Fidelity: Gettng Money In and Out

Discuss all general (i.e. non-personal) investing questions and issues, investing news, and theory.
Topic Author
zero_coupon
Posts: 578
Joined: Sun Jun 05, 2022 5:26 am

Fidelity: Gettng Money In and Out

Post by zero_coupon »

What options are available to link a bank account to Fidelity? I've seen references to the following, but it's not clear whether the second and/or third options are always offered:
1. Supply bank username and password and consent to third-party verification
2. Upload bank statements or voided check
3. Accept micro-deposits to bank account
JoMoney wrote: Sat Feb 01, 2020 7:19 am Fidelity has a pretty annoying process to link a bank account ... Not only do you give them the account/routing number, then they want your login name and password for that bank account ... If you don't agree to that, or the process fails to validate properly ... you have to upload bank statements or copies of checks with your name and account number printed on them.
musicmom wrote: Sat Feb 01, 2020 9:21 am I've linked a new external account to my Fidelity account in the last few months. Did the two small deposits thing and it worked fine.
Once an account is linked, does Fidelity to require a medallion signature guarantee before transferring money out to the linked account? See here:
augustwest73 wrote: Wed Aug 04, 2021 10:50 am ... when I tried to pull $25K out of Fidelity ... Fido wanted the dreaded medallion signature ...
Does the following mobile deposit policy still apply to all Fidelity accounts?
VictorStarr wrote: Fri Dec 25, 2020 2:38 am I double checked my daily mobil deposit limit at Fidelity - $200,000, it is way more than at Chase ($10,000) or Wells Fargo ($25,000 PMA).
motiv8ed
Posts: 120
Joined: Fri Jul 03, 2020 9:37 pm

Re: Fidelity: Gettng Money In and Out

Post by motiv8ed »

zero_coupon wrote: Tue Aug 02, 2022 2:08 pm What options are available to link a bank account to Fidelity? I've seen references to the following, but it's not clear whether the second and/or third options are always offered:
1. Supply bank username and password and consent to third-party verification
2. Upload bank statements or voided check
3. Accept micro-deposits to bank account
For # 1, Fidelity's website says they use the Plaid service to link your bank and Fidelity accounts. It's pretty much the industry standard, but it's always up to you whether you want to trust it - that's a personal decision.

For the rest, it's been too long for me since I went through this process. I think I used option # 3, but just don't remember.

Does the following mobile deposit policy still apply to all Fidelity accounts?
VictorStarr wrote: Fri Dec 25, 2020 2:38 am I double checked my daily mobil deposit limit at Fidelity - $200,000, it is way more than at Chase ($10,000) or Wells Fargo ($25,000 PMA).
Fidelity's Mobile FAQ website says:
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.
I checked and my limit is $500k per day for my taxable account. Unfortunately, I didn't win the Powerball lottery this weekend. :(


motiv8ed
Gryphon
Posts: 631
Joined: Sat May 07, 2016 11:43 am
Location: Missouri

Re: Fidelity: Gettng Money In and Out

Post by Gryphon »

I wouldn't expect them to ask for login credentials for an external account just to transfer money, and I wouldn't provide them for that purpose. OTOH, if I wanted to have an external account included in Full View where they show the account balance & activity, then I would expect them to need login credentials for that.

The last time I linked an account from my Fidelity CMA to transfer money they used micro deposits. That was a few months ago.
Topic Author
zero_coupon
Posts: 578
Joined: Sun Jun 05, 2022 5:26 am

Re: Fidelity: Gettng Money In and Out

Post by zero_coupon »

Thanks motiv8ed and Gryphon.

If the third-party verification fails or is declined, I wonder what options are presented. The following suggests that one may have to mail in paper forms, but that was a few years ago:
mikeshapp wrote: Mon Sep 12, 2016 2:18 pm Fidelity has a list of financial institutions that can be linked online. Any company not on the list has to be done manually. My local bank account was not on the list so I had to send in a form.
Gryphon, thanks for mentioning the micro-deposit option presented to you recently.

Has anyone been asked for a medallion signature guarantee when requesting a withdrawal, like the user quoted in the OP?
Gryphon
Posts: 631
Joined: Sat May 07, 2016 11:43 am
Location: Missouri

Re: Fidelity: Gettng Money In and Out

Post by Gryphon »

I was mistaken, the last time I set up a link from Fidelity was about 9 months ago. This spring I linked from another account to Fidelity.

In the last year I have transferred amounts larger than $25K in and out of Fidelity without them asking for a medallion signature, but I initiated those transfers from Fidelity's web site. I don't think I've ever initiated a withdrawal that large from an outside account.
lazynovice
Posts: 3369
Joined: Mon Apr 16, 2012 10:48 pm
Location: Denver area. Former Texan.

Re: Fidelity: Gettng Money In and Out

Post by lazynovice »

I used the micro deposit option to link an account. After that I was able to link multiple fidelity accounts to it without micro deposits.

I have never been asked for a medallion signature at Fidelity, Vanguard, Schwab, USAA, Pen Fed or anywhere else. Often when I see the words medallion signature, I read it carefully and it is not required as long as the names match between the two accounts.
Dfgdfg
Posts: 38
Joined: Tue Jan 30, 2018 7:46 pm

Re: Fidelity: Gettng Money In and Out

Post by Dfgdfg »

I just linked an account and no credentials were needed, just 2 micro deposits. I also just transferred $35k to an already linked checking with no issues, no medaling signature required.
User avatar
JoMoney
Posts: 16260
Joined: Tue Jul 23, 2013 5:31 am

Re: Fidelity: Gettng Money In and Out

Post by JoMoney »

zero_coupon wrote: Tue Aug 02, 2022 2:08 pm What options are available to link a bank account to Fidelity? I've seen references to the following, but it's not clear whether the second and/or third options are always offered:
1. Supply bank username and password and consent to third-party verification
2. Upload bank statements or voided check
3. Accept micro-deposits to bank account
JoMoney wrote: Sat Feb 01, 2020 7:19 am Fidelity has a pretty annoying process to link a bank account ... Not only do you give them the account/routing number, then they want your login name and password for that bank account ... If you don't agree to that, or the process fails to validate properly ... you have to upload bank statements or copies of checks with your name and account number printed on them.
musicmom wrote: Sat Feb 01, 2020 9:21 am I've linked a new external account to my Fidelity account in the last few months. Did the two small deposits thing and it worked fine.
Once an account is linked, does Fidelity to require a medallion signature guarantee before transferring money out to the linked account? See here:
augustwest73 wrote: Wed Aug 04, 2021 10:50 am ... when I tried to pull $25K out of Fidelity ... Fido wanted the dreaded medallion signature ...
Does the following mobile deposit policy still apply to all Fidelity accounts?
VictorStarr wrote: Fri Dec 25, 2020 2:38 am I double checked my daily mobil deposit limit at Fidelity - $200,000, it is way more than at Chase ($10,000) or Wells Fargo ($25,000 PMA).
Despite the quote post of mine from two and half years ago, in more recent times when linking a bank account Fidelity has offered a choice
"Login to my bank account with Plaid"
or
"Enter my bank information on my own"

I've never had Fidelity require a MSG from me to transfer funds out. The only time I did need an MSG with Fidelity was when I had some physical stock certificates I wanted transferred into my Fidelity brokerage account "street name" to get rid of / sell... and even then, it was only for one particular stock that seemed to require it, some others transferred into my brokerage account without any MSG requirement.
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
Topic Author
zero_coupon
Posts: 578
Joined: Sun Jun 05, 2022 5:26 am

Re: Fidelity: Gettng Money In and Out

Post by zero_coupon »

For transfers from a bank checking account to Fidelity, is there any advantage to linking the account and using ACH versus writing a check and depositing it via the mobile app? In the latter case, to whom would one write the check? Self? Fidelity FBO name? Endorse back or not?
User avatar
jeffyscott
Posts: 13486
Joined: Tue Feb 27, 2007 8:12 am

Re: Fidelity: Gettng Money In and Out

Post by jeffyscott »

zero_coupon wrote: Sat Aug 06, 2022 12:39 am For transfers from a bank checking account to Fidelity, is there any advantage to linking the account and using ACH versus writing a check and depositing it via the mobile app?
I'd think the advantage is obvious :? , it's a few clicks and typing in the amount vs. the annoyance of writing out a paper check and taking photos of the front and back.
User avatar
anon_investor
Posts: 15122
Joined: Mon Jun 03, 2019 1:43 pm

Re: Fidelity: Gettng Money In and Out

Post by anon_investor »

zero_coupon wrote: Sat Aug 06, 2022 12:39 am For transfers from a bank checking account to Fidelity, is there any advantage to linking the account and using ACH versus writing a check and depositing it via the mobile app? In the latter case, to whom would one write the check? Self? Fidelity FBO name? Endorse back or not?
Does Fidelity give you immediate credit for purchases after the mobile check deposit? With the ACH, immediately after submitting Fidelity gives you credit for the funds to make a purchase.
Gaston
Posts: 1220
Joined: Wed Aug 21, 2013 7:12 pm

Re: Fidelity: Gettng Money In and Out

Post by Gaston »

I used the micro deposit method earlier this year and it worked just fine. I am a bit anal about online security, and I’d never give my sign-on credentials to a 3rd party (Plaid was sued last year for $100+ million for mis-using customer data). But that’s your choice of course.
“My opinions are just that - opinions.”
User avatar
starboi
Posts: 605
Joined: Fri Apr 23, 2021 11:33 am

Re: Fidelity: Gettng Money In and Out

Post by starboi »

All I had to do to link my bank to Fido was to enter my checking account number and routing number manually.
User avatar
anon_investor
Posts: 15122
Joined: Mon Jun 03, 2019 1:43 pm

Re: Fidelity: Gettng Money In and Out

Post by anon_investor »

starboi wrote: Sat Aug 06, 2022 11:45 am All I had to do to link my bank to Fido was to enter my checking account number and routing number manually.
No micro deposits?
patrick
Posts: 2594
Joined: Fri Sep 04, 2009 3:39 am
Location: Mega-City One

Re: Fidelity: Gettng Money In and Out

Post by patrick »

I have been able to transfer from Fidelity to linked deposit accounts without a signature guarantee requirement
Lyrrad
Posts: 928
Joined: Sun Jul 27, 2008 10:59 am

Re: Fidelity: Gettng Money In and Out

Post by Lyrrad »

anon_investor wrote: Sat Aug 06, 2022 12:00 pm
starboi wrote: Sat Aug 06, 2022 11:45 am All I had to do to link my bank to Fido was to enter my checking account number and routing number manually.
No micro deposits?
I think the deposit requirement can be different for different accounts. For the account I tried to add yesterday, I could give my login information or use deposits. I think I had some other accounts that could be added without that requirement.
User avatar
starboi
Posts: 605
Joined: Fri Apr 23, 2021 11:33 am

Re: Fidelity: Gettng Money In and Out

Post by starboi »

anon_investor wrote: Sat Aug 06, 2022 12:00 pm
starboi wrote: Sat Aug 06, 2022 11:45 am All I had to do to link my bank to Fido was to enter my checking account number and routing number manually.
No micro deposits?
No micro deposits.
bawr
Posts: 88
Joined: Thu May 19, 2011 9:10 pm

Re: Fidelity: Gettng Money In and Out

Post by bawr »

Over the past few days, I have tried to link a Merrill Edge account to my Fidelity CMA on fidelity.com, to no avail.

The two online options available to me are logging in via Plaid, or providing the routing number and account number and also logging in. Both methods fail. An option to link the account and verify it with trial deposits is never presented.

I spoke with Fidelity's customer service, which could not help, other than suggesting I should download a form and mail it, along with a voided check.

In past years, it was trivially easy to link accounts with the small trial deposits method. As far as I am concerned, Fidelity has ruined the account linking functionality on their web site.
User avatar
anon_investor
Posts: 15122
Joined: Mon Jun 03, 2019 1:43 pm

Re: Fidelity: Gettng Money In and Out

Post by anon_investor »

bawr wrote: Tue Aug 09, 2022 4:26 am Over the past few days, I have tried to link a Merrill Edge account to my Fidelity CMA on fidelity.com, to no avail.

The two online options available to me are logging in via Plaid, or providing the routing number and account number and also logging in. Both methods fail. An option to link the account and verify it with trial deposits is never presented.

I spoke with Fidelity's customer service, which could not help, other than suggesting I should download a form and mail it, along with a voided check.

In past years, it was trivially easy to link accounts with the small trial deposits method. As far as I am concerned, Fidelity has ruined the account linking functionality on their web site.
Isn't providing the routing and account numbers the micro deposit linking process? It could be that the Merrill Edge account isn't recognized as a bank. Discover Card doesn't recognize my Fidelity CMA as a bank so I can't set up payments from it. Maybe it is something similar?
User avatar
beyou
Posts: 6915
Joined: Sat Feb 27, 2010 2:57 pm
Location: If you can make it there

Re: Fidelity: Gettng Money In and Out

Post by beyou »

The form online seems to only require Medallion Sig to setup of the owner of the bank acct differs from owner of brokerage acct. This can snag people sometimes for differences as simple as using middle initial at one place and not the other, or any other spelling deviation.

https://www.fidelity.com/bin-public/060 ... k-wire.pdf

The form also says you can sign at a Fidelity office instead of MSG.

Seems fine to me, easier than Treasury Direct !
My son ended up linking to Fidelity on his bank site just because it was quicker than mailing a form and/or driving to a Fidelity office.
User avatar
gatorking
Posts: 1498
Joined: Tue Feb 20, 2007 5:15 pm
Location: MA

Re: Fidelity: Gettng Money In and Out

Post by gatorking »

I've linked a Capital One online account to Fidelity with the micro deposits.
bawr
Posts: 88
Joined: Thu May 19, 2011 9:10 pm

Re: Fidelity: Gettng Money In and Out

Post by bawr »

anon_investor wrote: Tue Aug 09, 2022 6:37 am
bawr wrote: Tue Aug 09, 2022 4:26 am Over the past few days, I have tried to link a Merrill Edge account to my Fidelity CMA on fidelity.com, to no avail.

The two online options available to me are logging in via Plaid, or providing the routing number and account number and also logging in. Both methods fail. An option to link the account and verify it with trial deposits is never presented.

I spoke with Fidelity's customer service, which could not help, other than suggesting I should download a form and mail it, along with a voided check.

In past years, it was trivially easy to link accounts with the small trial deposits method. As far as I am concerned, Fidelity has ruined the account linking functionality on their web site.
Isn't providing the routing and account numbers the micro deposit linking process? It could be that the Merrill Edge account isn't recognized as a bank. Discover Card doesn't recognize my Fidelity CMA as a bank so I can't set up payments from it. Maybe it is something similar?
After providing the routing and account numbers, I was required to log into Bank of America, which failed. This would be analogous to being required to log into UMB Bank to link a Fidelity brokerage account at another institution. (Fidelity and Merrill brokerage accounts use UMB Bank and Bank of America routing numbers, respectively.)

I was able to link the same Merrill brokerage account at schwab.com by providing the routing and account numbers and waiting a few hours to verify the small trial deposits.
nalor511
Posts: 5058
Joined: Mon Jul 27, 2015 1:00 am

Re: Fidelity: Gettng Money In and Out

Post by nalor511 »

I always use the micro deposits (routing/account numbers). I never have used plaid. If you are not offered anything but plaid, just put in random login details and click continue, and after it fails 3 times you'll be given a screen to enter account/routing instead.
bawr
Posts: 88
Joined: Thu May 19, 2011 9:10 pm

Re: Fidelity: Gettng Money In and Out

Post by bawr »

nalor511 wrote: Tue Aug 09, 2022 5:04 pm I always use the micro deposits (routing/account numbers). I never have used plaid. If you are not offered anything but plaid, just put in random login details and click continue, and after it fails 3 times you'll be given a screen to enter account/routing instead.
The problem is, I was never offered a method that did not require a login. Even after providing the account and routing numbers, I was required to log in using a non-Plaid login dialog.
nalor511
Posts: 5058
Joined: Mon Jul 27, 2015 1:00 am

Re: Fidelity: Gettng Money In and Out

Post by nalor511 »

bawr wrote: Tue Aug 09, 2022 5:10 pm
nalor511 wrote: Tue Aug 09, 2022 5:04 pm I always use the micro deposits (routing/account numbers). I never have used plaid. If you are not offered anything but plaid, just put in random login details and click continue, and after it fails 3 times you'll be given a screen to enter account/routing instead.
The problem is, I was never offered a method that did not require a login. Even after providing the account and routing numbers, I was required to log in using a non-Plaid login dialog.
Right - I just put in "no" and "thanks" and clicked continue 3 times, and after it failed it used the trial deposit method
bawr
Posts: 88
Joined: Thu May 19, 2011 9:10 pm

Re: Fidelity: Gettng Money In and Out

Post by bawr »

nalor511 wrote: Tue Aug 09, 2022 5:43 pm
bawr wrote: Tue Aug 09, 2022 5:10 pm
nalor511 wrote: Tue Aug 09, 2022 5:04 pm I always use the micro deposits (routing/account numbers). I never have used plaid. If you are not offered anything but plaid, just put in random login details and click continue, and after it fails 3 times you'll be given a screen to enter account/routing instead.
The problem is, I was never offered a method that did not require a login. Even after providing the account and routing numbers, I was required to log in using a non-Plaid login dialog.
Right - I just put in "no" and "thanks" and clicked continue 3 times, and after it failed it used the trial deposit method
Thank you for this excellent advice. It worked for me after only two bad logins. Now I'll wait for the trial deposits ...
User avatar
FreddieFIRE
Posts: 826
Joined: Tue Aug 03, 2021 11:49 am

Re: Fidelity: Gettng Money In and Out

Post by FreddieFIRE »

I've linked several Fidelity accounts to my checking account and it was so simple that I don't even remember what it required (i.e. it was next to nothing). 8-)
A house and a job. Once the American dream. Two things I'll never again have. Life is simple (and good).
User avatar
retireIn2020
Posts: 745
Joined: Sat Jan 04, 2020 5:13 pm

Re: Fidelity: Gettng Money In and Out

Post by retireIn2020 »

zero_coupon wrote: Tue Aug 02, 2022 2:08 pm What options are available to link a bank account to Fidelity? I've seen references to the following, but it's not clear whether the second and/or third options are always offered:
1. Supply bank username and password and consent to third-party verification
2. Upload bank statements or voided check
3. Accept micro-deposits to bank account
JoMoney wrote: Sat Feb 01, 2020 7:19 am Fidelity has a pretty annoying process to link a bank account ... Not only do you give them the account/routing number, then they want your login name and password for that bank account ... If you don't agree to that, or the process fails to validate properly ... you have to upload bank statements or copies of checks with your name and account number printed on them.
musicmom wrote: Sat Feb 01, 2020 9:21 am I've linked a new external account to my Fidelity account in the last few months. Did the two small deposits thing and it worked fine.
Once an account is linked, does Fidelity to require a medallion signature guarantee before transferring money out to the linked account? See here:
augustwest73 wrote: Wed Aug 04, 2021 10:50 am ... when I tried to pull $25K out of Fidelity ... Fido wanted the dreaded medallion signature ...
Does the following mobile deposit policy still apply to all Fidelity accounts?
VictorStarr wrote: Fri Dec 25, 2020 2:38 am I double checked my daily mobil deposit limit at Fidelity - $200,000, it is way more than at Chase ($10,000) or Wells Fargo ($25,000 PMA).
If you had a Fidelity account and a bank account, I'd suspect you'd know the answer!
https://www.merriam-webster.com/dictionary/abide
RetiredAL
Posts: 3537
Joined: Tue Jun 06, 2017 12:09 am
Location: SF Bay Area

Re: Fidelity: Gettng Money In and Out

Post by RetiredAL »

beyou wrote: Tue Aug 09, 2022 7:08 am The form online seems to only require Medallion Sig to setup of the owner of the bank acct differs from owner of brokerage acct. This can snag people sometimes for differences as simple as using middle initial at one place and not the other, or any other spelling deviation.

https://www.fidelity.com/bin-public/060 ... k-wire.pdf

The form also says you can sign at a Fidelity office instead of MSG.

Seems fine to me, easier than Treasury Direct !
My son ended up linking to Fidelity on his bank site just because it was quicker than mailing a form and/or driving to a Fidelity office.
Ran into similar with Schwab 3 years ago. After moving Dad's IRA to Schwab, Schwab required a paper form signed ( non-MSG ) by all owners of the checking account to link it. Why? The IRA was, as all IRAs are, in his name and the bank account is joint me and Dad. The online link request form was very clear that if the account names did not exactly match, you had to do signed paper.

Now for a 94 year old person's IRA, that is kinda moronic as the only kind of transfer at that age is out-of-Schwab, but their standard bank linkage is two-way capable, even if the account is functionally one-way.
Topic Author
zero_coupon
Posts: 578
Joined: Sun Jun 05, 2022 5:26 am

Re: Fidelity: Gettng Money In and Out

Post by zero_coupon »

nalor511 wrote: Tue Aug 09, 2022 5:04 pm I always use the micro deposits (routing/account numbers). I never have used plaid. If you are not offered anything but plaid, just put in random login details and click continue, and after it fails 3 times you'll be given a screen to enter account/routing instead.
Pro-tip. Thanks.
retireIn2020 wrote: Wed Aug 10, 2022 1:17 am If you had a Fidelity account and a bank account, I'd suspect you'd know the answer!
Doing research before choosing a new broker.

Additional question about CMA (perhaps worthy of a new thread): Does the online CMA application process offer the opportunity to decline debit card, bill pay, and/or check writing capabilities if so desired? I noticed the paper application offers the opportunity to selectively decline any combination of these.

Also, are there any major disadvantages to transacting with Fidelity using their website via a mobile browser vs using their dedicated mobile app?
User avatar
retireIn2020
Posts: 745
Joined: Sat Jan 04, 2020 5:13 pm

Re: Fidelity: Gettng Money In and Out

Post by retireIn2020 »

zero_coupon wrote: Thu Aug 11, 2022 12:18 am
nalor511 wrote: Tue Aug 09, 2022 5:04 pm I always use the micro deposits (routing/account numbers). I never have used plaid. If you are not offered anything but plaid, just put in random login details and click continue, and after it fails 3 times you'll be given a screen to enter account/routing instead.
Pro-tip. Thanks.
retireIn2020 wrote: Wed Aug 10, 2022 1:17 am If you had a Fidelity account and a bank account, I'd suspect you'd know the answer!
Doing research before choosing a new broker.
Why not contact Fidelity and ask them?
https://www.merriam-webster.com/dictionary/abide
nalor511
Posts: 5058
Joined: Mon Jul 27, 2015 1:00 am

Re: Fidelity: Gettng Money In and Out

Post by nalor511 »

zero_coupon wrote: Thu Aug 11, 2022 12:18 am
nalor511 wrote: Tue Aug 09, 2022 5:04 pm I always use the micro deposits (routing/account numbers). I never have used plaid. If you are not offered anything but plaid, just put in random login details and click continue, and after it fails 3 times you'll be given a screen to enter account/routing instead.
Pro-tip. Thanks.
retireIn2020 wrote: Wed Aug 10, 2022 1:17 am If you had a Fidelity account and a bank account, I'd suspect you'd know the answer!
Doing research before choosing a new broker.

Additional question about CMA (perhaps worthy of a new thread): Does the online CMA application process offer the opportunity to decline debit card, bill pay, and/or check writing capabilities if so desired? I noticed the paper application offers the opportunity to selectively decline any combination of these.

Also, are there any major disadvantages to transacting with Fidelity using their website via a mobile browser vs using their dedicated mobile app?
No the online application does not give you the option to decline these things, because they are off by default, you have to actively enable debit and checks, and actively use bill pay, so there would be nothing to decline
User avatar
VictorStarr
Posts: 746
Joined: Sat Jan 04, 2020 9:13 pm
Location: Washington

Re: Fidelity: Gettng Money In and Out

Post by VictorStarr »

zero_coupon wrote: Thu Aug 11, 2022 12:18 am
Additional question about CMA (perhaps worthy of a new thread): Does the online CMA application process offer the opportunity to decline debit card, bill pay, and/or check writing capabilities if so desired? I noticed the paper application offers the opportunity to selectively decline any combination of these.

Also, are there any major disadvantages to transacting with Fidelity using their website via a mobile browser vs using their dedicated mobile app?
If you do not need debit card, bill pay, and check writing capabilities maybe Fidelity Brokerage account is a better fit for your requirements.
CMA is a brokerage account with cash management features enables by default. One can enable the same features for a brokerage account.

Following page maybe useful for you, you can see which account has cash management features:
https://www.fidelity.com/cash-managemen ... by-account
User avatar
anon_investor
Posts: 15122
Joined: Mon Jun 03, 2019 1:43 pm

Re: Fidelity: Gettng Money In and Out

Post by anon_investor »

zero_coupon wrote: Thu Aug 11, 2022 12:18 am
nalor511 wrote: Tue Aug 09, 2022 5:04 pm I always use the micro deposits (routing/account numbers). I never have used plaid. If you are not offered anything but plaid, just put in random login details and click continue, and after it fails 3 times you'll be given a screen to enter account/routing instead.
Pro-tip. Thanks.
retireIn2020 wrote: Wed Aug 10, 2022 1:17 am If you had a Fidelity account and a bank account, I'd suspect you'd know the answer!
Doing research before choosing a new broker.

Additional question about CMA (perhaps worthy of a new thread): Does the online CMA application process offer the opportunity to decline debit card, bill pay, and/or check writing capabilities if so desired? I noticed the paper application offers the opportunity to selectively decline any combination of these.

Also, are there any major disadvantages to transacting with Fidelity using their website via a mobile browser vs using their dedicated mobile app?
I opened a Fidelity CMA online this week. You CAN DECLINE debit card, bill pay, and/or check writing capabilities when you create the account. You can also then add them later.
Topic Author
zero_coupon
Posts: 578
Joined: Sun Jun 05, 2022 5:26 am

Re: Fidelity: Gettng Money In and Out

Post by zero_coupon »

VictorStarr wrote: Thu Aug 11, 2022 1:48 am If you do not need debit card, bill pay, and check writing capabilities maybe Fidelity Brokerage account is a better fit for your requirements.
CMA is a brokerage account with cash management features enables by default. One can enable the same features for a brokerage account.

Following page maybe useful for you, you can see which account has cash management features:
https://www.fidelity.com/cash-managemen ... by-account
Thanks, will have a look at that page. I wonder what the difference is between a CMA account with those 3 features enabled and a brokerage account with the same 3 features enabled. If I recall correctly, the CMA will reimburse all debit card fees, while the brokerage account requires a minimum balance to reimburse debit card fees. Perhaps the CMA has no additional benfits.

Additionally, the CMA account apparently had a default core position that places one's funds into FDIC-insured deposit accounts at member banks. Do these banks gain access to the personal information (name, tax ID, etc.) of the Fidelity clients whose funds are held in the CMA account?
anon_investor wrote: Thu Aug 11, 2022 6:14 am I opened a Fidelity CMA online this week. You CAN DECLINE debit card, bill pay, and/or check writing capabilities when you create the account. You can also then add them later.
Thanks anon_investor. Sounds like the online application is similar to the paper (pdf) application on their website, where you must check a box for each of those 3 features you do NOT want.
User avatar
VictorStarr
Posts: 746
Joined: Sat Jan 04, 2020 9:13 pm
Location: Washington

Re: Fidelity: Gettng Money In and Out

Post by VictorStarr »

zero_coupon wrote: Thu Aug 11, 2022 7:25 pm
VictorStarr wrote: Thu Aug 11, 2022 1:48 am If you do not need debit card, bill pay, and check writing capabilities maybe Fidelity Brokerage account is a better fit for your requirements.
CMA is a brokerage account with cash management features enables by default. One can enable the same features for a brokerage account.

Following page maybe useful for you, you can see which account has cash management features:
https://www.fidelity.com/cash-managemen ... by-account

Thanks, will have a look at that page. I wonder what the difference is between a CMA account with those 3 features enabled and a brokerage account with the same 3 features enabled. If I recall correctly, the CMA will reimburse all debit card fees, while the brokerage account requires a minimum balance to reimburse debit card fees. Perhaps the CMA has no additional benfits.

Additionally, the CMA account apparently had a default core position that places one's funds into FDIC-insured deposit accounts at member banks. Do these banks gain access to the personal information (name, tax ID, etc.) of the Fidelity clients whose funds are held in the CMA account?
Are you interested in a specific feature of CMA that regular brokerage account doesn’t have?

I do not know if Fidelity shares personal information with partners banks, I doubt it. You can exclude a bank from a list, it makes sense if you keep large amount of cash with specific bank and care about FDIC limits.
Topic Author
zero_coupon
Posts: 578
Joined: Sun Jun 05, 2022 5:26 am

Re: Fidelity: Gettng Money In and Out

Post by zero_coupon »

VictorStarr wrote: Thu Aug 11, 2022 1:48 am Following page maybe useful for you, you can see which account has cash management features:
https://www.fidelity.com/cash-managemen ... by-account
Oddly, direct deposit is listed as an available feature of "The Fidelity Account," but "The Fidelity Account" is not listed as an eligible account type under Direct Deposit. Inconsistent.
VictorStarr wrote: Thu Aug 11, 2022 8:49 pm Are you interested in a specific feature of CMA that regular brokerage account doesn’t have?
It seems the only such features are FDIC insurance, "cash management alerts," and unlimited ATM reimbursement. All other features are available with a brokerage account. I do not yet know the thresholds for Premium and Private Client that enable the $75/year ATM fee reimbursement for a brokerage account.
User avatar
VictorStarr
Posts: 746
Joined: Sat Jan 04, 2020 9:13 pm
Location: Washington

Re: Fidelity: Gettng Money In and Out

Post by VictorStarr »

zero_coupon wrote: Thu Aug 11, 2022 9:34 pm
VictorStarr wrote: Thu Aug 11, 2022 1:48 am Following page maybe useful for you, you can see which account has cash management features:
https://www.fidelity.com/cash-managemen ... by-account
Oddly, direct deposit is listed as an available feature of "The Fidelity Account," but "The Fidelity Account" is not listed as an eligible account type under Direct Deposit. Inconsistent.
VictorStarr wrote: Thu Aug 11, 2022 8:49 pm Are you interested in a specific feature of CMA that regular brokerage account doesn’t have?
It seems the only such features are FDIC insurance, "cash management alerts," and unlimited ATM reimbursement. All other features are available with a brokerage account. I do not yet know the thresholds for Premium and Private Client that enable the $75/year ATM fee reimbursement for a brokerage account.
- Direct deposit and direct credit are available for CMA and Fidelity accounts.
- Threshold for Premium is $250K and for Private Client Group is $1M.
User avatar
VictorStarr
Posts: 746
Joined: Sat Jan 04, 2020 9:13 pm
Location: Washington

Re: Fidelity: Gettng Money In and Out

Post by VictorStarr »

zero_coupon wrote: Thu Aug 11, 2022 9:34 pm
VictorStarr wrote: Thu Aug 11, 2022 1:48 am Following page maybe useful for you, you can see which account has cash management features:
https://www.fidelity.com/cash-managemen ... by-account
It seems the only such features are FDIC insurance, "cash management alerts," and unlimited ATM reimbursement. All other features are available with a brokerage account. I do not yet know the thresholds for Premium and Private Client that enable the $75/year ATM fee reimbursement for a brokerage account.
Here is a comparison of Fidelity Brokerage vs CMA accounts

Common features
- Account has routing and account numbers
- Cash management features (BillPay, check writing, debit card) may be added on demand.
- Direct deposit
- ETF, wire transfers
- Mobile payments
- Mobile check deposit
- Free checks
- Free incoming/outgoing wire transfers
- No fees
- Debit card with no foreign transaction fees on ATM withdrawals and 1% fee on purchases
- Automatic liquidation of Fidelity money market funds (first core fund, then other Fidelity MM).
- Can buy and hold mutual funds, ETFs, and stocks, CDs, treasuries
- Can’t deposit cash at ATMs or Fidelity branches

CMA unique features
- Core holding is FDIC-insured cash held in partner’s banks to achieve a combined $1.25 million FDIC insurance
- Support for Fidelity Cash Manager that automatically moves cash to your account if balance gets low.
- Unlimited ATM fee rebates worldwide

Brokerage unique features
- Core holding is either Fidelity money market fund (SPAXX, FZFXX) or FCASH (taxable interest bearing cash option, not FDIC insured)
- Can enable margin
- Limited ATM fee rebates (up to $75/year) reimbursed only for Premium, Private Client Group members
Last edited by VictorStarr on Fri Aug 12, 2022 9:44 am, edited 2 times in total.
increment
Posts: 1736
Joined: Tue May 15, 2018 2:20 pm

Re: Fidelity: Gettng Money In and Out

Post by increment »

zero_coupon wrote: Thu Aug 11, 2022 12:18 am Also, are there any major disadvantages to transacting with Fidelity using their website via a mobile browser vs using their dedicated mobile app?
I believe that you have to use the app if you want to deposit checks via your phone's camera. That may or may not be "major."
Topic Author
zero_coupon
Posts: 578
Joined: Sun Jun 05, 2022 5:26 am

Re: Fidelity: Gettng Money In and Out

Post by zero_coupon »

VictorStarr wrote: Thu Aug 11, 2022 10:12 pm Here is a comparison of Fidelity Brokerage vs CMA accounts

Common features
- Account has routing and account numbers
- Cash management features (BillPay, check writing, debit card) may be added on demand.
- Direct deposit
- ETF, wire transfers
- Mobile payments
- Mobile check deposit
- Free checks
- Free incoming/outgoing wire transfers
- No fees
- Debit card with no foreign transaction fees on ATM withdrawals and 1% fee on purchases
- Automatic liquidation of Fidelity money market funds (first core fund, then other Fidelity MM).
- Can buy and hold mutual funds, ETFs, and stocks, CDs, treasuries
- Can’t deposit cash at ATMs or Fidelity branches

CMA unique features
- Core holding is FDIC-insured cash held in partner’s bank to achieve a combined $1.25 million FDIC insurance
- Support for Fidelity Cash Manager that automatically moves cash to your account if balance gets low.
- Unlimited ATM fee rebates worldwide

Brokerage unique features
Core holding is Fidelity money market funds (FCASH, SPAXX, FZFXX)
Can enable margin
Limited ATM fee rebates (up to $75/year) reimbursed only for Premium, Private Client Group members
Very helpful; thank you. Does the Brokerage ATM also offer "worldwide" (as indicated for CMA) rebates up to the $75 cap? Is one permitted to establish more than one brokerage account and apply different features to each?

Additionally, the CMA website discussed earlier implies a 1% fee on foreign ATM withdrawals, but perhaps Fidelity doesn't enforce that policy for CMA or brokerage accounts.
User avatar
VictorStarr
Posts: 746
Joined: Sat Jan 04, 2020 9:13 pm
Location: Washington

Re: Fidelity: Gettng Money In and Out

Post by VictorStarr »

zero_coupon wrote: Thu Aug 11, 2022 11:13 pm
VictorStarr wrote: Thu Aug 11, 2022 10:12 pm Here is a comparison of Fidelity Brokerage vs CMA accounts

Common features
- Account has routing and account numbers
- Cash management features (BillPay, check writing, debit card) may be added on demand.
- Direct deposit
- ETF, wire transfers
- Mobile payments
- Mobile check deposit
- Free checks
- Free incoming/outgoing wire transfers
- No fees
- Debit card with no foreign transaction fees on ATM withdrawals and 1% fee on purchases
- Automatic liquidation of Fidelity money market funds (first core fund, then other Fidelity MM).
- Can buy and hold mutual funds, ETFs, and stocks, CDs, treasuries
- Can’t deposit cash at ATMs or Fidelity branches

CMA unique features
- Core holding is FDIC-insured cash held in partner’s bank to achieve a combined $1.25 million FDIC insurance
- Support for Fidelity Cash Manager that automatically moves cash to your account if balance gets low.
- Unlimited ATM fee rebates worldwide

Brokerage unique features
Core holding is Fidelity money market funds (FCASH, SPAXX, FZFXX)
Can enable margin
Limited ATM fee rebates (up to $75/year) reimbursed only for Premium, Private Client Group members
Very helpful; thank you. Does the Brokerage ATM also offer "worldwide" (as indicated for CMA) rebates up to the $75 cap? Is one permitted to establish more than one brokerage account and apply different features to each?

Additionally, the CMA website discussed earlier implies a 1% fee on foreign ATM withdrawals, but perhaps Fidelity doesn't enforce that policy for CMA or brokerage accounts.
- I do not have first hand experience with Fidelity brokerage ATM rebates, my guess it is worldwide.
- Yes, one can open multiple brokerage and CMA accounts and configure these accounts arbitrary ways (see wiki for some possible approaches: https://www.bogleheads.org/wiki/Fidelity:_one_stop_shop)
- 1% FTF for debit card is only for purchases.

There is a thread "Fidelity as a one stop shop" where all these aspects are discussed in details - viewtopic.php?t=266538
User avatar
jeffyscott
Posts: 13486
Joined: Tue Feb 27, 2007 8:12 am

Re: Fidelity: Gettng Money In and Out

Post by jeffyscott »

VictorStarr wrote: Thu Aug 11, 2022 10:12 pm CMA unique features
- Core holding is FDIC-insured cash held in partner’s bank to achieve a combined $1.25 million FDIC insurance
- Support for Fidelity Cash Manager that automatically moves cash to your account if balance gets low.
- Unlimited ATM fee rebates worldwide

Brokerage unique features
Core holding is Fidelity money market funds (FCASH, SPAXX, FZFXX)
Can enable margin
Limited ATM fee rebates (up to $75/year) reimbursed only for Premium, Private Client Group members
I think you can select FDIC bank(s) for core holding with a brokerage account, so is the difference that you have a choice there but no choice in the CMA?
User avatar
VictorStarr
Posts: 746
Joined: Sat Jan 04, 2020 9:13 pm
Location: Washington

Re: Fidelity: Gettng Money In and Out

Post by VictorStarr »

jeffyscott wrote: Fri Aug 12, 2022 6:42 am
VictorStarr wrote: Thu Aug 11, 2022 10:12 pm CMA unique features
- Core holding is FDIC-insured cash held in partner’s bank to achieve a combined $1.25 million FDIC insurance
- Support for Fidelity Cash Manager that automatically moves cash to your account if balance gets low.
- Unlimited ATM fee rebates worldwide

Brokerage unique features
Core holding is Fidelity money market funds (FCASH, SPAXX, FZFXX)
Can enable margin
Limited ATM fee rebates (up to $75/year) reimbursed only for Premium, Private Client Group members
I think you can select FDIC bank(s) for core holding with a brokerage account, so is the difference that you have a choice there but no choice in the CMA?
Did you actually try to change core position of a brokerage account to a FDIC-insured cash?
increment
Posts: 1736
Joined: Tue May 15, 2018 2:20 pm

Re: Fidelity: Gettng Money In and Out

Post by increment »

jeffyscott wrote: Fri Aug 12, 2022 6:42 am
VictorStarr wrote: Thu Aug 11, 2022 10:12 pm CMA unique features
- Core holding is FDIC-insured cash held in partner’s bank to achieve a combined $1.25 million FDIC insurance
- Support for Fidelity Cash Manager that automatically moves cash to your account if balance gets low.
- Unlimited ATM fee rebates worldwide

Brokerage unique features
Core holding is Fidelity money market funds (FCASH, SPAXX, FZFXX)
Can enable margin
Limited ATM fee rebates (up to $75/year) reimbursed only for Premium, Private Client Group members
I think you can select FDIC bank(s) for core holding with a brokerage account, so is the difference that you have a choice there but no choice in the CMA?
"FCASH" denotes the FDIC choice; it's not a money market fund (whose symbol would have to end in "XX").
Last edited by increment on Fri Aug 12, 2022 9:23 am, edited 1 time in total.
User avatar
VictorStarr
Posts: 746
Joined: Sat Jan 04, 2020 9:13 pm
Location: Washington

Re: Fidelity: Gettng Money In and Out

Post by VictorStarr »

increment wrote: Fri Aug 12, 2022 8:23 am
jeffyscott wrote: Fri Aug 12, 2022 6:42 am
VictorStarr wrote: Thu Aug 11, 2022 10:12 pm CMA unique features
- Core holding is FDIC-insured cash held in partner’s bank to achieve a combined $1.25 million FDIC insurance
- Support for Fidelity Cash Manager that automatically moves cash to your account if balance gets low.
- Unlimited ATM fee rebates worldwide

Brokerage unique features
Core holding is Fidelity money market funds (FCASH, SPAXX, FZFXX)
Can enable margin
Limited ATM fee rebates (up to $75/year) reimbursed only for Premium, Private Client Group members
I think you can select FDIC bank(s) for core holding with a brokerage account, so is the difference that you have a choice there but no choice in the CMA?
"FCASH" denotes the FDIC choice; it's not a money market fund (whose symbol would have to end in "XX").
I do not see any indications that FCASH is covered by FDIC:

https://clearingcustody.fidelity.com/ap ... fcash.html
User avatar
JoMoney
Posts: 16260
Joined: Tue Jul 23, 2013 5:31 am

Re: Fidelity: Gettng Money In and Out

Post by JoMoney »

If you enable ATM/Debit card on the brokerage account (which is automatic on the CMA, but has to be requested/enabled for brokerage), the card is a different color (gold colored card)... not that the color makes any practical difference, same debit card benefit program, but it is a unique difference between the two. Also, if you enable check-writing on the CMA they send you multiple checkbooks (I think 3) whereas they only send 1 checkbook if you enable check-writing on the regular brokerage account.
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
increment
Posts: 1736
Joined: Tue May 15, 2018 2:20 pm

Re: Fidelity: Gettng Money In and Out

Post by increment »

VictorStarr wrote: Fri Aug 12, 2022 8:29 am I do not see any indications that FCASH is covered by FDIC:

https://clearingcustody.fidelity.com/ap ... fcash.html
You are correct; I have now struck out my incorrect statement above.
User avatar
VictorStarr
Posts: 746
Joined: Sat Jan 04, 2020 9:13 pm
Location: Washington

Re: Fidelity: Gettng Money In and Out

Post by VictorStarr »

increment wrote: Fri Aug 12, 2022 9:24 am
VictorStarr wrote: Fri Aug 12, 2022 8:29 am I do not see any indications that FCASH is covered by FDIC:

https://clearingcustody.fidelity.com/ap ... fcash.html
You are correct; I have now struck out my incorrect statement above.
And I corrected my statement about FCASH being a money market fund :sharebeer .
User avatar
jeffyscott
Posts: 13486
Joined: Tue Feb 27, 2007 8:12 am

Re: Fidelity: Gettng Money In and Out

Post by jeffyscott »

VictorStarr wrote: Fri Aug 12, 2022 8:17 am
jeffyscott wrote: Fri Aug 12, 2022 6:42 am
VictorStarr wrote: Thu Aug 11, 2022 10:12 pm CMA unique features
- Core holding is FDIC-insured cash held in partner’s bank to achieve a combined $1.25 million FDIC insurance
- Support for Fidelity Cash Manager that automatically moves cash to your account if balance gets low.
- Unlimited ATM fee rebates worldwide

Brokerage unique features
Core holding is Fidelity money market funds (FCASH, SPAXX, FZFXX)
Can enable margin
Limited ATM fee rebates (up to $75/year) reimbursed only for Premium, Private Client Group members
I think you can select FDIC bank(s) for core holding with a brokerage account, so is the difference that you have a choice there but no choice in the CMA?
Did you actually try to change core position of a brokerage account to a FDIC-insured cash?
I did change it in HSA account. I'm not sure if I did it in the taxable account, which we don't really use except to collect credit card rebates, but I think I can do it there also.
Post Reply