bugleheadd
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Re: Fidelity as a one stop shop

Post by bugleheadd »

it appears to be back to normal now
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