Fidelity as a one stop shop

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Loandapper
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Re: Fidelity as a one stop shop

Post by Loandapper »

homebuyer6426 wrote: Thu Aug 18, 2022 8:23 am
Loandapper wrote: Thu Aug 18, 2022 8:17 am
outbackcountry wrote: Thu Aug 18, 2022 1:31 am
Loandapper wrote: Wed Aug 17, 2022 11:20 pm Has anyone been able to successfully link their Fidelity CMA with Plaid? No matter which site I use, I just can't get Plaid to accept my Fidelity account. Any hints or tips on how to make this work would be greatly appreciated!
Nope. However, the I did try now at DCU (Plaid) and got a message that the DCU/Plaid set up didn't support the multi-factor authentication method of Fidelity.
This is the same error message I’m getting. Anyone successfully resolve this?
I opted for the bank account link instead of using Plaid and it works for me.

Plaid is not as secure as Fidelity and they are trying to protect you from the risk if you have 2FA on. I believe you can turn 2FA off and accept the risk if you choose. I chose not to use Plaid as I don't want this risk when dealing with large money amounts.
I have a CMA account I use for all external transactions. It never has more than $500 in it and it isn't linked to my main brokerage account via overdraft.

What I've been doing to get around this is link an old Ally account with Plaid, then transfer from Fido to Ally just before any Plaid-related activity. But I would like to get Plaid connected to that tiny CMA account so I can truly be one-stop shopping at Fidelity.
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JoMoney
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Re: Fidelity as a one stop shop

Post by JoMoney »

homebuyer6426 wrote: Thu Aug 18, 2022 8:23 am... I chose not to use Plaid as I don't want this risk when dealing with large money amounts.
:thumbsup
I think it's bizarre that so many are willing to give access to their accounts to a third-party. I'd be curious if there's any stats about how many of the users even really read and understand the terms and potential impacts they're agreeing to when using services like "Plaid".
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

Loandapper wrote: Thu Aug 18, 2022 8:17 am
outbackcountry wrote: Thu Aug 18, 2022 1:31 am
Loandapper wrote: Wed Aug 17, 2022 11:20 pm Has anyone been able to successfully link their Fidelity CMA with Plaid? No matter which site I use, I just can't get Plaid to accept my Fidelity account. Any hints or tips on how to make this work would be greatly appreciated!
Nope. However, the I did try now at DCU (Plaid) and got a message that the DCU/Plaid set up didn't support the multi-factor authentication method of Fidelity.
This is the same error message I’m getting. Anyone successfully resolve this?
Any option to verify via micro deposits? I was able successfully verify my Fidelity CMA with multiple financial institutions (including but not limited to Bank of America, Ally, Wells Fargo, etc.) using micro deposits.
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

JoMoney wrote: Thu Aug 18, 2022 8:33 am
homebuyer6426 wrote: Thu Aug 18, 2022 8:23 am... I chose not to use Plaid as I don't want this risk when dealing with large money amounts.
:thumbsup
I think it's bizarre that so many are willing to give access to their accounts to a third-party. I'd be curious if there's any stats about how many of the users even really read and understand the terms and potential impacts they're agreeing to when using services like "Plaid".
I would not use Plaid, they have some class action lawsuit pending regarding them storing your login data too long for no good reason.
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JoMoney
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Re: Fidelity as a one stop shop

Post by JoMoney »

anon_investor wrote: Thu Aug 18, 2022 8:34 am
JoMoney wrote: Thu Aug 18, 2022 8:33 am
homebuyer6426 wrote: Thu Aug 18, 2022 8:23 am... I chose not to use Plaid as I don't want this risk when dealing with large money amounts.
:thumbsup
I think it's bizarre that so many are willing to give access to their accounts to a third-party. I'd be curious if there's any stats about how many of the users even really read and understand the terms and potential impacts they're agreeing to when using services like "Plaid".
I would not use Plaid, they have some class action lawsuit pending regarding them storing your login data too long for no good reason.
I don't think there's a "good reason" to even give them access a single time, allowing them to screen-scrape your private financial and personal information. It's bad enough the level of this "information sharing" we get pushed into with the primary financial institutions we deal with, to add more third-parties into it is beyond ridiculous.
"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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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

JoMoney wrote: Thu Aug 18, 2022 8:38 am
anon_investor wrote: Thu Aug 18, 2022 8:34 am
JoMoney wrote: Thu Aug 18, 2022 8:33 am
homebuyer6426 wrote: Thu Aug 18, 2022 8:23 am... I chose not to use Plaid as I don't want this risk when dealing with large money amounts.
:thumbsup
I think it's bizarre that so many are willing to give access to their accounts to a third-party. I'd be curious if there's any stats about how many of the users even really read and understand the terms and potential impacts they're agreeing to when using services like "Plaid".
I would not use Plaid, they have some class action lawsuit pending regarding them storing your login data too long for no good reason.
I don't think there's a "good reason" to even give them access a single time, allowing them to screen-scrape your private financial and personal information. It's bad enough the level of this "information sharing" we get pushed into with the primary financial institutions we deal with, to add more third-parties into it is beyond ridiculous.
I always use micro desposits to link accounts whenever possible.
bling
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Re: Fidelity as a one stop shop

Post by bling »

got bitten with a wash sale triggered from dividends. figured i'll just avoid this altogether in the future by holding F* mutual funds in all my fidelity accounts, and my other brokerage accounts can be exclusively vanguard/ishares/schwab ETFs.

i have some ETFs in my fidelity account. can i sell this at 3:59pm and put in the purchase order for a mutual fund before 4:00pm? or do i need to wait the 2 day settlement?
Eno Deb
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Re: Fidelity as a one stop shop

Post by Eno Deb »

Loandapper wrote: Thu Aug 18, 2022 8:29 amI have a CMA account I use for all external transactions. It never has more than $500 in it and it isn't linked to my main brokerage account via overdraft.
Note that when you give Plaid access, they can technically scrape all of your accounts and other personal information, not just the CMA. In the past they were caught (and paid tens of millions to settle a lawsuit) scraping way more information than was required for the original purpose of the account linking.
sobogled
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Re: Fidelity as a one stop shop

Post by sobogled »

bling wrote: Thu Aug 18, 2022 10:06 am got bitten with a wash sale triggered from dividends. figured i'll just avoid this altogether in the future by holding F* mutual funds in all my fidelity accounts, and my other brokerage accounts can be exclusively vanguard/ishares/schwab ETFs.

i have some ETFs in my fidelity account. can i sell this at 3:59pm and put in the purchase order for a mutual fund before 4:00pm? or do i need to wait the 2 day settlement?
yes, unless you have prior holds from violations you can sell and place the new order (you’re locked in at least 2 days then, really 30 as it’s a mutual fund)

other option is don’t auto reinvest the dividends.
LoveTheBogle
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Re: Fidelity as a one stop shop

Post by LoveTheBogle »

For those of you who have multiple Fidelity taxable accounts (such as a brokerage account and CMA account) do you receive one single 1099 Tax Reporting Statement PDF from Fidelity that takes all taxable events, from all taxable accounts, and gives you a consolidation of one 1099-misc, one 1099, div, one 1099-int and one list of 1099-b data?

Or do you get multiple 1099 Tax Reporting Statement documents, one for each taxable account?

Or do you get one 1099 Tax Reporting Statement PDF but it is really broken up into sections based upon the account with multiple 1099-misc, 1099-div, 1099-int, 1099-b data?


*please note I'm specifically talking about Fidelity Brokerage and Cash Management Accounts. I'm not talking about IRA, 401k, HSA, etc.
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indexfundfan
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Re: Fidelity as a one stop shop

Post by indexfundfan »

LoveTheBogle wrote: Thu Aug 18, 2022 4:42 pm For those of you who have multiple Fidelity taxable accounts (such as a brokerage account and CMA account) do you receive one single 1099 Tax Reporting Statement PDF from Fidelity that takes all taxable events, from all taxable accounts, and gives you a consolidation of one 1099-misc, one 1099, div, one 1099-int and one list of 1099-b data?

Or do you get multiple 1099 Tax Reporting Statement documents, one for each taxable account?

Or do you get one 1099 Tax Reporting Statement PDF but it is really broken up into sections based upon the account with multiple 1099-misc, 1099-div, 1099-int, 1099-b data?


*please note I'm specifically talking about Fidelity Brokerage and Cash Management Accounts. I'm not talking about IRA, 401k, HSA, etc.
In 2020, I received separate statements for each taxable account. Not sure if this was changed in 2021, but probably not because each tax statement is associated with an account number.
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spammagnet
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Re: Fidelity as a one stop shop

Post by spammagnet »

homebuyer6426 wrote: Thu Aug 18, 2022 8:23 am... Plaid is not as secure as Fidelity ...
I'm glad I saw this correspondence about Plaid. I created an account using the email address I use with financial institutions and discovered connections to Fidelity from closed accounts at Tastyworks and Expensify. I deleted both.
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

spammagnet wrote: Thu Aug 18, 2022 8:46 pm
homebuyer6426 wrote: Thu Aug 18, 2022 8:23 am... Plaid is not as secure as Fidelity ...
I'm glad I saw this correspondence about Plaid. I created an account using the email address I use with financial institutions and discovered connections to Fidelity from closed accounts at Tastyworks and Expensify. I deleted both.
You made a Plaid account? :shock:
spammagnet
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Re: Fidelity as a one stop shop

Post by spammagnet »

anon_investor wrote: Thu Aug 18, 2022 9:03 pmYou made a Plaid account? :shock:
Yes, and I'm glad I did. I had created connections from Tastyworks and Expensify to my CMA for transferring funds. I didn't know Plaid was involved. I closed the Expensify and Tastyworks accounts in the past and thought the connections would close with the accounts. I was wrong.

I created a login to Plaid which revealed those connections remained. I was able to delete them and all data history. Other then my email address and the phone number used for 2FA, Plaid no longer has anything on me. (I assume deleted they when they said they did.)
nalor511
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Re: Fidelity as a one stop shop

Post by nalor511 »

spammagnet wrote: Thu Aug 18, 2022 9:21 pm
anon_investor wrote: Thu Aug 18, 2022 9:03 pmYou made a Plaid account? :shock:
Yes, and I'm glad I did. I had created connections from Tastyworks and Expensify to my CMA for transferring funds. I didn't know Plaid was involved. I closed the Expensify and Tastyworks accounts in the past and thought the connections would close with the accounts. I was wrong.

I created a login to Plaid which revealed those connections remained. I was able to delete them and all data history. Other then my email address and the phone number used for 2FA, Plaid no longer has anything on me. (I assume deleted they when they said they did.)
Plaid (or something like it) is involved whenever you link by logging in with credentials. I always use routing/account (micro deposits). Never ever enter credentials. You can do it from the fidelity end by entering bogus login info, and after two tries it gives you a page for routing/account.
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JoMoney
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Re: Fidelity as a one stop shop

Post by JoMoney »

nalor511 wrote: Thu Aug 18, 2022 9:44 pm ...
Plaid (or something like it) is involved whenever you link by logging in with credentials. I always use routing/account (micro deposits). Never ever enter credentials. You can do it from the fidelity end by entering bogus login info, and after two tries it gives you a page for routing/account.
In the past, I had experienced Fidelity trying to force supplying credentials for bank first (and then only after failing allow the option to manually enter details.) It seems they've changed that more recently, now it gives me the option to choose when trying to link a bank, and I can just choose to enter myself:

Image
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outbackcountry
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Re: Fidelity as a one stop shop

Post by outbackcountry »

Loandapper wrote: Thu Aug 18, 2022 8:17 am
outbackcountry wrote: Thu Aug 18, 2022 1:31 am
Loandapper wrote: Wed Aug 17, 2022 11:20 pm Has anyone been able to successfully link their Fidelity CMA with Plaid? No matter which site I use, I just can't get Plaid to accept my Fidelity account. Any hints or tips on how to make this work would be greatly appreciated!
Nope. However, the I did try now at DCU (Plaid) and got a message that the DCU/Plaid set up didn't support the multi-factor authentication method of Fidelity.
This is the same error message I’m getting. Anyone successfully resolve this?
Per a recent post in Fidelity subreddit, Fidelity support has stated the below as a workaround -
At this time, we do not have any updates regarding the Plaid 2-Factor Authentication issue. Plaid does not currently support the multi-factor authentication used by Fidelity. However, as a workaround, you can temporarily disable the multi-factor authentication feature on your Fidelity account. Once the link has been established, you can re-enabled multi-factor authentication.
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

spammagnet wrote: Thu Aug 18, 2022 9:21 pm
anon_investor wrote: Thu Aug 18, 2022 9:03 pmYou made a Plaid account? :shock:
Yes, and I'm glad I did. I had created connections from Tastyworks and Expensify to my CMA for transferring funds. I didn't know Plaid was involved. I closed the Expensify and Tastyworks accounts in the past and thought the connections would close with the accounts. I was wrong.

I created a login to Plaid which revealed those connections remained. I was able to delete them and all data history. Other then my email address and the phone number used for 2FA, Plaid no longer has anything on me. (I assume deleted they when they said they did.)
How do you make a Plaid account?
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obafgkm
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Re: Fidelity as a one stop shop

Post by obafgkm »

anon_investor wrote: Tue Aug 16, 2022 12:23 pm Also remember to lock your debit card when not in use!
Just remember to unlock it before you need it. I locked my Fidelity CMA debit card, and when I tried to use to withdraw cash at an ATM, it was promptly "eaten" by the ATM. I had to call Fidelity and wait a few days to receive the replacement. Fortunately I could transfer some money to my local credit union and use my credit union's debit card.
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

obafgkm wrote: Thu Aug 18, 2022 10:44 pm
anon_investor wrote: Tue Aug 16, 2022 12:23 pm Also remember to lock your debit card when not in use!
Just remember to unlock it before you need it. I locked my Fidelity CMA debit card, and when I tried to use to withdraw cash at an ATM, it was promptly "eaten" by the ATM. I had to call Fidelity and wait a few days to receive the replacement. Fortunately I could transfer some money to my local credit union and use my credit union's debit card.
Good tip.

I keep all my debit cards locked at all times, so it is habit for me to unlock them via mobile apps before using them.
homebuyer6426
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Re: Fidelity as a one stop shop

Post by homebuyer6426 »

I
anon_investor wrote: Thu Aug 18, 2022 11:11 pm
obafgkm wrote: Thu Aug 18, 2022 10:44 pm
anon_investor wrote: Tue Aug 16, 2022 12:23 pm Also remember to lock your debit card when not in use!
Just remember to unlock it before you need it. I locked my Fidelity CMA debit card, and when I tried to use to withdraw cash at an ATM, it was promptly "eaten" by the ATM. I had to call Fidelity and wait a few days to receive the replacement. Fortunately I could transfer some money to my local credit union and use my credit union's debit card.
Good tip.

I keep all my debit cards locked at all times, so it is habit for me to unlock them via mobile apps before using them.
I don't know how I feel about these new card readers that can confiscate your card. I see how it helps security, but... your card is your personal property, right? Or does the bank technically own it?
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spammagnet
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Re: Fidelity as a one stop shop

Post by spammagnet »

anon_investor wrote: Thu Aug 18, 2022 11:11 pmI keep all my debit cards locked at all times, so it is habit for me to unlock them via mobile apps before using them.
Where in the Fidelity app can you do that? Coincidentally, I tried to get cash yesterday and forgot it was locked. It's not something I've normally done in the past.) I was baffled that it wouldn't give me cash but, luckily, it didn't keep my card.

After it dawned on me that I had locked the card, I tried to unlock it in their app but couldn't find the function. I resorted to using their mobile web page, which supports it.
arf30
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Re: Fidelity as a one stop shop

Post by arf30 »

homebuyer6426 wrote: Fri Aug 19, 2022 7:44 am I don't know how I feel about these new card readers that can confiscate your card. I see how it helps security, but... your card is your personal property, right? Or does the bank technically own it?
Definitely not a new thing, I had my card eaten by an ATM in the Bahamas 25 years ago.
spammagnet
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Re: Fidelity as a one stop shop

Post by spammagnet »

anon_investor wrote: Thu Aug 18, 2022 10:27 pmHow do you make a Plaid account?
my.plaid.com
spammagnet
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Re: Fidelity as a one stop shop

Post by spammagnet »

arf30 wrote: Fri Aug 19, 2022 7:50 amDefinitely not a new thing, I had my card eaten by an ATM in the Bahamas 25 years ago.
I think it dates back to when vendors were involved in validating the card. As a sales clerk decades ago, I was expected to compare the signature on the card to an accepted ID. If there was any doubt I was to call the bank and maybe keep the card, if directed by the bank. That put the hapless sales clerk (me) between the bank and angry customer. That's not good for future sales. Today it would be risky to your health.
protagonist
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Re: Fidelity as a one stop shop

Post by protagonist »

Until recently I used my Fidelity account as my go-to checking account, but kept the bulk of my cash in an online bank that offered better interest rates. I would transfer money into Fidelity as needed.
But now the 7 day yield on FZDXX is up to 1.8% (as of 7/31). That is competitive with the best rates available elsewhere. So I moved my money out of the external accounts and now pretty much use Fidelity for everything. I still have CDs scattered around the country but as they mature I move my money into TIPS purchased via Fidelity in the secondary market. I keep a local "brick and mortar" bank account with a few bucks in it for convenience.

I have considered a Fidelity cash back credit card, but I think I get better benefits using Chase Ultimate Rewards....then again the Chase Sapphire Reserve card is pretty expensive so I may re-think that.
Last edited by protagonist on Fri Aug 19, 2022 8:05 am, edited 2 times in total.
leviathan
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Re: Fidelity as a one stop shop

Post by leviathan »

I received a debit card linked to my Fidelity brokerage account (issued by PNC Bank).
I know that ATM fees are NOT reimbursed (for a brokerage account ATM).
But I am wondering whether I will get charged for ATM fees or not if I use it at ATM machines by PNC Bank.
Also, recently PNC Bank added Allpoint ATMs as their "PNC partner ATM". Will I get charged for fees using them or not?
Let me know if you have any experiences. Thanks.
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JoMoney
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Re: Fidelity as a one stop shop

Post by JoMoney »

leviathan wrote: Fri Aug 19, 2022 7:58 am I received a debit card linked to my Fidelity brokerage account (issued by PNC Bank).
I know that ATM fees are NOT reimbursed (for a brokerage account ATM).
But I am wondering whether I will get charged for ATM fees or not if I use it at ATM machines by PNC Bank.
Also, recently PNC Bank added Allpoint ATMs as their "PNC partner ATM". Will I get charged for fees using them or not?
Let me know if you have any experiences. Thanks.
In my experience there was no fee at the PNC partner ATM's near me (there are no PNC branded branches/ATMs near me)
https://apps.pnc.com/locator/search

Any ATM you use should disclose to you if it's going to charge you a fee, and you'll have to agree to it, so you can always try and then cancel if it discloses a fee to you. Fidelity doesn't charge any 'out of network' fees the way some banks do on top of any fees by the machine operator.
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Re: Fidelity as a one stop shop

Post by muffins14 »

leviathan wrote: Fri Aug 19, 2022 7:58 am I received a debit card linked to my Fidelity brokerage account (issued by PNC Bank).
I know that ATM fees are NOT reimbursed (for a brokerage account ATM).
This is not exactly true. It does reimburse ATM fees once you have 250k+ assets
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leviathan
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Re: Fidelity as a one stop shop

Post by leviathan »

JoMoney wrote: Fri Aug 19, 2022 8:12 am
leviathan wrote: Fri Aug 19, 2022 7:58 am I received a debit card linked to my Fidelity brokerage account (issued by PNC Bank).
I know that ATM fees are NOT reimbursed (for a brokerage account ATM).
But I am wondering whether I will get charged for ATM fees or not if I use it at ATM machines by PNC Bank.
Also, recently PNC Bank added Allpoint ATMs as their "PNC partner ATM". Will I get charged for fees using them or not?
Let me know if you have any experiences. Thanks.
In my experience there was no fee at the PNC partner ATM's near me (there are no PNC branded branches/ATMs near me)
https://apps.pnc.com/locator/search

Any ATM you use should disclose to you if it's going to charge you a fee, and you'll have to agree to it, so you can always try and then cancel if it discloses a fee to you. Fidelity doesn't charge any 'out of network' fees the way some banks do on top of any fees by the machine operator.
Thanks for sharing your experience.
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JoMoney
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Re: Fidelity as a one stop shop

Post by JoMoney »

muffins14 wrote: Fri Aug 19, 2022 8:14 am
leviathan wrote: Fri Aug 19, 2022 7:58 am I received a debit card linked to my Fidelity brokerage account (issued by PNC Bank).
I know that ATM fees are NOT reimbursed (for a brokerage account ATM).
This is not exactly true. It does reimburse ATM fees once you have 250k+ assets
Getting fees reimbursed for a brokerage account isn't necessarily an automatic thing at some particular level despite what their web page makes it seem.
I have 'Private Client' status at Fidelity, opened a brokerage account with the intent to use it like a CMA but having the default core account as FDRXX rather than the FDIC bank sweep. I had even called in and confirmed before opening the account that as 'Private Client' status I would get fees reimbursed.... and then when I got around to using it an ATM - there was no fee reimbursement. I called in to find out what was going on, and the rep looked into it, put me on hold for awhile, eventually came back apologizing and explaining that "they learned something new too" and apparently (at least now) you have to have PC status with a personal rep assigned to potentially be eligible and would need to work with them on getting it, and need to look at the terms of your account agreement specifically regarding what fees you'll be charged.

I'm kind of curious if Fidelity is actually doing something to shift away from the 'Private Client' status and towards their 'Wealth Management' services. I don't see any web page or information on their site talking about 'Private Client' anymore, or other service 'Tiers'. I only see it mentioned vaguely in parenthesis on various things.
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increment
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Re: Fidelity as a one stop shop

Post by increment »

homebuyer6426 wrote: Fri Aug 19, 2022 7:44 am ... your card is your personal property, right? Or does the bank technically own it?
In my recollection, the (mandatory) agreements for the plastic cards always say that the card is the property of the bank.
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Leif
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Re: Fidelity as a one stop shop

Post by Leif »

JoMoney wrote: Fri Aug 19, 2022 8:23 am... I called in to find out what was going on, and the rep looked into it, put me on hold for awhile, eventually came back apologizing and explaining that "they learned something new too" and apparently (at least now) you have to have PC status with a personal rep assigned to potentially be eligible and would need to work with them on getting it, and need to look at the terms of your account agreement specifically regarding what fees you'll be charged.

I'm kind of curious if Fidelity is actually doing something to shift away from the 'Private Client' status and towards their 'Wealth Management' services. I don't see any web page or information on their site talking about 'Private Client' anymore, or other service 'Tiers'. I only see it mentioned vaguely in parenthesis on various things.
I'm PCG, do not have a personal rep, and have no problem in getting my ATM charges reimbursed. I think my last ATM withdrawal was about 2 months ago. Unless this is something very new?

I do recall being told there was a limit, something like $100/yr in fees, I don't really remember. But I'm well under $100.

P.S. I see on the Fidelity website they say:
Fidelity Cash Management Account owners, Youth Account owners or Fidelity Account owners coded Premium, Active Trader VIP, Private Client Group, Wealth Management, or former Youth Account owner, will be reimbursed for ATM fees charged by other institutions.
https://www.fidelity.com/cash-managemen ... debit-card
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Re: Fidelity as a one stop shop

Post by IowaFarmWife »

spammagnet wrote: Fri Aug 19, 2022 7:53 am
arf30 wrote: Fri Aug 19, 2022 7:50 amDefinitely not a new thing, I had my card eaten by an ATM in the Bahamas 25 years ago.
I think it dates back to when vendors were involved in validating the card. As a sales clerk decades ago, I was expected to compare the signature on the card to an accepted ID. If there was any doubt I was to call the bank and maybe keep the card, if directed by the bank. That put the hapless sales clerk (me) between the bank and angry customer. That's not good for future sales. Today it would be risky to your health.
I had to do that to a few customers a number of years ago. I hated doing that. It was awkward for both me and the customer.
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

spammagnet wrote: Fri Aug 19, 2022 7:49 am
anon_investor wrote: Thu Aug 18, 2022 11:11 pmI keep all my debit cards locked at all times, so it is habit for me to unlock them via mobile apps before using them.
Where in the Fidelity app can you do that? Coincidentally, I tried to get cash yesterday and forgot it was locked. It's not something I've normally done in the past.) I was baffled that it wouldn't give me cash but, luckily, it didn't keep my card.

After it dawned on me that I had locked the card, I tried to unlock it in their app but couldn't find the function. I resorted to using their mobile web page, which supports it.
In the app at the bottom of the lists of your accounts it says "manage debit cards" click on it and unlock or lock your debit cars.
spammagnet
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Re: Fidelity as a one stop shop

Post by spammagnet »

anon_investor wrote: Fri Aug 19, 2022 11:20 am
spammagnet wrote: Fri Aug 19, 2022 7:49 am
anon_investor wrote: Thu Aug 18, 2022 11:11 pmI keep all my debit cards locked at all times, so it is habit for me to unlock them via mobile apps before using them.
Where in the Fidelity app can you do that? Coincidentally, I tried to get cash yesterday and forgot it was locked. It's not something I've normally done in the past.) I was baffled that it wouldn't give me cash but, luckily, it didn't keep my card.

After it dawned on me that I had locked the card, I tried to unlock it in their app but couldn't find the function. I resorted to using their mobile web page, which supports it.
In the app at the bottom of the lists of your accounts it says "manage debit cards" click on it and unlock or lock your debit cars.
Thanks
CCD
Posts: 136
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Re: Fidelity as a one stop shop

Post by CCD »

Hello,

I know how to nickname Fidelity accounts. Is there a way to nickname linked external accounts at Fidelity? For example, if I have it linked to multiple Schwab accounts the only way to differentiate is to look (memorize) the account number.

Thanks,
CCD
HomeStretch
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Re: Fidelity as a one stop shop

Post by HomeStretch »

A minor item but I noticed this as I calculated my Q3 estimated tax payments today …
A nice feature that Fidelity’s site offers is the current year to-date tax activity summary that pulls together interest, dividends, realized gains/losses, etc. by account all in one screen (with drill down capability). Vanguard and E-Trade YTD tax info is not summarized as concisely.
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JoMoney
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Re: Fidelity as a one stop shop

Post by JoMoney »

Leif wrote: Fri Aug 19, 2022 10:32 am
JoMoney wrote: Fri Aug 19, 2022 8:23 am... I called in to find out what was going on, and the rep looked into it, put me on hold for awhile, eventually came back apologizing and explaining that "they learned something new too" and apparently (at least now) you have to have PC status with a personal rep assigned to potentially be eligible and would need to work with them on getting it, and need to look at the terms of your account agreement specifically regarding what fees you'll be charged.

I'm kind of curious if Fidelity is actually doing something to shift away from the 'Private Client' status and towards their 'Wealth Management' services. I don't see any web page or information on their site talking about 'Private Client' anymore, or other service 'Tiers'. I only see it mentioned vaguely in parenthesis on various things.
I'm PCG, do not have a personal rep, and have no problem in getting my ATM charges reimbursed. I think my last ATM withdrawal was about 2 months ago. Unless this is something very new?

I do recall being told there was a limit, something like $100/yr in fees, I don't really remember. But I'm well under $100.

P.S. I see on the Fidelity website they say:
Fidelity Cash Management Account owners, Youth Account owners or Fidelity Account owners coded Premium, Active Trader VIP, Private Client Group, Wealth Management, or former Youth Account owner, will be reimbursed for ATM fees charged by other institutions.
https://www.fidelity.com/cash-managemen ... debit-card
This was very new (for me)... I opened a non-CMA regular brokerage account a couple months ago, had everything setup with check-writing, debit card, with the intent of using it as a transaction account but with my direct deposits able to just directly go into my core money market fund rather than having to move it manually from the FDIC sweep. All of that appeared to be working fine, then when I got around to eventually making an ATM withdrawal from an ATM machine that had a fee, I found it wasn't getting refunded.
Now I'm stuck with the conundrum if I want to keep the brokerage account (and just avoid ATMs that have a fee), move back to the CMA that is refunded, or call back and see if I get a different answer from a different customer service rep (or relent and see about getting a PCG rep assigned.)
"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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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

JoMoney wrote: Fri Aug 19, 2022 7:24 pm
Leif wrote: Fri Aug 19, 2022 10:32 am
JoMoney wrote: Fri Aug 19, 2022 8:23 am... I called in to find out what was going on, and the rep looked into it, put me on hold for awhile, eventually came back apologizing and explaining that "they learned something new too" and apparently (at least now) you have to have PC status with a personal rep assigned to potentially be eligible and would need to work with them on getting it, and need to look at the terms of your account agreement specifically regarding what fees you'll be charged.

I'm kind of curious if Fidelity is actually doing something to shift away from the 'Private Client' status and towards their 'Wealth Management' services. I don't see any web page or information on their site talking about 'Private Client' anymore, or other service 'Tiers'. I only see it mentioned vaguely in parenthesis on various things.
I'm PCG, do not have a personal rep, and have no problem in getting my ATM charges reimbursed. I think my last ATM withdrawal was about 2 months ago. Unless this is something very new?

I do recall being told there was a limit, something like $100/yr in fees, I don't really remember. But I'm well under $100.

P.S. I see on the Fidelity website they say:
Fidelity Cash Management Account owners, Youth Account owners or Fidelity Account owners coded Premium, Active Trader VIP, Private Client Group, Wealth Management, or former Youth Account owner, will be reimbursed for ATM fees charged by other institutions.
https://www.fidelity.com/cash-managemen ... debit-card
This was very new (for me)... I opened a non-CMA regular brokerage account a couple months ago, had everything setup with check-writing, debit card, with the intent of using it as a transaction account but with my direct deposits able to just directly go into my core money market fund rather than having to move it manually from the FDIC sweep. All of that appeared to be working fine, then when I got around to eventually making an ATM withdrawal from an ATM machine that had a fee, I found it wasn't getting refunded.
Now I'm stuck with the conundrum if I want to keep the brokerage account (and just avoid ATMs that have a fee), move back to the CMA that is refunded, or call back and see if I get a different answer from a different customer service rep (or relent and see about getting a PCG rep assigned.)
Get the rep to get your ATM fees refunded AND free TurboTax! :beer
tarheel91
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Re: Fidelity as a one stop shop

Post by tarheel91 »

nalor511 wrote: Mon Jul 25, 2022 2:59 pm I don't want other institutions having direct ACH numbers to my brokerage acct. I also don't want to lose ATM reimbursement if I should choose to move my ETFs elsewhere. Very little downside to using both brokerage and CMA, particularly with free self-funded overdrafte feature
I agree. I find Fidelity CMA to be incredibly flexible account. Maybe a bit of an overhead come tax time, I can deal with that.
vtMaps
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Re: Fidelity as a one stop shop

Post by vtMaps »

HomeStretch wrote: Fri Aug 19, 2022 3:44 pm A nice feature that Fidelity’s site offers is the current year to-date tax activity summary that pulls together interest, dividends, realized gains/losses, etc. by account all in one screen (with drill down capability).
It could/should be a lot better. The year-to-date tax summary does not include taxable distributions or Roth conversions from retirement accounts.

--vtMaps
"Truly, whoever can make you believe absurdities can make you commit atrocities" --Voltaire, as translated by Norman Lewis Torrey
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

tarheel91 wrote: Fri Aug 19, 2022 8:56 pm
nalor511 wrote: Mon Jul 25, 2022 2:59 pm I don't want other institutions having direct ACH numbers to my brokerage acct. I also don't want to lose ATM reimbursement if I should choose to move my ETFs elsewhere. Very little downside to using both brokerage and CMA, particularly with free self-funded overdrafte feature
I agree. I find Fidelity CMA to be incredibly flexible account. Maybe a bit of an overhead come tax time, I can deal with that.
It's one extra 1099, totally worth it for the flexibility of the CMA.
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JoMoney
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Re: Fidelity as a one stop shop

Post by JoMoney »

tarheel91 wrote: Fri Aug 19, 2022 8:56 pm
nalor511 wrote: Mon Jul 25, 2022 2:59 pm I don't want other institutions having direct ACH numbers to my brokerage acct. I also don't want to lose ATM reimbursement if I should choose to move my ETFs elsewhere. Very little downside to using both brokerage and CMA, particularly with free self-funded overdrafte feature
I agree. I find Fidelity CMA to be incredibly flexible account. Maybe a bit of an overhead come tax time, I can deal with that.
There is no downside do having both, or even having multiple brokerage or CMA accounts.
Some people have multiple bank accounts at a bank for a variety of reasons.... Some people like the simplicity of fewer accounts.
Just to note again though, that stocks, bonds, ETFs, and other brokerage securities (other than cash/money market) can't be transferred via ACH and aren't eligible for withdrawal by debit/check writing and the like.
If someone wanted to hold ETFs in their CMA account, they could still be later transferred to another broker without closing the CMA account.
... but, they're "free" accounts, so it doesn't cost you to have more accounts if that's what you want.
"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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William4u
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Re: Fidelity as a one stop shop

Post by William4u »

I bought SPRXX in my brokerage account with the cash over the course of a week in about 5 transactions (as money came into the account), but somehow it also bought $81 on margin. How do I get rid of the $81 on margin? And how do I prevent this in the future, but keep margin as an emergency backup for overdraft? Thanks.
muffins14
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Re: Fidelity as a one stop shop

Post by muffins14 »

Perhaps some transaction just has to settle?

If you did accidentally buy $81 you didn’t have, you need to sell $81 or something
Crom laughs at your Four Winds
nalor511
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Re: Fidelity as a one stop shop

Post by nalor511 »

William4u wrote: Sat Aug 20, 2022 9:11 am I bought SPRXX in my brokerage account with the cash over the course of a week in about 5 transactions (as money came into the account), but somehow it also bought $81 on margin. How do I get rid of the $81 on margin? And how do I prevent this in the future, but keep margin as an emergency backup for overdraft? Thanks.
You could avoid it by having your CMA handle all deposits/withdrawals (buy SPRXX in your CMA) and turn on self-funded-overdraft that your CMA uses to pull from brokerage/margin in the case that the CMA balance drops too low (if you want this)
leland
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Re: Fidelity as a one stop shop

Post by leland »

JoMoney wrote: Fri Aug 19, 2022 9:08 pm There is no downside do having both, or even having multiple brokerage or CMA accounts.
Agree. I've got a CMA, 3 individual brokerage accounts for distinct purposes (primary, RSU/ESPP and "fun") and 3 distinct IRA accounts (Roth, Rollover, Traditional). Not to mention 401k-linked brokeragelink account :mrgreen: Really not much overhead at all aside from the account list being a bit longer. I imagine I'd get a ton of s**t if/when I post a portfolio review list of that mess but other than that it works for me.

Next step is buying FZDXX after shifting in some HYSA acct funds from outside fidelity. Then will evaluate if better to switch to Treasury's or a tax-free MMF.
need403bhelp
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Re: Fidelity as a one stop shop

Post by need403bhelp »

Is it normal that joint CMA+Brokerage combo doesn’t open immediately when applying (both of us have workplace accounts with Fidelity) or is it because a credit bureau is frozen and needs to be unfrozen? Thanks!
leland
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Re: Fidelity as a one stop shop

Post by leland »

Q: For FZDXX, SPRXX or any of the Fidelity money market mutual funds is there a minimum holding period? At ML I know there's a 90 day minimum to avoid a fee. I didn't see that referenced in the prospectus and wanted to ask here for confirmation.
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