Fidelity as a one stop shop

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fetch5482
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Re: Fidelity as a one stop shop

Post by fetch5482 »

I love Fidelity Visa too, but I wish they waived Foreign transaction fees, atleast for customers with high balance tiers.
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will86
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Re: Fidelity as a one stop shop

Post by will86 »

I recently set up EFT transfer from my local saving account to fidelity. The first transaction was a pull initiated from fidelity and the funds were debited immediately from my local savings account, but took a week to become fully available to purchase some ETFs at fidelity. (They did free up 25k sooner)

I am now setting up transfers from a second local savings account at a different bank, and am wondering if it is better to push from my local bank or pull from fidelity if my only concern is to have the funds available to trade sooner at fidelity.
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Re: Fidelity as a one stop shop

Post by pasadena »

will86 wrote: Thu Jun 01, 2023 12:23 pm I recently set up EFT transfer from my local saving account to fidelity. The first transaction was a pull initiated from fidelity and the funds were debited immediately from my local savings account, but took a week to become fully available to purchase some ETFs at fidelity. (They did free up 25k sooner)

I am now setting up transfers from a second local savings account at a different bank, and am wondering if it is better to push from my local bank or pull from fidelity if my only concern is to have the funds available to trade sooner at fidelity.
Strange. I tested the same thing last week with two transfers between Ally and Fidelity:

- $30k pulled from Fidelity: immediately available to trade (bought FDRXX). Took a few days before the money was available to withdraw (obviously)
- $1k pushed from Ally: Took 4 business days. Transfer initiated on Monday morning, funds withdrawn on Wednesday, funds available at Fidelity on Friday. Once there, the money was immediately available to trade or withdraw. Fidelity marked it as direct deposit.

My conclusion is to pull from Fidelity.

The difference with you is that it was a checking account on Ally's side but I'm not sure that would make a difference.
Also this account has been linked to my Fidelity accounts for some time.
will86
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Re: Fidelity as a one stop shop

Post by will86 »

Also this account has been linked to my Fidelity accounts for some time.
I was wondering if maybe my week wait was a one time security thing. I did initiate the pull as soon as I was able
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fetch5482
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Re: Fidelity as a one stop shop

Post by fetch5482 »

will86 wrote: Thu Jun 01, 2023 1:06 pm
Also this account has been linked to my Fidelity accounts for some time.
I was wondering if maybe my week wait was a one time security thing. I did initiate the pull as soon as I was able
I've always been able to reinvest my money right away, but I cannot withdraw money for ~1 week if I pull into Fidelity. The money is immediately available to withdraw if I push from another bank to fidelity.
For my checking-equivalent account I always use push due to this reason. But for my investment accounts I don't bother since I can invest there money immediately.
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VG81
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Re: Fidelity as a one stop shop

Post by VG81 »

I am trying to decide between an additional CMA vs. Fidelity Account to serve as a checking account with ATM card that is separate and not linked to my investment account.

When I login, I see "Fidelity Premium Services".

On the webpage https://www.fidelity.com/cash-managemen ... debit-card, when I click on "Are there any fees with the Fidelity debit card?", it says (emphasis mine):
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.
Since I am not interested in the FDIC-insured Deposit Sweep that is the core position in a CMA (because it pays less than a money market fund), is there any downside to using a Fidelity Account as my checking with ATM card rather than a CMA?
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Re: Fidelity as a one stop shop

Post by muffins14 »

VG81 wrote: Thu Jun 01, 2023 9:20 pm I am trying to decide between an additional CMA vs. Fidelity Account to serve as a checking account with ATM card that is separate and not linked to my investment account.

When I login, I see "Fidelity Premium Services".

On the webpage https://www.fidelity.com/cash-managemen ... debit-card, when I click on "Are there any fees with the Fidelity debit card?", it says (emphasis mine):
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.
Since I am not interested in the FDIC-insured Deposit Sweep that is the core position in a CMA (because it pays less than a money market fund), is there any downside to using a Fidelity Account as my checking with ATM card rather than a CMA?
I think it would be the same experience for you
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increment
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Re: Fidelity as a one stop shop

Post by increment »

midwest_bound wrote: Thu Jun 01, 2023 9:56 am I love my Fidelity Visa, but it's annoying that their bonus offers always have arduous terms. I got this one this morning:

> Earn 20% more Reward Points (up to 2,000 Reward Points) on purchases¹ — worth up to $20 when redeemed as cash back² into an eligible Fidelity® account³ — after you spend $7,900.

I normally spend ~$2k a month on this card, so they want to see an extra $6k in spending for $20!
I received a similar offer (lower spend requirement; possibly because my usual monthly charging is less than yours). By my reading of the offer, only after you pass the spend requirement do they give any bonus points. At that point the cash back (equivalent) becomes 2.4% ("20% more Reward Points"). To receive the maximum possible $20, you have to charge a further $5000, on which the cashback will be $120 instead of the usual $100.

On the other hand, they gave me two calendar months (June and July) for any of this spending.
Last edited by increment on Thu Jun 01, 2023 9:37 pm, edited 1 time in total.
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fetch5482
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Re: Fidelity as a one stop shop

Post by fetch5482 »

VG81 wrote: Thu Jun 01, 2023 9:20 pm I am trying to decide between an additional CMA vs. Fidelity Account to serve as a checking account with ATM card that is separate and not linked to my investment account.

When I login, I see "Fidelity Premium Services".

On the webpage https://www.fidelity.com/cash-managemen ... debit-card, when I click on "Are there any fees with the Fidelity debit card?", it says (emphasis mine):
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.
Since I am not interested in the FDIC-insured Deposit Sweep that is the core position in a CMA (because it pays less than a money market fund), is there any downside to using a Fidelity Account as my checking with ATM card rather than a CMA?
I have PCG coding on my account and use regular brokerage account as my checking equivalent. There is no difference as far as I can tell - I have checkwriting, ATM card, and get reimbursed ATM fees each time I swipe my card at a non-network ATM. It should be the same for you with Premium coded account. I do have a CMA account as well, but don't use it at all for the same reason you stated (CORE fund selection).
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Re: Fidelity as a one stop shop

Post by Eno Deb »

VG81 wrote: Thu Jun 01, 2023 9:20 pmSince I am not interested in the FDIC-insured Deposit Sweep that is the core position in a CMA (because it pays less than a money market fund), is there any downside to using a Fidelity Account as my checking with ATM card rather than a CMA?
The only difference that could be relevant for a "checking" account is that the Fidelity Account doesn't have the CMA's "cash manager" functions (automatic overdraft transfers from another account). Otherwise I think the Fidelity Account is the better choice because of the higher yielding core options. I use one myself for every day checking. I also still have a CMA, but don't use it except for occasional ATM withdrawals (I never bothered to order a debit card for the Fidelity Account).
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Re: Fidelity as a one stop shop

Post by tj »

VG81 wrote: Thu Jun 01, 2023 9:20 pm I am trying to decide between an additional CMA vs. Fidelity Account to serve as a checking account with ATM card that is separate and not linked to my investment account.

When I login, I see "Fidelity Premium Services".

On the webpage https://www.fidelity.com/cash-managemen ... debit-card, when I click on "Are there any fees with the Fidelity debit card?", it says (emphasis mine):
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.
Since I am not interested in the FDIC-insured Deposit Sweep that is the core position in a CMA (because it pays less than a money market fund), is there any downside to using a Fidelity Account as my checking with ATM card rather than a CMA?
What qualifies for free "Premium Services"? Where do you see the identifier?
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Re: Fidelity as a one stop shop

Post by 3000 »

VG81 wrote: Thu Jun 01, 2023 9:20 pm I am trying to decide between an additional CMA vs. Fidelity Account to serve as a checking account with ATM card that is separate and not linked to my investment account.

When I login, I see "Fidelity Premium Services".

On the webpage https://www.fidelity.com/cash-managemen ... debit-card, when I click on "Are there any fees with the Fidelity debit card?", it says (emphasis mine):
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.
Since I am not interested in the FDIC-insured Deposit Sweep that is the core position in a CMA (because it pays less than a money market fund), is there any downside to using a Fidelity Account as my checking with ATM card rather than a CMA?
I use a Fidelity Account as my checking account and the CMA for ATM withdrawals. I do not use the CMA’s Cash Manager feature instead I keep a few hundred dollars in the CMA which I put in a money market fund. I manually top off the CMA once a month and out the new funds into a MMA. I have had no problems.
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JoMoney
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Re: Fidelity as a one stop shop

Post by JoMoney »

VG81 wrote: Thu Jun 01, 2023 9:20 pm...
Since I am not interested in the FDIC-insured Deposit Sweep that is the core position in a CMA (because it pays less than a money market fund), is there any downside to using a Fidelity Account as my checking with ATM card rather than a CMA?
FWIW, I have PCG status at Fidelity, I opened a regular Fidelity account online and requested a debit card for it and for the most part it appeared to work the same as the CMA accept that my deposits went to my core money market fund rather than the FDIC sweep. The debit card is a different color than the CMA debit card, and you have to specifically request a debit card rather than it be automatic a part of the account like the CMA.
Everything worked well with it except if I used an ATM that charged a fee (you can find no-fee ATMs that are in the same network as PNC bank's ATM network) it was not being rebated. When I called and asked about it, there was a bit of a run-around, the customer service rep agreed that it "should have been" since I was PCG, but then after putting me on hold and doing some other research the answer I got was that I would have to get a PCG rep assigned to my account and they would have to specifically code the account that way in order to get the rebates.
I just went back to using the regular CMA account rather than getting a rep assigned to my account and dealing with that.
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Re: Fidelity as a one stop shop

Post by alexbogle »

JoMoney wrote: Fri Jun 02, 2023 7:01 am The debit card is a different color than the CMA debit card, and you have to specifically request a debit card rather than it be automatic a part of the account like the CMA.
Was the card still embossed?
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Re: Fidelity as a one stop shop

Post by JoMoney »

alexbogle wrote: Fri Jun 02, 2023 7:32 am
JoMoney wrote: Fri Jun 02, 2023 7:01 am The debit card is a different color than the CMA debit card, and you have to specifically request a debit card rather than it be automatic a part of the account like the CMA.
Was the card still embossed?
Yes, but it's a gold-colored card (rather than silver for the CMA), and all the print is black rather than the green Fidelity pyramid logo on the CMA card.
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Re: Fidelity as a one stop shop

Post by muffins14 »

JoMoney wrote: Fri Jun 02, 2023 7:01 am
VG81 wrote: Thu Jun 01, 2023 9:20 pm...
Since I am not interested in the FDIC-insured Deposit Sweep that is the core position in a CMA (because it pays less than a money market fund), is there any downside to using a Fidelity Account as my checking with ATM card rather than a CMA?
FWIW, I have PCG status at Fidelity, I opened a regular Fidelity account online and requested a debit card for it and for the most part it appeared to work the same as the CMA accept that my deposits went to my core money market fund rather than the FDIC sweep. The debit card is a different color than the CMA debit card, and you have to specifically request a debit card rather than it be automatic a part of the account like the CMA.
Everything worked well with it except if I used an ATM that charged a fee (you can find no-fee ATMs that are in the same network as PNC bank's ATM network) it was not being rebated. When I called and asked about it, there was a bit of a run-around, the customer service rep agreed that it "should have been" since I was PCG, but then after putting me on hold and doing some other research the answer I got was that I would have to get a PCG rep assigned to my account and they would have to specifically code the account that way in order to get the rebates.
I just went back to using the regular CMA account rather than getting a rep assigned to my account and dealing with that.
I simply asked them about it and they gave me ATM rebates when I became PCG, which at the time was 250k assets. no rep assigned, to my knowledge. Perhaps “one is assigned” but that doesn’t mean they do anything or that you have to ever talk to them about anything. Maybe some formality.
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Re: Fidelity as a one stop shop

Post by JoMoney »

muffins14 wrote: Fri Jun 02, 2023 8:07 am
JoMoney wrote: Fri Jun 02, 2023 7:01 am
VG81 wrote: Thu Jun 01, 2023 9:20 pm...
Since I am not interested in the FDIC-insured Deposit Sweep that is the core position in a CMA (because it pays less than a money market fund), is there any downside to using a Fidelity Account as my checking with ATM card rather than a CMA?
FWIW, I have PCG status at Fidelity, I opened a regular Fidelity account online and requested a debit card for it and for the most part it appeared to work the same as the CMA accept that my deposits went to my core money market fund rather than the FDIC sweep. The debit card is a different color than the CMA debit card, and you have to specifically request a debit card rather than it be automatic a part of the account like the CMA.
Everything worked well with it except if I used an ATM that charged a fee (you can find no-fee ATMs that are in the same network as PNC bank's ATM network) it was not being rebated. When I called and asked about it, there was a bit of a run-around, the customer service rep agreed that it "should have been" since I was PCG, but then after putting me on hold and doing some other research the answer I got was that I would have to get a PCG rep assigned to my account and they would have to specifically code the account that way in order to get the rebates.
I just went back to using the regular CMA account rather than getting a rep assigned to my account and dealing with that.
I simply asked them about it and they gave me ATM rebates when I became PCG, which at the time was 250k assets. no rep assigned, to my knowledge. Perhaps “one is assigned” but that doesn’t mean they do anything or that you have to ever talk to them about anything. Maybe some formality.
When they tried to assign me a rep when I first got PCG status they seemed to require a phone "meeting" be scheduled, that by itself was a huge hassle trying to arrange for a time that was convenient for them and very inconvenient for me. If it had been less of a hassle to get one assigned initially, I'd probably have one assigned, but it didn't work out that way, and (at least so far) getting the brokerage account ATM rebates has been the only thing having a rep assigned might have been good for... but that's not really an issue for me. I don't mind simply buying whatever money market funds I choose to use in the CMA account.
Maybe if I ever leave Fidelity (for a brokerage transfer bonus), I'll get a rep assigned to try and negotiate a transfer bonus to move back ;)
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eukonomos
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Re: Fidelity as a one stop shop

Post by eukonomos »

JoMoney wrote: Fri Jun 02, 2023 8:24 am ...
and (at least so far) getting the brokerage account ATM rebates has been the only thing having a rep assigned might have been good for...
...
Also getting free TurboTax.
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Re: Fidelity as a one stop shop

Post by zie »

eukonomos wrote: Fri Jun 02, 2023 8:58 am
JoMoney wrote: Fri Jun 02, 2023 8:24 am ...
and (at least so far) getting the brokerage account ATM rebates has been the only thing having a rep assigned might have been good for...
...
Also getting free TurboTax.
As far as I know it's not that simple anymore. They don't magically hand out TT anymore to everyone with PCG. I would imagine they hand it out to people that made them a lot of money last year.

Me, I'm pretty sure I don't make them any money, I don't own any Fidelity funds, I don't keep any cash with them of note(where they probably make most of their money) and all I do is leech free services. Hopefully they don't ever decide to audit and kick out the peeps like me that just leech from them. Though I probably don't cost them all that much since they have great economies of scale with millions of customers and trillions in assets.
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Re: Fidelity as a one stop shop

Post by eukonomos »

zie wrote: Fri Jun 02, 2023 5:13 pm
eukonomos wrote: Fri Jun 02, 2023 8:58 am
JoMoney wrote: Fri Jun 02, 2023 8:24 am ...
and (at least so far) getting the brokerage account ATM rebates has been the only thing having a rep assigned might have been good for...
...
Also getting free TurboTax.
As far as I know it's not that simple anymore. They don't magically hand out TT anymore to everyone with PCG. I would imagine they hand it out to people that made them a lot of money last year.

Me, I'm pretty sure I don't make them any money, I don't own any Fidelity funds, I don't keep any cash with them of note(where they probably make most of their money) and all I do is leech free services. Hopefully they don't ever decide to audit and kick out the peeps like me that just leech from them. Though I probably don't cost them all that much since they have great economies of scale with millions of customers and trillions in assets.
I'm still PCG, but was told I didn't qualify for free TT this year because I don't have an assigned rep. I used to have but apparently he dropped me because I didn't schedule regular reviews.
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Re: Fidelity as a one stop shop

Post by lostcoast2023 »

JoMoney wrote: Fri Jun 02, 2023 7:36 am
alexbogle wrote: Fri Jun 02, 2023 7:32 am
JoMoney wrote: Fri Jun 02, 2023 7:01 am The debit card is a different color than the CMA debit card, and you have to specifically request a debit card rather than it be automatic a part of the account like the CMA.
Was the card still embossed?
Yes, but it's a gold-colored card (rather than silver for the CMA), and all the print is black rather than the green Fidelity pyramid logo on the CMA card.
Interesting. My CMA debit card is green. It looks very similar to the Fidelity credit card, but it is embossed.
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fetch5482
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Re: Fidelity as a one stop shop

Post by fetch5482 »

lostcoast2023 wrote: Fri Jun 02, 2023 7:28 pm
JoMoney wrote: Fri Jun 02, 2023 7:36 am
alexbogle wrote: Fri Jun 02, 2023 7:32 am
JoMoney wrote: Fri Jun 02, 2023 7:01 am The debit card is a different color than the CMA debit card, and you have to specifically request a debit card rather than it be automatic a part of the account like the CMA.
Was the card still embossed?
Yes, but it's a gold-colored card (rather than silver for the CMA), and all the print is black rather than the green Fidelity pyramid logo on the CMA card.
Interesting. My CMA debit card is green. It looks very similar to the Fidelity credit card, but it is embossed.
My ATM card expired last year and they sent a gold one as replacement with newer expiration date.
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JoMoney
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Re: Fidelity as a one stop shop

Post by JoMoney »

lostcoast2023 wrote: Fri Jun 02, 2023 7:28 pm
JoMoney wrote: Fri Jun 02, 2023 7:36 am
alexbogle wrote: Fri Jun 02, 2023 7:32 am
JoMoney wrote: Fri Jun 02, 2023 7:01 am The debit card is a different color than the CMA debit card, and you have to specifically request a debit card rather than it be automatic a part of the account like the CMA.
Was the card still embossed?
Yes, but it's a gold-colored card (rather than silver for the CMA), and all the print is black rather than the green Fidelity pyramid logo on the CMA card.
Interesting. My CMA debit card is green. It looks very similar to the Fidelity credit card, but it is embossed.
The CMA debit card looks like this, but with embossed name and card numbers:
Image
A brokerage account debit card will look like this, but also with embossed name/numbers:
Image
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Re: Fidelity as a one stop shop

Post by kojima »

fetch5482 wrote: Thu Jun 01, 2023 10:00 am I love Fidelity Visa too, but I wish they waived Foreign transaction fees, atleast for customers with high balance tiers.
The Fidelity Credit Card has Foreign Transaction Fees?
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Re: Fidelity as a one stop shop

Post by riverant »

eukonomos wrote: Fri Jun 02, 2023 5:41 pm
zie wrote: Fri Jun 02, 2023 5:13 pm
eukonomos wrote: Fri Jun 02, 2023 8:58 am
JoMoney wrote: Fri Jun 02, 2023 8:24 am ...
and (at least so far) getting the brokerage account ATM rebates has been the only thing having a rep assigned might have been good for...
...
Also getting free TurboTax.
As far as I know it's not that simple anymore. They don't magically hand out TT anymore to everyone with PCG. I would imagine they hand it out to people that made them a lot of money last year.

Me, I'm pretty sure I don't make them any money, I don't own any Fidelity funds, I don't keep any cash with them of note(where they probably make most of their money) and all I do is leech free services. Hopefully they don't ever decide to audit and kick out the peeps like me that just leech from them. Though I probably don't cost them all that much since they have great economies of scale with millions of customers and trillions in assets.
I'm still PCG, but was told I didn't qualify for free TT this year because I don't have an assigned rep. I used to have but apparently he dropped me because I didn't schedule regular reviews.
I surprisingly got an offer for free TT right before the filing deadline, several weeks after i filed my taxes. Maybe next year…
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Re: Fidelity as a one stop shop

Post by classicindexer »

kojima wrote: Sat Jun 03, 2023 6:09 am
fetch5482 wrote: Thu Jun 01, 2023 10:00 am I love Fidelity Visa too, but I wish they waived Foreign transaction fees, atleast for customers with high balance tiers.
The Fidelity Credit Card has Foreign Transaction Fees?
Yes, 1% Foreign Transaction Fee.
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JoMoney
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Re: Fidelity as a one stop shop

Post by JoMoney »

kojima wrote: Sat Jun 03, 2023 6:09 am
fetch5482 wrote: Thu Jun 01, 2023 10:00 am I love Fidelity Visa too, but I wish they waived Foreign transaction fees, atleast for customers with high balance tiers.
The Fidelity Credit Card has Foreign Transaction Fees?
Yes, the Fidelity Rewards Visa Signature Card has a 1% foreign transaction fee...
https://online1.elancard.com/pdap/terms ... 1HXW76GR47

...but you do get a 2% cash back reward on every purchase, so not as bad as some cards, but not as good as a Capital One Quicksilver rewards card that has no foreign transaction fees and a 1.5% cash back reward.
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Re: Fidelity as a one stop shop

Post by kojima »

Strange as my understanding is that the Fidelity Debit Card reimburses all foreign ATM withdrawals
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Re: Fidelity as a one stop shop

Post by tj »

kojima wrote: Sat Jun 03, 2023 9:54 am Strange as my understanding is that the Fidelity Debit Card reimburses all foreign ATM withdrawals

CMA not brokerage
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Re: Fidelity as a one stop shop

Post by volstagg »

kojima wrote: Sat Jun 03, 2023 9:54 am Strange as my understanding is that the Fidelity Debit Card reimburses all foreign ATM withdrawals
ATM Withdrawls have nothing to do with Visa Network purchases. Both the Fidelity ELAN Visa Credit Card and the Fidelity Visa Debit card charge a foreign transaction fee on purchases that go through the Visa Network.

https://www.fidelity.com/cash-management/atm-debit-card
Please note, for foreign transactions, there may be a 1% fee included in the amount charged to your account.
ETA:
The general consensus on this thread is, Fidelity claims it can charge a 1% foreign transaction fee on both ATM and Purchases with their debit card, but in actuality, Fidelity only charges the 1% foreign transaction fee when using the Debit card part, not the ATM card, internationally.
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Re: Fidelity as a one stop shop

Post by muffins14 »

kojima wrote: Sat Jun 03, 2023 9:54 am Strange as my understanding is that the Fidelity Debit Card reimburses all foreign ATM withdrawals
An ATM withdrawal is not the same thing as a credit card purchase
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Re: Fidelity as a one stop shop

Post by muffins14 »

tj wrote: Sat Jun 03, 2023 9:58 am
kojima wrote: Sat Jun 03, 2023 9:54 am Strange as my understanding is that the Fidelity Debit Card reimburses all foreign ATM withdrawals

CMA not brokerage
The brokerage also reimburses ATM withdrawals for most people int the thread, perhaps all who asked for it and had requisite assets
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Re: Fidelity as a one stop shop

Post by tj »

muffins14 wrote: Sat Jun 03, 2023 11:11 am
tj wrote: Sat Jun 03, 2023 9:58 am
kojima wrote: Sat Jun 03, 2023 9:54 am Strange as my understanding is that the Fidelity Debit Card reimburses all foreign ATM withdrawals

CMA not brokerage
The brokerage also reimburses ATM withdrawals for most people int the thread, perhaps all who asked for it and had requisite assets
What is the requisite assets?
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JoMoney
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Re: Fidelity as a one stop shop

Post by JoMoney »

kojima wrote: Sat Jun 03, 2023 6:09 am
fetch5482 wrote: Thu Jun 01, 2023 10:00 am I love Fidelity Visa too, but I wish they waived Foreign transaction fees, atleast for customers with high balance tiers.
The Fidelity Credit Card has Foreign Transaction Fees?
kojima wrote: Sat Jun 03, 2023 9:54 am Strange as my understanding is that the Fidelity Debit Card reimburses all foreign ATM withdrawals
Are you asking about the credit card or the debit card?
Fidelity offers both, and they have different terms and potential fees and potential rebates.

The Fidelity ATM/Debit card associated with the CMA (and maybe brokerage account) will rebate any ATM withdrawal fees.
The Fidelity Rewards Visa credit card will give you a 2% cash back reward for items charged.

Both cards have a 1% foreign transaction fee, but for those of us that use the ATM/Debit card to withdraw cash at a foreign ATM have not actually seen any foreign transaction fees applied for cash withdrawn at a foreign ATM.
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muffins14
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Re: Fidelity as a one stop shop

Post by muffins14 »

tj wrote: Sat Jun 03, 2023 11:32 am
muffins14 wrote: Sat Jun 03, 2023 11:11 am
tj wrote: Sat Jun 03, 2023 9:58 am
kojima wrote: Sat Jun 03, 2023 9:54 am Strange as my understanding is that the Fidelity Debit Card reimburses all foreign ATM withdrawals

CMA not brokerage
The brokerage also reimburses ATM withdrawals for most people int the thread, perhaps all who asked for it and had requisite assets
What is the requisite assets?
At the time I inquired, 250k
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damege
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Re: Fidelity as a one stop shop

Post by damege »

Has anyone had a problem with the autodraft sweep account as of late? This is the second time in ~4 months where It attempted to pay a credit card bill via my CMA but did not take money from FZDXX in my other account to sell and transfer, so there were insufficient funds in the CMA.
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JoMoney
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Re: Fidelity as a one stop shop

Post by JoMoney »

damege wrote: Mon Jun 05, 2023 6:37 pm Has anyone had a problem with the autodraft sweep account as of late? This is the second time in ~4 months where It attempted to pay a credit card bill via my CMA but did not take money from FZDXX in my other account to sell and transfer, so there were insufficient funds in the CMA.
I use FDRXX to hold cash rather than keep money in the FDIC bank sweep core account. I haven't any problems drafting against it as long as the money shows as "Available to withdraw" on the balances page. I did have an issue early on with the account when I didn't understand how "Available to withdraw" funds worked, and that moving money from the FDIC bank sweep to a money market fund can make those amounts unavailable to withdraw temporarily until the purchase of the money market completes.
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
SnowBog
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Re: Fidelity as a one stop shop

Post by SnowBog »

JoMoney wrote: Mon Jun 05, 2023 6:50 pm
damege wrote: Mon Jun 05, 2023 6:37 pm Has anyone had a problem with the autodraft sweep account as of late? This is the second time in ~4 months where It attempted to pay a credit card bill via my CMA but did not take money from FZDXX in my other account to sell and transfer, so there were insufficient funds in the CMA.
I use FDRXX to hold cash rather than keep money in the FDIC bank sweep core account. I haven't any problems drafting against it as long as the money shows as "Available to withdraw" on the balances page. I did have an issue early on with the account when I didn't understand how "Available to withdraw" funds worked, and that moving money from the FDIC bank sweep to a money market fund can make those amounts unavailable to withdraw temporarily until the purchase of the money market completes.
+1

No issues. But again, had to learn that balance "available" is not the balance in the account, but the "available to withdraw" amount (which may differ for 1-2 business days when you deposit funds and/or buy new shares).
PatrickA5
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Re: Fidelity as a one stop shop

Post by PatrickA5 »

Has anyone ever asked for and received a retention offer? I've been thinking about moving about $1M to Schwab (assuming they offer some kind of bonus - haven't asked yet). I'd probably just leave the money at Fidelity if they would give a retention bonus.
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Sage16
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Re: Fidelity as a one stop shop

Post by Sage16 »

JoMoney wrote: Sat Jun 03, 2023 7:33 am
kojima wrote: Sat Jun 03, 2023 6:09 am
fetch5482 wrote: Thu Jun 01, 2023 10:00 am I love Fidelity Visa too, but I wish they waived Foreign transaction fees, atleast for customers with high balance tiers.
The Fidelity Credit Card has Foreign Transaction Fees?
Yes, the Fidelity Rewards Visa Signature Card has a 1% foreign transaction fee...
https://online1.elancard.com/pdap/terms ... 1HXW76GR47

...but you do get a 2% cash back reward on every purchase, so not as bad as some cards, but not as good as a Capital One Quicksilver rewards card that has no foreign transaction fees and a 1.5% cash back reward.
Do I understand this correctly, you would still net a 1% cash back on a foreign purchase? 2% cash back less the 1% foreign transaction fee?
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Lyrrad
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Re: Fidelity as a one stop shop

Post by Lyrrad »

Sage16 wrote: Tue Jun 06, 2023 6:08 pm
Do I understand this correctly, you would still net a 1% cash back on a foreign purchase? 2% cash back less the 1% foreign transaction fee?
Yes. That’s how it worked for me when the card was still being administered by FIA.

It was useful since I didn’t have any no-FTF cards at the time.
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JoMoney
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Re: Fidelity as a one stop shop

Post by JoMoney »

Sage16 wrote: Tue Jun 06, 2023 6:08 pm
JoMoney wrote: Sat Jun 03, 2023 7:33 am
kojima wrote: Sat Jun 03, 2023 6:09 am
fetch5482 wrote: Thu Jun 01, 2023 10:00 am I love Fidelity Visa too, but I wish they waived Foreign transaction fees, atleast for customers with high balance tiers.
The Fidelity Credit Card has Foreign Transaction Fees?
Yes, the Fidelity Rewards Visa Signature Card has a 1% foreign transaction fee...
https://online1.elancard.com/pdap/terms ... 1HXW76GR47

...but you do get a 2% cash back reward on every purchase, so not as bad as some cards, but not as good as a Capital One Quicksilver rewards card that has no foreign transaction fees and a 1.5% cash back reward.
Do I understand this correctly, you would still net a 1% cash back on a foreign purchase? 2% cash back less the 1% foreign transaction fee?
That is correct.
But do note that is for the Fidelity Visa Rewards credit card, NOT the debit card, which someone up-thread didn't seem clear on the difference between.
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
kojima
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Re: Fidelity as a one stop shop

Post by kojima »

Regarding taking RMD's from a Rollover IRA in Fidelity. Is my understanding correct that it is not possible for Fidelity to automatically sell shares within that IRA account if there is not a cash position to withdrawal from?

The options I see are Weighted Amount, Fixed Amount, and Fixed Percentage.

Weighted Amount - Fidelity calculates the weighted percentage for each investment by dividing the total estimated value of each eligible mutual fund and core position, including money market funds, by the total value of all your eligible mutual funds and core positions combined.

If there are is $0 cash in the core position and there are no mutual funds or money market funds (only ETFs), then it's not possible and I would have to manually sell the ETFs to have cash to transfer out, right?
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Re: Fidelity as a one stop shop

Post by peke9898 »

PatrickA5 wrote: Mon Jun 05, 2023 11:44 pm Has anyone ever asked for and received a retention offer? I've been thinking about moving about $1M to Schwab (assuming they offer some kind of bonus - haven't asked yet). I'd probably just leave the money at Fidelity if they would give a retention bonus.
I am a long time customer of Fido. I use Fido for all my accounts. I talked about retention and transfer bonus with my rep several times and never got any. Last week I opened BoA/Merrill for their CC cash back and bonus.
RunLong
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Re: Fidelity as a one stop shop

Post by RunLong »

I recently went all-in on Fidelity, and have been working through some issues (slow transfer times, ATM withdrawal limits, confusing transaction view, etc). Overall, it hasn't been bad, just an adjustment.

I also moved my son to the Fidelity Youth Account. It's been fine too, but has many more limitations. My son pays for part of his car insurance, and I spent nearly an hour on the phone with Fidelity support yesterday trying to figure out how to have my son be able to transfer money from his account to mine. Long story short: he can't transfer since it's a youth account. I can transfer money to him, but he can't transfer money to me.

Has anyone worked with a youth account before like this? Any ideas as to how to make it happen? The support rep's recommendation of having my son just pay State Farm directly or have him pull money out of the ATM isn't particularly helpful.

Thanks for any help or feedback!
d230
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Re: Fidelity as a one stop shop

Post by d230 »

RunLong wrote: Thu Jun 15, 2023 11:58 am Has anyone worked with a youth account before like this? Any ideas as to how to make it happen? The support rep's recommendation of having my son just pay State Farm directly or have him pull money out of the ATM isn't particularly helpful.
Can he signup for Paypal/Venmo/CashApp?
Does the youth account have BillPay/checks?
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Re: Fidelity as a one stop shop

Post by cshell2 »

RunLong wrote: Thu Jun 15, 2023 11:58 am I recently went all-in on Fidelity, and have been working through some issues (slow transfer times, ATM withdrawal limits, confusing transaction view, etc). Overall, it hasn't been bad, just an adjustment.

I also moved my son to the Fidelity Youth Account. It's been fine too, but has many more limitations. My son pays for part of his car insurance, and I spent nearly an hour on the phone with Fidelity support yesterday trying to figure out how to have my son be able to transfer money from his account to mine. Long story short: he can't transfer since it's a youth account. I can transfer money to him, but he can't transfer money to me.

Has anyone worked with a youth account before like this? Any ideas as to how to make it happen? The support rep's recommendation of having my son just pay State Farm directly or have him pull money out of the ATM isn't particularly helpful.

Thanks for any help or feedback!
Can you pull money from his account? My youngest turns 13 on Monday and I'm thinking of opening a Youth account for him. My older son had an account at our credit union and that's how it is for him there as well. He can't "see" my account in his online view, but I can see his and move money back and forth.

Otherwise there's always Venmo.
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VictorStarr
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Re: Fidelity as a one stop shop

Post by VictorStarr »

RunLong wrote: Thu Jun 15, 2023 11:58 am
...
I also moved my son to the Fidelity Youth Account. It's been fine too, but has many more limitations. My son pays for part of his car insurance, and I spent nearly an hour on the phone with Fidelity support yesterday trying to figure out how to have my son be able to transfer money from his account to mine. Long story short: he can't transfer since it's a youth account. I can transfer money to him, but he can't transfer money to me.

Has anyone worked with a youth account before like this? Any ideas as to how to make it happen? The support rep's recommendation of having my son just pay State Farm directly or have him pull money out of the ATM isn't particularly helpful.

Thanks for any help or feedback!
There is no simple way to transfer money from one Fidelity account to an account that belongs to another person.

I am not sure about capabilities of the Fidelity Youth account but there a few convoluted ways to move money between Fidelity accounts:
- wire transfer (no fee)
- BillPay (using check deposit)
- physical check
- ETF authorization (https://www.fidelity.com/accounts/pdf/transfer.pdf) allows to transfer funds to a third-party Fidelity account) requires either MSG or a visit to a Fidelity office.

If nothing works you always can resort to fintech P2P:
- Venmo (Venmo supports Teen accounts)
- Cash App
- Apple Cash via Apple Messages
- etc …

I have been using BillPay and ETF authorization for recurrent and one off transfers to my college age children accounts (CMA, brokerage and Roth IRA). After initial setup of ETF authorization all transfers are instant.
zie
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Re: Fidelity as a one stop shop

Post by zie »

VictorStarr wrote: Thu Jun 15, 2023 4:14 pm
RunLong wrote: Thu Jun 15, 2023 11:58 am
...
I also moved my son to the Fidelity Youth Account. It's been fine too, but has many more limitations. My son pays for part of his car insurance, and I spent nearly an hour on the phone with Fidelity support yesterday trying to figure out how to have my son be able to transfer money from his account to mine. Long story short: he can't transfer since it's a youth account. I can transfer money to him, but he can't transfer money to me.

Has anyone worked with a youth account before like this? Any ideas as to how to make it happen? The support rep's recommendation of having my son just pay State Farm directly or have him pull money out of the ATM isn't particularly helpful.

Thanks for any help or feedback!
There is no simple way to transfer money from one Fidelity account to an account that belongs to another person.

I am not sure about capabilities of the Fidelity Youth account but there a few convoluted ways to move money between Fidelity accounts:
- wire transfer (no fee)
- BillPay (using check deposit)
- physical check
- ETF authorization (https://www.fidelity.com/accounts/pdf/transfer.pdf) allows to transfer funds to a third-party Fidelity account) requires either MSG or a visit to a Fidelity office.

If nothing works you always can resort to fintech P2P:
- Venmo (Venmo supports Teen accounts)
- Cash App
- Apple Cash via Apple Messages
- etc …

I have been using BillPay and ETF authorization for recurrent and one off transfers to my college age children accounts (CMA, brokerage and Roth IRA). After initial setup of ETF authorization all transfers are instant.
If both are Fidelity accounts and using BillPay, it will transfer via ACH. Fidelity's words on how to do it are here:
Fidelity - Kersi wrote: You can send payments to another person's Fidelity account by setting up a Bill Pay payee as a company under "Fidelity Investments." You will then enter the Fidelity account number (including letters, if applicable). You must use ZIP Code 45277-0003 when adding the payee.
Payments of up to $2,500 that are sent with BillPay will be transferred by ACH, while payments over $2,500 will be sent by check for security purposes.
source: https://old.reddit.com/r/fidelityinvest ... o_not_own/
Whether rich or poor, a young woman should know how a bank account works, understand the composition of mortgages and bonds, and know the value of interest and how it accumulates. -Hetty Green
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

VictorStarr wrote: Thu Jun 15, 2023 4:14 pm
RunLong wrote: Thu Jun 15, 2023 11:58 am
...
I also moved my son to the Fidelity Youth Account. It's been fine too, but has many more limitations. My son pays for part of his car insurance, and I spent nearly an hour on the phone with Fidelity support yesterday trying to figure out how to have my son be able to transfer money from his account to mine. Long story short: he can't transfer since it's a youth account. I can transfer money to him, but he can't transfer money to me.

Has anyone worked with a youth account before like this? Any ideas as to how to make it happen? The support rep's recommendation of having my son just pay State Farm directly or have him pull money out of the ATM isn't particularly helpful.

Thanks for any help or feedback!
There is no simple way to transfer money from one Fidelity account to an account that belongs to another person.

I am not sure about capabilities of the Fidelity Youth account but there a few convoluted ways to move money between Fidelity accounts:
- wire transfer (no fee)
- BillPay (using check deposit)
- physical check
- ETF authorization (https://www.fidelity.com/accounts/pdf/transfer.pdf) allows to transfer funds to a third-party Fidelity account) requires either MSG or a visit to a Fidelity office.

If nothing works you always can resort to fintech P2P:
- Venmo (Venmo supports Teen accounts)
- Cash App
- Apple Cash via Apple Messages
- etc …

I have been using BillPay and ETF authorization for recurrent and one off transfers to my college age children accounts (CMA, brokerage and Roth IRA). After initial setup of ETF authorization all transfers are instant.
For a wire transfer through Fidelity, is there no way to save the payee, to make it easier to do future wire transfers?
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