Fidelity as a one stop shop

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snowman
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Re: Fidelity as a one stop shop

Post by snowman »

Shade00 wrote: Sun May 16, 2021 2:55 pm I'm fine with mobile deposit, but anticipate having a check larger than my limit from home sale proceeds in the next couple of months.
Why not having it wired to Fidelity?
Shade00
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Re: Fidelity as a one stop shop

Post by Shade00 »

snowman wrote: Sun May 16, 2021 3:37 pm
Shade00 wrote: Sun May 16, 2021 2:55 pm I'm fine with mobile deposit, but anticipate having a check larger than my limit from home sale proceeds in the next couple of months.
Why not having it wired to Fidelity?
That might be how it works out.
hap_ca
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Re: Fidelity as a one stop shop

Post by hap_ca »

Has anyone recently been bumped to Private Client Group? How long does it take after getting a 1MM+ balance before Fidelity codes the account as PCG?
radiowave
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Re: Fidelity as a one stop shop

Post by radiowave »

hap_ca wrote: Mon May 31, 2021 12:38 pm Has anyone recently been bumped to Private Client Group? How long does it take after getting a 1MM+ balance before Fidelity codes the account as PCG?
What extras do you get for Private Client Group?
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TimeRunner
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Re: Fidelity as a one stop shop

Post by TimeRunner »

radiowave wrote: Mon May 31, 2021 7:10 pm
hap_ca wrote: Mon May 31, 2021 12:38 pm Has anyone recently been bumped to Private Client Group? How long does it take after getting a 1MM+ balance before Fidelity codes the account as PCG?
What extras do you get for Private Client Group?
Free Turbotax Premier. Also see: viewtopic.php?t=254831
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Bogle64Pilot
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Re: Fidelity as a one stop shop

Post by Bogle64Pilot »

TimeRunner wrote: Mon May 31, 2021 7:21 pm
radiowave wrote: Mon May 31, 2021 7:10 pm
hap_ca wrote: Mon May 31, 2021 12:38 pm Has anyone recently been bumped to Private Client Group? How long does it take after getting a 1MM+ balance before Fidelity codes the account as PCG?
What extras do you get for Private Client Group?
Free Turbotax Premier. Also see: viewtopic.php?t=254831
Not last year.
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TimeRunner
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Re: Fidelity as a one stop shop

Post by TimeRunner »

Bogle64Pilot wrote: Mon May 31, 2021 8:41 pm
TimeRunner wrote: Mon May 31, 2021 7:21 pm
radiowave wrote: Mon May 31, 2021 7:10 pm
hap_ca wrote: Mon May 31, 2021 12:38 pm Has anyone recently been bumped to Private Client Group? How long does it take after getting a 1MM+ balance before Fidelity codes the account as PCG?
What extras do you get for Private Client Group?
Free Turbotax Premier. Also see: viewtopic.php?t=254831
Not last year.
Plenty of people got it last year, including me. Call your rep.
One cannot enlighten the unconscious. | "All I need are some tasty waves, a cool buzz, and I'm fine." -Jeff Spicoli
DIYtrixie
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Re: Fidelity as a one stop shop

Post by DIYtrixie »

My 18 year old child is headed off to college this fall and is due for a banking overhaul. Would someone in their position be eligible for a Fidelity CMA and if so, would be a good fit for a college student (if not, what might work better)?

Some details:

1. Child has had part-time job since 2019 generating W2 income, at which point we set up custodial Roth IRA at Fidelity. This also required me to set up a Fidelity brokerage account, through which the Roth IRA is funded. We live in a state where the custodial IRA can exist until age 21.

2. This custodial Roth was my first experience with Fidelity (I'm a Vanguard stalwart but they do not offer custodial IRAs). I've been quite impressed. Since then, my employer-organized HSA account moved there. I've even downloaded the app -- and I really dislike adding new apps to my phone!

3. Child's paychecks and other funds (grandparent checks, etc.) are currently deposited in person into "kiddie account" at the credit union down the road, where I bank. This is basically a savings account (no ATM, no debit card) established when child was ~10.

4. Child has happily banked primarily in cash, including maintaining a detailed ledger spreadsheet to record interest earned, etc. but would now like to have a debit card and a credit card. Is not interested in being an authorized user on one of my credit cards.

5. Very small college campus has two ATMs from an equally small regional bank that charges $3/ATM withdrawal to non-account holders and $2/withdrawal to their account users who use any other ATMs other than theirs. Ergo, I don't see a reason to establish an account with this bank.
tj
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Re: Fidelity as a one stop shop

Post by tj »

My 18 year old child is headed off to college this fall and is due for a banking overhaul. Would someone in their position be eligible for a Fidelity CMA and if so, would be a good fit for a college student (if not, what might work better)?
I don't understand the questions. If they are a college student with minimal income, any random checking account that has no fees will be sufficient. I certainly wouldn't suggest a CMA instead of a simple checking account for a college student.
radiowave
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Re: Fidelity as a one stop shop

Post by radiowave »

DIYtrixie wrote: Tue Jun 01, 2021 11:04 am My 18 year old child is headed off to college this fall and is due for a banking overhaul. Would someone in their position be eligible for a Fidelity CMA and if so, would be a good fit for a college student (if not, what might work better)?

Some details:

1. Child has had part-time job since 2019 generating W2 income, at which point we set up custodial Roth IRA at Fidelity. This also required me to set up a Fidelity brokerage account, through which the Roth IRA is funded. We live in a state where the custodial IRA can exist until age 21.

2. This custodial Roth was my first experience with Fidelity (I'm a Vanguard stalwart but they do not offer custodial IRAs). I've been quite impressed. Since then, my employer-organized HSA account moved there. I've even downloaded the app -- and I really dislike adding new apps to my phone!

3. Child's paychecks and other funds (grandparent checks, etc.) are currently deposited in person into "kiddie account" at the credit union down the road, where I bank. This is basically a savings account (no ATM, no debit card) established when child was ~10.

4. Child has happily banked primarily in cash, including maintaining a detailed ledger spreadsheet to record interest earned, etc. but would now like to have a debit card and a credit card. Is not interested in being an authorized user on one of my credit cards.

5. Very small college campus has two ATMs from an equally small regional bank that charges $3/ATM withdrawal to non-account holders and $2/withdrawal to their account users who use any other ATMs other than theirs. Ergo, I don't see a reason to establish an account with this bank.
Schwab has $0.00 minimum account and fund balances: https://www.schwab.com/pricing and a full bank with no fee debit card and a Schwab American Express rewards card, no annual fee and 1.5% rewards. All can be tied into a checking account.
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zincTwo
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Re: Fidelity as a one stop shop

Post by zincTwo »

DIYtrixie wrote: Tue Jun 01, 2021 11:04 am My 18 year old child is headed off to college this fall and is due for a banking overhaul. Would someone in their position be eligible for a Fidelity CMA and if so, would be a good fit for a college student?
My children were in similar situation and money experience as yours. As teenagers, they had a local bank that served them well for basic checking/saving/ATM (Bank of America).
However, when they went out of state to college, there were no BofA ATMs or branches nearby. They switched to more plentiful ATM'd Wells Fargo.

By their 3rd year at college, they wanted to switch to Fidelity (at my encouragement). The reasons?
  1. Free Visa card - with even their simple summer and part-time school employment, they qualified for the Fidelity Visa w/ 2% cash back
  2. They wanted to start a Roth IRA, and were amazed at the earnings received in said account with a TSM index mutual fund. While past performance... it did encourage them to think beyond simple savings accounts for their long-term savings.
  3. Fidelity CMA has NO ATM fees... (i.e. they reimburse any 3rd party fees). They love it. Whereever they go, they have access to cash at the nearest ATM.
  4. Free billpay and free checking, Free paper checks. Rarely used, but appreciated.
  5. eventual One-Stop consolidation. post-graduation, 2 of 3 kids have their 401K accounts administered by Fidelity, so they see & manage all assets under one view. The 3rd child is at Vanguard, and wishes they had a comparable CMA
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BogleMelon
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Re: Fidelity as a one stop shop

Post by BogleMelon »

radiowave wrote: Tue Jun 01, 2021 11:48 am
DIYtrixie wrote: Tue Jun 01, 2021 11:04 am My 18 year old child is headed off to college this fall and is due for a banking overhaul. Would someone in their position be eligible for a Fidelity CMA and if so, would be a good fit for a college student (if not, what might work better)?

Some details:

1. Child has had part-time job since 2019 generating W2 income, at which point we set up custodial Roth IRA at Fidelity. This also required me to set up a Fidelity brokerage account, through which the Roth IRA is funded. We live in a state where the custodial IRA can exist until age 21.

2. This custodial Roth was my first experience with Fidelity (I'm a Vanguard stalwart but they do not offer custodial IRAs). I've been quite impressed. Since then, my employer-organized HSA account moved there. I've even downloaded the app -- and I really dislike adding new apps to my phone!

3. Child's paychecks and other funds (grandparent checks, etc.) are currently deposited in person into "kiddie account" at the credit union down the road, where I bank. This is basically a savings account (no ATM, no debit card) established when child was ~10.

4. Child has happily banked primarily in cash, including maintaining a detailed ledger spreadsheet to record interest earned, etc. but would now like to have a debit card and a credit card. Is not interested in being an authorized user on one of my credit cards.

5. Very small college campus has two ATMs from an equally small regional bank that charges $3/ATM withdrawal to non-account holders and $2/withdrawal to their account users who use any other ATMs other than theirs. Ergo, I don't see a reason to establish an account with this bank.
Schwab has $0.00 minimum account and fund balances: https://www.schwab.com/pricing and a full bank with no fee debit card and a Schwab American Express rewards card, no annual fee and 1.5% rewards. All can be tied into a checking account.
FWIW, Schwab closed my account "without a notice" for having a $0.00 balance account for about a year.
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MisterBill
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Re: Fidelity as a one stop shop

Post by MisterBill »

BogleMelon wrote: Tue Jun 01, 2021 12:01 pm FWIW, Schwab closed my account "without a notice" for having a $0.00 balance account for about a year.
I have a penny in a Schwab account that they closed on me around ten years ago (for reasons I have posted in other threads but will not detail here). They sent me a check after a couple of weeks but I ended up getting a penny of interest at the end of the month. Ever since then, they send me quarterly statements showing the penny :). Can't log in to fix it because they say that the account is closed. So I chuckle and shred it.
GaryA505
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Re: Fidelity as a one stop shop

Post by GaryA505 »

MisterBill wrote: Tue Jun 01, 2021 2:41 pm
BogleMelon wrote: Tue Jun 01, 2021 12:01 pm FWIW, Schwab closed my account "without a notice" for having a $0.00 balance account for about a year.
I have a penny in a Schwab account that they closed on me around ten years ago (for reasons I have posted in other threads but will not detail here). They sent me a check after a couple of weeks but I ended up getting a penny of interest at the end of the month. Ever since then, they send me quarterly statements showing the penny :). Can't log in to fix it because they say that the account is closed. So I chuckle and shred it.
I have an old SEP IRA with $.01 in it. Everything was transferred out of but for some reason they left one penny. I've been trying to get them to close it.
Get most of it right and don't make any big mistakes. All else being equal, simpler is better. Simple is as simple does.
DIYtrixie
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Re: Fidelity as a one stop shop

Post by DIYtrixie »

BroIceCream wrote: Tue Jun 01, 2021 11:55 am
DIYtrixie wrote: Tue Jun 01, 2021 11:04 am My 18 year old child is headed off to college this fall and is due for a banking overhaul. Would someone in their position be eligible for a Fidelity CMA and if so, would be a good fit for a college student?
My children were in similar situation and money experience as yours. As teenagers, they had a local bank that served them well for basic checking/saving/ATM (Bank of America).
However, when they went out of state to college, there were no BofA ATMs or branches nearby. They switched to more plentiful ATM'd Wells Fargo.

By their 3rd year at college, they wanted to switch to Fidelity (at my encouragement). The reasons?
  1. Free Visa card - with even their simple summer and part-time school employment, they qualified for the Fidelity Visa w/ 2% cash back
  2. They wanted to start a Roth IRA, and were amazed at the earnings received in said account with a TSM index mutual fund. While past performance... it did encourage them to think beyond simple savings accounts for their long-term savings.
  3. Fidelity CMA has NO ATM fees... (i.e. they reimburse any 3rd party fees). They love it. Whereever they go, they have access to cash at the nearest ATM.
  4. Free billpay and free checking, Free paper checks. Rarely used, but appreciated.
  5. eventual One-Stop consolidation. post-graduation, 2 of 3 kids have their 401K accounts administered by Fidelity, so they see & manage all assets under one view. The 3rd child is at Vanguard, and wishes they had a comparable CMA
Thanks for sharing. Your kids reasons for switching to Fidelity CMA are exactly the reasons why we're considering just starting there, even though it might be overkill while kid is still in school.
schwank
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Re: Fidelity as a one stop shop

Post by schwank »

I got a Fido account at 18 (over 25 years ago😔) to transfer in some shares from a custodial account. That account is still the core of my family holdings today with other accounts like CMA and HSA associated. One interface with a trusted vendor will make it easier to manage as they mature and need additional services. I think it's a no brainier, and absent regulatory changes I would do the same as my child comes of age.
MisterBill
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Re: Fidelity as a one stop shop

Post by MisterBill »

GaryA505 wrote: Tue Jun 01, 2021 3:11 pm
MisterBill wrote: Tue Jun 01, 2021 2:41 pm
BogleMelon wrote: Tue Jun 01, 2021 12:01 pm FWIW, Schwab closed my account "without a notice" for having a $0.00 balance account for about a year.
I have a penny in a Schwab account that they closed on me around ten years ago (for reasons I have posted in other threads but will not detail here). They sent me a check after a couple of weeks but I ended up getting a penny of interest at the end of the month. Ever since then, they send me quarterly statements showing the penny :). Can't log in to fix it because they say that the account is closed. So I chuckle and shred it.
I have an old SEP IRA with $.01 in it. Everything was transferred out of but for some reason they left one penny. I've been trying to get them to close it.
I had not read all the recent comments when I responded, but now that I have, I wanted to mention that when Schwab closed my account (because of a bunch of rebate checks I was depositing that they thought were suspect), they also closed a joint high yield checking account I had with my son, who was away at college at the time and using their ATM card as his source of cash. So I have a special dislike for Schwab and love it when I get the quarterly statement that they waste their money sending out.
DIYtrixie
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Re: Fidelity as a one stop shop

Post by DIYtrixie »

schwank wrote: Tue Jun 01, 2021 6:02 pm I got a Fido account at 18 (over 25 years ago😔) to transfer in some shares from a custodial account. That account is still the core of my family holdings today with other accounts like CMA and HSA associated. One interface with a trusted vendor will make it easier to manage as they mature and need additional services. I think it's a no brainier, and absent regulatory changes I would do the same as my child comes of age.
Great to hear -- thanks for sharing.
jmw
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Re: Fidelity as a one stop shop

Post by jmw »

The lack of Zelle is a huge, huge minus. I have to keep an account eligible for Zelle elsewhere that has free inbound wire. The dream of a true one stop shop is not quite there yet.

The new and "improved" billpay UI is still really, really bad. The old one was better with everything on one screen. What were they thinking? Despite the horrible UI, it's still 100% usable.

All that being said, it's great to have Fidelity as a one and a half stop shop.
GaryA505
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Re: Fidelity as a one stop shop

Post by GaryA505 »

I had great hopes for using Fidelity as a "one stop shop". Unfortunately, as I started the transition (gradually), I could see it wasn't going to be that great.

Although the BillPay is a little "clunky" as opposed to that of the major banks like Bank of America (which I have used for many years), I could live with it. Unfortunately eBills doesn't work, at all. Others have reported that they got theirs fixed, but I have spoken to customer support and my local Fidelity rep, and nobody can tell me when it will be fixed, if ever. A major minus and not very confidence-inspiring.

I am just about convinced that having one company for investments (probably Vanguard) and one bank for cash management is a fine solution for us, and not much more complicated than a "one stop shop".

I'd be curious to know if others decided the same thing.
Get most of it right and don't make any big mistakes. All else being equal, simpler is better. Simple is as simple does.
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Johnsson
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Re: Fidelity as a one stop shop

Post by Johnsson »

GaryA505 wrote: Thu Jun 03, 2021 1:28 pm I had great hopes for using Fidelity as a "one stop shop". Unfortunately, as I started the transition (gradually), I could see it wasn't going to be that great.

Although the BillPay is a little "clunky" as opposed to that of the major banks like Bank of America (which I have used for many years), I could live with it. Unfortunately eBills doesn't work, at all. Others have reported that they got theirs fixed, but I have spoken to customer support and my local Fidelity rep, and nobody can tell me when it will be fixed, if ever. A major minus and not very confidence-inspiring.

I am just about convinced that having one company for investments (probably Vanguard) and one bank for cash management is a fine solution for us, and not much more complicated than a "one stop shop".

I'd be curious to know if others decided the same thing.
I've come to pretty much the same solution. I REALLY wanted to put everything into Fidelity for simplicity. The individual benefits of Vanguard, Ally and our local B&M bank have caused me to decide against Fidelity.

We'll be rolling 401Ks (mine is in Fidelity) into our Vanguard IRAs in the next few months and I wanted to make this decision first.
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GoneOnTilt
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Re: Fidelity as a one stop shop

Post by GoneOnTilt »

Johnsson wrote: Thu Jun 03, 2021 1:51 pm
GaryA505 wrote: Thu Jun 03, 2021 1:28 pm I had great hopes for using Fidelity as a "one stop shop". Unfortunately, as I started the transition (gradually), I could see it wasn't going to be that great.

Although the BillPay is a little "clunky" as opposed to that of the major banks like Bank of America (which I have used for many years), I could live with it. Unfortunately eBills doesn't work, at all. Others have reported that they got theirs fixed, but I have spoken to customer support and my local Fidelity rep, and nobody can tell me when it will be fixed, if ever. A major minus and not very confidence-inspiring.

I am just about convinced that having one company for investments (probably Vanguard) and one bank for cash management is a fine solution for us, and not much more complicated than a "one stop shop".

I'd be curious to know if others decided the same thing.
I've come to pretty much the same solution. I REALLY wanted to put everything into Fidelity for simplicity. The individual benefits of Vanguard, Ally and our local B&M bank have caused me to decide against Fidelity.

We'll be rolling 401Ks (mine is in Fidelity) into our Vanguard IRAs in the next few months and I wanted to make this decision first.
I do really love the convenience of the Fidelity CMA and pay all my bills out of it. But what really bugs me is the ERs of Fidelity MMFs and I just don't like to keep a lot of cash in FDIC accounts. So I have been just pushing money from my Vanguard MMF (Federal MMF) over to my Fidelity CMA as needed and it's been working with minimal effort.
arf30
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Re: Fidelity as a one stop shop

Post by arf30 »

hap_ca wrote: Mon May 31, 2021 12:38 pm Has anyone recently been bumped to Private Client Group? How long does it take after getting a 1MM+ balance before Fidelity codes the account as PCG?
After consolidating some accounts at Fidelity we passed the mark and it started showing private client status a month or two later. Doesn't seem like a great perk though, all that happened was we were assigned a "personal advisor" who tries calling every now and then to sell things (I never answer), and when you call customer service it says you're being transferred to private client group (which is the exact same pool of customer service reps).
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Leif
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Re: Fidelity as a one stop shop

Post by Leif »

GoneOnTilt wrote: Sat Jul 03, 2021 6:49 am I do really love the convenience of the Fidelity CMA and pay all my bills out of it. But what really bugs me is the ERs of Fidelity MMFs and I just don't like to keep a lot of cash in FDIC accounts. So I have been just pushing money from my Vanguard MMF (Federal MMF) over to my Fidelity CMA as needed and it's been working with minimal effort.
They are all near zero now for MMFs. Yes, Fidelity has higher ERs for MMF, but right now they subsidize their ER from their low earnings. I keep the bulk of my cash in "high yield" accounts, earning around 0.5%, and xfer as needed.

Vanguard does not have the financial services offered by Fidelity. These services cost money. Right now Fidelity is losing money on their MMF, but I'm okay with them earning a few bucks when interest rates are not being suppressed.
lazynovice
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Re: Fidelity as a one stop shop

Post by lazynovice »

arf30 wrote: Sat Jul 03, 2021 7:29 am
hap_ca wrote: Mon May 31, 2021 12:38 pm Has anyone recently been bumped to Private Client Group? How long does it take after getting a 1MM+ balance before Fidelity codes the account as PCG?
After consolidating some accounts at Fidelity we passed the mark and it started showing private client status a month or two later. Doesn't seem like a great perk though, all that happened was we were assigned a "personal advisor" who tries calling every now and then to sell things (I never answer), and when you call customer service it says you're being transferred to private client group (which is the exact same pool of customer service reps).
Our private advisor accepted an answer of “I am an avid index fund investor and it will be a waste of time to meet with me.” He actually was able to offer a few off the cuff things I could do that were helpful. And he has been very helpful when my kids needed to move Roths etc.

While the private advisor pool is the same pool, I believe the calls are prioritized and you get the more experienced reps. Not a big deal right now, but from mid-December to April, it saves some waiting.
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Leif
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Re: Fidelity as a one stop shop

Post by Leif »

arf30 wrote: Sat Jul 03, 2021 7:29 am
hap_ca wrote: Mon May 31, 2021 12:38 pm Has anyone recently been bumped to Private Client Group? How long does it take after getting a 1MM+ balance before Fidelity codes the account as PCG?
After consolidating some accounts at Fidelity we passed the mark and it started showing private client status a month or two later. Doesn't seem like a great perk though, all that happened was we were assigned a "personal advisor" who tries calling every now and then to sell things (I never answer), and when you call customer service it says you're being transferred to private client group (which is the exact same pool of customer service reps).
I've received some nice perks from PCG, such as a free Turbotax (YMMV). Another is up to $75 (way more than I need) a year for ATM debit card fee reimbursement (works for international AMT foreign currency withdrawals as well, which is nice). I've not had an issue with calls. In my experience Fidelity is not pushy.
Bama12
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Re: Fidelity as a one stop shop

Post by Bama12 »

GaryA505 wrote: Thu Jun 03, 2021 1:28 pm I had great hopes for using Fidelity as a "one stop shop". Unfortunately, as I started the transition (gradually), I could see it wasn't going to be that great.

Although the BillPay is a little "clunky" as opposed to that of the major banks like Bank of America (which I have used for many years), I could live with it. Unfortunately eBills doesn't work, at all. Others have reported that they got theirs fixed, but I have spoken to customer support and my local Fidelity rep, and nobody can tell me when it will be fixed, if ever. A major minus and not very confidence-inspiring.

I am just about convinced that having one company for investments (probably Vanguard) and one bank for cash management is a fine solution for us, and not much more complicated than a "one stop shop".

I'd be curious to know if others decided the same thing.

+1 Local credit union for banking and Vanguard for investments all I need.
GaryA505
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Re: Fidelity as a one stop shop

Post by GaryA505 »

Thanks for the reply. Nothing has changed so I'm heading in the same direction. Adios Fidelity!
Get most of it right and don't make any big mistakes. All else being equal, simpler is better. Simple is as simple does.
jmw
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Re: Fidelity as a one stop shop

Post by jmw »

Leif wrote: Sat Jul 03, 2021 10:50 am I've received some nice perks from PCG, such as a free Turbotax (YMMV). Another is up to $75 (way more than I need) a year for ATM debit card fee reimbursement (works for international AMT foreign currency withdrawals as well, which is nice). I've not had an issue with calls. In my experience Fidelity is not pushy.
Everybody with the CMA gets ATM reimbursement. Am I missing something?

After we went to Schwab and later on Fidelity, we've become reliant on the free ATM withdrawals anywhere. It's very convenient due to the number of our vendors who prefer to be paid in cash.
tj
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Re: Fidelity as a one stop shop

Post by tj »

arf30 wrote: Sat Jul 03, 2021 7:29 am
hap_ca wrote: Mon May 31, 2021 12:38 pm Has anyone recently been bumped to Private Client Group? How long does it take after getting a 1MM+ balance before Fidelity codes the account as PCG?
After consolidating some accounts at Fidelity we passed the mark and it started showing private client status a month or two later. Doesn't seem like a great perk though, all that happened was we were assigned a "personal advisor" who tries calling every now and then to sell things (I never answer), and when you call customer service it says you're being transferred to private client group (which is the exact same pool of customer service reps).
Don't ya'll get free TurboTax ?
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Leif
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Re: Fidelity as a one stop shop

Post by Leif »

jmw wrote: Sat Jul 03, 2021 11:38 am
Leif wrote: Sat Jul 03, 2021 10:50 am I've received some nice perks from PCG, such as a free Turbotax (YMMV). Another is up to $75 (way more than I need) a year for ATM debit card fee reimbursement (works for international AMT foreign currency withdrawals as well, which is nice). I've not had an issue with calls. In my experience Fidelity is not pushy.
Everybody with the CMA gets ATM reimbursement. Am I missing something?

After we went to Schwab and later on Fidelity, we've become reliant on the free ATM withdrawals anywhere. It's very convenient due to the number of our vendors who prefer to be paid in cash.
That is correct. I don't have a CMA. Not a good reason now, but it requires that you use their FDIC fund, which had very low interest rates, for the settlement account. Now all MMF have low interest rates. So the typical non-CMA, non-PCG accounts pay their own ATM fees.
Last edited by Leif on Sat Jul 03, 2021 2:46 pm, edited 1 time in total.
GoneOnTilt
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Re: Fidelity as a one stop shop

Post by GoneOnTilt »

Leif wrote: Sat Jul 03, 2021 10:27 am
GoneOnTilt wrote: Sat Jul 03, 2021 6:49 am I do really love the convenience of the Fidelity CMA and pay all my bills out of it. But what really bugs me is the ERs of Fidelity MMFs and I just don't like to keep a lot of cash in FDIC accounts. So I have been just pushing money from my Vanguard MMF (Federal MMF) over to my Fidelity CMA as needed and it's been working with minimal effort.
They are all near zero now for MMFs. Yes, Fidelity has higher ERs for MMF, but right now they subsidize their ER from their low earnings. I keep the bulk of my cash in "high yield" accounts, earning around 0.5%, and xfer as needed.

Vanguard does not have the financial services offered by Fidelity. These services cost money. Right now Fidelity is losing money on their MMF, but I'm okay with them earning a few bucks when interest rates are not being suppressed.
All good points. The CMA services are awesome (including being able to use any ATM, anywhere, and getting reimbursed for the fees). As you say, these services cost money.
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FIREchief
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Re: Fidelity as a one stop shop

Post by FIREchief »

arf30 wrote: Sat Jul 03, 2021 7:29 am After consolidating some accounts at Fidelity we passed the mark and it started showing private client status a month or two later. Doesn't seem like a great perk though, all that happened was we were assigned a "personal advisor" who tries calling every now and then to sell things (I never answer),
If you never answer, how do you know that he is calling to sell you things? We have many reports of folks who enjoy their relationships with private client reps who never try to sell them anything.
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.
Bogle64Pilot
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Re: Fidelity as a one stop shop

Post by Bogle64Pilot »

Just an update. 100% divested all banking realationships with USAA and now all banking functions are with Fidelity CMA. About 3 months later couldn’t be happier!
GaryA505
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Re: Fidelity as a one stop shop

Post by GaryA505 »

Bogle64Pilot wrote: Sat Jul 24, 2021 3:44 pm Just an update. 100% divested all banking realationships with USAA and now all banking functions are with Fidelity CMA. About 3 months later couldn’t be happier!
Are you using their eBills feature? Does it work for you?
Get most of it right and don't make any big mistakes. All else being equal, simpler is better. Simple is as simple does.
Bogle64Pilot
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Re: Fidelity as a one stop shop

Post by Bogle64Pilot »

GaryA505 wrote: Sat Jul 24, 2021 4:05 pm
Bogle64Pilot wrote: Sat Jul 24, 2021 3:44 pm Just an update. 100% divested all banking realationships with USAA and now all banking functions are with Fidelity CMA. About 3 months later couldn’t be happier!
Are you using their eBills feature? Does it work for you?
I don’t use e-bills I prefer to have the end user pull instead of me push. Sorry
radiowave
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Re: Fidelity as a one stop shop

Post by radiowave »

Has anyone made a comparison of bill pay Fidelity vs. Schwab?
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GoneOnTilt
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Re: Fidelity as a one stop shop

Post by GoneOnTilt »

Bogle64Pilot wrote: Sat Jul 24, 2021 4:48 pm
GaryA505 wrote: Sat Jul 24, 2021 4:05 pm
Bogle64Pilot wrote: Sat Jul 24, 2021 3:44 pm Just an update. 100% divested all banking realationships with USAA and now all banking functions are with Fidelity CMA. About 3 months later couldn’t be happier!
Are you using their eBills feature? Does it work for you?
I don’t use e-bills I prefer to have the end user pull instead of me push. Sorry
I agree. I used to push things like my condo fee and it would take a long time to get there, despite Fidelity's stated delivery date.

Don't get me wrong. I love Fidelity and use it for basically everything (investing, cash management; it's basically my bank). But like you. I prefer end-user pull. I do write one or two paper checks from my CMA each year.

-GoneOnTilt
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heartwood
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Re: Fidelity as a one stop shop

Post by heartwood »

GoneOnTilt wrote: Sun Aug 01, 2021 7:42 am
Bogle64Pilot wrote: Sat Jul 24, 2021 4:48 pm
GaryA505 wrote: Sat Jul 24, 2021 4:05 pm
Bogle64Pilot wrote: Sat Jul 24, 2021 3:44 pm Just an update. 100% divested all banking realationships with USAA and now all banking functions are with Fidelity CMA. About 3 months later couldn’t be happier!
Are you using their eBills feature? Does it work for you?
I don’t use e-bills I prefer to have the end user pull instead of me push. Sorry
I agree. I used to push things like my condo fee and it would take a long time to get there, despite Fidelity's stated delivery date.

Don't get me wrong. I love Fidelity and use it for basically everything (investing, cash management; it's basically my bank). But like you. I prefer end-user pull. I do write one or two paper checks from my CMA each year.

-GoneOnTilt
Let me offer a PSA re Fidelity Bill Pay. In the Bill Pay Payment Center each payee has a small symbol to the right of the payee name: an envelope for a payment by USPS, or a lightning bolt for electronic (ACH) payment. You have no control over the method.

While Fidelity will mail a check it times to arrive by the Deliver Date, it has no control over the USPS handling. I learned that in Dec 2019 paying Wells Fargo to deliver by 12/29/19. I didn't realize it was a paper mailed check. It was sent well before the date; it arrived 1/7/20, within the mortgage payment window, but late for the 2019 tax year mortgage deduction, costing me nearly $1000 in taxes.

I have since changed that Delivery Date, but at some point after that Fidelity made Wells Fargo an ACH payment.

I too prefer to have a pull for most payments such as CC, utilities, etc, relying on the Payee to bear the risk. I never set it up for WF; maybe I should.
GoneOnTilt
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Re: Fidelity as a one stop shop

Post by GoneOnTilt »

heartwood wrote: Sun Aug 01, 2021 8:58 am
GoneOnTilt wrote: Sun Aug 01, 2021 7:42 am
Bogle64Pilot wrote: Sat Jul 24, 2021 4:48 pm
GaryA505 wrote: Sat Jul 24, 2021 4:05 pm
Bogle64Pilot wrote: Sat Jul 24, 2021 3:44 pm Just an update. 100% divested all banking realationships with USAA and now all banking functions are with Fidelity CMA. About 3 months later couldn’t be happier!
Are you using their eBills feature? Does it work for you?
I don’t use e-bills I prefer to have the end user pull instead of me push. Sorry
I agree. I used to push things like my condo fee and it would take a long time to get there, despite Fidelity's stated delivery date.

Don't get me wrong. I love Fidelity and use it for basically everything (investing, cash management; it's basically my bank). But like you. I prefer end-user pull. I do write one or two paper checks from my CMA each year.

-GoneOnTilt
Let me offer a PSA re Fidelity Bill Pay. In the Bill Pay Payment Center each payee has a small symbol to the right of the payee name: an envelope for a payment by USPS, or a lightning bolt for electronic (ACH) payment. You have no control over the method.

While Fidelity will mail a check it times to arrive by the Deliver Date, it has no control over the USPS handling. I learned that in Dec 2019 paying Wells Fargo to deliver by 12/29/19. I didn't realize it was a paper mailed check. It was sent well before the date; it arrived 1/7/20, within the mortgage payment window, but late for the 2019 tax year mortgage deduction, costing me nearly $1000 in taxes.

I have since changed that Delivery Date, but at some point after that Fidelity made Wells Fargo an ACH payment.

I too prefer to have a pull for most payments such as CC, utilities, etc, relying on the Payee to bear the risk. I never set it up for WF; maybe I should.
^^ Thanks for this!
jmw
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Re: Fidelity as a one stop shop

Post by jmw »

If the lightning shows up when you add a bill pay, keep it.

If the envelope shows up when you add a bill pay, delete it and look for a different way to pay that is faster. The USPS is super slow nowadays when the max time used to be 4 business days. I used to be OK with the envelope but not anymore.
GoneOnTilt
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Re: Fidelity as a one stop shop

Post by GoneOnTilt »

jmw wrote: Sun Aug 01, 2021 10:48 am If the lightning shows up when you add a bill pay, keep it.

If the envelope shows up when you add a bill pay, delete it and look for a different way to pay that is faster. The USPS is super slow nowadays when the max time used to be 4 business days. I used to be OK with the envelope but not anymore.
Good strategy. Thanks.
GaryA505
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Re: Fidelity as a one stop shop

Post by GaryA505 »

Fidelity finally got my eBills working, after about 6 months!
Get most of it right and don't make any big mistakes. All else being equal, simpler is better. Simple is as simple does.
muffins14
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Re: Fidelity as a one stop shop

Post by muffins14 »

jmw wrote: Thu Jun 03, 2021 1:01 pm The lack of Zelle is a huge, huge minus. I have to keep an account eligible for Zelle elsewhere that has free inbound wire. The dream of a true one stop shop is not quite there yet.

The new and "improved" billpay UI is still really, really bad. The old one was better with everything on one screen. What were they thinking? Despite the horrible UI, it's still 100% usable.

All that being said, it's great to have Fidelity as a one and a half stop shop.
Could you just use venmo or cash app? They work fine for me
Crom laughs at your Four Winds
GoneOnTilt
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Re: Fidelity as a one stop shop

Post by GoneOnTilt »

muffins14 wrote: Sun Aug 01, 2021 8:35 pm
jmw wrote: Thu Jun 03, 2021 1:01 pm The lack of Zelle is a huge, huge minus. I have to keep an account eligible for Zelle elsewhere that has free inbound wire. The dream of a true one stop shop is not quite there yet.

The new and "improved" billpay UI is still really, really bad. The old one was better with everything on one screen. What were they thinking? Despite the horrible UI, it's still 100% usable.

All that being said, it's great to have Fidelity as a one and a half stop shop.
Could you just use venmo or cash app? They work fine for me
I do have my Venmo account linked to my Fidelity CMA, which is great. But, it would be nice to be able to send by Venmo from Fidelity!

First world problem.
Phaethon
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Re: Fidelity as a one stop shop

Post by Phaethon »

Zelle is one of several reasons I am all in on Fidelity as a one-stop shop. That was my intent in moving my investments over from Vanguard and my banking from Capital One and closing my credit union accounts. The credit union allowed me the very rare instances of ATM cash deposits and Capital One (and the CU) had Zelle. But even though I have the CMA (and most of my cash is there for now), I'm using Chase as a complement to Fidelity, mainly doing checking stuff at Chase and investments at Fidelity. (I already had a car lease and my Amazon Visa at Chase, so it was a good fit.) Plus they have a very nearby branch, which is incredibly helpful.
spammagnet
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Re: Fidelity as a one stop shop

Post by spammagnet »

Phaethon wrote: Mon Aug 02, 2021 3:16 pmZelle is one of several reasons I am all in on Fidelity as a one-stop shop. …
To my knowledge, Fidelity doesn't support Zelle. Am I missing something? The instructions they provide for the various third-party cash transfer services (Venmo, Paypal, Square Cash) all direct the user to set it up and manage on that service's web site. In short, Fidelity doesn't support them except to allow the ACH transactions.
mhalley
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Re: Fidelity as a one stop shop

Post by mhalley »

I have no personal experience, but Clark Howard despises Zelle . He calls it garbage, states that there is zero consumer protection if something goes wrong.

https://clark.com/personal-finance-cred ... omplaints/
Zelle is a money transfer service that makes payments easy, but don’t expect the app or the banks to bail you out when something goes wrong.

That’s why Clark says it’s best to limit your exposure as much as possible.

“What I recommend is that if somebody wants to use Zelle or CashApp or Venmo, set up a separate checking account that has very small amounts of money in it.”

“That way, even if you are hacked, compromised or scammed, the amount of money that is at risk is really tiny, whereas if you have it with your regular checking account, all the money in it is at risk.”
https://www.boston25news.com/consumer/c ... 966344618/
mervinj7
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Re: Fidelity as a one stop shop

Post by mervinj7 »

mhalley wrote: Mon Aug 16, 2021 11:36 pm I have no personal experience, but Clark Howard despises Zelle . He calls it garbage, states that there is zero consumer protection if something goes wrong.

https://clark.com/personal-finance-cred ... omplaints/
Zelle is a money transfer service that makes payments easy, but don’t expect the app or the banks to bail you out when something goes wrong.

That’s why Clark says it’s best to limit your exposure as much as possible.

“What I recommend is that if somebody wants to use Zelle or CashApp or Venmo, set up a separate checking account that has very small amounts of money in it.”

“That way, even if you are hacked, compromised or scammed, the amount of money that is at risk is really tiny, whereas if you have it with your regular checking account, all the money in it is at risk.”
https://www.boston25news.com/consumer/c ... 966344618/
+1. I have Zelle attached a small checking account at CapOne360. I use it to collect rent checks and pay the daycare/landscaper/cleaners but otherwise transfer any excess funds back to the main Fidelity CMA.
Phaethon
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Re: Fidelity as a one stop shop

Post by Phaethon »

spammagnet wrote: Mon Aug 16, 2021 10:50 pm
Phaethon wrote: Mon Aug 02, 2021 3:16 pmZelle is one of several reasons I am all in on Fidelity as a one-stop shop. …
To my knowledge, Fidelity doesn't support Zelle. Am I missing something? The instructions they provide for the various third-party cash transfer services (Venmo, Paypal, Square Cash) all direct the user to set it up and manage on that service's web site. In short, Fidelity doesn't support them except to allow the ACH transactions.
Oops, looks like I omitted a word. I meant to say that it's why I'm not using Fidelity as a one-stop shop. I have a Chase Total Checking account to complement the FIdelity account.
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