Fidelity: Gettng Money In and Out

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VictorStarr
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Re: Fidelity: Gettng Money In and Out

Post by VictorStarr »

jeffyscott wrote: Fri Aug 12, 2022 11:56 am
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.
Interesting, I didn’t know that it is an option. If you can do it HSA maybe it possible in brokerage account.
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anon_investor
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Re: Fidelity: Gettng Money In and Out

Post by anon_investor »

VictorStarr wrote: Fri Aug 12, 2022 12:02 pm
jeffyscott wrote: Fri Aug 12, 2022 11:56 am
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.
Interesting, I didn’t know that it is an option. If you can do it HSA maybe it possible in brokerage account.
In a taxable brokerage I'd prefer FZFXX, pretty safe and higher yield.
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zero_coupon
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Re: Fidelity: Gettng Money In and Out

Post by zero_coupon »

zero_coupon wrote: Thu Aug 11, 2022 7:25 pm 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?
Would still like to know this.
nalor511
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Re: Fidelity: Gettng Money In and Out

Post by nalor511 »

zero_coupon wrote: Fri Aug 12, 2022 10:30 pm
zero_coupon wrote: Thu Aug 11, 2022 7:25 pm 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?
Would still like to know this.
Ask fidelity.
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zero_coupon
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Re: Fidelity: Gettng Money In and Out

Post by zero_coupon »

nalor511 wrote: Sat Aug 13, 2022 1:14 am
zero_coupon wrote: Fri Aug 12, 2022 10:30 pm
zero_coupon wrote: Thu Aug 11, 2022 7:25 pm 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?
Would still like to know this.
Ask fidelity.
That is a logical solution, but I wouldn't expect the phone reps to have correct info on this. Perhaps only known by the higher-ups. I thought perhaps someone here had some industry insight so we could draw a probable conclusion.
nalor511
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Re: Fidelity: Gettng Money In and Out

Post by nalor511 »

zero_coupon wrote: Sat Aug 13, 2022 3:32 am
nalor511 wrote: Sat Aug 13, 2022 1:14 am
zero_coupon wrote: Fri Aug 12, 2022 10:30 pm
zero_coupon wrote: Thu Aug 11, 2022 7:25 pm 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?
Would still like to know this.
Ask fidelity.
That is a logical solution, but I wouldn't expect the phone reps to have correct info on this. Perhaps only known by the higher-ups. I thought perhaps someone here had some industry insight so we could draw a probable conclusion.
You have the ability to access advanced reps. 1. send a secure email within your account, the frontline reps will get your mail to the proper person. 2. ask the official fidelity support reddit https://www.reddit.com/r/fidelityinvestments/
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zero_coupon
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Re: Fidelity: Gettng Money In and Out

Post by zero_coupon »

Thanks for the suggestions. A related question is whether every Fidelity customer also has a "behind-the-scenes" account at UMB, NA. For a Fidelity brokerage account (not CMA), it's unclear whether UMB just facilitates ACH transactions, or whether UMB actually establishes "behind-the-scenes" accounts for all Fidelity brokerage customers:
protagonist wrote: Thu Jun 09, 2022 10:54 pm ... my account number at UMB corresponds to my brokerage account number at Fidelity. ...
Does every Fidelity brokerage account show a UMB routing and account number, even before attempting to link an external account, and without enabling check-writing or debit card?
nalor511
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Re: Fidelity: Gettng Money In and Out

Post by nalor511 »

zero_coupon wrote: Sun Aug 14, 2022 12:22 am

Does every Fidelity brokerage account show a UMB routing and account number, even before attempting to link an external account, and without enabling check-writing or debit card?
Yes. Why? Fidelity uses UMB for bank transactions. This is normal, because a brokerage is not a bank
criticalmass
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Re: Fidelity: Gettng Money In and Out

Post by criticalmass »

I just used Fidelity's bank transfer feature to move a large sum of cash to my Fidelity CMA. Surprisingly, the transfer took place mid day, not the typical overnight ACH transfer. Great.

Funds went to my Core account, which says it should be around 1.2% interest and won't be available for one week after the transfer. But I would like this money to be in the Fidelity MM, SPRXX. The website indicates I can't buy SPRXX without incurring a trade violation because the cash funds are not available. Is that accurate, even if I don't plan to move the funds out of Fidelity until long after everything is settled down? Even Vanguard allows that.

Is there any way to move bank funds directly into SPRXX for a Fidelity CMA?
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JoMoney
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Re: Fidelity: Gettng Money In and Out

Post by JoMoney »

criticalmass wrote: Sun Aug 14, 2022 12:47 am I just used Fidelity's bank transfer feature to move a large sum of cash to my Fidelity CMA. Surprisingly, the transfer took place mid day, not the typical overnight ACH transfer. Great.

Funds went to my Core account, which says it should be around 1.2% interest and won't be available for one week after the transfer. But I would like this money to be in the Fidelity MM, SPRXX. The website indicates I can't buy SPRXX without incurring a trade violation because the cash funds are not available. Is that accurate, even if I don't plan to move the funds out of Fidelity until long after everything is settled down? Even Vanguard allows that.

Is there any way to move bank funds directly into SPRXX for a Fidelity CMA?
There's no way to directly transfer external funds directly into SPRXX. It must go into the accounts core fund, and the CMA requires that to be the FDIC bank sweep.
I have no idea what your account is telling you, I expect it's warning you that you may incur a trade violation if you buy (and subsequently sell) something with unsettled funds... not that you can't, just a warning that it may... If you're not trading securities in the account and don't expect to trade SPRXX for a different money market before the funds settled highly unlikely you'll incur a trading violation (that the consequences of are something like a 90 restriction forcing you to use only settled funds for any trades.)
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
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zero_coupon
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Re: Fidelity: Gettng Money In and Out

Post by zero_coupon »

nalor511 wrote: Sun Aug 14, 2022 12:27 am ... Fidelity uses UMB for bank transactions. This is normal, because a brokerage is not a bank
Do all brokerages have a "partner bank" that process inbound ACH transfers? If so, which bank does Vanguard use?
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JoMoney
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Re: Fidelity: Gettng Money In and Out

Post by JoMoney »

zero_coupon wrote: Mon Aug 15, 2022 4:34 am
nalor511 wrote: Sun Aug 14, 2022 12:27 am ... Fidelity uses UMB for bank transactions. This is normal, because a brokerage is not a bank
Do all brokerages have a "partner bank" that process inbound ACH transfers? If so, which bank does Vanguard use?
I don't have a Vanguard account, so I can't check to see what routing number they provide, but from searching online it seems some people were given the routing number is 021409169 (along with there individual account number) for direct deposits. That routing number is to JP Morgan Chase bank. You can usually do an internet search on a bank routing number and see the banks info.

Do note that while Vanguard allows you to make direct deposits into your account, they no longer offer the option for bank-like features the way Fidelity does with ATM/debit card, check writing, I'm not even sure if you can do an ACH debit/pull from another bank <- I'm curious if you can, please let me know if someone can confirm, can you say pay a credit card bill through an ACH pull out of balances in your Vanguard settlement fund, or even link an outside bank and pull funds from Vanguard to do a transfer?
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
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zero_coupon
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Re: Fidelity: Gettng Money In and Out

Post by zero_coupon »

JoMoney wrote: Mon Aug 15, 2022 8:12 am I don't have a Vanguard account, so I can't check to see what routing number they provide, but from searching online it seems some people were given the routing number is 021409169 (along with there individual account number) for direct deposits. That routing number is to JP Morgan Chase bank. You can usually do an internet search on a bank routing number and see the banks info.

Do note that while Vanguard allows you to make direct deposits into your account, they no longer offer the option for bank-like features the way Fidelity does with ATM/debit card, check writing, I'm not even sure if you can do an ACH debit/pull from another bank <- I'm curious if you can, please let me know if someone can confirm, can you say pay a credit card bill through an ACH pull out of balances in your Vanguard settlement fund, or even link an outside bank and pull funds from Vanguard to do a transfer?
JP Morgan Chase is a logical Vanguard partner as JPM apparently serves as a custodian Vanguard funds IIRC.

Regarding individual customer accounts, however, it seems Fidelity automatically ties all their customers to UMB, providing everyone a "hidden" UMB account. I'm not sure Vanguard operates in this way, but perhaps so. I'm curious, for example, if one does a simple ACH transfer from a bank account to Vanguard, is that handled through a bank such as JPM? And does Vanguard give everyone a hidden JPM account the way Fidelity seems to give everyone a hidden UMB account?
nalor511
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Re: Fidelity: Gettng Money In and Out

Post by nalor511 »

zero_coupon wrote: Mon Aug 15, 2022 12:02 pm
JoMoney wrote: Mon Aug 15, 2022 8:12 am I don't have a Vanguard account, so I can't check to see what routing number they provide, but from searching online it seems some people were given the routing number is 021409169 (along with there individual account number) for direct deposits. That routing number is to JP Morgan Chase bank. You can usually do an internet search on a bank routing number and see the banks info.

Do note that while Vanguard allows you to make direct deposits into your account, they no longer offer the option for bank-like features the way Fidelity does with ATM/debit card, check writing, I'm not even sure if you can do an ACH debit/pull from another bank <- I'm curious if you can, please let me know if someone can confirm, can you say pay a credit card bill through an ACH pull out of balances in your Vanguard settlement fund, or even link an outside bank and pull funds from Vanguard to do a transfer?
JP Morgan Chase is a logical Vanguard partner as JPM apparently serves as a custodian Vanguard funds IIRC.

Regarding individual customer accounts, however, it seems Fidelity automatically ties all their customers to UMB, providing everyone a "hidden" UMB account. I'm not sure Vanguard operates in this way, but perhaps so. I'm curious, for example, if one does a simple ACH transfer from a bank account to Vanguard, is that handled through a bank such as JPM? And does Vanguard give everyone a hidden JPM account the way Fidelity seems to give everyone a hidden UMB account?
It's not "hidden", and they're making no "secret" of it either.
https://www.reddit.com/r/fidelityinvest ... ird_party/
https://www.reddit.com/r/fidelityinvest ... gh_umb_na/
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zero_coupon
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Re: Fidelity: Gettng Money In and Out

Post by zero_coupon »

nalor511 wrote: Mon Aug 15, 2022 12:18 pm It's not "hidden", and they're making no "secret" of it either.
https://www.reddit.com/r/fidelityinvest ... ird_party/
https://www.reddit.com/r/fidelityinvest ... gh_umb_na/
Well, it's at least "behind-the-scenes," no? A Fidelity customer cannot transact directly with his/her UMB account through UMB, correct? You can't call UMB to discuss or make changes to your account. Fidelity's not hiding this connection, but they're not using it for promotional purposes either: "Join Fidelity now to get your free UMB account!" Do other brokerages, e.g. Vanguard, give everyone a 3rd party bank account like this? Does UMB have access to personal info of Fidelity customers?

Thanks for the links. Will have a look.
nalor511
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Re: Fidelity: Gettng Money In and Out

Post by nalor511 »

zero_coupon wrote: Mon Aug 15, 2022 4:05 pm
nalor511 wrote: Mon Aug 15, 2022 12:18 pm It's not "hidden", and they're making no "secret" of it either.
https://www.reddit.com/r/fidelityinvest ... ird_party/
https://www.reddit.com/r/fidelityinvest ... gh_umb_na/
Well, it's at least "behind-the-scenes," no? A Fidelity customer cannot transact directly with his/her UMB account through UMB, correct? You can't call UMB to discuss or make changes to your account. Fidelity's not hiding this connection, but they're not using it for promotional purposes either: "Join Fidelity now to get your free UMB account!" Do other brokerages, e.g. Vanguard, give everyone a 3rd party bank account like this? Does UMB have access to personal info of Fidelity customers?

Thanks for the links. Will have a look.
They absolutely tout from the rooftops that CMA gives you banking features, and in fact it's one of the things that sets Fido/Schwab (except schwab owns their own bank, while fidelity partners with UMB for banking) apart from Vanguard and other brokers. I think you're barking up a dead tree, looking for shenanagins where there are none. I don't understand why you pontificate/theorize here where nobody could possibly have the answers you seek. I said it already, but absolutely go ask Fidelity, and come back and post when you have the answers to your questions, so we can all see what you've found behind the curtain. I'm sure as the largest Broker that Fidelity gets a lot of scrutiny from the various regulators, and I'm sure as a bank that UMB does as well.

Vanguard did offer their Advantage account for many years, which I think was partnered with PNC bank, but it's no longer offered and I forget exactly if it was PNC or not.
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zero_coupon
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Re: Fidelity: Gettng Money In and Out

Post by zero_coupon »

nalor511 wrote: Mon Aug 15, 2022 4:10 pm I think you're barking up a dead tree, looking for shenanagins where there are none. I don't understand why you pontificate/theorize here where nobody could possibly have the answers you seek.
Certainly not "looking for shenanagins," just trying to learn more. Also not "pontificating/theorizing," just asking. You are correct that these questions are reasonably directed to Fidelity. Thanks for your contributions.
PersonalFinanceJam
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Re: Fidelity: Gettng Money In and Out

Post by PersonalFinanceJam »

zero_coupon wrote: Mon Aug 15, 2022 4:05 pm
nalor511 wrote: Mon Aug 15, 2022 12:18 pm It's not "hidden", and they're making no "secret" of it either.
https://www.reddit.com/r/fidelityinvest ... ird_party/
https://www.reddit.com/r/fidelityinvest ... gh_umb_na/
Well, it's at least "behind-the-scenes," no? A Fidelity customer cannot transact directly with his/her UMB account through UMB, correct? You can't call UMB to discuss or make changes to your account. Fidelity's not hiding this connection, but they're not using it for promotional purposes either: "Join Fidelity now to get your free UMB account!" Do other brokerages, e.g. Vanguard, give everyone a 3rd party bank account like this? Does UMB have access to personal info of Fidelity customers?

Thanks for the links. Will have a look.
Yes, other brokerages absolutely do use third party bank accounts since customers usually want ways to do things like direct deposit funds from say a pay check. Or direct debit for bills for example. A strictly brokerage account wouldn't be able to process that way. They don't promote them because you can barely call them accounts. You can't interact with them except through the brokerage and they are really only designed to be conduits.

Fidelity is the most overt at displaying this information and making direct deposit and direct debit enabled on their brokerage accounts. Vanguard has a way to enable direct deposit which I think may be associated PNC, not sure but it doesn't matter. Schwab for their brokerage accounts will use 2 separate banks depending on if it is a direct deposit or a direct debit transaction. Ironically enough neither is Schwab bank.

Note, all of the above is strictly separate from an fdic insured sweep account such as Fidelity's CMA where funds are on deposit at a program bank. There again you can't interact with the bank account except through the brokerage so there is nothing to promote. It's simply there for the feature of being FDIC insured.
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jeffyscott
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Re: Fidelity: Gettng Money In and Out

Post by jeffyscott »

PersonalFinanceJam wrote: Mon Aug 15, 2022 5:36 pmSchwab for their brokerage accounts will use 2 separate banks depending on if it is a direct deposit or a direct debit transaction. Ironically enough neither is Schwab bank.
I hadn't thought about it not being their own bank before, but the wire instructions on their account transfer form say, Wire to: Citibank...
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VictorStarr
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Re: Fidelity: Gettng Money In and Out

Post by VictorStarr »

zero_coupon wrote: Sun Aug 14, 2022 12:22 am Thanks for the suggestions. A related question is whether every Fidelity customer also has a "behind-the-scenes" account at UMB, NA. For a Fidelity brokerage account (not CMA), it's unclear whether UMB just facilitates ACH transactions, or whether UMB actually establishes "behind-the-scenes" accounts for all Fidelity brokerage customers:
protagonist wrote: Thu Jun 09, 2022 10:54 pm ... my account number at UMB corresponds to my brokerage account number at Fidelity. ...
Does every Fidelity brokerage account show a UMB routing and account number, even before attempting to link an external account, and without enabling check-writing or debit card?
Potentially there are many "shadow" accounts associated with our brokerage, banking accounts and debit/credit cards. For example, many Visa cards are enrolled into a Visa Account Updater (VAU) account. Card issuers automatically enroll debit/credit cards into VAU (sometimes without opt option).

UMB is a bank and a banking service provider. UMB provides white-label (private-label) banking services for Fidelity, many other brokers, banks, credit unions, fintechs, etc. See this for more information:
https://www.umb.com/institutional-banki ... g-services

Essential feature of the white-label product or service is the ability to rebrand it, to make it appear that service is provided by another company. We are "not supposed to know" that Fidelity uses UMB to deliver cash management features to us. Unfortunately for Fidelity, banking white-label services are leaky:
- Fidelity brokerage/CMA routing number is UMB routing number
- Fidelity wire transfer routing number is JPMorgan Chase number
- Fidelity Debit card customer service is provided by BNY Mellon
- Interest paid on Fidelity FDIC deposits shows program bank names
- etc ..

UMB is only part of the solution, Fidelity utilizes services by many other companies to provide cash management services. Take Fidelity Debit card:
- PNC Banks issues cards
- BNY Mellon manages the card transaction processing, fraud detection, and customer support
- UMB processes transactions
- 24 "Account Program Banks" keep cash in FDIC insured account

Each of these providers have to maintain customer ID and records necessary to provide services. One can call such records an account but these accounts are not customer-facing accounts. Fidelity customers mostly deal directly with Fidelity, not service providers (BNY Mellon customer support is an exception).
More details:
https://www.fidelity.com/cash-management/atm-debit-card
https://www.fidelity.com/bin-public/060 ... eement.pdf
https://accountopening.fidelity.com/ftg ... ?type=fcma

If you want to find more how Fidelity cash management services are implemented, search is your friend.
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zero_coupon
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Re: Fidelity: Gettng Money In and Out

Post by zero_coupon »

VictorStarr wrote: Mon Aug 15, 2022 8:14 pm Potentially there are many "shadow" accounts associated with our brokerage, banking accounts and debit/credit cards...
Insightful response. I wonder whether each outside entity becomes involved only "as needed" per customer, or whether all customers are provided "shadow accounts" (or at least a ledger entry) at entities whose services the customer does not even use. It would be interesting to know how many entities become involved if one simply establishes a brokerage account and funds it via check. For this simple case, perhaps Vanguard makes fewer entity connections than Fidelity.
criticalmass
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Re: Fidelity: Gettng Money In and Out

Post by criticalmass »

zero_coupon wrote: Mon Aug 15, 2022 12:02 pm
JoMoney wrote: Mon Aug 15, 2022 8:12 am I don't have a Vanguard account, so I can't check to see what routing number they provide, but from searching online it seems some people were given the routing number is 021409169 (along with there individual account number) for direct deposits. That routing number is to JP Morgan Chase bank. You can usually do an internet search on a bank routing number and see the banks info.

Do note that while Vanguard allows you to make direct deposits into your account, they no longer offer the option for bank-like features the way Fidelity does with ATM/debit card, check writing, I'm not even sure if you can do an ACH debit/pull from another bank <- I'm curious if you can, please let me know if someone can confirm, can you say pay a credit card bill through an ACH pull out of balances in your Vanguard settlement fund, or even link an outside bank and pull funds from Vanguard to do a transfer?
JP Morgan Chase is a logical Vanguard partner as JPM apparently serves as a custodian Vanguard funds IIRC.

Regarding individual customer accounts, however, it seems Fidelity automatically ties all their customers to UMB, providing everyone a "hidden" UMB account. I'm not sure Vanguard operates in this way, but perhaps so. I'm curious, for example, if one does a simple ACH transfer from a bank account to Vanguard, is that handled through a bank such as JPM? And does Vanguard give everyone a hidden JPM account the way Fidelity seems to give everyone a hidden UMB account?
When Vanguard offered the Advantage account, it was operated by UMB and the debit card was issued by PNC (similar to Fidelity).

The mutual fund accounts have always used a third party custodian bank, e.g. Wells Fargo and Citibank. Check the routing number on the mutual fund checks.
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zero_coupon
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Re: Fidelity: Gettng Money In and Out

Post by zero_coupon »

criticalmass wrote: Wed Aug 17, 2022 11:23 pm [Vanguard] mutual fund accounts have always used a third party custodian bank, e.g. Wells Fargo and Citibank. Check the routing number on the mutual fund checks.
Are Fidelity brokerage accounts, with check-writing enabled, handled through UMB just like Fidelity CMA (same routing number, etc.)? In other words, do payees see these two types of accounts the same way?
nalor511
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Re: Fidelity: Gettng Money In and Out

Post by nalor511 »

zero_coupon wrote: Thu Aug 18, 2022 1:11 pm
criticalmass wrote: Wed Aug 17, 2022 11:23 pm [Vanguard] mutual fund accounts have always used a third party custodian bank, e.g. Wells Fargo and Citibank. Check the routing number on the mutual fund checks.
Are Fidelity brokerage accounts, with check-writing enabled, handled through UMB just like Fidelity CMA (same routing number, etc.)? In other words, do payees see these two types of accounts the same way?
Again, you've got live chat, secure email, and even an official support reddit forum. You have detailed, back-end specific technology/routing questions. Fidelity has detailed, specific answers.
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zero_coupon
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Re: Fidelity: Gettng Money In and Out

Post by zero_coupon »

nalor511 wrote: Thu Aug 18, 2022 1:40 pm
zero_coupon wrote: Thu Aug 18, 2022 1:11 pm Are Fidelity brokerage accounts, with check-writing enabled, handled through UMB just like Fidelity CMA (same routing number, etc.)? In other words, do payees see these two types of accounts the same way?
Again, you've got live chat, secure email, and even an official support reddit forum. You have detailed, back-end specific technology/routing questions. Fidelity has detailed, specific answers.
People here are typically helpful too, if they have experience with a particular topic. You, for example, alerted us to the technique for skipping Plaid verification in favor of micro-deposits. Additionally, some of the contact methods you mentioned may be reserved for existing Fidelity customers, and as I stated upthread:
zero_coupon wrote: Thu Aug 11, 2022 12:18 am [I'm] Doing research before choosing a new broker.
I understand your suggestion to contact Fidelity, which I may do. However, this thread may still provide useful information. Please feel free to ignore it. Someone else revived this thread yesterday after a few days of inactivity, so I thought I'd continue the discussion.

My latest question basically was whether Fidelity brokerage and CMA accounts have the same routing number. I will wait and see if anyone has experience with this and can offer insight.
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VictorStarr
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Re: Fidelity: Gettng Money In and Out

Post by VictorStarr »

Yes, Fidelity CMA and brokerage accounts use the same routing number.
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VictorStarr
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Re: Fidelity: Gettng Money In and Out

Post by VictorStarr »

subreddit r/fidelityinvestments has very active Fidelity community care representatives who can answer many specific questions.
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zero_coupon
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Re: Fidelity: Gettng Money In and Out

Post by zero_coupon »

VictorStarr wrote: Thu Aug 18, 2022 7:01 pm Yes, Fidelity CMA and brokerage accounts use the same routing number.
Thank you for confirming this.
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zero_coupon
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Re: Fidelity: Gettng Money In and Out

Post by zero_coupon »

VictorStarr wrote: Thu Aug 11, 2022 8:49 pm
zero_coupon wrote: Thu Aug 11, 2022 7:25 pm 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?
... I do not know if Fidelity shares personal information with partners banks, I doubt it. ...
Some info from the FDIC-Insured Deposit Sweep Program Disclosure for Fidelity IRAs and HSAs:
http://personal.fidelity.com/accounts/pdf/FDIC.pdf
(The FDIC accounts in this sweep program seem to work similar to the FDIC accounts in the CMA program.)
Fidelity wrote: You further acknowledge and agree to allow Fidelity to share personal information about you, including such things as your name, Social Security number, or tax identification number, address, and date of birth, with certain entities that provide services to Fidelity in connection with the Program. These service providers, which include the Program Banks, will use such information solely to satisfy their own ststatutory or regulatory obligations, or obligations that attach to Fidelity.
Some people do not care about such information sharing, while others do. At least it is disclosed so people can act accordingly.
Arby
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Re: Fidelity: Gettng Money In and Out

Post by Arby »

If I want to receive a small one time transfer into either my Fidelity Brokerage Account or Fidelity CMA, does the transferer need to be link to my Fidelity account? Or can anyone or any company that has my routing number and account number transfer money into my Fidelity account?
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VictorStarr
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Re: Fidelity: Gettng Money In and Out

Post by VictorStarr »

Arby wrote: Mon Aug 22, 2022 1:27 am If I want to receive a small one time transfer into either my Fidelity Brokerage Account or Fidelity CMA, does the transferer need to be link to my Fidelity account? Or can anyone or any company that has my routing number and account number transfer money into my Fidelity account?
Majority of financial institutions do not allow transfers to third party accounts. You can use BillPay or paper check to deposit money to Fidelity Brokerage or CMA account of your choice. See Fidelity instructions for details:
https://www.fidelity.com/cash-managemen ... ck-by-mail
For smaller amounts BillPay would be electronic and would take a couple of days.
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zero_coupon
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Re: Fidelity: Gettng Money In and Out

Post by zero_coupon »

VictorStarr wrote: Mon Aug 22, 2022 1:38 am Majority of financial institutions do not allow transfers to third party accounts. You can use BillPay or paper check to deposit money to Fidelity Brokerage or CMA account of your choice...
As a separate matter, can one typically only use Fidelity's (or other institutions') bill pay to pay one's own bills, or does it enable one to submit a bill payment on behalf of another person (e.g. pay a bill for someone)? Would it make a difference if the bill payment were of the type sent by paper check, as apparently happens when the payee isn't set up to receive electronic payments?
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