Fidelity as a one stop shop

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VictorStarr
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Re: Fidelity as a one stop shop

Post by VictorStarr »

mookie wrote: Mon Mar 20, 2023 6:56 pm
Instead of one CMA and one brokerage account, is there any downside to having one brokerage account for checking/ATM activities, and a second brokerage account for investing? That way, as cash arrives, it can automatically sit in a MMF (e.g. SPAXX).
It is what I have
- one brokerage account for investments (with money transfer lockdown and private account number)
- second brokerage account for cash management (direct deposits, direct debits, check deposits, BillPay), no need manually to buy MMF
- and a CMA account for ATM, checks and fintechs

This way, the main brokerage account is not exposed and completely separate from day to day cash management. All transfers and payments are done using a second brokerage account.

Rarely used CMA has a low balance, and associated debit card is locked. Personally I do not see a point of using CMA as the main checking/cash management account.
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JoMoney
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Re: Fidelity as a one stop shop

Post by JoMoney »

JoMoney wrote: Mon Mar 20, 2023 8:47 am
RunLong wrote: Mon Mar 20, 2023 8:37 am
RunLong wrote: Tue Mar 14, 2023 9:31 am I'm headed towards using Fidelity as my one-stop shop... but a couple of things make me hesitant.

1. I recently made my backdoor Roth contribution by transferring the money in from Ally. It took a full week to process completely. I initiated the transfer on a Saturday, and it was finally available to push to my IRA on the following Saturday. I've seen comments about Fidelity being faster than this for transfers, but this seems slow. Obviously, less of an issue if we move our primary account there, but still something that's not ideal if I need to move money around.

2. What's the best setup for a savings account? I have the CMA account, and the brokerage account. For savings, should I create another CMA and just put it in one of the standard MM funds? Is there a better strategy here?
Following up on this. I decided to move ahead with switching to Fidelity. I initiated a transfer of the majority of my balance with Ally on Wednesday afternoon, and it isn't scheduled to clear until this Thursday. Thankfully I didn't transfer everything, or I'd be in a cash-less limbo.

I initiated a chat with Fidelity help and was told "Yeah, we just got your money today and it'll clear on the 23rd. We're not a traditional bank, so it just takes us longer." Definitely not happy with that answer, and it has me questioning my decision.
Strange... my experience has had much faster transaction times. I just initiated a transfer at Fidelity to pull money from my Wells Fargo checking account this morning (Monday) to my CMA. It's immediately available as "Cash available to trade" in my balances. I expect by Tuesday or Wednesday it will show as "Available to withdraw". I will update with the actual timeline ...
Here's the timeline, I made a transfer at Fidelity to pull money from a bank account Monday morning (March 20th)
The money was immediately available to trade if I wanted to buy securities, I received a "Upcoming Activities" notification in the Cash Management view explaining it would be completed by the end of the day, but my Fidelity account was showing an immediate credit (only available for trading.)
At the end of the day, the bank account was showing the money as being removed (ACH direct-debit).
This morning I receive a notification in the Cash Management "Upcoming Activities" that the money will be available (for withdrawal) tomorrow (March 22nd)
So it took 2 days for money to be moved, available for withdrawal on the 3rd day.
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Ava
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Re: Fidelity as a one stop shop

Post by Ava »

I would like to ask some questions about the Fidelity brokerage account not the CMA.
Does fidelity sell money market funds to cover checks that are not in the core brokerage account funds?
Out of the core funds which one is best in a taxable state?
Eno Deb
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Re: Fidelity as a one stop shop

Post by Eno Deb »

Ava wrote: Wed Mar 22, 2023 7:58 am I would like to ask some questions about the Fidelity brokerage account not the CMA.
Does fidelity sell money market funds to cover checks that are not in the core brokerage account funds?
Yes, it will auto-liquidate MMFs other than the core position.
Out of the core funds which one is best in a taxable state?
Currently there are only two choices (SPAXX and FZFXX) and they have about the same percentage of state tax exempt income (around 30%). They have no exemption in states that require at least 50% (e.g. CA and NY). The yields are very similar too.
Janhaus
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Re: Fidelity as a one stop shop

Post by Janhaus »

I recently transitioned to Fidelity as one stop shop with a combination of a $0 CMA account backed by a brokerage account. This has worked seamlessly with most payment counterparts, however, I had an issue come up recently with a failed transaction due to insufficient balance (attempting to pay off a BoA cc via their ebill system from my fidelity CMA). Is there something special I need to do to get this to work? I seem to recall the same issue connecting Cash app to Fidelity CMA as well and not being able to transfer funds from CMA.

My theory is that some financial institutions seem to reject a transaction due to insufficient balance ($0 in my CMA, but with more than sufficient settled funds in SPRXX in brokerage) without trying the pull. What are my options? Anybody else using BoA bill pay with fidelity $0 CMA connected to a brokerage account?
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

Janhaus wrote: Wed Mar 22, 2023 8:19 pm I recently transitioned to Fidelity as one stop shop with a combination of a $0 CMA account backed by a brokerage account. This has worked seamlessly with most payment counterparts, however, I had an issue come up recently with a failed transaction due to insufficient balance (attempting to pay off a BoA cc via their ebill system from my fidelity CMA). Is there something special I need to do to get this to work? I seem to recall the same issue connecting Cash app to Fidelity CMA as well and not being able to transfer funds from CMA.

My theory is that some financial institutions seem to reject a transaction due to insufficient balance ($0 in my CMA, but with more than sufficient settled funds in SPRXX in brokerage) without trying the pull. What are my options? Anybody else using BoA bill pay with fidelity $0 CMA connected to a brokerage account?
I pay my BoA CC out of my Fido CMA. But I just leave money market funds in my CMA (currently using FDLXX) but $0 in my core, and the money market is auto liquidated to satisfy my payment. What is the benefit of having the funds transferred from the brokerage, just seems like extra unecessary steps that increases the chance of something going wrong.
dchobo
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Re: Fidelity as a one stop shop

Post by dchobo »

A few more newbie questions (sorry if it's already covered here):

How many CMA accounts can I create?
Can I have: a personal account, a joint account with my spouse, a "trust" account -- 3 different CMA accounts?
And can I link them to a single login?
Can I transfer between CMA accounts, as well as my main brokerage account?

thanks in advance
RunLong
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Re: Fidelity as a one stop shop

Post by RunLong »

Question for anyone with a youth account:

I see online the youth account is a brokerage account (not a CMA). Will the youth account liquidate money market funds to cover debit card transactions like a standard brokerage account?
OhioAndy
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Re: Fidelity as a one stop shop

Post by OhioAndy »

dchobo wrote: Thu Mar 23, 2023 2:22 am How many CMA accounts can I create?
I don't think there's a limit that's been identified. Certainly, three is just fine.
dchobo wrote: Thu Mar 23, 2023 2:22 am Can I have: a personal account, a joint account with my spouse, a "trust" account -- 3 different CMA accounts?
A personal and a joint, for sure. I'm not sure how trust accounts work. Hopefully someone else can chime in on that.
dchobo wrote: Thu Mar 23, 2023 2:22 am And can I link them to a single login?
Yes, and in addition, the joint user can see their accounts in their login.
dchobo wrote: Thu Mar 23, 2023 2:22 am Can I transfer between CMA accounts, as well as my main brokerage account?
You can transfer liquid cash/MMFs instantly between accounts.
lstone19
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Re: Fidelity as a one stop shop

Post by lstone19 »

dchobo wrote: Thu Mar 23, 2023 2:22 am A few more newbie questions (sorry if it's already covered here):

How many CMA accounts can I create?
Can I have: a personal account, a joint account with my spouse, a "trust" account -- 3 different CMA accounts?
And can I link them to a single login?
Can I transfer between CMA accounts, as well as my main brokerage account?
We've already had a joint CMA and are currently in the process of opening a trust CMA (it's in the account list but they haven't funded it yet per the instructions with the application (in my state, opening a trust CMA requires a paper application). All are under the same login and the trust CMA appears as an available recipient account from transfers from other Fidelity accounts (with no money in it yet, I can't select it for a transfer out).

But as of right now, it is not shown as linked to any of my external bank accounts. I don't know if that will happen since the account is not fully set up yet or if I will need to do that manually. I do recall that when we opened the joint CMA, the existing external account were automatically linked to the joint CMA but Fidelity does treat trust accounts differently.
Lyrrad
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Re: Fidelity as a one stop shop

Post by Lyrrad »

dchobo wrote: Thu Mar 23, 2023 2:22 am A few more newbie questions (sorry if it's already covered here):

How many CMA accounts can I create?
Can I have: a personal account, a joint account with my spouse, a "trust" account -- 3 different CMA accounts?
And can I link them to a single login?
Can I transfer between CMA accounts, as well as my main brokerage account?

thanks in advance
I don’t think there’s a low limit. If you want higher ATM withdrawal limits, you can probably open a couple dozen if you wanted.

I like that you can name and categorize them, so you can use them for different purposes. I like that my CMA accounts have near zero balances until I need to withdraw money, which protects my main current account.
brew
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Re: Fidelity as a one stop shop

Post by brew »

RunLong wrote: Thu Mar 23, 2023 5:55 am Question for anyone with a youth account:

I see online the youth account is a brokerage account (not a CMA). Will the youth account liquidate money market funds to cover debit card transactions like a standard brokerage account?
Yes, works fine for us with FDLXX.
Loandapper
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Re: Fidelity as a one stop shop

Post by Loandapper »

anon_investor wrote: Sun Mar 19, 2023 11:42 pm
MrJones wrote: Sun Mar 19, 2023 9:13 pm
anon_investor wrote: Sun Mar 19, 2023 6:33 pm
MrJones wrote: Sun Mar 19, 2023 6:30 pm Ah yes, those annoying, privacy violating Plaid hard-demands have been growing of late.

Good to know about the transfer times, and good idea. I already have an Ally account I was going to close, but will keep it open instead. Thanks!
I made a Plaid account so I could delete any links.
Interesting, would you care to elaborate? Is this a way to avoid the privacy intrusion?
Here is a post about it:
viewtopic.php?p=7039018#p7039018
This is what made me decide never to link any serious accounts with Plaid. "Account executives" won't bother me because it'll appear like I have one penny to my name :beer
ArtNews.com wrote:To identify and net these whales, sales managers encouraged account executives to peer into prospective investors’ bank accounts during their calls through Plaid, a financial integration tool used to connect applications to user’s bank accounts, multiple employees told ARTnews. The highest balances were closely watched in the office. Managers urged account executives to reference the figures while on calls with clients in order to push them to buy more shares. Account executives recall dealing with clients who had between $300,000 and $20 million in their linked accounts.

https://www.artnews.com/list/art-news/n ... wild-west/
Tier1Capital
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Re: Fidelity as a one stop shop

Post by Tier1Capital »

lstone19 wrote: Thu Mar 23, 2023 10:42 am
dchobo wrote: Thu Mar 23, 2023 2:22 am A few more newbie questions (sorry if it's already covered here):

How many CMA accounts can I create?
Can I have: a personal account, a joint account with my spouse, a "trust" account -- 3 different CMA accounts?
And can I link them to a single login?
Can I transfer between CMA accounts, as well as my main brokerage account?
We've already had a joint CMA and are currently in the process of opening a trust CMA (it's in the account list but they haven't funded it yet per the instructions with the application (in my state, opening a trust CMA requires a paper application). All are under the same login and the trust CMA appears as an available recipient account from transfers from other Fidelity accounts (with no money in it yet, I can't select it for a transfer out).

But as of right now, it is not shown as linked to any of my external bank accounts. I don't know if that will happen since the account is not fully set up yet or if I will need to do that manually. I do recall that when we opened the joint CMA, the existing external account were automatically linked to the joint CMA but Fidelity does treat trust accounts differently.
I couldn't get Fidelity to link my trust account to my existing bank accounts without sending in old-fashioned paper forms by mail.
Stubbie
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Re: Fidelity as a one stop shop

Post by Stubbie »

Tier1Capital wrote: Thu Mar 23, 2023 11:20 pm I couldn't get Fidelity to link my trust account to my existing bank accounts without sending in old-fashioned paper forms by mail.
That was my experience as well.
hkcj
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Re: Fidelity as a one stop shop

Post by hkcj »

anon_investor wrote: Wed Mar 22, 2023 8:23 pm I pay my BoA CC out of my Fido CMA. But I just leave money market funds in my CMA (currently using FDLXX) but $0 in my core, and the money market is auto liquidated to satisfy my payment. What is the benefit of having the funds transferred from the brokerage, just seems like extra unecessary steps that increases the chance of something going wrong.
I just tried to set this up today, but the Cash Manager function doesn't let me self-fund overdrafts from the CMA (it seems to want a brokerage). Will they auto-liquidate purchased MM funds in the CMA account for debits (or ATM withdrawals)? I can't find any documentation of that - is it just an undocumented feature?

Ideally I would keep all cash and purchased MM in a CMA account, then have a brokerage only for index funds / ETFs.

Right now I'm at Vanguard + Schwab for checking/savings, but I got annoyed at their lack of a comparable feature to the CMA auto-coverage. I was keeping 1 month of [too high] spending in my checking account to cover debits, because they won't auto-sell the NY Money Market I was purchasing in the brokerage. As a result I had to do more management of my cash than I really wanted to. (I want to do none, but keep my $xx,000 buffer in the best MM for me automatically, investing everything over that.)

Ironically Wealthfront has all the auto-movement, auto-invest features I want, except for low fees. I don't need to spend 0.25% for a robot to auto-invest in ETFs at my predetermined allocation Thank You Very Much.
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JoMoney
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Re: Fidelity as a one stop shop

Post by JoMoney »

hkcj wrote: Tue Mar 28, 2023 7:14 am... Will they auto-liquidate purchased MM funds in the CMA account for debits (or ATM withdrawals)? I can't find any documentation of that - is it just an undocumented feature? ...
Yes.
Just make sure your account shows cash as "available to withdraw". If the 'core' bank sweep is at or goes to $0 it will automatically draw from the money market funds for ATM, debit card, billpay, ACH pulls, etc... your "available to withdraw" amounts shown under balances will include the money market funds.
"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: Tue Mar 28, 2023 7:44 am
hkcj wrote: Tue Mar 28, 2023 7:14 am... Will they auto-liquidate purchased MM funds in the CMA account for debits (or ATM withdrawals)? I can't find any documentation of that - is it just an undocumented feature? ...
Yes.
Just make sure your account shows cash as "available to withdraw". If the 'core' bank sweep is at or goes to $0 it will automatically draw from the money market funds for ATM, debit card, billpay, ACH pulls, etc... your "available to withdraw" amounts shown under balances will include the money market funds.
Yep, very important to always have enough funds available to withdraw.

I always make sure to keep at least a months worth of expenses in FDLXX in my CMA that is settled and listed as available to withdraw, so I won't have ACH payments bounce, like my mortgage which is automatically withdrawn from my CMA each month.
mrb09
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Re: Fidelity as a one stop shop

Post by mrb09 »

Stubbie wrote: Fri Mar 24, 2023 5:58 am
Tier1Capital wrote: Thu Mar 23, 2023 11:20 pm I couldn't get Fidelity to link my trust account to my existing bank accounts without sending in old-fashioned paper forms by mail.
That was my experience as well.
Me three, although I never sent in the paperwork. I have a trust brokerage and a regular joint CMA, so I just do an online transfer to/from brokerage to CMA, and then ACH transfer to/from CMA. The money's available in my CMA immediately after the transfer from brokerage. That keeps my brokerage firewall'ed from ACH activity, so I treat it like a feature.
theplayer11
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Re: Fidelity as a one stop shop

Post by theplayer11 »

pushed to Ally and only took 1 day. Funds were in SPRXX, didn't have to place sell order.
manlymatt83
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Re: Fidelity as a one stop shop

Post by manlymatt83 »

Has anyone ever used their Fidelity CMA to have Amex auto-debit a credit card payment? Work ok? Did you use long or short account number?

DW and I are going to be setting up a joint Fidelity CMA and the joint credit card is with Amex. Want to make sure we won't have a problem setting up Autopay with Amex.
muffins14
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Re: Fidelity as a one stop shop

Post by muffins14 »

manlymatt83 wrote: Tue Mar 28, 2023 11:45 am Has anyone ever used their Fidelity CMA to have Amex auto-debit a credit card payment? Work ok? Did you use long or short account number?

DW and I are going to be setting up a joint Fidelity CMA and the joint credit card is with Amex. Want to make sure we won't have a problem setting up Autopay with Amex.
Not with Amex, but I have done it with Chase and Fidelity Visa cards. Long account number. If you click on some button like "show account and routing number" on your Fidelity page, it will show you the account number and routing information that you plug in when setting up auto-debit for online services.

I pay my credit cards and utility bills with this
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hkcj
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Re: Fidelity as a one stop shop

Post by hkcj »

anon_investor wrote: Tue Mar 28, 2023 7:49 am
JoMoney wrote: Tue Mar 28, 2023 7:44 am
hkcj wrote: Tue Mar 28, 2023 7:14 am... Will they auto-liquidate purchased MM funds in the CMA account for debits (or ATM withdrawals)? I can't find any documentation of that - is it just an undocumented feature? ...
Yes.
Just make sure your account shows cash as "available to withdraw". If the 'core' bank sweep is at or goes to $0 it will automatically draw from the money market funds for ATM, debit card, billpay, ACH pulls, etc... your "available to withdraw" amounts shown under balances will include the money market funds.
Yep, very important to always have enough funds available to withdraw.

I always make sure to keep at least a months worth of expenses in FDLXX in my CMA that is settled and listed as available to withdraw, so I won't have ACH payments bounce, like my mortgage which is automatically withdrawn from my CMA each month.
Great, thanks both! Good to know
hkcj
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Re: Fidelity as a one stop shop

Post by hkcj »

muffins14 wrote: Tue Mar 28, 2023 11:58 am
manlymatt83 wrote: Tue Mar 28, 2023 11:45 am Has anyone ever used their Fidelity CMA to have Amex auto-debit a credit card payment? Work ok? Did you use long or short account number?

DW and I are going to be setting up a joint Fidelity CMA and the joint credit card is with Amex. Want to make sure we won't have a problem setting up Autopay with Amex.
Not with Amex, but I have done it with Chase and Fidelity Visa cards. Long account number. If you click on some button like "show account and routing number" on your Fidelity page, it will show you the account number and routing information that you plug in when setting up auto-debit for online services.

I pay my credit cards and utility bills with this
I had to search for "direct deposit" in help, which then linked to this page with the routing & account numbers. They have a new (anti-helpful, IMO) direct deposit feature they try to send you to now which will attempt to automatically set up such things for you.
wenchleaf
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Re: Fidelity as a one stop shop

Post by wenchleaf »

hkcj wrote: Tue Mar 28, 2023 1:19 pm
anon_investor wrote: Tue Mar 28, 2023 7:49 am Yep, very important to always have enough funds available to withdraw.

I always make sure to keep at least a months worth of expenses in FDLXX in my CMA that is settled and listed as available to withdraw, so I won't have ACH payments bounce, like my mortgage which is automatically withdrawn from my CMA each month.
Great, thanks both! Good to know
Because I'm lazy the way I'm looking at dealing with this is to enable margin on the Brokerage account (either linked through CMA or in my case, used directly for bills). So I can have a negative balance/temporary loan backed by securities (e.g. index fund ETFs, fixed income ETFs may even work). My mortgage is always timed first before credit cards and other debt, so I can then choose how I want to handle any shortcoming (e.g. pay less than statement balance on a credit card, sell some securities, move funds, etc.). Fidelity's margin interest rates aren't great (unless you negotiate) but it'd only be a couple days worth. So say $5k at 10% interest, it's only a couple bucks as it'd be paid off immediately.

Should basically never happen, especially today with such high rates for money market funds, but it's nice to have a last line of defense if necessary if you are okay with margin.
muffins14
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Re: Fidelity as a one stop shop

Post by muffins14 »

hkcj wrote: Tue Mar 28, 2023 1:21 pm
muffins14 wrote: Tue Mar 28, 2023 11:58 am
manlymatt83 wrote: Tue Mar 28, 2023 11:45 am Has anyone ever used their Fidelity CMA to have Amex auto-debit a credit card payment? Work ok? Did you use long or short account number?

DW and I are going to be setting up a joint Fidelity CMA and the joint credit card is with Amex. Want to make sure we won't have a problem setting up Autopay with Amex.
Not with Amex, but I have done it with Chase and Fidelity Visa cards. Long account number. If you click on some button like "show account and routing number" on your Fidelity page, it will show you the account number and routing information that you plug in when setting up auto-debit for online services.

I pay my credit cards and utility bills with this
I had to search for "direct deposit" in help, which then linked to this page with the routing & account numbers. They have a new (anti-helpful, IMO) direct deposit feature they try to send you to now which will attempt to automatically set up such things for you.
I've never heard of that before, but that page seems fine too.

When I log into Fidelity website on a computer I am on a page that has big letters and says "All accounts". There are subheadings like: Summary, Positions, Balances, Activity & Orders ... On the left side of the page there is a row for each of my accounts (Brokerage, Roth, 401k, HSA etc).

If I click on brokerage, the page that loads is a similar format, and says "Brokerae" in big letters, along with the subheadings Summary, Positions... etc etc.

Immediately to the right of "Brokerage", there are 3 dots. If you click on them, it shows me the routing number and account number

On the mobile app, you can click on one of your accounts like "Brokerage", and then if you scroll to the bottom there is a link that says "View Account and Routing Number"
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fetch5482
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Re: Fidelity as a one stop shop

Post by fetch5482 »

So glad I made the transition to Fidelity as my near-one-stop-shop!

For folks seeing the 7-day settlement period, I have two pieces of advice/observations:
  • Once you transfer a few times from the same source bank, this restriction will ease over time. Most times mine settles within 2 days and money becomes available for withdrawal.
  • If you PUSH money into your Fidelity account (instead of PULLing from remote bank account), the settlement is same day. i.e. the money is available to withdraw immediately on the day its deposited into Fidelity.
Most times I end up pushing money into Fidelity, however the few times I pulled money, it settled within 2 days after a few transfers where it took 7 days.
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lstone19
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Re: Fidelity as a one stop shop

Post by lstone19 »

fetch5482 wrote: Tue Mar 28, 2023 4:16 pm For folks seeing the 7-day settlement period, I have two pieces of advice/observations:
  • Once you transfer a few times from the same source bank, this restriction will ease over time. Most times mine settles within 2 days and money becomes available for withdrawal.
  • If you PUSH money into your Fidelity account (instead of PULLing from remote bank account), the settlement is same day. i.e. the money is available to withdraw immediately on the day its deposited into Fidelity.
Most times I end up pushing money into Fidelity, however the few times I pulled money, it settled within 2 days after a few transfers where it took 7 days.
Push or pull will depend on what you want to do with it. If your goal is immediate investment, pull as it will be immediately available for investment but not for withdrawal (but be careful as the investment will use cleared funds first for investment leaving nothing for any withdrawals and distributions until the funds clear). But if you goal is to have funds available for withdrawal, push as while there will be a delay in hitting Fidelity, once it does, the funds will be immediately available for withdrawal.

I normally push except I pull from BofA due to their fee for pushing.
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Bubble Thinker
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Re: Fidelity as a one stop shop

Post by Bubble Thinker »

fetch5482 wrote: Tue Mar 28, 2023 4:16 pm So glad I made the transition to Fidelity as my near-one-stop-shop!

For folks seeing the 7-day settlement period, I have two pieces of advice/observations:
  • Once you transfer a few times from the same source bank, this restriction will ease over time. Most times mine settles within 2 days and money becomes available for withdrawal.
  • If you PUSH money into your Fidelity account (instead of PULLing from remote bank account), the settlement is same day. i.e. the money is available to withdraw immediately on the day its deposited into Fidelity.
Most times I end up pushing money into Fidelity, however the few times I pulled money, it settled within 2 days after a few transfers where it took 7 days.
Good to know - thank you!
LoveTheBogle
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Re: Fidelity as a one stop shop

Post by LoveTheBogle »

Has anyone used their Fidelity brokerage (or CMA) for your federal or state income tax refund?

Do you just use the routing number ending in 5681 (UMB Bank) along with your 17 digit account number?
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fetch5482
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Re: Fidelity as a one stop shop

Post by fetch5482 »

LoveTheBogle wrote: Tue Mar 28, 2023 4:38 pm Has anyone used their Fidelity brokerage (or CMA) for your federal or state income tax refund?

Do you just use the routing number ending in 5681 (UMB Bank) along with your 17 digit account number?
Yes, I received the federal refund; still waiting for state refund.

You can see the routing and account number both listed on your account. On fidelity.com (not available on mobile app) select the account from left-side panel, then click the 3 dots next to the account name (see screenshot below) and it will show you the routing# and full account#
Image
I used this when filing my returns in TT.
Last edited by fetch5482 on Tue Mar 28, 2023 5:03 pm, edited 3 times in total.
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SFMarc
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Re: Fidelity as a one stop shop

Post by SFMarc »

Eno Deb wrote: Mon Feb 20, 2023 4:38 pm For California residents the best Fidelity MMF you can get for that amount is currently FDLXX; it's almost completely state tax exempt, and the tax-equivalent yield in CA is around 4.5%. You could also look at a CA muni-fund, but the yield is far more volatile.

If you have access to Vanguard funds (e.g. at Vanguard, Ally Invest or E-Trade) take a look at VUSXX (TEY in CA currently around 5%).
I understand that Fidelity can automatically liquidate FDLXX in a brokerage account but can they automatically sweep uninvested cash into FDLXX too?

If so, do you just call them to set that up because FDLXX isn't listed as an available money market fund on https://www.fidelity.com/mutual-funds/f ... unds-fcash ?
Last edited by SFMarc on Tue Mar 28, 2023 5:02 pm, edited 1 time in total.
nalor511
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Re: Fidelity as a one stop shop

Post by nalor511 »

LoveTheBogle wrote: Tue Mar 28, 2023 4:38 pm Has anyone used their Fidelity brokerage (or CMA) for your federal or state income tax refund?

Do you just use the routing number ending in 5681 (UMB Bank) along with your 17 digit account number?
Yes. Worked great.
nalor511
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Re: Fidelity as a one stop shop

Post by nalor511 »

SFMarc wrote: Tue Mar 28, 2023 5:01 pm
Eno Deb wrote: Mon Feb 20, 2023 4:38 pm For California residents the best Fidelity MMF you can get for that amount is currently FDLXX; it's almost completely state tax exempt, and the tax-equivalent yield in CA is around 4.5%. You could also look at a CA muni-fund, but the yield is far more volatile.

If you have access to Vanguard funds (e.g. at Vanguard, Ally Invest or E-Trade) take a look at VUSXX (TEY in CA currently around 5%).
I understand that Fidelity can automatically liquidate FDLXX in a brokerage account but can they automatically sweep uninvested cash into FDLXX too?

If so, do you just call them to set that up because FDLXX isn't listed as an available money market fund on https://www.fidelity.com/mutual-funds/f ... unds-fcash ?
No auto sweep. When you deposit, buy, FDLXX, amount, done.
hkcj
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Re: Fidelity as a one stop shop

Post by hkcj »

muffins14 wrote: Tue Mar 28, 2023 2:26 pm Immediately to the right of "Brokerage", there are 3 dots. If you click on them, it shows me the routing number and account number
Oh, look at that! I was checking under the three dots next to "more". I would have thought the three dots where the info actually is would have something like "rename account" there, or other actions to take on the account itself (profile, etc). Especially because "set up direct deposit" sends you to the auto-linking feature.
2pedals
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Re: Fidelity as a one stop shop

Post by 2pedals »

Very interesting but very long thread.

We use and like the option of having a separate brick and mortar local bank. We do almost all of our checking, auto deposits, auto withdrawals through them. We also have brokerage, IRAs, Roths and 401ks with Fidelity accounts that we opened a very long time ago. We openned CMA account last year and didn't link it to our brokerage account. So far we have had very little use of the CMA account. We like the idea of have free ATM access and a checking feature to pay contractors/etc not linked to our primary brick and more bank.

With our approach we have access to a separate friendly branch used as primary, free CMA ATM machines when traveling, and separated investment accounts. I can see why people would want to have funds in a money market account rather than very low interest checking account and use CMA as the primary option for transfers. It seems to me that it would be bigger hassle than extra interest payments would be to manage a CMA account as primary rather than using a traditional brick and mortar bank as primary. Maybe it's just not a big deal using CMA as primary, I would like to know folks experiences with this, do people use CMA as primary and revert back to using certain things that the local credit union and brick mortar banks do much better? I don't like the idea of doing things in too many different accounts. Should we convert to the mostly one stop shop approach and get a little more interest on our cash?
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fetch5482
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Re: Fidelity as a one stop shop

Post by fetch5482 »

2pedals wrote: Tue Mar 28, 2023 5:12 pm Very interesting but very long thread.

We use and like the option of having a separate brick and mortar local bank. We do almost all of our checking, auto deposits, auto withdrawals through them. We also have brokerage, IRAs, Roths and 401ks with Fidelity accounts that we opened a very long time ago. We openned CMA account last year and didn't link it to our brokerage account. So far we have had very little use of the CMA account. We like the idea of have free ATM access and a checking feature to pay contractors/etc not linked to our primary brick and more bank.

With our approach we have access to a separate friendly branch used as primary, free CMA ATM machines when traveling, and separated investment accounts. I can see why people would want to have funds in a money market account rather than very low interest checking account and use CMA as the primary option for transfers. It seems to me that it would be bigger hassle than extra interest payments would be to manage a CMA account as primary rather than using a traditional brick and mortar bank as primary. Maybe it's just not a big deal using CMA as primary, I would like to know folks experiences with this, do people use CMA as primary and revert back to using certain things that the local credit union and brick mortar banks do much better? I don't like the idea of doing things in too many different accounts. Should we convert to the mostly one stop shop approach and get a little more interest on our cash?
We do have a B&M bank, but only for two reasons: (1) To deposit cash occasionally, (2) For safe deposit box.

Chase requires $500 monthly direct deposit to avoid fees, so I have scheduled a monthly transaction to deposit $500 from my Fidelity CMA into Chase checking, then withdraw it a few days later. Rinse and repeat next month. In addition to that $500 we keep a token $50 or so to use towards Zelle in that account.
(AGE minus 23%) Bonds | 5% REITs | Balance 80% US (75/25 TSM/SCV) + 20% International (80/20 Developed/Emerging)
SFMarc
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Re: Fidelity as a one stop shop

Post by SFMarc »

nalor511 wrote: Tue Mar 28, 2023 5:03 pm
SFMarc wrote: Tue Mar 28, 2023 5:01 pm
Eno Deb wrote: Mon Feb 20, 2023 4:38 pm For California residents the best Fidelity MMF you can get for that amount is currently FDLXX; it's almost completely state tax exempt, and the tax-equivalent yield in CA is around 4.5%. You could also look at a CA muni-fund, but the yield is far more volatile.
I understand that Fidelity can automatically liquidate FDLXX in a brokerage account but can they automatically sweep uninvested cash into FDLXX too?

If so, do you just call them to set that up because FDLXX isn't listed as an available money market fund on https://www.fidelity.com/mutual-funds/f ... unds-fcash ?
No auto sweep. When you deposit, buy, FDLXX, amount, done.
Okay, thanks for confirming.

In 2020, this workaround was posted about how to automate the sweeping process to FDLXX:
sarabayo wrote: Thu Apr 23, 2020 4:19 pm I have a twice-monthly transaction scheduled in my Fidelity brokerage, the day after every payday, to automate the conversion of SPAXX (the core holding which my paycheck automatically gets deposited into) to FDLXX (my preferred money market fund). Since I don't know in advance how much SPAXX I'll have lying around on the transaction date, I just set the transaction amount to an overestimate (around twice the size of my paycheck). So I'm frequently liquidating some amount of FDLXX right back into FDLXX, twice a month, but Fidelity has never complained to me about it or imposed any kind of restrictions.
Can anyone confirm that the overestimating workaround above still works? I was thinking about automating the same thing but doing it weekly since I'll be receiving payments into the brokerage account at random times (i.e. not just paydays).
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Re: Fidelity as a one stop shop

Post by TimeRunner »

fetch5482 wrote: Tue Mar 28, 2023 5:19 pmWe do have a B&M bank, but only for two reasons: (1) To deposit cash occasionally, (2) For safe deposit box.
My third reason is that I use Quicken (on Windows 11). In Quicken, the CMA shows up as a brokerage account and not a checking account, so the transactions show up differently and there's always lots of 'extra' entries for funds (and associated share balances) that move in and out of SPAXX and, in my case, FSPXX (Calif Muni Money Mkt Fund). It's just not as smooth an experience in Quicken as using a checking account. If those two funds could just be designated as Cash, along with a monthly interest earned deposit, that would make it much more smooth, and I would move our joint checking account to another Fido CMA and nuke the bank account(s).
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fetch5482
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Re: Fidelity as a one stop shop

Post by fetch5482 »

TimeRunner wrote: Tue Mar 28, 2023 7:01 pm
fetch5482 wrote: Tue Mar 28, 2023 5:19 pmWe do have a B&M bank, but only for two reasons: (1) To deposit cash occasionally, (2) For safe deposit box.
My third reason is that I use Quicken (on Windows 11). In Quicken, the CMA shows up as a brokerage account and not a checking account, so the transactions show up differently and there's always lots of 'extra' entries for funds (and associated share balances) that move in and out of SPAXX and, in my case, FSPXX (Calif Muni Money Mkt Fund). It's just not as smooth an experience in Quicken as using a checking account. If those two funds could just be designated as Cash, along with a monthly interest earned deposit, that would make it much more smooth, and I would move our joint checking account to another Fido CMA and nuke the bank account(s).
This is one of the few areas where mint does well. It shows in my cash balance, and mostly categorizes the transactions correctly
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MrJedi
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Re: Fidelity as a one stop shop

Post by MrJedi »

TimeRunner wrote: Tue Mar 28, 2023 7:01 pm
fetch5482 wrote: Tue Mar 28, 2023 5:19 pmWe do have a B&M bank, but only for two reasons: (1) To deposit cash occasionally, (2) For safe deposit box.
My third reason is that I use Quicken (on Windows 11). In Quicken, the CMA shows up as a brokerage account and not a checking account, so the transactions show up differently and there's always lots of 'extra' entries for funds (and associated share balances) that move in and out of SPAXX and, in my case, FSPXX (Calif Muni Money Mkt Fund). It's just not as smooth an experience in Quicken as using a checking account. If those two funds could just be designated as Cash, along with a monthly interest earned deposit, that would make it much more smooth, and I would move our joint checking account to another Fido CMA and nuke the bank account(s).
Not sure if Quicken has similar smarts, but I was running into similar with Mint and categorizing as investment. Once I changed the category of the CMA on Fidelity's side to "Spend & Save Accounts" instead of investment accounts, Mint moved it over to cash category.
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CrazyCatLady
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Re: Fidelity as a one stop shop

Post by CrazyCatLady »

manlymatt83 wrote: Tue Mar 28, 2023 11:45 am Has anyone ever used their Fidelity CMA to have Amex auto-debit a credit card payment? Work ok? Did you use long or short account number?

DW and I are going to be setting up a joint Fidelity CMA and the joint credit card is with Amex. Want to make sure we won't have a problem setting up Autopay with Amex.
I did it for the first time this month (autopay set for the minimum plus a second payment for the remainder of the balance). It worked with no problem and I used the long account number.
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CrazyCatLady
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Re: Fidelity as a one stop shop

Post by CrazyCatLady »

MrJedi wrote: Tue Mar 28, 2023 7:15 pm
TimeRunner wrote: Tue Mar 28, 2023 7:01 pm
fetch5482 wrote: Tue Mar 28, 2023 5:19 pmWe do have a B&M bank, but only for two reasons: (1) To deposit cash occasionally, (2) For safe deposit box.
My third reason is that I use Quicken (on Windows 11). In Quicken, the CMA shows up as a brokerage account and not a checking account, so the transactions show up differently and there's always lots of 'extra' entries for funds (and associated share balances) that move in and out of SPAXX and, in my case, FSPXX (Calif Muni Money Mkt Fund). It's just not as smooth an experience in Quicken as using a checking account. If those two funds could just be designated as Cash, along with a monthly interest earned deposit, that would make it much more smooth, and I would move our joint checking account to another Fido CMA and nuke the bank account(s).
Not sure if Quicken has similar smarts, but I was running into similar with Mint and categorizing as investment. Once I changed the category of the CMA on Fidelity's side to "Spend & Save Accounts" instead of investment accounts, Mint moved it over to cash category.
Cool, I am running into the same issue with Mint. How did you change the category on the Fidelity side? I’m not seeing that option. Thanks!
MrJedi
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Re: Fidelity as a one stop shop

Post by MrJedi »

CrazyCatLady wrote: Tue Mar 28, 2023 8:19 pm
MrJedi wrote: Tue Mar 28, 2023 7:15 pm
TimeRunner wrote: Tue Mar 28, 2023 7:01 pm
fetch5482 wrote: Tue Mar 28, 2023 5:19 pmWe do have a B&M bank, but only for two reasons: (1) To deposit cash occasionally, (2) For safe deposit box.
My third reason is that I use Quicken (on Windows 11). In Quicken, the CMA shows up as a brokerage account and not a checking account, so the transactions show up differently and there's always lots of 'extra' entries for funds (and associated share balances) that move in and out of SPAXX and, in my case, FSPXX (Calif Muni Money Mkt Fund). It's just not as smooth an experience in Quicken as using a checking account. If those two funds could just be designated as Cash, along with a monthly interest earned deposit, that would make it much more smooth, and I would move our joint checking account to another Fido CMA and nuke the bank account(s).
Not sure if Quicken has similar smarts, but I was running into similar with Mint and categorizing as investment. Once I changed the category of the CMA on Fidelity's side to "Spend & Save Accounts" instead of investment accounts, Mint moved it over to cash category.
Cool, I am running into the same issue with Mint. How did you change the category on the Fidelity side? I’m not seeing that option. Thanks!
There's an option above the account list on the left called customize or something like that (not on my PC so can't see the exact wording at the moment). From there you can change category and organize your accounts on Fidelity side which apparently is interpreted by Mint too.
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CrazyCatLady
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Re: Fidelity as a one stop shop

Post by CrazyCatLady »

MrJedi wrote: Tue Mar 28, 2023 8:22 pm
CrazyCatLady wrote: Tue Mar 28, 2023 8:19 pm
MrJedi wrote: Tue Mar 28, 2023 7:15 pm
TimeRunner wrote: Tue Mar 28, 2023 7:01 pm
fetch5482 wrote: Tue Mar 28, 2023 5:19 pmWe do have a B&M bank, but only for two reasons: (1) To deposit cash occasionally, (2) For safe deposit box.
My third reason is that I use Quicken (on Windows 11). In Quicken, the CMA shows up as a brokerage account and not a checking account, so the transactions show up differently and there's always lots of 'extra' entries for funds (and associated share balances) that move in and out of SPAXX and, in my case, FSPXX (Calif Muni Money Mkt Fund). It's just not as smooth an experience in Quicken as using a checking account. If those two funds could just be designated as Cash, along with a monthly interest earned deposit, that would make it much more smooth, and I would move our joint checking account to another Fido CMA and nuke the bank account(s).
Not sure if Quicken has similar smarts, but I was running into similar with Mint and categorizing as investment. Once I changed the category of the CMA on Fidelity's side to "Spend & Save Accounts" instead of investment accounts, Mint moved it over to cash category.
Cool, I am running into the same issue with Mint. How did you change the category on the Fidelity side? I’m not seeing that option. Thanks!
There's an option above the account list on the left called customize or something like that (not on my PC so can't see the exact wording at the moment). From there you can change category and organize your accounts on Fidelity side which apparently is interpreted by Mint too.
Im starting to feel like an airhead since I’m not seeing it, but I’ll try again tomorrow when I’m not as tired and maybe it will appear :). Thanks
DavidInMaryland
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Re: Fidelity as a one stop shop

Post by DavidInMaryland »

Has anyone recently opened a Fidelity CMA account? I like the sound of what's been discussed here, so I submitted an application this weekend. To my surprise it wasn't instant, and the website said it would take 1-2 business days to open, but now it's been 2 and I haven't heard anything at all - I never even got a confirmation email that they had received my web application.

Is this normal? How long does it take?
muffins14
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Re: Fidelity as a one stop shop

Post by muffins14 »

DavidInMaryland wrote: Tue Mar 28, 2023 9:14 pm Has anyone recently opened a Fidelity CMA account? I like the sound of what's been discussed here, so I submitted an application this weekend. To my surprise it wasn't instant, and the website said it would take 1-2 business days to open, but now it's been 2 and I haven't heard anything at all - I never even got a confirmation email that they had received my web application.

Is this normal? How long does it take?
Are you a first-time customer at Fidelity?

I think mine was instant, but I've been a customer for a few years. You could just call them and ask what's up.
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skeptical
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Re: Fidelity as a one stop shop

Post by skeptical »

anon_investor wrote: Wed Mar 22, 2023 8:23 pm
Janhaus wrote: Wed Mar 22, 2023 8:19 pm I recently transitioned to Fidelity as one stop shop with a combination of a $0 CMA account backed by a brokerage account. This has worked seamlessly with most payment counterparts, however, I had an issue come up recently with a failed transaction due to insufficient balance (attempting to pay off a BoA cc via their ebill system from my fidelity CMA). Is there something special I need to do to get this to work? I seem to recall the same issue connecting Cash app to Fidelity CMA as well and not being able to transfer funds from CMA.

My theory is that some financial institutions seem to reject a transaction due to insufficient balance ($0 in my CMA, but with more than sufficient settled funds in SPRXX in brokerage) without trying the pull. What are my options? Anybody else using BoA bill pay with fidelity $0 CMA connected to a brokerage account?
I pay my BoA CC out of my Fido CMA. But I just leave money market funds in my CMA (currently using FDLXX) but $0 in my core, and the money market is auto liquidated to satisfy my payment. What is the benefit of having the funds transferred from the brokerage, just seems like extra unecessary steps that increases the chance of something going wrong.
You can be more flexible with the core account in a brokerage as compared to CMA, and sweeps from dividends/interest can automatically go the core position. If you use a MM that is not your core, you have to manually do this.

I just set this up, and I hope I do not have problems with the $0 in the CMA account. I can fix this by using the brokerage as the cash management account, but that means redoing everything.
MrJedi
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Re: Fidelity as a one stop shop

Post by MrJedi »

CrazyCatLady wrote: Tue Mar 28, 2023 9:07 pm
MrJedi wrote: Tue Mar 28, 2023 8:22 pm There's an option above the account list on the left called customize or something like that (not on my PC so can't see the exact wording at the moment). From there you can change category and organize your accounts on Fidelity side which apparently is interpreted by Mint too.
Im starting to feel like an airhead since I’m not seeing it, but I’ll try again tomorrow when I’m not as tired and maybe it will appear :). Thanks
I found this image online that looks like what I see. Upper left corner below the Trade button is the customize button.

https://www.hicapitalize.com/wp-content ... aled-1.jpg
DavidInMaryland
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Re: Fidelity as a one stop shop

Post by DavidInMaryland »

muffins14 wrote: Tue Mar 28, 2023 9:15 pm
DavidInMaryland wrote: Tue Mar 28, 2023 9:14 pm Has anyone recently opened a Fidelity CMA account? I like the sound of what's been discussed here, so I submitted an application this weekend. To my surprise it wasn't instant, and the website said it would take 1-2 business days to open, but now it's been 2 and I haven't heard anything at all - I never even got a confirmation email that they had received my web application.

Is this normal? How long does it take?
Are you a first-time customer at Fidelity?

I think mine was instant, but I've been a customer for a few years. You could just call them and ask what's up.
Yes, first-time customer. I did apply as a joint account. How annoying that I may have to call. But thanks.
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