Fidelity as a one stop shop

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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

spammagnet wrote: Tue Sep 14, 2021 10:38 pm
SnowBog wrote: Tue Sep 14, 2021 1:57 pm... The first one wasn't in Fidelity, didn't allow in-kind transfers, and sadly was forced to send a big check in the mail for me to endorse and get to Fidelity. That was nerve wracking...
We did that recently when closing out DW's non-Fidelity 401k. The only option was a paper check sent by USPS. That wasn't confidence-inspiring but to be fair to USPS, it did arrive rather quickly.

From the mailbox to the account was only about 20 minutes, most of which was walking back inside the house and opening a beer. Just use the phone app. The limit is high, the pending deposit appears immediately and is credited the next business morning.
Is the limit 7 figures? :D
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Re: Fidelity as a one stop shop

Post by spammagnet »

anon_investor wrote: Tue Sep 14, 2021 10:58 pmIs the limit 7 figures? :D
No, because there is no limit on rollover deposits:

Are there restrictions on the amount of money that can be deposited?


"For most accounts, there is a maximum amount you can contribute each day. You will be presented with this information as you proceed with your deposit. For retirement accounts, we'll present both prior and current year contribution limits. There are no maximum limits for rollover transactions." (emphasis added)

:D
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

spammagnet wrote: Wed Sep 15, 2021 1:52 am
anon_investor wrote: Tue Sep 14, 2021 10:58 pmIs the limit 7 figures? :D
No, because there is no limit on rollover deposits:

Are there restrictions on the amount of money that can be deposited?


"For most accounts, there is a maximum amount you can contribute each day. You will be presented with this information as you proceed with your deposit. For retirement accounts, we'll present both prior and current year contribution limits. There are no maximum limits for rollover transactions." (emphasis added)

:D
Wow, so mobile deposits allow for 7 figure checks! :shock:
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JoMoney
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Re: Fidelity as a one stop shop

Post by JoMoney »

FWIW, one of the factors that influenced my decision to rollover from a Fidelity 401k to Fidelity IRA was they were able to do it internally (no mailing of a check), the funds couldn't be transferred in-kind (unique funds in the plan), but I was only out of the market for a day and was able to get the funds into my equivalent index choice quickly without sweating the transfer process.
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spammagnet
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Re: Fidelity as a one stop shop

Post by spammagnet »

anon_investor wrote: Wed Sep 15, 2021 8:02 amWow, so mobile deposits allow for 7 figure checks! :shock:
For rollovers, yes. Non-rollover deposits have a limit that varies but I don't know the basis for the limit. When you select a brokerage account it shows the daily limit (in my case a mere $500,000) and your running total for today. In the case of a non-rollover IRA deposit, it shows you the annual limit and your total deposit(s) for the year. If it's a rollover, no limit is shown. I guess you could deposit a 9 digit check if you had one.
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Re: Fidelity as a one stop shop

Post by anon_investor »

spammagnet wrote: Wed Sep 15, 2021 8:21 am
anon_investor wrote: Wed Sep 15, 2021 8:02 amWow, so mobile deposits allow for 7 figure checks! :shock:
For rollovers, yes. Non-rollover deposits have a limit that varies but I don't know the basis for the limit. When you select a brokerage account it shows the daily limit (in my case a mere $500,000) and your running total for today. In the case of a non-rollover IRA deposit, it shows you the annual limit and your total deposit(s) for the year. If it's a rollover, no limit is shown. I guess you could deposit a 9 digit check if you had one.
I am not even sure how a 9 figure 401k balance is possible without taking individual stock risk using brokerage link (or company stock :shock:)! But good to know! :beer

It is too bad Fidelity does not really offer bonuses now without 7 figure amounts.
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Re: Fidelity as a one stop shop

Post by spammagnet »

anon_investor wrote: Wed Sep 15, 2021 8:24 amI am not even sure how a 9 figure 401k balance is possible without taking individual stock risk using brokerage link (or company stock :shock:)! But good to know! :beer
Maybe you're well-paid?
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Re: Fidelity as a one stop shop

Post by mervinj7 »

anon_investor wrote: Wed Sep 15, 2021 8:24 am
spammagnet wrote: Wed Sep 15, 2021 8:21 am
anon_investor wrote: Wed Sep 15, 2021 8:02 amWow, so mobile deposits allow for 7 figure checks! :shock:
For rollovers, yes. Non-rollover deposits have a limit that varies but I don't know the basis for the limit. When you select a brokerage account it shows the daily limit (in my case a mere $500,000) and your running total for today. In the case of a non-rollover IRA deposit, it shows you the annual limit and your total deposit(s) for the year. If it's a rollover, no limit is shown. I guess you could deposit a 9 digit check if you had one.
I am not even sure how a 9 figure 401k balance is possible without taking individual stock risk using brokerage link (or company stock :shock:)! But good to know! :beer

It is too bad Fidelity does not really offer bonuses now without 7 figure amounts.
In 2011, there were over 300 folks with 401k balances over $25 million. It's not hard to imagine that at least some of them have gotten to $100 million in the last ten years.

https://www.forbes.com/sites/jrose/2019 ... et-richer/
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Re: Fidelity as a one stop shop

Post by anon_investor »

spammagnet wrote: Wed Sep 15, 2021 8:52 am
anon_investor wrote: Wed Sep 15, 2021 8:24 amI am not even sure how a 9 figure 401k balance is possible without taking individual stock risk using brokerage link (or company stock :shock:)! But good to know! :beer
Maybe you're well-paid?
$58k is the total 401k limit for 2021, the highest ever, it has been lower. Even with this amazing bull run and being 100% S&P500, you can't possibly get to 9 figures. 401k investments are usually very limited unless you are using brokeragelink. To get to 9 figures in a 401k it is going to have to be individual stock picking.
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Re: Fidelity as a one stop shop

Post by anon_investor »

mervinj7 wrote: Wed Sep 15, 2021 9:02 am
anon_investor wrote: Wed Sep 15, 2021 8:24 am
spammagnet wrote: Wed Sep 15, 2021 8:21 am
anon_investor wrote: Wed Sep 15, 2021 8:02 amWow, so mobile deposits allow for 7 figure checks! :shock:
For rollovers, yes. Non-rollover deposits have a limit that varies but I don't know the basis for the limit. When you select a brokerage account it shows the daily limit (in my case a mere $500,000) and your running total for today. In the case of a non-rollover IRA deposit, it shows you the annual limit and your total deposit(s) for the year. If it's a rollover, no limit is shown. I guess you could deposit a 9 digit check if you had one.
I am not even sure how a 9 figure 401k balance is possible without taking individual stock risk using brokerage link (or company stock :shock:)! But good to know! :beer

It is too bad Fidelity does not really offer bonuses now without 7 figure amounts.
In 2011, there were over 300 folks with 401k balances over $25 million. It's not hard to imagine that at least some of them have gotten to $100 million in the last ten years.

https://www.forbes.com/sites/jrose/2019 ... et-richer/
That has to be individual stocks though... unless there is some secret! :shock:
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Re: Fidelity as a one stop shop

Post by spammagnet »

anon_investor wrote: Wed Sep 15, 2021 9:29 am
spammagnet wrote: Wed Sep 15, 2021 8:52 am
anon_investor wrote: Wed Sep 15, 2021 8:24 amI am not even sure how a 9 figure 401k balance is possible without taking individual stock risk using brokerage link (or company stock :shock:)! But good to know! :beer
Maybe you're well-paid?
$58k is the total 401k limit for 2021, the highest ever, it has been lower. Even with this amazing bull run and being 100% S&P500, you can't possibly get to 9 figures. 401k investments are usually very limited unless you are using brokeragelink. To get to 9 figures in a 401k it is going to have to be individual stock picking.
It was a joke.
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Re: Fidelity as a one stop shop

Post by anon_investor »

spammagnet wrote: Wed Sep 15, 2021 9:42 am
anon_investor wrote: Wed Sep 15, 2021 9:29 am
spammagnet wrote: Wed Sep 15, 2021 8:52 am
anon_investor wrote: Wed Sep 15, 2021 8:24 amI am not even sure how a 9 figure 401k balance is possible without taking individual stock risk using brokerage link (or company stock :shock:)! But good to know! :beer
Maybe you're well-paid?
$58k is the total 401k limit for 2021, the highest ever, it has been lower. Even with this amazing bull run and being 100% S&P500, you can't possibly get to 9 figures. 401k investments are usually very limited unless you are using brokeragelink. To get to 9 figures in a 401k it is going to have to be individual stock picking.
It was a joke.
I figured, but apparently, some people had 8 figures a few years ago!!! :shock:
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Re: Fidelity as a one stop shop

Post by mervinj7 »

anon_investor wrote: Wed Sep 15, 2021 9:30 am
mervinj7 wrote: Wed Sep 15, 2021 9:02 am In 2011, there were over 300 folks with 401k balances over $25 million. It's not hard to imagine that at least some of them have gotten to $100 million in the last ten years.

https://www.forbes.com/sites/jrose/2019 ... et-richer/
That has to be individual stocks though... unless there is some secret! :shock:
spammagnet wrote: Wed Sep 15, 2021 9:42 am It was a joke.
It's not a joke and it is quite possible to get to $100 million in a 401k. In any case, I don't want to derail this thread. I would continue in a new thread if there was a legitimate actionable course of action for a forum member. Perhaps, somebody who has access to an IPO or privately held equity shares. A more feasible scenario for Bogleheads is to max out the $58k 401a limit for an employer sponsored 401k, invest in a standard 3 fund portfolio, and maybe after 30 years hit the $5M-$10M range.
IPOs aren’t your only special investment option either. With a large, self-directed 401(k) plan, you’ll be able to invest in private equity, real estate, and even minority interests in privately owned businesses.
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Re: Fidelity as a one stop shop

Post by spammagnet »

mervinj7 wrote: Wed Sep 15, 2021 10:14 amIt's not a joke and it is quite possible to get to $100 million in a 401k. In any case, I don't want to derail this thread. ...
It's possible for an extremely small subset of humanity. As you state, though, that's off-topic. My post that initiated that subject is actionable in that I described how to deposit a rollover check to Fidelity using their phone app.
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Re: Fidelity as a one stop shop

Post by Artsdoctor »

spammagnet wrote: Wed Sep 15, 2021 1:52 am
anon_investor wrote: Tue Sep 14, 2021 10:58 pmIs the limit 7 figures? :D
No, because there is no limit on rollover deposits:

Are there restrictions on the amount of money that can be deposited?


"For most accounts, there is a maximum amount you can contribute each day. You will be presented with this information as you proceed with your deposit. For retirement accounts, we'll present both prior and current year contribution limits. There are no maximum limits for rollover transactions." (emphasis added)

:D
Thanks for the link. I wasn't aware of limits on deposits to Fidelity (such as a taxable brokerage account). I wonder how people might be able to deposit an amount from a house sale, for example.
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Re: Fidelity as a one stop shop

Post by mervinj7 »

Artsdoctor wrote: Wed Sep 15, 2021 10:40 am
spammagnet wrote: Wed Sep 15, 2021 1:52 am
anon_investor wrote: Tue Sep 14, 2021 10:58 pmIs the limit 7 figures? :D
No, because there is no limit on rollover deposits:

Are there restrictions on the amount of money that can be deposited?


"For most accounts, there is a maximum amount you can contribute each day. You will be presented with this information as you proceed with your deposit. For retirement accounts, we'll present both prior and current year contribution limits. There are no maximum limits for rollover transactions." (emphasis added)

:D
Thanks for the link. I wasn't aware of limits on deposits to Fidelity (such as a taxable brokerage account). I wonder how people might be able to deposit an amount from a house sale, for example.
Free incoming wires from the title company! Works great even at Bay Area housing prices. Personally, I'm not comfortable cashing checks above $100k on the mobile app. I'm probably old fashioned but I went in person to the Fidelity office for very large paper checks. For even larger amounts, I prefer wire transfers.
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Re: Fidelity as a one stop shop

Post by spammagnet »

Artsdoctor wrote: Wed Sep 15, 2021 10:40 amThanks for the link. I wasn't aware of limits on deposits to Fidelity (such as a taxable brokerage account). I wonder how people might be able to deposit an amount from a house sale, for example.
My personal limit is $500K*. While that won't cover all house sales, it will cover a lot.

If I were selling a house, I'd insist on a wire transfer direct to my Fidelity account. That's free.

*Edit: I have no idea what that's based on.
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Re: Fidelity as a one stop shop

Post by spammagnet »

mervinj7 wrote: Wed Sep 15, 2021 10:44 am... Personally, I'm not comfortable cashing checks above $100k on the mobile app. ...
I agree. I don't think I'd trust a check. Fraud's too easy. Any large transaction can be wired.
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Re: Fidelity as a one stop shop

Post by Artsdoctor »

Found out from Fidelity that there's no limit on incoming wires but they'd like you to call first if it's a large number (and they did not say specifically what constituted "large").
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Re: Fidelity as a one stop shop

Post by 1789 »

Folks,

Quick questions regarding bill pay with CMA

Is there a delay in the payment if i do the following setups?

1) setup autopay option from my cellphone provider so balance can be pulled at the due date from CMA
2) setup autopay of my mortgage payment from mortgage provider so balance can be pulled from CMA.
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Re: Fidelity as a one stop shop

Post by The Big Apple »

If you are initiating payment from the cell phone/mortgage servicers website, they will normally reflect it paid on the auto pay date, even if your account isn't debited for a few days. However, if you are paying from Fidelity, you need to make sure the cell phone/mortgage receives it by the due date.
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Re: Fidelity as a one stop shop

Post by drk »

1789 wrote: Sun Oct 10, 2021 3:16 pm Is there a delay in the payment if i do the following setups?

1) setup autopay option from my cellphone provider so balance can be pulled at the due date from CMA
2) setup autopay of my mortgage payment from mortgage provider so balance can be pulled from CMA.
It depends. Set them up as payees, and Fidelity will tell you if they're set up for electronic payments. If so, no need to worry about a delay. If not, a physical check will go out that should arrive by the due date.

I clearly misread this question, and the poster below has it right. If you initiate payment via pull from the service provider, the fact that you're using a Fidelity CMA is irrelevant. It won't actually be pulled from your account until the next business day because it goes through ACH, but your account at the service provider should be credited immediately.
Last edited by drk on Sun Oct 10, 2021 8:49 pm, edited 1 time in total.
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Re: Fidelity as a one stop shop

Post by spammagnet »

1789 wrote: Sun Oct 10, 2021 3:16 pm Folks,

Quick questions regarding bill pay with CMA

Is there a delay in the payment if i do the following setups?

1) setup autopay option from my cellphone provider so balance can be pulled at the due date from CMA
2) setup autopay of my mortgage payment from mortgage provider so balance can be pulled from CMA.
Interpreting your description of "... from [mortgage/cellphone] provider ..." to mean your respective vendors initiate the payment, where you bank is irrelevant. They use ACH transactions. Any bank on the system will pay them just like every other bank. The vendors typically post the payment to your account when they initiate it. Fidelity has no control on that.
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Re: Fidelity as a one stop shop

Post by 1789 »

Thanks folks, what I understand is payments should be reflected on time from the respective vendor side. I asked the question because i read ach transactions might take upto 4 days to be shown in cma but if the payment is done on time, that is fine.
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spammagnet
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Re: Fidelity as a one stop shop

Post by spammagnet »

1789 wrote: Sun Oct 10, 2021 11:34 pmThanks folks, what I understand is payments should be reflected on time from the respective vendor side. I asked the question because i read ach transactions might take up to 4 days to be shown in cma but if the payment is done on time, that is fine.
Regarding the inbound transfers taking 4 days, that's my experience sometimes, but it's the fault of the sending bank who wants to hold the money, not the connection to Fidelity. When I initiate transfers into Fidelity on the Fidelity side, it's usually available to me the next morning even if the other bank doesn't show the withdrawal on their side.

Where I can, I always initiate payments (like to credit card balances) on the payee side. That makes delays the responsibility of that bank if not an NSF issue (it's not).
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Re: Fidelity as a one stop shop

Post by spammagnet »

1789 wrote: Sun Oct 10, 2021 11:34 pmThanks folks, what I understand is payments should be reflected on time from the respective vendor side. I asked the question because i read ach transactions might take up to 4 days to be shown in cma but if the payment is done on time, that is fine.
Regarding the inbound transfers taking 4 days, that's my experience sometimes, but it's the fault of the sending bank who wants to hold the money, not the connection to Fidelity. When I initiate transfers into Fidelity from the Fidelity side, it's usually available to me the next morning even if the other bank doesn't show the withdrawal on their side.
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Re: Fidelity as a one stop shop

Post by drk »

1789 wrote: Sun Oct 10, 2021 11:34 pm Thanks folks, what I understand is payments should be reflected on time from the respective vendor side. I asked the question because i read ach transactions might take upto 4 days to be shown in cma but if the payment is done on time, that is fine.
To clarify, you're saying that you've read that people don't see the money drawn from their CMA for four days after submitting the payment on the service provider's site? If so, I think it depends: I usually see money pulled from my CMA the next business day for Chase and Amex.
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Re: Fidelity as a one stop shop

Post by 1789 »

drk wrote: Mon Oct 11, 2021 5:47 pm
1789 wrote: Sun Oct 10, 2021 11:34 pm Thanks folks, what I understand is payments should be reflected on time from the respective vendor side. I asked the question because i read ach transactions might take upto 4 days to be shown in cma but if the payment is done on time, that is fine.
To clarify, you're saying that you've read that people don't see the money drawn from their CMA for four days after submitting the payment on the service provider's site? If so, I think it depends: I usually see money pulled from my CMA the next business day for Chase and Amex.
Yes that's what i meant. Thanks for clarifying.
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Re: Fidelity as a one stop shop

Post by JoMoney »

I seem to be moving back in the direction of using Fidelity CMA for banking after having given it up for awhile.
One of the reasons I had moved away from it, was I had a need for a separate banking statement that I could show someone and I did not want to include all the details of my IRA/Roth retirement accounts that were also included on the consolidated statements.
I recently learned that the "consolidated" statements I was receiving was an optional thing, I could choose separate statements if I wanted to... but even better, is I can continue to get the consolidated statements I like but choose to add an "interested party" to receive just the statement of the account I choose, I can also make myself the "interested party" so the separate statement just for the banking portion is now available to me, and I can now use that to provide as needed, while still maintaining the consolidated statements that I like for my own use. :happy
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Re: Fidelity as a one stop shop

Post by classicindexer »

JoMoney wrote: Tue Oct 19, 2021 11:07 pm I seem to be moving back in the direction of using Fidelity CMA for banking after having given it up for awhile.
One of the reasons I had moved away from it, was I had a need for a separate banking statement that I could show someone and I did not want to include all the details of my IRA/Roth retirement accounts that were also included on the consolidated statements.
I recently learned that the "consolidated" statements I was receiving was an optional thing, I could choose separate statements if I wanted to... but even better, is I can continue to get the consolidated statements I like but choose to add an "interested party" to receive just the statement of the account I choose, I can also make myself the "interested party" so the separate statement just for the banking portion is now available to me, and I can now use that to provide as needed, while still maintaining the consolidated statements that I like for my own use. :happy
That is good to know, thank you for sharing.

DW and I have a joint CMA and joint taxable brokerage account so we automatically started receiving a consolidated statement for only those two accounts and then we each have our own consolidated statements for the IRAs. This is fine for us when it comes to mortgage loan applications. I like the tip though in case we wanted a statement for only the CMA account.
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Re: Fidelity as a one stop shop

Post by VictorStarr »

JoMoney wrote: Tue Oct 19, 2021 11:07 pm I recently learned that the "consolidated" statements I was receiving was an optional thing, I could choose separate statements if I wanted to... but even better, is I can continue to get the consolidated statements I like but choose to add an "interested party" to receive just the statement of the account I choose, I can also make myself the "interested party" so the separate statement just for the banking portion is now available to me, and I can now use that to provide as needed, while still maintaining the consolidated statements that I like for my own use. :happy
Interesting trick with "interested party" :happy.
In general, one can use following form to specify which accounts to combine into consolidated statement:
https://www.fidelity.com/customer-servi ... statements
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Re: Fidelity as a one stop shop

Post by vtMaps »

Is there any way to reduce the frequency of the statements? We receive a consolidated statement monthly. We would prefer to receive them quarterly or even semiannually. We receive our TIAA statements quarterly.

I do the family finances online. I don't need paper at all. The reason we get paper statements is so that my wife will have easier access to our accounts when I am dead or incapacitated. Quarterly statements would be a good compromise between no paper and too much paper.

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Re: Fidelity as a one stop shop

Post by Laundry_Service »

vtMaps wrote: Wed Oct 20, 2021 4:51 am Is there any way to reduce the frequency of the statements? We receive a consolidated statement monthly. We would prefer to receive them quarterly or even semiannually. We receive our TIAA statements quarterly.
Perhaps you can leave your account set to online statements only and call once or twice a year and ask them to mail a hard copy.
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Re: Fidelity as a one stop shop

Post by zie »

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>".

These instructions don't seem to work anymore, so I reached out to Fidelity and this is what they had to say:
Fidelity wrote: You can send payments to another person's Fidelity account by setting up a Bill Pay payee as a company under "Fidelity Investments." You will then enter the Fidelity account number (including letters, if applicable). You must use ZIP Code 45277-0003 when adding the payee.

Payments of up to $2,500 that are sent with BillPay will be transferred by ACH, while payments over $2,500 will be sent by check for security purposes.
Seems to work so far!
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Re: Fidelity as a one stop shop

Post by VanGar+Goyle »

Artsdoctor wrote: Wed Sep 15, 2021 10:28 pm Found out from Fidelity that there's no limit on incoming wires but they'd like you to call first if it's a large number (and they did not say specifically what constituted "large").
I saw that 'large transfer' advice in a prospectus, so called about my large transfer.
The nice person on the phone did not snicker too loudly, but it sounded like their large transfer was more than a few orders of magnitude
larger than mine. :)
Well, you pay a little bit, we're a little bit tough. | You pay very much, very much tough. | You pay a too much, we're too much a tough. | How much you pay? ... Well, then we're plenty tough. - Marx
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Re: Fidelity as a one stop shop

Post by JoMoney »

VanGar+Goyle wrote: Sun Oct 24, 2021 2:32 am
Artsdoctor wrote: Wed Sep 15, 2021 10:28 pm Found out from Fidelity that there's no limit on incoming wires but they'd like you to call first if it's a large number (and they did not say specifically what constituted "large").
I saw that 'large transfer' advice in a prospectus, so called about my large transfer.
The nice person on the phone did not snicker too loudly, but it sounded like their large transfer was more than a few orders of magnitude
larger than mine. :)
It is a bit ambiguous. In some circles "Large" is a thousand dollars, "Frank lost three large on that game"

A restaurant I go to has a sign saying "No Large Bills", and by that they mean a $50 note :?
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
MisterBill
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Re: Fidelity as a one stop shop

Post by MisterBill »

It's discussed in another thread here, but I wanted to mention that new and existing fidelity customers can get a $100 bonus for opening a new account with $50 in new to Fidelity money i.e., you cannot transfer it from an existing Fidelity account). Details are in this post:

viewtopic.php?p=6284077#p6284077

If you'd rather just go to Fidelity, here is the link:

https://www.fidelity.com/go/special-offer
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Artsdoctor
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Re: Fidelity as a one stop shop

Post by Artsdoctor »

JoMoney wrote: Sun Oct 24, 2021 6:00 am
VanGar+Goyle wrote: Sun Oct 24, 2021 2:32 am
Artsdoctor wrote: Wed Sep 15, 2021 10:28 pm Found out from Fidelity that there's no limit on incoming wires but they'd like you to call first if it's a large number (and they did not say specifically what constituted "large").
I saw that 'large transfer' advice in a prospectus, so called about my large transfer.
The nice person on the phone did not snicker too loudly, but it sounded like their large transfer was more than a few orders of magnitude
larger than mine. :)
It is a bit ambiguous. In some circles "Large" is a thousand dollars, "Frank lost three large on that game"

A restaurant I go to has a sign saying "No Large Bills", and by that they mean a $50 note :?
Indeed.

I used the sales proceeds of our house in Los Angeles as an example when I spoke to Fidelity and they mentioned that they routinely receive incoming house sales to accounts. It is pretty humorous when you think about how ambiguous "large" is . . .
zie
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Re: Fidelity as a one stop shop

Post by zie »

Artsdoctor wrote: Mon Oct 25, 2021 4:20 pm
JoMoney wrote: Sun Oct 24, 2021 6:00 am
VanGar+Goyle wrote: Sun Oct 24, 2021 2:32 am
Artsdoctor wrote: Wed Sep 15, 2021 10:28 pm Found out from Fidelity that there's no limit on incoming wires but they'd like you to call first if it's a large number (and they did not say specifically what constituted "large").
I saw that 'large transfer' advice in a prospectus, so called about my large transfer.
The nice person on the phone did not snicker too loudly, but it sounded like their large transfer was more than a few orders of magnitude
larger than mine. :)
It is a bit ambiguous. In some circles "Large" is a thousand dollars, "Frank lost three large on that game"

A restaurant I go to has a sign saying "No Large Bills", and by that they mean a $50 note :?
Indeed.

I used the sales proceeds of our house in Los Angeles as an example when I spoke to Fidelity and they mentioned that they routinely receive incoming house sales to accounts. It is pretty humorous when you think about how ambiguous "large" is . . .
One perspective, from someone that will never be "large" by Fidelity's standards:

As of June 30, 2021, total customer assets @ Fidelity is $11.1 trillion USD. So 1 Trillion USD would be considered large for them. A billion dollars.. maybe. A million dollars? that's probably pushing it. Anything under a million is almost certainly not large enough.

I like to think of the large players by years of US govt spending. Fidelity currently handles about 2 2020's or 2.5 2019's.

Vanguard, for comparison is 7.2 trillion USD.
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
czaj
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Re: Fidelity as a one stop shop

Post by czaj »

Fidelity is currently offering an easy promo for various accounts (cash management, brokerage, IRA). Deposit $50, get $100.

https://www.fidelity.com/go/special-offer

I signed up for a second cash management account. I would’ve done a Roth IRA for the tax-free $100, but I already contributed the max to my Vanguard account for the year.
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Leif
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Re: Fidelity as a one stop shop

Post by Leif »

czaj wrote: Tue Oct 26, 2021 10:38 amI would’ve done a Roth IRA for the tax-free $100, but I already contributed the max to my Vanguard account for the year.
Good point. I don't have earned income this year, but I'll pass the suggestion to others that do. Thanks.
jumbopapa
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Re: Fidelity as a one stop shop

Post by jumbopapa »

czaj wrote: Tue Oct 26, 2021 10:38 am Fidelity is currently offering an easy promo for various accounts (cash management, brokerage, IRA). Deposit $50, get $100.

https://www.fidelity.com/go/special-offer

I signed up for a second cash management account. I would’ve done a Roth IRA for the tax-free $100, but I already contributed the max to my Vanguard account for the year.
Are you sure that existing customers qualify? I could open a 3rd CMA I suppose :P
MrJedi
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Re: Fidelity as a one stop shop

Post by MrJedi »

jumbopapa wrote: Tue Oct 26, 2021 10:52 am
czaj wrote: Tue Oct 26, 2021 10:38 am Fidelity is currently offering an easy promo for various accounts (cash management, brokerage, IRA). Deposit $50, get $100.

https://www.fidelity.com/go/special-offer

I signed up for a second cash management account. I would’ve done a Roth IRA for the tax-free $100, but I already contributed the max to my Vanguard account for the year.
Are you sure that existing customers qualify? I could open a 3rd CMA I suppose :P
Yup. I have been using Fidelity for years. When I signed up with the promo, I received an email confirmation about qualification.
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heartwood
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Re: Fidelity as a one stop shop

Post by heartwood »

czaj wrote: Tue Oct 26, 2021 10:38 am Fidelity is currently offering an easy promo for various accounts (cash management, brokerage, IRA). Deposit $50, get $100.

https://www.fidelity.com/go/special-offer

I signed up for a second cash management account. I would’ve done a Roth IRA for the tax-free $100, but I already contributed the max to my Vanguard account for the year.
Some glitches:

We have an existing joint CMA at Fidelity under my SSN as primary. I have my logon, my wife has a separate logon.

Wife and I signed up yesterday online. I wound up with two new brokerage accounts in my name (??) and got an email that I was registered but had to fund the account.

DW was only allowed to logon to the joint account via her existing logon. It would not accept a new logon account. DW got an email that she had a new brokerage, but no email that they had accepted registration. I could not find any way to view the SSN for each account.

We called Fidelity today. We were told all is OK. They will remove my duplicate brokerage account. They confirmed DW's brokerage was under her SSN and that she was registered for the offer.

Then we were both told that if we didn't get the $100 in 26 days to call back and they would add it manually.
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

heartwood wrote: Tue Oct 26, 2021 12:02 pm
czaj wrote: Tue Oct 26, 2021 10:38 am Fidelity is currently offering an easy promo for various accounts (cash management, brokerage, IRA). Deposit $50, get $100.

https://www.fidelity.com/go/special-offer

I signed up for a second cash management account. I would’ve done a Roth IRA for the tax-free $100, but I already contributed the max to my Vanguard account for the year.
Some glitches:

We have an existing joint CMA at Fidelity under my SSN as primary. I have my logon, my wife has a separate logon.

Wife and I signed up yesterday online. I wound up with two new brokerage accounts in my name (??) and got an email that I was registered but had to fund the account.

DW was only allowed to logon to the joint account via her existing logon. It would not accept a new logon account. DW got an email that she had a new brokerage, but no email that they had accepted registration. I could not find any way to view the SSN for each account.

We called Fidelity today. We were told all is OK. They will remove my duplicate brokerage account. They confirmed DW's brokerage was under her SSN and that she was registered for the offer.

Then we were both told that if we didn't get the $100 in 26 days to call back and they would add it manually.
I think there are some technical issues with their offer automatically registering. My spouse and I each signed up (we have existing separate Fidelity online logins because we have our own 529 plans) on 10/20 and funded the same day. I got the offer registration email immediately my spouse never did. She did live chat with Fidelity and later verified via secure message, and has in writing that she properly entered the promo code and meets the qualifications and Fidelity will honor the $100 bonus and to contact them if she does not receive it after the 25 days has passed. Yesterday, there appeared a new tile when I login to my Fidelity account that says I have met the qualifiactions for the $100 and will recieve it within 25 days of the account open. My spouse had no such tile as of today, so I assume she will have to contact Fidelity next month to have them manually add the bonus.
spammagnet
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Re: Fidelity as a one stop shop

Post by spammagnet »

I have a slightly negative observation to share about Fidelity.

I was impressed that I can create a money transfer connection between my Fidelity brokerage account and an outside bank, as a wire transfer. I can then transfer money at will with my phone app. Unfortunately, the transfer process itself does not include the ability to add a memo, despite wire transfer including that field in the transaction.

Fidelity is advanced in allowing users to create wire transfers themselves but that's a serious flaw in their design.
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

spammagnet wrote: Thu Oct 28, 2021 1:56 pm I have a slightly negative observation to share about Fidelity.

I was impressed that I can create a money transfer connection between my Fidelity brokerage account and an outside bank, as a wire transfer. I can then transfer money at will with my phone app. Unfortunately, the transfer process itself does not include the ability to add a memo, despite wire transfer including that field in the transaction.

Fidelity is advanced in allowing users to create wire transfers themselves but that's a serious flaw in their design.
I have not tried a wire transfer from Fidelity before. If you initiate the wire transfer from the website (instead of the app) does it still not allow you to add a memo?
spammagnet
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Re: Fidelity as a one stop shop

Post by spammagnet »

anon_investor wrote: Thu Oct 28, 2021 2:07 pmI have not tried a wire transfer from Fidelity before. If you initiate the wire transfer from the website (instead of the app) does it still not allow you to add a memo?
Correct. You can add a memo only by verbal communication with a rep. My concern is mollified by the preexistence of the bank information. Assuming they can pick it off a list, the risk of transcription error is limited to the amount or the memo. But that memo can be crucial.
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

spammagnet wrote: Thu Oct 28, 2021 2:22 pm
anon_investor wrote: Thu Oct 28, 2021 2:07 pmI have not tried a wire transfer from Fidelity before. If you initiate the wire transfer from the website (instead of the app) does it still not allow you to add a memo?
Correct. You can add a memo only by verbal communication with a rep. My concern is mollified by the preexistence of the bank information. Assuming they can pick it off a list, the risk of transcription error is limited to the amount or the memo. But that memo can be crucial.
Good to know, at some point I may have to wire money.
lazynovice
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Re: Fidelity as a one stop shop

Post by lazynovice »

spammagnet wrote: Thu Oct 28, 2021 1:56 pm I have a slightly negative observation to share about Fidelity.

I was impressed that I can create a money transfer connection between my Fidelity brokerage account and an outside bank, as a wire transfer. I can then transfer money at will with my phone app. Unfortunately, the transfer process itself does not include the ability to add a memo, despite wire transfer including that field in the transaction.

Fidelity is advanced in allowing users to create wire transfers themselves but that's a serious flaw in their design.
If you are a Reddit user, there is an official Fidelity subreddit where you can ask questions and make suggestions. You’ll get a blanket “We’ll pass that along to the appropriate team” answer but from what I have seen, they really do listen.
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