I'll do that. It seems like a glaring error that's easy to rectify.lazynovice wrote: ↑Thu Oct 28, 2021 3:01 pmIf 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.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.
Fidelity as a one stop shop
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Re: Fidelity as a one stop shop
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Re: Fidelity as a one stop shop
Another drawback of Fidelity wire transfer is lack of support for recurring transfers. You can only schedule one-time wire transfer.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 pay my rent with wires and I use other account that has recurring wire transfer.
In general, availability of free wire transfer encouraged me to use wire on regular base.
Re: Fidelity as a one stop shop
What are the benefits of a wire transfer versus a normal ACH transfer?
Those have always worked fine for me, but maybe I'm missing out on something better...
Those have always worked fine for me, but maybe I'm missing out on something better...
Re: Fidelity as a one stop shop
Fewer protections, more error-prone, manual process, difficult to correct mistakes ... Oh, the benefits? They can generally be completed same-day, and it's easier to send money internationally.
Last edited by drk on Thu Oct 28, 2021 3:41 pm, edited 1 time in total.
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Re: Fidelity as a one stop shop
There are many benefits:
- ability to transfer to accounts that you do not own (for example, your children or landlord)
- money are available in 2-4 hours (from reputable bank/brokerage)
- larger limits, limits for wire usually are higher than ACH
- no need to establish a connection (Plaid or micro transfers)
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Re: Fidelity as a one stop shop
I use them only when required to by the recipient, commonly due to the prevalence of cashier's check fraud. It's guaranteed money to the recipient with no recourse on the part of the sender.
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Re: Fidelity as a one stop shop
I went there to register my gripe only to find that someone else posted the same complaint only 5 hours ago.spammagnet wrote: ↑Thu Oct 28, 2021 3:03 pmI'll do that. It seems like a glaring error that's easy to rectify.lazynovice wrote: ↑Thu Oct 28, 2021 3:01 pmIf 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.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.
Re: Fidelity as a one stop shop
While setting up a new Treasury Direct account, I want to use my Fidelity CMA to transfer funds to them. They ask for:
I see where I can get the Routing & Account number from Fidelity, but what should I use for "Bank Name"? Just "Fidelity" ? I've seen mentions of UMB Bank elsewhere online...Bank Name: *
Routing Number: *
Account Number: *
Name(s) on the Account: *
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Re: Fidelity as a one stop shop
UMB Bank National Associationcatnapper wrote: ↑Fri Oct 29, 2021 1:41 am While setting up a new Treasury Direct account, I want to use my Fidelity CMA to transfer funds to them. They ask for:
I see where I can get the Routing & Account number from Fidelity, but what should I use for "Bank Name"? Just "Fidelity" ? I've seen mentions of UMB Bank elsewhere online...Bank Name: *
Routing Number: *
Account Number: *
Name(s) on the Account: *
or
UMB, NA
You can lookup by routing number - https://bank-code.net/routing-numbers/1 ... -umb%2C-na
Re: Fidelity as a one stop shop
I don't believe there are any "benefits" for the person sending the money to use a wire transfer. It's more a matter that the receiver won't/can't accept the money any other way, or demands the funds be available for immediate withdrawal. ACH has a clearing process where it can take several days for money to settle and be available to the receiving account. You can find intermediaries that will allow you to transfer money internationally via ACH, but it's a third-party intermediary that will work between the US bank and the foreign bank rather than an action directly between the sending and receiving banks. It's usually cheaper to go this route, even aside from direct wire transfer fees by the banks, as the foreign-exchange rate received going through a discount intermediary on the money transfer is usually better than a bank.
With a wire transfer, if it's accepted by the receiving bank, it's immediate and can't be reversed or canceled. It would require the receiver to agree a mistake was made and to wire it back.
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
Re: Fidelity as a one stop shop
You can ACH to accounts you do not ownVictorStarr wrote: ↑Thu Oct 28, 2021 3:41 pmThere are many benefits:
- ability to transfer to accounts that you do not own (for example, your children or landlord)
- money are available in 2-4 hours (from reputable bank/brokerage)
- larger limits, limits for wire usually are higher than ACH
- no need to establish a connection (Plaid or micro transfers)
Re: Fidelity as a one stop shop
You reminded me of the Citi/Revlon saga. Good times.
A useful razor: anyone asking about speculative strategies on Bogleheads.org has no business using them.
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Re: Fidelity as a one stop shop
Changing the subject a bit from Wire Transfers and ACH times, I'm sorting (again) circling back on the general idea of the thread of Fidelity as one's one stop financial shop. Currently my checking, savings, roth ira, taxable brokerage, credit card, emergency fund, and saving sub-accounts (for digital enveloping) are divided across 3 platforms: Fidelity, Sofi, and Alliant Credit Union. Each has their uses, Fidelity for stocks and emergency funds; Sofi, for digital enveloping; and Alliant, for their high APYs for checking and savings.
But I've been going for simplicity and I'm now wondering if I don't just fold EVERYTHING into Fidelity. I know there's some that hedge against having all of one's eggs in on basket. But I'm operating on the thought that something bad could happen and lock me out of money. But now I want to know the flip side. Has there been anyone of you that have EVERYTHING financially related tied to their Fidelity account and nothing adverse has happened to you in say years or even decades?
But I've been going for simplicity and I'm now wondering if I don't just fold EVERYTHING into Fidelity. I know there's some that hedge against having all of one's eggs in on basket. But I'm operating on the thought that something bad could happen and lock me out of money. But now I want to know the flip side. Has there been anyone of you that have EVERYTHING financially related tied to their Fidelity account and nothing adverse has happened to you in say years or even decades?
Re: Fidelity as a one stop shop
My time line is fairly short... But pretty much everything of ours [that can be moved] went to Fidelity, sometime in 2019. No adverse effects.makeminemichael wrote: ↑Mon Nov 01, 2021 12:09 am Changing the subject a bit from Wire Transfers and ACH times, I'm sorting (again) circling back on the general idea of the thread of Fidelity as one's one stop financial shop. Currently my checking, savings, roth ira, taxable brokerage, credit card, emergency fund, and saving sub-accounts (for digital enveloping) are divided across 3 platforms: Fidelity, Sofi, and Alliant Credit Union. Each has their uses, Fidelity for stocks and emergency funds; Sofi, for digital enveloping; and Alliant, for their high APYs for checking and savings.
But I've been going for simplicity and I'm now wondering if I don't just fold EVERYTHING into Fidelity. I know there's some that hedge against having all of one's eggs in on basket. But I'm operating on the thought that something bad could happen and lock me out of money. But now I want to know the flip side. Has there been anyone of you that have EVERYTHING financially related tied to their Fidelity account and nothing adverse has happened to you in say years or even decades?
That said, I did move the majority of my cash assets (think savings account) back to high yield savings accounts in 2020. Previously the Fidelity money markets were providing decent returns, enough that I didn't feel it was worth chasing a few points. But when interest rates crashed in 2020, the delta was apparent.
I still use Fidelity as my primary checking account, and I keep a small "savings" account there as well. (Basically enough to cover 1 - 1.5 months expenses, primarily because this setup works with minimal overhead - but returns next to nothing at current rates.)
The rest of our caah/savings is split between a local credit union paying 1%, and HMBradley which is currently 3.5% (with credit card bonus). Should Fidelity money market rates return, and the delta is gone (or at least substantially closer), I'd move back.
Other than savings accounts, our other non-Fidelity accounts are Treasury Direct and employer accounts (HSA and spouse 401k).
Re: Fidelity as a one stop shop
What is digital enveloping? Thanks for the addition to my vocabulaorymakeminemichael wrote: ↑Mon Nov 01, 2021 12:09 am Changing the subject a bit from Wire Transfers
<snip>
(for digital enveloping) are divided across 3 platforms: Fidelity, Sofi, and Alliant Credit Union. Each has their uses, Fidelity for stocks and emergency funds; Sofi, for digital enveloping; and Alliant, for their high APYs for checking and
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Re: Fidelity as a one stop shop
Digital Enveloping is just another term for sub-accounts, usually under a main Savings account. It's like putting money in an envelope labeled "vacation" etc. But this can be done digitally now. Alliant has savings sub-accounts, Ally has buckets, and Sofi has Vaults. Most others just have say a checking account with all their funds and use a spread sheet to know where each money is allocated for. Me, I like physically not seeing money that goes to somewhere else. And with Fidelity, I'd be making multiple CMAs for each specific type.
Re: Fidelity as a one stop shop
Make sure to take advantage of the current promo for adding more CMAs.makeminemichael wrote: ↑Mon Nov 01, 2021 10:21 am Digital Enveloping is just another term for sub-accounts, usually under a main Savings account. It's like putting money in an envelope labeled "vacation" etc. But this can be done digitally now. Alliant has savings sub-accounts, Ally has buckets, and Sofi has Vaults. Most others just have say a checking account with all their funds and use a spread sheet to know where each money is allocated for. Me, I like physically not seeing money that goes to somewhere else. And with Fidelity, I'd be making multiple CMAs for each specific type.
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Re: Fidelity as a one stop shop
Are transfers between Fido brokerage and CMA instant?mervinj7 wrote: ↑Mon Nov 01, 2021 10:25 amMake sure to take advantage of the current promo for adding more CMAs.makeminemichael wrote: ↑Mon Nov 01, 2021 10:21 am Digital Enveloping is just another term for sub-accounts, usually under a main Savings account. It's like putting money in an envelope labeled "vacation" etc. But this can be done digitally now. Alliant has savings sub-accounts, Ally has buckets, and Sofi has Vaults. Most others just have say a checking account with all their funds and use a spread sheet to know where each money is allocated for. Me, I like physically not seeing money that goes to somewhere else. And with Fidelity, I'd be making multiple CMAs for each specific type.
Re: Fidelity as a one stop shop
Technically, they have to settle, but assuming you transferred cash, the cash is instantly available to use from the new account.anon_investor wrote: ↑Mon Nov 01, 2021 10:31 amAre transfers between Fido brokerage and CMA instant?mervinj7 wrote: ↑Mon Nov 01, 2021 10:25 amMake sure to take advantage of the current promo for adding more CMAs.makeminemichael wrote: ↑Mon Nov 01, 2021 10:21 am Digital Enveloping is just another term for sub-accounts, usually under a main Savings account. It's like putting money in an envelope labeled "vacation" etc. But this can be done digitally now. Alliant has savings sub-accounts, Ally has buckets, and Sofi has Vaults. Most others just have say a checking account with all their funds and use a spread sheet to know where each money is allocated for. Me, I like physically not seeing money that goes to somewhere else. And with Fidelity, I'd be making multiple CMAs for each specific type.
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
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Re: Fidelity as a one stop shop
whoa what promo is this that you write of?mervinj7 wrote: ↑Mon Nov 01, 2021 10:25 amMake sure to take advantage of the current promo for adding more CMAs.makeminemichael wrote: ↑Mon Nov 01, 2021 10:21 am Digital Enveloping is just another term for sub-accounts, usually under a main Savings account. It's like putting money in an envelope labeled "vacation" etc. But this can be done digitally now. Alliant has savings sub-accounts, Ally has buckets, and Sofi has Vaults. Most others just have say a checking account with all their funds and use a spread sheet to know where each money is allocated for. Me, I like physically not seeing money that goes to somewhere else. And with Fidelity, I'd be making multiple CMAs for each specific type.
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Re: Fidelity as a one stop shop
https://www.fidelity.com/go/special-offermakeminemichael wrote: ↑Mon Nov 01, 2021 11:11 amwhoa what promo is this that you write of?mervinj7 wrote: ↑Mon Nov 01, 2021 10:25 amMake sure to take advantage of the current promo for adding more CMAs.makeminemichael wrote: ↑Mon Nov 01, 2021 10:21 am Digital Enveloping is just another term for sub-accounts, usually under a main Savings account. It's like putting money in an envelope labeled "vacation" etc. But this can be done digitally now. Alliant has savings sub-accounts, Ally has buckets, and Sofi has Vaults. Most others just have say a checking account with all their funds and use a spread sheet to know where each money is allocated for. Me, I like physically not seeing money that goes to somewhere else. And with Fidelity, I'd be making multiple CMAs for each specific type.
I just did this, it works for existing customers. You have have to open a new account (you can even if you already have one) and deposit $50 from an external bank account, and they will give you a $100 bonus. See the link for the full terms.
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Re: Fidelity as a one stop shop
Now I wonder, do you happen to know if this will work with say 5 CMAs or will it cap it out at line only one? Does anyone happen to know?anon_investor wrote: ↑Mon Nov 01, 2021 11:26 amhttps://www.fidelity.com/go/special-offermakeminemichael wrote: ↑Mon Nov 01, 2021 11:11 amwhoa what promo is this that you write of?mervinj7 wrote: ↑Mon Nov 01, 2021 10:25 amMake sure to take advantage of the current promo for adding more CMAs.makeminemichael wrote: ↑Mon Nov 01, 2021 10:21 am Digital Enveloping is just another term for sub-accounts, usually under a main Savings account. It's like putting money in an envelope labeled "vacation" etc. But this can be done digitally now. Alliant has savings sub-accounts, Ally has buckets, and Sofi has Vaults. Most others just have say a checking account with all their funds and use a spread sheet to know where each money is allocated for. Me, I like physically not seeing money that goes to somewhere else. And with Fidelity, I'd be making multiple CMAs for each specific type.
I just did this, it works for existing customers. You have have to open a new account (you can even if you already have one) and deposit $50 from an external bank account, and they will give you a $100 bonus. See the link for the full terms.
Re: Fidelity as a one stop shop
makeminemichael wrote: ↑Mon Nov 01, 2021 12:24 pmNow I wonder, do you happen to know if this will work with say 5 CMAs or will it cap it out at line only one? Does anyone happen to know?anon_investor wrote: ↑Mon Nov 01, 2021 11:26 amhttps://www.fidelity.com/go/special-offermakeminemichael wrote: ↑Mon Nov 01, 2021 11:11 amwhoa what promo is this that you write of?mervinj7 wrote: ↑Mon Nov 01, 2021 10:25 amMake sure to take advantage of the current promo for adding more CMAs.makeminemichael wrote: ↑Mon Nov 01, 2021 10:21 am Digital Enveloping is just another term for sub-accounts, usually under a main Savings account. It's like putting money in an envelope labeled "vacation" etc. But this can be done digitally now. Alliant has savings sub-accounts, Ally has buckets, and Sofi has Vaults. Most others just have say a checking account with all their funds and use a spread sheet to know where each money is allocated for. Me, I like physically not seeing money that goes to somewhere else. And with Fidelity, I'd be making multiple CMAs for each specific type.
I just did this, it works for existing customers. You have have to open a new account (you can even if you already have one) and deposit $50 from an external bank account, and they will give you a $100 bonus. See the link for the full terms.
https://www.fidelity.com/go/terms-conditionsThis offer is nontransferable, limited to one account per individual, limited to $100 per individual in 2021.
I'm just opening one new joint CMA.
Re: Fidelity as a one stop shop
Thanks for the heads up!anon_investor wrote: ↑Mon Nov 01, 2021 11:26 amhttps://www.fidelity.com/go/special-offermakeminemichael wrote: ↑Mon Nov 01, 2021 11:11 amwhoa what promo is this that you write of?mervinj7 wrote: ↑Mon Nov 01, 2021 10:25 amMake sure to take advantage of the current promo for adding more CMAs.makeminemichael wrote: ↑Mon Nov 01, 2021 10:21 am Digital Enveloping is just another term for sub-accounts, usually under a main Savings account. It's like putting money in an envelope labeled "vacation" etc. But this can be done digitally now. Alliant has savings sub-accounts, Ally has buckets, and Sofi has Vaults. Most others just have say a checking account with all their funds and use a spread sheet to know where each money is allocated for. Me, I like physically not seeing money that goes to somewhere else. And with Fidelity, I'd be making multiple CMAs for each specific type.
I just did this, it works for existing customers. You have have to open a new account (you can even if you already have one) and deposit $50 from an external bank account, and they will give you a $100 bonus. See the link for the full terms.
Re: Fidelity as a one stop shop
From the T&C:makeminemichael wrote: ↑Mon Nov 01, 2021 12:24 pm Now I wonder, do you happen to know if this will work with say 5 CMAs or will it cap it out at line only one? Does anyone happen to know?
So, $200 if each of you and your spouse open an account.This offer is valid for new or existing Fidelity Brokerage Services LLC ("Fidelity") customers who open and fund a new, eligible Fidelity account with a minimum of $50 on or after October 18, 2021 through Fidelity.com/go/special-offer. Offer is limited to one account per individual.
Last edited by cowdogman on Mon Nov 01, 2021 2:11 pm, edited 1 time in total.
Re: Fidelity as a one stop shop
Same here. Thanks.Ecorp wrote: ↑Mon Nov 01, 2021 12:50 pmThanks for the heads up!anon_investor wrote: ↑Mon Nov 01, 2021 11:26 amhttps://www.fidelity.com/go/special-offermakeminemichael wrote: ↑Mon Nov 01, 2021 11:11 amwhoa what promo is this that you write of?mervinj7 wrote: ↑Mon Nov 01, 2021 10:25 amMake sure to take advantage of the current promo for adding more CMAs.makeminemichael wrote: ↑Mon Nov 01, 2021 10:21 am Digital Enveloping is just another term for sub-accounts, usually under a main Savings account. It's like putting money in an envelope labeled "vacation" etc. But this can be done digitally now. Alliant has savings sub-accounts, Ally has buckets, and Sofi has Vaults. Most others just have say a checking account with all their funds and use a spread sheet to know where each money is allocated for. Me, I like physically not seeing money that goes to somewhere else. And with Fidelity, I'd be making multiple CMAs for each specific type.
I just did this, it works for existing customers. You have have to open a new account (you can even if you already have one) and deposit $50 from an external bank account, and they will give you a $100 bonus. See the link for the full terms.
Re: Fidelity as a one stop shop
You can open multiple accounts but you will only receive one promo bonus.
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Re: Fidelity as a one stop shop
My spouse and I signed up for this bonus. I got an email confirmation that I was registered with the offer. My spouse did not. She was able to get Fidelity to confirm in writing via live chat (screen shots taken) and secure message, that she properly signed up for the offer, was qualified, and would get it. Fidelity CS told her to contact them again if she does not receive the $100 bonus 25 days after account opening. So if you sign up for this and do not get an email the same day you sign up confiring you are registered for the bonus, definitely contact Fidelity, this is also mentioned on their reddit support.cowdogman wrote: ↑Mon Nov 01, 2021 2:07 pmFrom the T&C:makeminemichael wrote: ↑Mon Nov 01, 2021 12:24 pm Now I wonder, do you happen to know if this will work with say 5 CMAs or will it cap it out at line only one? Does anyone happen to know?
So, $200 if each of you and your spouse open an account.This offer is valid for new or existing Fidelity Brokerage Services LLC ("Fidelity") customers who open and fund a new, eligible Fidelity account with a minimum of $50 on or after October 18, 2021 through Fidelity.com/go/special-offer. Offer is limited to one account per individual.
Re: Fidelity as a one stop shop
I'm not quite there yet. We have his/hers Roth, Traditional IRAs, Brokerage, CMA and Credit Card at Fidelity.makeminemichael wrote: ↑Mon Nov 01, 2021 12:09 am Changing the subject a bit from Wire Transfers and ACH times, I'm sorting (again) circling back on the general idea of the thread of Fidelity as one's one stop financial shop. Currently my checking, savings, roth ira, taxable brokerage, credit card, emergency fund, and saving sub-accounts (for digital enveloping) are divided across 3 platforms: Fidelity, Sofi, and Alliant Credit Union. Each has their uses, Fidelity for stocks and emergency funds; Sofi, for digital enveloping; and Alliant, for their high APYs for checking and savings.
But I've been going for simplicity and I'm now wondering if I don't just fold EVERYTHING into Fidelity. I know there's some that hedge against having all of one's eggs in on basket. But I'm operating on the thought that something bad could happen and lock me out of money. But now I want to know the flip side. Has there been anyone of you that have EVERYTHING financially related tied to their Fidelity account and nothing adverse has happened to you in say years or even decades?
We still have a local bank for better interest rate on cash, the occasional large check deposit, the occasional need to either deposit or take out large cash and possibly needing a notary or Medallion signature. I imagine that Fidelity could do some of this stuff, but I don't think they handle cash.
Re: Fidelity as a one stop shop
I never got an email saying I qualified for the bonus, but did get one saying I set up the new account. I did a chat session with a Fidelity guy and he said from what he could see, I should qualify. Doesn't sound all that convincing, but at least they have something in their system (chat session) should the need arise.anon_investor wrote: ↑Mon Nov 01, 2021 2:19 pmMy spouse and I signed up for this bonus. I got an email confirmation that I was registered with the offer. My spouse did not. She was able to get Fidelity to confirm in writing via live chat (screen shots taken) and secure message, that she properly signed up for the offer, was qualified, and would get it. Fidelity CS told her to contact them again if she does not receive the $100 bonus 25 days after account opening. So if you sign up for this and do not get an email the same day you sign up confiring you are registered for the bonus, definitely contact Fidelity, this is also mentioned on their reddit support.cowdogman wrote: ↑Mon Nov 01, 2021 2:07 pmFrom the T&C:makeminemichael wrote: ↑Mon Nov 01, 2021 12:24 pm Now I wonder, do you happen to know if this will work with say 5 CMAs or will it cap it out at line only one? Does anyone happen to know?
So, $200 if each of you and your spouse open an account.This offer is valid for new or existing Fidelity Brokerage Services LLC ("Fidelity") customers who open and fund a new, eligible Fidelity account with a minimum of $50 on or after October 18, 2021 through Fidelity.com/go/special-offer. Offer is limited to one account per individual.
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Re: Fidelity as a one stop shop
Yeah, my spouse was a little more persistant and had the Fidelity chap rep "add a note to her account". She followed up with a secure message asking them to confirm (and they did). So she has both a screen shot of the chat AND a secure message confirming. Probably unnecessary, but better safe than sorry. Lucky me, I got the confirmation email about registering for the bonus and a couple days after depositing $50, a new tile appeared on my Fidelity account saying I met the requirements for the bonus and would receive it within 25 days of account opening. I have never tried to get a bonus from Fidelity, but from what I hear they will honor. If you check out the Fidelity reddit, other people reported not getting the email confirmation for registering for the bonus, and the Fidelity CS on the reddit said to contact Fidelity CS about it.PatrickA5 wrote: ↑Mon Nov 01, 2021 2:23 pmI never got an email saying I qualified for the bonus, but did get one saying I set up the new account. I did a chat session with a Fidelity guy and he said from what he could see, I should qualify. Doesn't sound all that convincing, but at least they have something in their system (chat session) should the need arise.anon_investor wrote: ↑Mon Nov 01, 2021 2:19 pmMy spouse and I signed up for this bonus. I got an email confirmation that I was registered with the offer. My spouse did not. She was able to get Fidelity to confirm in writing via live chat (screen shots taken) and secure message, that she properly signed up for the offer, was qualified, and would get it. Fidelity CS told her to contact them again if she does not receive the $100 bonus 25 days after account opening. So if you sign up for this and do not get an email the same day you sign up confiring you are registered for the bonus, definitely contact Fidelity, this is also mentioned on their reddit support.cowdogman wrote: ↑Mon Nov 01, 2021 2:07 pmFrom the T&C:makeminemichael wrote: ↑Mon Nov 01, 2021 12:24 pm Now I wonder, do you happen to know if this will work with say 5 CMAs or will it cap it out at line only one? Does anyone happen to know?
So, $200 if each of you and your spouse open an account.This offer is valid for new or existing Fidelity Brokerage Services LLC ("Fidelity") customers who open and fund a new, eligible Fidelity account with a minimum of $50 on or after October 18, 2021 through Fidelity.com/go/special-offer. Offer is limited to one account per individual.
Re: Fidelity as a one stop shop
We received an offer registration confirmation for each of us.PatrickA5 wrote: ↑Mon Nov 01, 2021 2:23 pmI never got an email saying I qualified for the bonus, but did get one saying I set up the new account. I did a chat session with a Fidelity guy and he said from what he could see, I should qualify. Doesn't sound all that convincing, but at least they have something in their system (chat session) should the need arise.anon_investor wrote: ↑Mon Nov 01, 2021 2:19 pmMy spouse and I signed up for this bonus. I got an email confirmation that I was registered with the offer. My spouse did not. She was able to get Fidelity to confirm in writing via live chat (screen shots taken) and secure message, that she properly signed up for the offer, was qualified, and would get it. Fidelity CS told her to contact them again if she does not receive the $100 bonus 25 days after account opening. So if you sign up for this and do not get an email the same day you sign up confiring you are registered for the bonus, definitely contact Fidelity, this is also mentioned on their reddit support.cowdogman wrote: ↑Mon Nov 01, 2021 2:07 pmFrom the T&C:makeminemichael wrote: ↑Mon Nov 01, 2021 12:24 pm Now I wonder, do you happen to know if this will work with say 5 CMAs or will it cap it out at line only one? Does anyone happen to know?
So, $200 if each of you and your spouse open an account.This offer is valid for new or existing Fidelity Brokerage Services LLC ("Fidelity") customers who open and fund a new, eligible Fidelity account with a minimum of $50 on or after October 18, 2021 through Fidelity.com/go/special-offer. Offer is limited to one account per individual.
I think tho that I may have made a mistake in funding by fully funding ($7,000--we're each over 50 YO) each account--and not leaving room for the $100. I'm now wondering whether Fidelity will be able to deposit the $100 without pushing us over the $7,000 Roth IRA limit.
Re: Fidelity as a one stop shop
My understanding is the bonus money is not considered a contribution. It is considered earnings, like interest. Confirm that with Fidelity.cowdogman wrote: ↑Sat Nov 06, 2021 11:16 am I think tho that I may have made a mistake in funding by fully funding ($7,000--we're each over 50 YO) each account--and not leaving room for the $100. I'm now wondering whether Fidelity will be able to deposit the $100 without pushing us over the $7,000 Roth IRA limit.
Re: Fidelity as a one stop shop
It occurs to me that since IRA contributions can only be made from earned income, the bonus can't be made as a contribution because the bonus itself is not earned income and Fidelity has no way of knowing that you have made $100 in earned income elsewhere that could justify a $100 IRA contribution. So it stands to reason that the bonus would be considered interest income inside the account rather than a contribution.Leif wrote: ↑Sat Nov 06, 2021 11:20 amMy understanding is the bonus money is not considered a contribution. It is considered earnings, like interest. Confirm that with Fidelity.cowdogman wrote: ↑Sat Nov 06, 2021 11:16 am I think tho that I may have made a mistake in funding by fully funding ($7,000--we're each over 50 YO) each account--and not leaving room for the $100. I'm now wondering whether Fidelity will be able to deposit the $100 without pushing us over the $7,000 Roth IRA limit.
Re: Fidelity as a one stop shop
Exactly. But I would confirm with Fidelity.sarabayo wrote: ↑Sat Nov 06, 2021 11:28 amIt occurs to me that since IRA contributions can only be made from earned income, the bonus can't be made as a contribution because the bonus itself is not earned income and Fidelity has no way of knowing that you have made $100 in earned income elsewhere that could justify a $100 IRA contribution. So it stands to reason that the bonus would be considered interest income inside the account rather than a contribution.Leif wrote: ↑Sat Nov 06, 2021 11:20 amMy understanding is the bonus money is not considered a contribution. It is considered earnings, like interest. Confirm that with Fidelity.cowdogman wrote: ↑Sat Nov 06, 2021 11:16 am I think tho that I may have made a mistake in funding by fully funding ($7,000--we're each over 50 YO) each account--and not leaving room for the $100. I'm now wondering whether Fidelity will be able to deposit the $100 without pushing us over the $7,000 Roth IRA limit.
Re: Fidelity as a one stop shop
But, Fidelity has no way of knowing you have income when you make your normal contribution??sarabayo wrote: ↑Sat Nov 06, 2021 11:28 amIt occurs to me that since IRA contributions can only be made from earned income, the bonus can't be made as a contribution because the bonus itself is not earned income and Fidelity has no way of knowing that you have made $100 in earned income elsewhere that could justify a $100 IRA contribution. So it stands to reason that the bonus would be considered interest income inside the account rather than a contribution.Leif wrote: ↑Sat Nov 06, 2021 11:20 amMy understanding is the bonus money is not considered a contribution. It is considered earnings, like interest. Confirm that with Fidelity.cowdogman wrote: ↑Sat Nov 06, 2021 11:16 am I think tho that I may have made a mistake in funding by fully funding ($7,000--we're each over 50 YO) each account--and not leaving room for the $100. I'm now wondering whether Fidelity will be able to deposit the $100 without pushing us over the $7,000 Roth IRA limit.
Re: Fidelity as a one stop shop - ATM fee reimbursement?
Folks,
I used an atm in a gas station yesterday. My account is charged $82.5 ($80 withdrawal + $2.5 fee). I did the transaction on Sunday 6 pm. Will i get this $2.5 fee back?
I used an atm in a gas station yesterday. My account is charged $82.5 ($80 withdrawal + $2.5 fee). I did the transaction on Sunday 6 pm. Will i get this $2.5 fee back?
"My conscience wants vegetarianism to win over the world. And my subconscious is yearning for a piece of juicy meat. But what do i want?" (Andrei Tarkovsky)
Re: Fidelity as a one stop shop
I took a look at the rules again and saw this:PatrickA5 wrote: ↑Mon Nov 08, 2021 12:54 pmBut, Fidelity has no way of knowing you have income when you make your normal contribution??sarabayo wrote: ↑Sat Nov 06, 2021 11:28 amIt occurs to me that since IRA contributions can only be made from earned income, the bonus can't be made as a contribution because the bonus itself is not earned income and Fidelity has no way of knowing that you have made $100 in earned income elsewhere that could justify a $100 IRA contribution. So it stands to reason that the bonus would be considered interest income inside the account rather than a contribution.Leif wrote: ↑Sat Nov 06, 2021 11:20 amMy understanding is the bonus money is not considered a contribution. It is considered earnings, like interest. Confirm that with Fidelity.cowdogman wrote: ↑Sat Nov 06, 2021 11:16 am I think tho that I may have made a mistake in funding by fully funding ($7,000--we're each over 50 YO) each account--and not leaving room for the $100. I'm now wondering whether Fidelity will be able to deposit the $100 without pushing us over the $7,000 Roth IRA limit.
I called Fidelity and was told to fill out the online IRA excess contribution form to remove $100 from the account, which I did. The rep told me the $100 should be removed within a couple days and the Fidelity $100 contributed in a couple weeks.For individuals who open a Roth or traditional IRA account, in order to be eligible to contribute to the IRA (traditional or Roth) you will need to have earned income at least equal to any IRA contribution made for 2021. Individuals who max out their contribution for the calendar year are also not eligible for the bonus award. If an individual has no earned income, they will not be eligible to make contributions to the Roth or traditional IRA and as a result not eligible for the bonus award.
Excellent customer service experience.
Re: Fidelity as a one stop shop - ATM fee reimbursement?
For clarity, the debit for $82.50 will remain.
But what should happen as the transaction settles is they'll split the transaction to reflect $2.50 was the ATM fee. And then you'll get a credit (deposit) for $2.50.
After the credit, the net effect is not paying the ATM fee. (But you are technically paying it then getting it refunded.)
Re: Fidelity as a one stop shop
True, but then at least they can make you click through a disclaimer where you have to assert that you can justify the contribution. In contrast, the $100 bonus would be added directly by them, so I'd find it more surprising if they did it automatically without confirming with you that it was justifiable... though cowdogman's experience suggests otherwise.PatrickA5 wrote: ↑Mon Nov 08, 2021 12:54 pmBut, Fidelity has no way of knowing you have income when you make your normal contribution??sarabayo wrote: ↑Sat Nov 06, 2021 11:28 amIt occurs to me that since IRA contributions can only be made from earned income, the bonus can't be made as a contribution because the bonus itself is not earned income and Fidelity has no way of knowing that you have made $100 in earned income elsewhere that could justify a $100 IRA contribution. So it stands to reason that the bonus would be considered interest income inside the account rather than a contribution.Leif wrote: ↑Sat Nov 06, 2021 11:20 amMy understanding is the bonus money is not considered a contribution. It is considered earnings, like interest. Confirm that with Fidelity.cowdogman wrote: ↑Sat Nov 06, 2021 11:16 am I think tho that I may have made a mistake in funding by fully funding ($7,000--we're each over 50 YO) each account--and not leaving room for the $100. I'm now wondering whether Fidelity will be able to deposit the $100 without pushing us over the $7,000 Roth IRA limit.
By the way, I recently moved a Roth IRA from Vanguard to Fidelity. At Vanguard I'd already maxed out my 2021 contribution limits, so Vanguard wouldn't have allowed me to contribute more, but Fidelity started showing me reminders to contribute to my "new" Roth IRA, including text claiming I'd contributed $0 so far in 2021.
That's understandable, but I contacted Fidelity support to ask if they could manually update my account in the system so that it would know I'd already maxed out for 2021. Surprisingly, the rep told me that the backend is actually in communication with the IRS, and if I tried to contribute any more in 2021, I'd get an error despite the website encouraging me to do so.
I haven't actually tried to test what the rep claimed, but if true, it's interesting that Fidelity is able to get that kind of information from the IRS without my explicit say-so. Maybe it's mentioned somewhere in one of the disclosure documents I accepted/agreed to when I opened my Fidelity account (?).
Re: Fidelity as a one stop shop
I absolutely do not believe that what the rep told you is true. If that were the case, why would the IRS need to be sent a Form 5498? The IRS would have been getting information in real time! And frankly, in today's ... environment, there would be a lot of people getting up in arms about the IRS learning about their every deposit/contribution to an account.sarabayo wrote: ↑Mon Nov 08, 2021 11:28 pm That's understandable, but I contacted Fidelity support to ask if they could manually update my account in the system so that it would know I'd already maxed out for 2021. Surprisingly, the rep told me that the backend is actually in communication with the IRS, and if I tried to contribute any more in 2021, I'd get an error despite the website encouraging me to do so.
And the IRS doesn't have the computerpower or personpower to track this in real time.
"I'm investing in stocks... chicken, beef, and vegetable. It's risky, but I know one day it'll pay off & I'll be a bouillonaire. Who knows, I might even open up a Broth IRA."
Re: Fidelity as a one stop shop
It's 100% not true. I accidentally overcontributed one year to Fidelity and had to fill out a form to get a refund.obafgkm wrote: ↑Tue Nov 09, 2021 5:08 amI absolutely do not believe that what the rep told you is true. If that were the case, why would the IRS need to be sent a Form 5498? The IRS would have been getting information in real time! And frankly, in today's ... environment, there would be a lot of people getting up in arms about the IRS learning about their every deposit/contribution to an account.sarabayo wrote: ↑Mon Nov 08, 2021 11:28 pm That's understandable, but I contacted Fidelity support to ask if they could manually update my account in the system so that it would know I'd already maxed out for 2021. Surprisingly, the rep told me that the backend is actually in communication with the IRS, and if I tried to contribute any more in 2021, I'd get an error despite the website encouraging me to do so.
And the IRS doesn't have the computerpower or personpower to track this in real time.
Re: Fidelity as a one stop shop
No, the IRS does NOT provide Fidelity or any other 401K providers with contributions made to other providers. It would require each brokerage (Fidelity, VG, T Rowe, etc, etc) to send monthly (or even daily) feeds to the IRS with contributions made by each individual. Man, would that be a mess. Fidelity has no clue what someone has contributed at other places.
Re: Fidelity as a one stop shop
FYI Fidelity already removed $100 from each of my and my wife's accounts as an "excess contribution" and moved it to our joint account. I have set a reminder for Dec 1 to check on the bonuses.
- anon_investor
- Posts: 15122
- Joined: Mon Jun 03, 2019 1:43 pm
Re: Fidelity as a one stop shop
Do you accounts show the "tile" that says you will get the bonus? Mine does, but my spouse's doesn't. We have a reminder to contact Fidelity to ask about the bonuses if they do not show up on the 25th day.
Re: Fidelity as a one stop shop
Yes, both of our accounts have the notice that we have earned the bonus. I opened each of my and my wife's Roth IRAs thru the bonus link.anon_investor wrote: ↑Tue Nov 09, 2021 9:27 amDo you accounts show the "tile" that says you will get the bonus? Mine does, but my spouse's doesn't. We have a reminder to contact Fidelity to ask about the bonuses if they do not show up on the 25th day.
Given my snafu with the $7,000 contribution I won't be surprised if I have to call Fidelity again, but I was very impressed with the customer support yesterday. This experience may finally push me to make the leap from Vanguard to Fidelity.
- anon_investor
- Posts: 15122
- Joined: Mon Jun 03, 2019 1:43 pm
Re: Fidelity as a one stop shop
My spouse doesn't have the tile but she has a secure message from Fidelity confirming shew would get the bonus. We also have been impressed with Fidelity's CS so far. For the rest of the year I am making my per pay check purchases at Fidelity. I like being able to buy VTI by $ amount, it has worked well so far. The experience has been close enough to buying VTSAX at Vanguard.cowdogman wrote: ↑Tue Nov 09, 2021 9:32 amYes, both of our accounts have the notice that we have earned the bonus. I opened each of my and my wife's Roth IRAs thru the bonus link.anon_investor wrote: ↑Tue Nov 09, 2021 9:27 amDo you accounts show the "tile" that says you will get the bonus? Mine does, but my spouse's doesn't. We have a reminder to contact Fidelity to ask about the bonuses if they do not show up on the 25th day.
Given my snafu with the $7,000 contribution I won't be surprised if I have to call Fidelity again, but I was very impressed with the customer support yesterday. This experience may finally push me to make the leap from Vanguard to Fidelity.
Re: Fidelity as a one stop shop - ATM fee reimbursement?
This is exactly what happened. Thank you SnowBog and FidelitySnowBog wrote: ↑Mon Nov 08, 2021 4:53 pmFor clarity, the debit for $82.50 will remain.
But what should happen as the transaction settles is they'll split the transaction to reflect $2.50 was the ATM fee. And then you'll get a credit (deposit) for $2.50.
After the credit, the net effect is not paying the ATM fee. (But you are technically paying it then getting it refunded.)
"My conscience wants vegetarianism to win over the world. And my subconscious is yearning for a piece of juicy meat. But what do i want?" (Andrei Tarkovsky)
Re: Fidelity as a one stop shop
What is this "tile" you speak of? I'm looking at my new account via both the website and the Apple's iOS Fidelity app on my iPhone, and I don't see any "tile" or notification that the requirements for the bonus have been made.anon_investor wrote: ↑Mon Nov 01, 2021 2:28 pm Lucky me, I got the confirmation email about registering for the bonus and a couple days after depositing $50, a new tile appeared on my Fidelity account saying I met the requirements for the bonus and would receive it within 25 days of account opening.
I did receive a confirmation email that I had registered for the reward when I opened the account, and I immediately pushed $50 from my Barclays savings account to the new Fidelity account. It cleared a day ago. Where should I look for the "tile"?
"I'm investing in stocks... chicken, beef, and vegetable. It's risky, but I know one day it'll pay off & I'll be a bouillonaire. Who knows, I might even open up a Broth IRA."