Fidelity as a one stop shop

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
careerdata
Posts: 332
Joined: Sat Sep 09, 2017 7:12 pm

Re: Fidelity as a one stop shop

Post by careerdata »

boston10 wrote: Sun Sep 25, 2022 2:39 pm
careerdata wrote: Sun Sep 25, 2022 1:59 pm Thank you! Just to be safe, I am going to use your "at least three business days prior to the due date" approach on both our Fidelity credit card (due 10/3) and our new BoA Customized Cash credit card (due 10/9), and then watch how quickly they clear out of the Fidelity CMA. I may be able to tighten it up a bit closer to the due date with more confidence after seeing how that works. I don't currently have any of our credit cards or rent on automatic bill pay yet as it takes just a few minutes each to pay from their respective sites as the Fidelity CMA information is now pre-loaded. I also use that opportunity to make sure there are no unexpected charges or fees hitting our cards.

Joe
I would just use Fidelity Bill Pay. If you are pushing payments from Fido then in my experience they always credit on the stated date. I have never had an exception to this and I pay bills to BoA, CapitalOne, Barclaycard, Amazon Prime Card and Verizon Card (Synchrony), Discover, Fidelity Visa, Citibank, Elan (local credit union), American Express, US Bank, 2 mortgages, a car payment, and a few pay-by-check payments to various things. It just works.

Granted, you can't schedule payments to be delivered on weekend days or holidays.
Thank you to you and anon_investor for sharing your experiences and your recommendations! I have never used Bill Pay before but it sounds like something that could be another useful tool. It took us over a decade of belt-tightening but we have finally paid off all of our autistic daughter's medical debt so it has not been that long of a period for us where we were able to pay off all our credit card balances in full each month. There just wasn't enough money in our bank account to do it. With my wife now working full-time as a nurse we are now able to build up some breathing room so I will take a closer look at Fidelity Bill Pay.

Joe
User avatar
heartwood
Posts: 2700
Joined: Sat Nov 23, 2013 12:40 pm

Re: Fidelity as a one stop shop

Post by heartwood »

heartwood wrote: Sun Sep 25, 2022 3:01 pm
boston10 wrote: Sun Sep 25, 2022 2:39 pm
careerdata wrote: Sun Sep 25, 2022 1:59 pm Thank you! Just to be safe, I am going to use your "at least three business days prior to the due date" approach on both our Fidelity credit card (due 10/3) and our new BoA Customized Cash credit card (due 10/9), and then watch how quickly they clear out of the Fidelity CMA. I may be able to tighten it up a bit closer to the due date with more confidence after seeing how that works. I don't currently have any of our credit cards or rent on automatic bill pay yet as it takes just a few minutes each to pay from their respective sites as the Fidelity CMA information is now pre-loaded. I also use that opportunity to make sure there are no unexpected charges or fees hitting our cards.

Joe
I would just use Fidelity Bill Pay. If you are pushing payments from Fido then in my experience they always credit on the stated date. I have never had an exception to this and I pay bills to BoA, CapitalOne, Barclaycard, Amazon Prime Card and Verizon Card (Synchrony), Discover, Fidelity Visa, Citibank, Elan (local credit union), American Express, US Bank, 2 mortgages, a car payment, and a few pay-by-check payments to various things. It just works.

Granted, you can't schedule payments to be delivered on weekend days or holidays.
Here's something I posted above in this thread on 8/1/21

"Let me offer a PSA re Fidelity Bill Pay. In the Bill Pay Payment Center each payee has a small symbol to the right of the payee name: an envelope for a payment by USPS, or a lightning bolt for electronic (ACH) payment. You have no control over the method.

While Fidelity will mail a check it times to arrive by the Deliver Date, it has no control over the USPS handling. I learned that in Dec 2019 paying Wells Fargo to deliver by 12/29/19. I didn't realize it was a paper mailed check. It was sent well before the date; it arrived 1/7/20, within the mortgage payment window, but late for the 2019 tax year mortgage deduction, costing me nearly $1000 in taxes.

I have since changed that Delivery Date, but at some point after that Fidelity made Wells Fargo an ACH payment.

I too prefer to have a pull for most payments such as CC, utilities, etc, relying on the Payee to bear the risk. I never set it up for WF; maybe I should."

So Fido performed well, WF applied the payment when it got the check. I lost ~$1000 because of the USPS. And that was before covid.
I just checked my billpay and it's changed some. Now mine shows a pen and paper check icon to the right of the word "amount" for the Payee in the Payment Center. There's now no icon for the ones I assume go by ACH. The majority of my payees show as paper checks, 26 out of 30. All my several RE and municipal payees are by paper check. Only my condo association, wells fargo and my LTC insurer (2x) go by ACH.
boston10
Posts: 164
Joined: Sun Aug 21, 2016 9:44 am

Re: Fidelity as a one stop shop

Post by boston10 »

heartwood wrote: Sun Sep 25, 2022 4:09 pm
heartwood wrote: Sun Sep 25, 2022 3:01 pm
boston10 wrote: Sun Sep 25, 2022 2:39 pm
careerdata wrote: Sun Sep 25, 2022 1:59 pm Thank you! Just to be safe, I am going to use your "at least three business days prior to the due date" approach on both our Fidelity credit card (due 10/3) and our new BoA Customized Cash credit card (due 10/9), and then watch how quickly they clear out of the Fidelity CMA. I may be able to tighten it up a bit closer to the due date with more confidence after seeing how that works. I don't currently have any of our credit cards or rent on automatic bill pay yet as it takes just a few minutes each to pay from their respective sites as the Fidelity CMA information is now pre-loaded. I also use that opportunity to make sure there are no unexpected charges or fees hitting our cards.

Joe
I would just use Fidelity Bill Pay. If you are pushing payments from Fido then in my experience they always credit on the stated date. I have never had an exception to this and I pay bills to BoA, CapitalOne, Barclaycard, Amazon Prime Card and Verizon Card (Synchrony), Discover, Fidelity Visa, Citibank, Elan (local credit union), American Express, US Bank, 2 mortgages, a car payment, and a few pay-by-check payments to various things. It just works.

Granted, you can't schedule payments to be delivered on weekend days or holidays.
Here's something I posted above in this thread on 8/1/21

"Let me offer a PSA re Fidelity Bill Pay. In the Bill Pay Payment Center each payee has a small symbol to the right of the payee name: an envelope for a payment by USPS, or a lightning bolt for electronic (ACH) payment. You have no control over the method.

While Fidelity will mail a check it times to arrive by the Deliver Date, it has no control over the USPS handling. I learned that in Dec 2019 paying Wells Fargo to deliver by 12/29/19. I didn't realize it was a paper mailed check. It was sent well before the date; it arrived 1/7/20, within the mortgage payment window, but late for the 2019 tax year mortgage deduction, costing me nearly $1000 in taxes.

I have since changed that Delivery Date, but at some point after that Fidelity made Wells Fargo an ACH payment.

I too prefer to have a pull for most payments such as CC, utilities, etc, relying on the Payee to bear the risk. I never set it up for WF; maybe I should."

So Fido performed well, WF applied the payment when it got the check. I lost ~$1000 because of the USPS. And that was before covid.
I just checked my billpay and it's changed some. Now mine shows a pen and paper check icon to the right of the word "amount" for the Payee in the Payment Center. There's now no icon for the ones I assume go by ACH. The majority of my payees show as paper checks, 26 out of 30. All my several RE and municipal payees are by paper check. Only my condo association, wells fargo and my LTC insurer (2x) go by ACH.
This is very unusual and is likely the result of the way you added the payees. I would try re-adding them and ensure you're searching Fidelity's database of payees ("Add a company") rather than manually entering them with name and address ("Add a person or small business"). All of my corporate payees (Amazon Store Card/Synchrony, BarclayCard, BoA, 2x Capital One cards, Citi, Discover, Eversource, Fidelity/Elan, Flagstar Bank, LoanDepot, a small local bank for my car loan, National Grid, U.S. Bank, Verizon Visa/Synchrony) are electronic. Many of them also have "push" e-bills into Fidelity. I pay all of these from my Fidelity brokerage which I call my "checking". I only do push ACH from this account which allows me to keep that account number private.

I also have a CMA which I keep at a balance of $500 with no auto-overdraft transfers. I use it for ATM and Bill Pay pay-by-check transactions. The only pay-by-check payees I have are my local town (taxes/water/sewer fees), small associations and clubs, and very small businesses.
classicindexer
Posts: 208
Joined: Tue Apr 09, 2019 10:43 am

Re: Fidelity as a one stop shop

Post by classicindexer »

heartwood wrote: Sun Sep 25, 2022 4:09 pm
heartwood wrote: Sun Sep 25, 2022 3:01 pm
boston10 wrote: Sun Sep 25, 2022 2:39 pm
careerdata wrote: Sun Sep 25, 2022 1:59 pm Thank you! Just to be safe, I am going to use your "at least three business days prior to the due date" approach on both our Fidelity credit card (due 10/3) and our new BoA Customized Cash credit card (due 10/9), and then watch how quickly they clear out of the Fidelity CMA. I may be able to tighten it up a bit closer to the due date with more confidence after seeing how that works. I don't currently have any of our credit cards or rent on automatic bill pay yet as it takes just a few minutes each to pay from their respective sites as the Fidelity CMA information is now pre-loaded. I also use that opportunity to make sure there are no unexpected charges or fees hitting our cards.

Joe
I would just use Fidelity Bill Pay. If you are pushing payments from Fido then in my experience they always credit on the stated date. I have never had an exception to this and I pay bills to BoA, CapitalOne, Barclaycard, Amazon Prime Card and Verizon Card (Synchrony), Discover, Fidelity Visa, Citibank, Elan (local credit union), American Express, US Bank, 2 mortgages, a car payment, and a few pay-by-check payments to various things. It just works.

Granted, you can't schedule payments to be delivered on weekend days or holidays.
Here's something I posted above in this thread on 8/1/21

"Let me offer a PSA re Fidelity Bill Pay. In the Bill Pay Payment Center each payee has a small symbol to the right of the payee name: an envelope for a payment by USPS, or a lightning bolt for electronic (ACH) payment. You have no control over the method.

While Fidelity will mail a check it times to arrive by the Deliver Date, it has no control over the USPS handling. I learned that in Dec 2019 paying Wells Fargo to deliver by 12/29/19. I didn't realize it was a paper mailed check. It was sent well before the date; it arrived 1/7/20, within the mortgage payment window, but late for the 2019 tax year mortgage deduction, costing me nearly $1000 in taxes.

I have since changed that Delivery Date, but at some point after that Fidelity made Wells Fargo an ACH payment.

I too prefer to have a pull for most payments such as CC, utilities, etc, relying on the Payee to bear the risk. I never set it up for WF; maybe I should."

So Fido performed well, WF applied the payment when it got the check. I lost ~$1000 because of the USPS. And that was before covid.
I just checked my billpay and it's changed some. Now mine shows a pen and paper check icon to the right of the word "amount" for the Payee in the Payment Center. There's now no icon for the ones I assume go by ACH. The majority of my payees show as paper checks, 26 out of 30. All my several RE and municipal payees are by paper check. Only my condo association, wells fargo and my LTC insurer (2x) go by ACH.
Yeah the new icon is helpful. The other way to tell if a payment goes out electronically is that the first available deliver by date is 1-2 business days vs. 5-7 business days for a paper check. All of our credit cards show 1 business day, in the past a few have been 2.
classicindexer
Posts: 208
Joined: Tue Apr 09, 2019 10:43 am

Re: Fidelity as a one stop shop

Post by classicindexer »

careerdata wrote: Sun Sep 25, 2022 1:59 pm
Thank you! Just to be safe, I am going to use your "at least three business days prior to the due date" approach on both our Fidelity credit card (due 10/3) and our new BoA Customized Cash credit card (due 10/9), and then watch how quickly they clear out of the Fidelity CMA. I may be able to tighten it up a bit closer to the due date with more confidence after seeing how that works. I don't currently have any of our credit cards or rent on automatic bill pay yet as it takes just a few minutes each to pay from their respective sites as the Fidelity CMA information is now pre-loaded. I also use that opportunity to make sure there are no unexpected charges or fees hitting our cards.

Joe
If you pay the Fidelity Visa credit card using the credit card portal (not BillPay) during the week before the daily cut off (7 p.m. CT.) they record the payment date as that day. Then it will pull funds from the CMA account usually the next business day.
simas
Posts: 1295
Joined: Wed Apr 04, 2007 5:50 pm

Re: Fidelity as a one stop shop

Post by simas »

I am considering consolidating accounts outside of Fidelity with Fidelity , approximately 1.7-1.8 million worth. I have no specific timelines and am able to wait for 'brokerage transfer bonuses' . Question - where do you guys go to watch for it or does it make sense to talk to Fidelity directly (and if yes, with whom)?

I am getting pretty disappointed with Vanguard customer service, wait times, and lack of ability to actually reach them, thus desire to move.
spammagnet
Posts: 2481
Joined: Wed Apr 27, 2016 9:42 pm

Re: Fidelity as a one stop shop

Post by spammagnet »

boston10 wrote: Sun Sep 25, 2022 2:39 pmGranted, you can't schedule payments to be delivered on weekend days or holidays.
If you want to always push payments from Fidelity rather than allowing the card-issuing banks to pull payments, schedule those payments 4 days before the due date. That will compensate for when the scheduled transaction date falls on a 3-day holiday weekend. If you could schedule it for the due date or the next earlier business date, that would happen automatically, but that's not an option, to my knowledge.

Payments by UMB (the bank that operates the checking account) always go by ACH to large payees, particularly to other banks. Otherwise, they print a check. I would take potential USPS delays into consideration for those smaller vendors. Basically, if you have to create a new vendor rather than select it from their list of preexisting vendors, it will go by check.
User avatar
Rowan Oak
Posts: 851
Joined: Mon May 09, 2016 2:11 pm
Location: Yoknapatawpha

Re: Fidelity as a one stop shop

Post by Rowan Oak »

Trying to setup my Fidelity CMA to use with a credit card auto pay, but when I enter the routing and account numbers the credit card company says they can't link the account. They do say I can call and try to have them add it. Just wanted to find out if anyone else is having trouble using Fidelity CMA for credit card auto pay before I begin the transition from Ally Bank to Fidelity CMA.

This is the first time I've tried setting up a "Direct Debit" using my Fidelity CMA.

I'm using the 17 digit account number. (I double checked and did enter the correct routing and acct #s Fidelity provided)

There is money in my Fidelity CMA, but it hasn't settled yet and is marked as "unavailable".

I've never used the CMA account before, but I created it in 2020 and do have checks for it etc..

I do have "Money Transfer Lockdown" turned on, but Fidelity says this doesn't affect "Checkwriting and Direct Debit".
“If you can get good at destroying your own wrong ideas, that is a great gift.” – Charlie Munger
boston10
Posts: 164
Joined: Sun Aug 21, 2016 9:44 am

Re: Fidelity as a one stop shop

Post by boston10 »

spammagnet wrote: Tue Sep 27, 2022 8:25 am
boston10 wrote: Sun Sep 25, 2022 2:39 pmGranted, you can't schedule payments to be delivered on weekend days or holidays.
If you want to always push payments from Fidelity rather than allowing the card-issuing banks to pull payments, schedule those payments 4 days before the due date. That will compensate for when the scheduled transaction date falls on a 3-day holiday weekend. If you could schedule it for the due date or the next earlier business date, that would happen automatically, but that's not an option, to my knowledge.
I believe Fidelity automatically rounds recurring scheduled payment dates backwards if they fall on holidays/weekends to not overshoot due dates. At least that's been my experience the past few years.
spammagnet wrote: Tue Sep 27, 2022 8:25 amPayments by UMB (the bank that operates the checking account) always go by ACH to large payees, particularly to other banks. Otherwise, they print a check. I would take potential USPS delays into consideration for those smaller vendors. Basically, if you have to create a new vendor rather than select it from their list of preexisting vendors, it will go by check.
I believe they now use FiServ's tech for their Bill Pay and check fulfillment. All financial institutions I pay are paid by ACH, including small local banks. Only small businesses (lawyers, landscapers) and associations (HOAs, gun clubs) seem to be paid with paper checks at this point. USPS delays are real, but those sort of outfits are flexible with their due dates.
boston10
Posts: 164
Joined: Sun Aug 21, 2016 9:44 am

Re: Fidelity as a one stop shop

Post by boston10 »

simas wrote: Tue Sep 27, 2022 7:49 am I am considering consolidating accounts outside of Fidelity with Fidelity , approximately 1.7-1.8 million worth. I have no specific timelines and am able to wait for 'brokerage transfer bonuses' . Question - where do you guys go to watch for it or does it make sense to talk to Fidelity directly (and if yes, with whom)?

I am getting pretty disappointed with Vanguard customer service, wait times, and lack of ability to actually reach them, thus desire to move.
Doctorofcredit is a good source: https://www.doctorofcredit.com/best-bro ... p-to-3500/

If you're looking for specific brokerage it's always a good idea to Google "_______ brokerage bonuses", though that doesn't seem to show anything now.. You can also call them and they may have unadvertised offers.
SnowBog
Posts: 4699
Joined: Fri Dec 21, 2018 10:21 pm

Re: Fidelity as a one stop shop

Post by SnowBog »

Rowan Oak wrote: Tue Sep 27, 2022 9:16 am Trying to setup my Fidelity CMA to use with a credit card auto pay, but when I enter the routing and account numbers the credit card company says they can't link the account. They do say I can call and try to have them add it. Just wanted to find out if anyone else is having trouble using Fidelity CMA for credit card auto pay before I begin the transition from Ally Bank to Fidelity CMA.

This is the first time I've tried setting up a "Direct Debit" using my Fidelity CMA.

I'm using the 17 digit account number. (I double checked and did enter the correct routing and acct #s Fidelity provided)

There is money in my Fidelity CMA, but it hasn't settled yet and is marked as "unavailable".

I've never used the CMA account before, but I created it in 2020 and do have checks for it etc..

I do have "Money Transfer Lockdown" turned on, but Fidelity says this doesn't affect "Checkwriting and Direct Debit".
I've not run into this problem... But I keep a balance in my CMA - usually in a MM fund (not my "core" fund). And "Balances" shows the money available to withdraw.

So, my working theory is that they might be trying to validate there are "available funds" in the account - and seeing none - rejecting the account... I'd let the money settle and show up as "available" - then try again. If that doesn't work, then you might need to dig deeper - maybe contact support....

For context, I have several credit cards, utility bills, etc. all setup for automatic debit from my Fidelity CMA. I've never had any issues with any of them...
leviathan
Posts: 140
Joined: Tue Jul 09, 2019 3:03 pm

Re: Fidelity as a one stop shop

Post by leviathan »

Is there anyway to do "internal position transfer" from Fidelity brokerage account to other Fidelity accounts (e.g. CMA)?
For example, can I transfer 100 shares of SPRXX from brokerage account to CMA without passing through cash position at CMA?
User avatar
Rowan Oak
Posts: 851
Joined: Mon May 09, 2016 2:11 pm
Location: Yoknapatawpha

Re: Fidelity as a one stop shop

Post by Rowan Oak »

SnowBog wrote: Tue Sep 27, 2022 12:30 pm
Rowan Oak wrote: Tue Sep 27, 2022 9:16 am Trying to setup my Fidelity CMA to use with a credit card auto pay, but when I enter the routing and account numbers the credit card company says they can't link the account. They do say I can call and try to have them add it. Just wanted to find out if anyone else is having trouble using Fidelity CMA for credit card auto pay before I begin the transition from Ally Bank to Fidelity CMA.

This is the first time I've tried setting up a "Direct Debit" using my Fidelity CMA.

I'm using the 17 digit account number. (I double checked and did enter the correct routing and acct #s Fidelity provided)

There is money in my Fidelity CMA, but it hasn't settled yet and is marked as "unavailable".

I've never used the CMA account before, but I created it in 2020 and do have checks for it etc..

I do have "Money Transfer Lockdown" turned on, but Fidelity says this doesn't affect "Checkwriting and Direct Debit".
I've not run into this problem... But I keep a balance in my CMA - usually in a MM fund (not my "core" fund). And "Balances" shows the money available to withdraw.

So, my working theory is that they might be trying to validate there are "available funds" in the account - and seeing none - rejecting the account... I'd let the money settle and show up as "available" - then try again. If that doesn't work, then you might need to dig deeper - maybe contact support....

For context, I have several credit cards, utility bills, etc. all setup for automatic debit from my Fidelity CMA. I've never had any issues with any of them...
Thank you!

That's what I was thinking the problem might be.

I transferred the money in from Ally Bank a few days ago then bought 'Government Cash Reserves' MM fund (FDRXX) leaving 0 in the "Core" sweep account. I'm guessing it takes 3-7 days to settle and show as available funds.

In the mean time I may try to setup auto pay for another credit card just to see if I can get one to work without the money being settled.
Last edited by Rowan Oak on Tue Sep 27, 2022 12:48 pm, edited 1 time in total.
“If you can get good at destroying your own wrong ideas, that is a great gift.” – Charlie Munger
vtMaps
Posts: 1031
Joined: Tue Oct 14, 2008 12:05 pm
Location: central Vermont

Re: Fidelity as a one stop shop

Post by vtMaps »

leviathan wrote: Tue Sep 27, 2022 12:36 pm Is there anyway to do "internal position transfer" from Fidelity brokerage account to other Fidelity accounts (e.g. CMA)?
For example, can I transfer 100 shares of SPRXX from brokerage account to CMA without passing through cash position at CMA?
yes. you might have to call customer service. --vtMaps
"Truly, whoever can make you believe absurdities can make you commit atrocities" --Voltaire, as translated by Norman Lewis Torrey
SnowBog
Posts: 4699
Joined: Fri Dec 21, 2018 10:21 pm

Re: Fidelity as a one stop shop

Post by SnowBog »

vtMaps wrote: Tue Sep 27, 2022 12:45 pm
leviathan wrote: Tue Sep 27, 2022 12:36 pm Is there anyway to do "internal position transfer" from Fidelity brokerage account to other Fidelity accounts (e.g. CMA)?
For example, can I transfer 100 shares of SPRXX from brokerage account to CMA without passing through cash position at CMA?
yes. you might have to call customer service. --vtMaps
Unless I'm missing something, you can simply do this as a transfer online. Select the originating account, then the destination account, then instead of entering a dollar value select shares, which should change the screen. On the new screen, you can pick the shares available to transfer, and then enter your many (in # of shares, not $, although for SPRXX those are the same thing).

If you don't see shares listed, then they aren't available to transfer, or at least not yet. If SPRXX was recently purchased, you need to wait until it settles, which is usually in 2 days or so. Then try again.

ETA the above is from a computer. I don't think the mobile app allows transfers of shares. Just use a computer, or use a browser on your mobile device and switch to the "desktop" version of the site.
Last edited by SnowBog on Tue Sep 27, 2022 12:52 pm, edited 1 time in total.
nalor511
Posts: 5059
Joined: Mon Jul 27, 2015 1:00 am

Re: Fidelity as a one stop shop

Post by nalor511 »

SnowBog wrote: Tue Sep 27, 2022 12:50 pm
vtMaps wrote: Tue Sep 27, 2022 12:45 pm
leviathan wrote: Tue Sep 27, 2022 12:36 pm Is there anyway to do "internal position transfer" from Fidelity brokerage account to other Fidelity accounts (e.g. CMA)?
For example, can I transfer 100 shares of SPRXX from brokerage account to CMA without passing through cash position at CMA?
yes. you might have to call customer service. --vtMaps
Unless I'm missing something, you can simply do this as a transfer online. Select the originating account, then the destination account, then instead of entering a dollar value select shares, which should change the screen. On the new screen, you can pick the shares available to transfer, and then enter your many (in # of shares, not $, although for SPRXX those are the same thing).

If you don't see shares listed, then they aren't available to transfer, or at least not yet. If SPRXX was recently purchased, you need to wait until it settles, which is usually in 2 days or so. Then try again.
The transfer shares screen is not currently available for me - is it still showing for you?
SnowBog
Posts: 4699
Joined: Fri Dec 21, 2018 10:21 pm

Re: Fidelity as a one stop shop

Post by SnowBog »

nalor511 wrote: Tue Sep 27, 2022 12:52 pm The transfer shares screen is not currently available for me - is it still showing for you?
I edited my post above...

It doesn't show up in the mobile app.

But it does when you access the "desktop" version of the website.

After selecting both accounts, you'll be in the "Select your transfer details" section, with options for Occurrence (defaults to One-time) and Transfer option (defaults to Cash). Change that last option to Shares and you are redirected to a new screen to complete the transfer.
leviathan
Posts: 140
Joined: Tue Jul 09, 2019 3:03 pm

Re: Fidelity as a one stop shop

Post by leviathan »

SnowBog wrote: Tue Sep 27, 2022 12:50 pm
vtMaps wrote: Tue Sep 27, 2022 12:45 pm
leviathan wrote: Tue Sep 27, 2022 12:36 pm Is there anyway to do "internal position transfer" from Fidelity brokerage account to other Fidelity accounts (e.g. CMA)?
For example, can I transfer 100 shares of SPRXX from brokerage account to CMA without passing through cash position at CMA?
yes. you might have to call customer service. --vtMaps
Unless I'm missing something, you can simply do this as a transfer online. Select the originating account, then the destination account, then instead of entering a dollar value select shares, which should change the screen. On the new screen, you can pick the shares available to transfer, and then enter your many (in # of shares, not $, although for SPRXX those are the same thing).

If you don't see shares listed, then they aren't available to transfer, or at least not yet. If SPRXX was recently purchased, you need to wait until it settles, which is usually in 2 days or so. Then try again.

ETA the above is from a computer. I don't think the mobile app allows transfers of shares. Just use a computer, or use a browser on your mobile device and switch to the "desktop" version of the site.
Transfer by "shares" works from CMA to brokerage account. But it doesn't seem to work from brokerage account to CMA. I am checking all these from a computer.
nonnie
Posts: 3014
Joined: Thu Mar 13, 2008 8:05 pm

Re: Fidelity as a one stop shop

Post by nonnie »

simas wrote: Tue Sep 27, 2022 7:49 am I am considering consolidating accounts outside of Fidelity with Fidelity , approximately 1.7-1.8 million worth. I have no specific timelines and am able to wait for 'brokerage transfer bonuses' . Question - where do you guys go to watch for it or does it make sense to talk to Fidelity directly (and if yes, with whom)?

I am getting pretty disappointed with Vanguard customer service, wait times, and lack of ability to actually reach them, thus desire to move.
I transferred to Fidelity a couple months ago from Schwab and too many banks and CUs. I would absolutely 100% recommend Fidelity over Vanguard and Schwab. I am very impressed with the service I have received.

I think I first started with the 800 customer service line to try to negotiate a transfer bonus. At that time I was told that with sufficient proof they would match an offer from Schwab as they knew that was where I was transferring from. I didn't search around to see what other firms were offering.

I had no interest in staying with Schwab so I didn't even ask for an offer. I opened an account with Fidelity to try out their website (I think there was a bonus of $100 at the time) and was very pleased with it. Folks here told me that with any account over $250k, one becomes a premium service member and is eligible for a free advisor. I checked out my local office online, chose an advisor and made an appointment with him even before I transferred all my funds.

At the time I believe the transfer bonus offer was $2500 for 1 million (The advisor said because of so many folks bonus transfer shopping they were not giving any bonuses under 1 million asset transfer). I did not ask for the rates for more than 1 million.
nonnie
Posts: 3014
Joined: Thu Mar 13, 2008 8:05 pm

Re: Fidelity as a one stop shop

Post by nonnie »

simas wrote: Tue Sep 27, 2022 7:49 am I am considering consolidating accounts outside of Fidelity with Fidelity , approximately 1.7-1.8 million worth. I have no specific timelines and am able to wait for 'brokerage transfer bonuses' . Question - where do you guys go to watch for it or does it make sense to talk to Fidelity directly (and if yes, with whom)?

I am getting pretty disappointed with Vanguard customer service, wait times, and lack of ability to actually reach them, thus desire to move.
One piece of advice I have to offer is decide whether you want a CMA account or a brokerage account. If you scroll back there are quite a
few threads on this. I decided to go with brokerage account as it could do everything I wanted including pulling funds to pay bills. However, I'm not totally satisfied with having all of my debits intermingled and I'm thinking of opening a CMA account just for the purpose of keeping my debits and one account. However, to do that I will now have to go back and give my new CMA account number (as I prefer to have my funds pulled by my creditors rather than using bill pay) to my creditors.
ShadowRegent
Posts: 230
Joined: Sun Jan 04, 2015 11:52 am

Re: Fidelity as a one stop shop

Post by ShadowRegent »

nonnie wrote: Tue Sep 27, 2022 2:45 pm One piece of advice I have to offer is decide whether you want a CMA account or a brokerage account. If you scroll back there are quite a
few threads on this. I decided to go with brokerage account as it could do everything I wanted including pulling funds to pay bills. However, I'm not totally satisfied with having all of my debits intermingled and I'm thinking of opening a CMA account just for the purpose of keeping my debits and one account. However, to do that I will now have to go back and give my new CMA account number (as I prefer to have my funds pulled by my creditors rather than using bill pay) to my creditors.
You might consider just opening a second brokerage account instead of a CMA. You'll have a higher yielding sweep fund, but no ATM reimbursements unless you're Premium/Private Client. If you want to avoid giving out new account numbers, you could consider transferring your investments to the new account-- you can transfer shares between accounts on the Fidelity site. Then you'll be left with the existing account which you can continue to use for your non-investment transactions.
User avatar
EngCapt1
Posts: 229
Joined: Sun Dec 18, 2016 11:02 pm

Re: Fidelity as a one stop shop

Post by EngCapt1 »

Rowan Oak wrote: Tue Sep 27, 2022 12:44 pm
SnowBog wrote: Tue Sep 27, 2022 12:30 pm
Rowan Oak wrote: Tue Sep 27, 2022 9:16 am Trying to setup my Fidelity CMA to use with a credit card auto pay, but when I enter the routing and account numbers the credit card company says they can't link the account. They do say I can call and try to have them add it. Just wanted to find out if anyone else is having trouble using Fidelity CMA for credit card auto pay before I begin the transition from Ally Bank to Fidelity CMA.

This is the first time I've tried setting up a "Direct Debit" using my Fidelity CMA.

I'm using the 17 digit account number. (I double checked and did enter the correct routing and acct #s Fidelity provided)

There is money in my Fidelity CMA, but it hasn't settled yet and is marked as "unavailable".

I've never used the CMA account before, but I created it in 2020 and do have checks for it etc..

I do have "Money Transfer Lockdown" turned on, but Fidelity says this doesn't affect "Checkwriting and Direct Debit".
I've not run into this problem... But I keep a balance in my CMA - usually in a MM fund (not my "core" fund). And "Balances" shows the money available to withdraw.

So, my working theory is that they might be trying to validate there are "available funds" in the account - and seeing none - rejecting the account... I'd let the money settle and show up as "available" - then try again. If that doesn't work, then you might need to dig deeper - maybe contact support....

For context, I have several credit cards, utility bills, etc. all setup for automatic debit from my Fidelity CMA. I've never had any issues with any of them...
Thank you!

That's what I was thinking the problem might be.

I transferred the money in from Ally Bank a few days ago then bought 'Government Cash Reserves' MM fund (FDRXX) leaving 0 in the "Core" sweep account. I'm guessing it takes 3-7 days to settle and show as available funds.

In the mean time I may try to setup auto pay for another credit card just to see if I can get one to work without the money being settled.
It could also be that you need to use the shorter account number that is listed on your CMA checks. I've found that some vendors can't handle/won't accept the full 17 digit account number, but will accept/process the shorter account number found on your CMA check.

:beer
Retired Firefighter | 65% Equities/35% TSP G Fund
nonnie
Posts: 3014
Joined: Thu Mar 13, 2008 8:05 pm

Re: Fidelity as a one stop shop

Post by nonnie »

ShadowRegent wrote: Tue Sep 27, 2022 2:55 pm
nonnie wrote: Tue Sep 27, 2022 2:45 pm One piece of advice I have to offer is decide whether you want a CMA account or a brokerage account. If you scroll back there are quite a
few threads on this. I decided to go with brokerage account as it could do everything I wanted including pulling funds to pay bills. However, I'm not totally satisfied with having all of my debits intermingled and I'm thinking of opening a CMA account just for the purpose of keeping my debits and one account. However, to do that I will now have to go back and give my new CMA account number (as I prefer to have my funds pulled by my creditors rather than using bill pay) to my creditors.
You might consider just opening a second brokerage account instead of a CMA. You'll have a higher yielding sweep fund, but no ATM reimbursements unless you're Premium/Private Client. If you want to avoid giving out new account numbers, you could consider transferring your investments to the new account-- you can transfer shares between accounts on the Fidelity site. Then you'll be left with the existing account which you can continue to use for your non-investment transactions.
That's an interesting idea. I hadn't thought of that at all. Although I could transfer FZDXX shares, I don't think I could transfer eligibility ($100K) for new purchases as it has to be cash, not investments.
ShadowRegent
Posts: 230
Joined: Sun Jan 04, 2015 11:52 am

Re: Fidelity as a one stop shop

Post by ShadowRegent »

nonnie wrote: Tue Sep 27, 2022 4:02 pm That's an interesting idea. I hadn't thought of that at all. Although I could transfer FZDXX shares, I don't think I could transfer eligibility ($100K) for new purchases as it has to be cash, not investments.
I don't have experience with this, but I believe once you have FZDXX you can continue to add to your position even if you're under the minimum. I'd expect you to be able to do so even if you move some or all of the shares to a new account, but I could be wrong.
spammagnet
Posts: 2481
Joined: Wed Apr 27, 2016 9:42 pm

Re: Fidelity as a one stop shop

Post by spammagnet »

nonnie wrote: Tue Sep 27, 2022 4:02 pm... Although I could transfer FZDXX shares, I don't think I could transfer eligibility ($100K) for new purchases as it has to be cash, not investments.
Regarding FZDXX, I found that the minimum initial investment in IRAs is only $10K, as opposed to $100K in non-retirement accounts. I also found this:
The minimum balance that an investor must maintain in an account. Some accounts require a minimum balance in order for the account to remain open, while others charge a fee for accounts whose balance goes below the stated minimum.
for which the listed requirement is $100K. I got the impression that some folks here aren't holding that much after initial purchase. Is the minimum fee applied, or not? Also, if the minimum opening purchase in IRAs is $10K, is that also true of minimum balance without a fee?
nonnie
Posts: 3014
Joined: Thu Mar 13, 2008 8:05 pm

Re: Fidelity as a one stop shop

Post by nonnie »

spammagnet wrote: Tue Sep 27, 2022 4:20 pm
nonnie wrote: Tue Sep 27, 2022 4:02 pm... Although I could transfer FZDXX shares, I don't think I could transfer eligibility ($100K) for new purchases as it has to be cash, not investments.
Regarding FZDXX, I found that the minimum initial investment in IRAs is only $10K, as opposed to $100K in non-retirement accounts. I also found this:
The minimum balance that an investor must maintain in an account. Some accounts require a minimum balance in order for the account to remain open, while others charge a fee for accounts whose balance goes below the stated minimum.
for which the listed requirement is $100K. I got the impression that some folks here aren't holding that much after initial purchase. Is the minimum fee applied, or not? Also, if the minimum opening purchase in IRAs is $10K, is that also true of minimum balance without a fee?
Once you open the account with the $100K-- cash-- you can go below the minimum as low as $1 as I understand. You are correct about retirement accounts. I made the mistake when I opened one of the accounts of immediately investing INSTEAD OF investing in FDZXX first and then doing a purchase. Luckily it was my smallest retirement account and it's not a big deal and I learned the lesson when the other two accounts transferred in I purchased FZDXX and *then* invested.
SnowBog
Posts: 4699
Joined: Fri Dec 21, 2018 10:21 pm

Re: Fidelity as a one stop shop

Post by SnowBog »

leviathan wrote: Tue Sep 27, 2022 1:02 pm
SnowBog wrote: Tue Sep 27, 2022 12:50 pm
vtMaps wrote: Tue Sep 27, 2022 12:45 pm
leviathan wrote: Tue Sep 27, 2022 12:36 pm Is there anyway to do "internal position transfer" from Fidelity brokerage account to other Fidelity accounts (e.g. CMA)?
For example, can I transfer 100 shares of SPRXX from brokerage account to CMA without passing through cash position at CMA?
yes. you might have to call customer service. --vtMaps
Unless I'm missing something, you can simply do this as a transfer online. Select the originating account, then the destination account, then instead of entering a dollar value select shares, which should change the screen. On the new screen, you can pick the shares available to transfer, and then enter your many (in # of shares, not $, although for SPRXX those are the same thing).

If you don't see shares listed, then they aren't available to transfer, or at least not yet. If SPRXX was recently purchased, you need to wait until it settles, which is usually in 2 days or so. Then try again.

ETA the above is from a computer. I don't think the mobile app allows transfers of shares. Just use a computer, or use a browser on your mobile device and switch to the "desktop" version of the site.
Transfer by "shares" works from CMA to brokerage account. But it doesn't seem to work from brokerage account to CMA. I am checking all these from a computer.
That is not the experience I have. As far as I can tell, I can transfer shares to CMA from brokerage and/or the other direction.

I did notice that it shows a table with "eligible" selections, and there is a placeholder/note that some shares may be "ineligible" to transfer online.
leviathan
Posts: 140
Joined: Tue Jul 09, 2019 3:03 pm

Re: Fidelity as a one stop shop

Post by leviathan »

SnowBog wrote: Tue Sep 27, 2022 6:25 pm
leviathan wrote: Tue Sep 27, 2022 1:02 pm
SnowBog wrote: Tue Sep 27, 2022 12:50 pm
vtMaps wrote: Tue Sep 27, 2022 12:45 pm
leviathan wrote: Tue Sep 27, 2022 12:36 pm Is there anyway to do "internal position transfer" from Fidelity brokerage account to other Fidelity accounts (e.g. CMA)?
For example, can I transfer 100 shares of SPRXX from brokerage account to CMA without passing through cash position at CMA?
yes. you might have to call customer service. --vtMaps
Unless I'm missing something, you can simply do this as a transfer online. Select the originating account, then the destination account, then instead of entering a dollar value select shares, which should change the screen. On the new screen, you can pick the shares available to transfer, and then enter your many (in # of shares, not $, although for SPRXX those are the same thing).

If you don't see shares listed, then they aren't available to transfer, or at least not yet. If SPRXX was recently purchased, you need to wait until it settles, which is usually in 2 days or so. Then try again.

ETA the above is from a computer. I don't think the mobile app allows transfers of shares. Just use a computer, or use a browser on your mobile device and switch to the "desktop" version of the site.
Transfer by "shares" works from CMA to brokerage account. But it doesn't seem to work from brokerage account to CMA. I am checking all these from a computer.
That is not the experience I have. As far as I can tell, I can transfer shares to CMA from brokerage and/or the other direction.

I did notice that it shows a table with "eligible" selections, and there is a placeholder/note that some shares may be "ineligible" to transfer online.
Thanks for the info. My (cash) brokerage account (without margin) is less than a week old. SPRXX shares are not available for withdrawal yet. I'll wait a little bit more and test it.
[ETA] Update: Transfer by "shares" from brokerage account to CMA seems to work now.
Last edited by leviathan on Wed Sep 28, 2022 7:52 am, edited 1 time in total.
User avatar
VictorStarr
Posts: 746
Joined: Sat Jan 04, 2020 9:13 pm
Location: Washington

Re: Fidelity as a one stop shop

Post by VictorStarr »

spammagnet wrote: Tue Sep 27, 2022 4:20 pm
nonnie wrote: Tue Sep 27, 2022 4:02 pm... Although I could transfer FZDXX shares, I don't think I could transfer eligibility ($100K) for new purchases as it has to be cash, not investments.
Regarding FZDXX, I found that the minimum initial investment in IRAs is only $10K, as opposed to $100K in non-retirement accounts. I also found this:
The minimum balance that an investor must maintain in an account. Some accounts require a minimum balance in order for the account to remain open, while others charge a fee for accounts whose balance goes below the stated minimum.
for which the listed requirement is $100K. I got the impression that some folks here aren't holding that much after initial purchase. Is the minimum fee applied, or not? Also, if the minimum opening purchase in IRAs is $10K, is that also true of minimum balance without a fee?
In early 2022 I bought $100K of FZDXX on a margin, I kept $100K of FZDXX for a couple of days. Afterwards I sold enough to cover a margin and transfer $100 of FZDXX to other non-retirement account.
I maintained FZDXX in these two accounts. In my spending brokerage account FZDXX funds vary from a few hundreds to a few thousands.
From my experience I can conclude that there is no minimum balance to keep or to buy FZDXX.
User avatar
Rowan Oak
Posts: 851
Joined: Mon May 09, 2016 2:11 pm
Location: Yoknapatawpha

Re: Fidelity as a one stop shop

Post by Rowan Oak »

EngCapt1 wrote: Tue Sep 27, 2022 3:41 pm
Rowan Oak wrote: Tue Sep 27, 2022 12:44 pm
SnowBog wrote: Tue Sep 27, 2022 12:30 pm
Rowan Oak wrote: Tue Sep 27, 2022 9:16 am Trying to setup my Fidelity CMA to use with a credit card auto pay, but when I enter the routing and account numbers the credit card company says they can't link the account. They do say I can call and try to have them add it. Just wanted to find out if anyone else is having trouble using Fidelity CMA for credit card auto pay before I begin the transition from Ally Bank to Fidelity CMA.

This is the first time I've tried setting up a "Direct Debit" using my Fidelity CMA.

I'm using the 17 digit account number. (I double checked and did enter the correct routing and acct #s Fidelity provided)

There is money in my Fidelity CMA, but it hasn't settled yet and is marked as "unavailable".

I've never used the CMA account before, but I created it in 2020 and do have checks for it etc..

I do have "Money Transfer Lockdown" turned on, but Fidelity says this doesn't affect "Checkwriting and Direct Debit".
I've not run into this problem... But I keep a balance in my CMA - usually in a MM fund (not my "core" fund). And "Balances" shows the money available to withdraw.

So, my working theory is that they might be trying to validate there are "available funds" in the account - and seeing none - rejecting the account... I'd let the money settle and show up as "available" - then try again. If that doesn't work, then you might need to dig deeper - maybe contact support....

For context, I have several credit cards, utility bills, etc. all setup for automatic debit from my Fidelity CMA. I've never had any issues with any of them...
Thank you!

That's what I was thinking the problem might be.

I transferred the money in from Ally Bank a few days ago then bought 'Government Cash Reserves' MM fund (FDRXX) leaving 0 in the "Core" sweep account. I'm guessing it takes 3-7 days to settle and show as available funds.

In the mean time I may try to setup auto pay for another credit card just to see if I can get one to work without the money being settled.
It could also be that you need to use the shorter account number that is listed on your CMA checks. I've found that some vendors can't handle/won't accept the full 17 digit account number, but will accept/process the shorter account number found on your CMA check.

:beer
I think you're right.

I found this link on the Fidelity website :
https://www.fidelity.com/customer-servi ... rect-debit
which then redirects to this page :
https://www.fidelity.com/accounts-trade ... unt-number
Determine Your Routing and Account Numbers
To establish direct deposit, you'll need your Fidelity direct deposit/direct debit routing numbers and account numbersLog In Required.* Your Fidelity account should be classified as a checking account for Automated Clearing House (ACH) purposes. You can use the direct deposit form (PDF) if you want to print the information and provide to a third party.

If you have the checkwriting feature on your Fidelity account:
Use your checks to determine your 13-digit account number format.

If you do not have the checkwriting feature on your Fidelity account:
Determine your 17-digit account number format as follows:
So it seems if you have checkwriting enabled for your CMA you need to use the 13-digit account number for direct debit.

Will try this before money in my CMA settles to test if a 0 available balance matters when setting up a credit card auto pay.

Thanks for pointing me in the right direction :beer
“If you can get good at destroying your own wrong ideas, that is a great gift.” – Charlie Munger
acegolfer
Posts: 3029
Joined: Tue Aug 25, 2009 9:40 am

Re: Fidelity as a one stop shop

Post by acegolfer »

I have $100 in Fidelity account. Can I still purchase a fraction of VTI, which is trading at $180?
3000
Posts: 254
Joined: Sat Aug 17, 2019 9:08 pm

Re: Fidelity as a one stop shop

Post by 3000 »

acegolfer wrote: Wed Sep 28, 2022 2:04 pm I have $100 in Fidelity account. Can I still purchase a fraction of VTI, which is trading at $180?
Yes. You'll end up with whatever percentage of a full share $100 buys at the time of purchase.
User avatar
starboi
Posts: 605
Joined: Fri Apr 23, 2021 11:33 am

Re: Fidelity as a one stop shop

Post by starboi »

acegolfer wrote: Wed Sep 28, 2022 2:04 pm I have $100 in Fidelity account. Can I still purchase a fraction of VTI, which is trading at $180?
Yes
mongstradamus
Posts: 399
Joined: Mon Nov 04, 2013 10:46 pm

Re: Fidelity as a one stop shop

Post by mongstradamus »

starboi wrote: Wed Sep 28, 2022 2:10 pm
acegolfer wrote: Wed Sep 28, 2022 2:04 pm I have $100 in Fidelity account. Can I still purchase a fraction of VTI, which is trading at $180?
Yes
I could be mistaken but min buy for partial shares is one dollar at fidelity.
HomeStretch
Posts: 11419
Joined: Thu Dec 27, 2018 2:06 pm

Re: Fidelity as a one stop shop

Post by HomeStretch »

chassis wrote: Sat Sep 24, 2022 9:06 pm
HomeStretch wrote: Sat Sep 24, 2022 4:58 pm Any feedback on a Fidelity Business CMA?

I am considering moving my partnership’s checking account to a Fidelity CMA. For the CMA, I need:
- mobile check deposit,
- to write an occasional check,
- ability to link the account to fund contributions to my E-Trade Solo 401k plan,
- direct deposit/credit for tax payments and
- Bill Pay for a monthly credit card payment

My business accounts at two local banks (one was a test drive) are sub-par due to increases in the minimum balances required to have “free” non-interest bearing accounts. Plus the cost of ordering initial checks for one account is $65.

Thanks for any feedback.
Yes, Business CMA is good medicine at FIdelity.

Yes mobile check deposit.
Yes check writing.
Yes account linking
Yes direct deposit
Probably yes bill pay, I don't use this.

Banks and credit unions are antiquated institutions. I don't see any advantages of a bank or credit union vs Fidelity.
Thanks for the feedback. I dropped off the application yesterday morning at the local Fidelity office and the account was set up, checkwriting form noted and initial deposited posted by 10pm! Received a call today from a Fidelity rep with a follow-up. Great service.
rad597
Posts: 54
Joined: Fri Feb 27, 2009 10:57 am

Re: Fidelity as a one stop shop

Post by rad597 »

Met with a Fidelity advisor regarding brokerage transfer to consolidate our accounts and simplify, today. He mentioned they are offering brokerage transfer bonus tiers. I did a quick glance and it was .001 of the amount (5 million was the top with a $5,000 bonus). We’ve previously had the CMA opened, Fid Visa (2 percent cash back goes into the MMk), and HSA’s with them. I’ll update when I receive more data on the bonus, it will fund at end of December, the expiration of the offer. I’ve requested he research if the bonus is a taxable event and does Fidelity offer a Medallion signature to add our CMA as a bank for TD.
HomeStretch
Posts: 11419
Joined: Thu Dec 27, 2018 2:06 pm

Re: Fidelity as a one stop shop

Post by HomeStretch »

rad597 wrote: Wed Sep 28, 2022 6:28 pm … does Fidelity offer a Medallion signature to add our CMA as a bank for TD.
A local Fidelity office recently provided the signature guarantee on the TD bank form to link my Fidelity CMA.
User avatar
anon_investor
Posts: 15122
Joined: Mon Jun 03, 2019 1:43 pm

Re: Fidelity as a one stop shop

Post by anon_investor »

heartwood wrote: Sun Sep 25, 2022 3:01 pm
boston10 wrote: Sun Sep 25, 2022 2:39 pm
careerdata wrote: Sun Sep 25, 2022 1:59 pm Thank you! Just to be safe, I am going to use your "at least three business days prior to the due date" approach on both our Fidelity credit card (due 10/3) and our new BoA Customized Cash credit card (due 10/9), and then watch how quickly they clear out of the Fidelity CMA. I may be able to tighten it up a bit closer to the due date with more confidence after seeing how that works. I don't currently have any of our credit cards or rent on automatic bill pay yet as it takes just a few minutes each to pay from their respective sites as the Fidelity CMA information is now pre-loaded. I also use that opportunity to make sure there are no unexpected charges or fees hitting our cards.

Joe
I would just use Fidelity Bill Pay. If you are pushing payments from Fido then in my experience they always credit on the stated date. I have never had an exception to this and I pay bills to BoA, CapitalOne, Barclaycard, Amazon Prime Card and Verizon Card (Synchrony), Discover, Fidelity Visa, Citibank, Elan (local credit union), American Express, US Bank, 2 mortgages, a car payment, and a few pay-by-check payments to various things. It just works.

Granted, you can't schedule payments to be delivered on weekend days or holidays.
Here's something I posted above in this thread on 8/1/21

"Let me offer a PSA re Fidelity Bill Pay. In the Bill Pay Payment Center each payee has a small symbol to the right of the payee name: an envelope for a payment by USPS, or a lightning bolt for electronic (ACH) payment. You have no control over the method.

While Fidelity will mail a check it times to arrive by the Deliver Date, it has no control over the USPS handling. I learned that in Dec 2019 paying Wells Fargo to deliver by 12/29/19. I didn't realize it was a paper mailed check. It was sent well before the date; it arrived 1/7/20, within the mortgage payment window, but late for the 2019 tax year mortgage deduction, costing me nearly $1000 in taxes.

I have since changed that Delivery Date, but at some point after that Fidelity made Wells Fargo an ACH payment.

I too prefer to have a pull for most payments such as CC, utilities, etc, relying on the Payee to bear the risk. I never set it up for WF; maybe I should."

So Fido performed well, WF applied the payment when it got the check. I lost ~$1000 because of the USPS. And that was before covid.
I just have autopay set up from the WF side to pull from my Fido CMA every month. WF adjusts the amount when my payment increases because of the escrow amount. Automatic, nothing I need to do besides making sure I have money in my Fido CMA.
nomenclature
Posts: 1
Joined: Fri Sep 23, 2022 2:23 pm

Re: Fidelity as a one stop shop

Post by nomenclature »

mptfan wrote: Wed Feb 20, 2019 12:43 pm
ERguy101 wrote: Wed Feb 20, 2019 12:32 pmBut you can order checks and a debit card from the brokerage account. So why have the CMA?
Basically to act as a firewall to protect your everyday spending account from the bulk of your investment funds in other accounts. The issue is using a brokerage account that doubles as a spending account, by combining both roles in one account you expose yourself to the potential risk of fraud impacting not only your spending account but also other funds in the brokerage account that may be auto-debited to cover the fraudulent transaction. For example, someone might want to keep a significant amount of readily available funds in a money market account in their brokerage account as part of their overall asset allocation, let's say 100k, and if that brokerage account were the Fidelity CMA which was also used as a checking/spending account, it would be exposed to greater degree to potential fraudulent transactions due to paying bills, writing checks, ATM withdrawals, debit card purchases, etc. This is in contrast to a situation where you may have say $5,000 in checking and $100,000 in money market funds in a seperate brokerage account not linked by overdraft protection, in that situation the potential for a fraudulent transaction would be limited to the $5,000 in checking as opposed to if the money market funds were kept in the same CMA account and could be auto-debited to cover the transaction, then the potential for fraudulent activity exposes the $100,000 in linked money market funds.
Will disabling overdraft protection on my Fidelity Cash Management Account (CMA) still protect assets in my other Fidelity accounts (brokerage, HSA, IRAs, etc) if there is fraud in the CMA? Asking because the quoted post is from 2019 and things could've since changed (e.g., there are other attack vectors that fraudsters can use).

If a fraudster gains access to my CMA, I'd like to keep the "blast radius" contained to just the CMA.
chassis
Posts: 2183
Joined: Tue Mar 24, 2020 4:28 pm

Re: Fidelity as a one stop shop

Post by chassis »

HomeStretch wrote: Wed Sep 28, 2022 2:34 pm
chassis wrote: Sat Sep 24, 2022 9:06 pm
HomeStretch wrote: Sat Sep 24, 2022 4:58 pm Any feedback on a Fidelity Business CMA?

I am considering moving my partnership’s checking account to a Fidelity CMA. For the CMA, I need:
- mobile check deposit,
- to write an occasional check,
- ability to link the account to fund contributions to my E-Trade Solo 401k plan,
- direct deposit/credit for tax payments and
- Bill Pay for a monthly credit card payment

My business accounts at two local banks (one was a test drive) are sub-par due to increases in the minimum balances required to have “free” non-interest bearing accounts. Plus the cost of ordering initial checks for one account is $65.

Thanks for any feedback.
Yes, Business CMA is good medicine at FIdelity.

Yes mobile check deposit.
Yes check writing.
Yes account linking
Yes direct deposit
Probably yes bill pay, I don't use this.

Banks and credit unions are antiquated institutions. I don't see any advantages of a bank or credit union vs Fidelity.
Thanks for the feedback. I dropped off the application yesterday morning at the local Fidelity office and the account was set up, checkwriting form noted and initial deposited posted by 10pm! Received a call today from a Fidelity rep with a follow-up. Great service.
Congratulations! Post your experience over time. I have had good success with a Fidelity business CMA.
HomeStretch
Posts: 11419
Joined: Thu Dec 27, 2018 2:06 pm

Re: Fidelity as a one stop shop

Post by HomeStretch »

chassis wrote: Sat Oct 01, 2022 10:30 am
HomeStretch wrote: Wed Sep 28, 2022 2:34 pm
chassis wrote: Sat Sep 24, 2022 9:06 pm
HomeStretch wrote: Sat Sep 24, 2022 4:58 pm Any feedback on a Fidelity Business CMA?

I am considering moving my partnership’s checking account to a Fidelity CMA. For the CMA, I need:
- mobile check deposit,
- to write an occasional check,
- ability to link the account to fund contributions to my E-Trade Solo 401k plan,
- direct deposit/credit for tax payments and
- Bill Pay for a monthly credit card payment

My business accounts at two local banks (one was a test drive) are sub-par due to increases in the minimum balances required to have “free” non-interest bearing accounts. Plus the cost of ordering initial checks for one account is $65.

Thanks for any feedback.
Yes, Business CMA is good medicine at FIdelity.

Yes mobile check deposit.
Yes check writing.
Yes account linking
Yes direct deposit
Probably yes bill pay, I don't use this.

Banks and credit unions are antiquated institutions. I don't see any advantages of a bank or credit union vs Fidelity.
Thanks for the feedback. I dropped off the application yesterday morning at the local Fidelity office and the account was set up, checkwriting form noted and initial deposited posted by 10pm! Received a call today from a Fidelity rep with a follow-up. Great service.
Congratulations! Post your experience over time. I have had good success with a Fidelity business CMA.
Thanks, will do.

Turns out the Fidelity Business Account “with cash management features” that I applied for is considered an investment account and not a CMA. The website doesn’t specify what the account’s cash management features are and the reps aren’t clear on them either. Fidelity tells me they don’t currently offer a Fidelity Business CMA.

Now that the account is set up, I can see that the account offers free wires, direct deposit, direct debit, free paper checks and earnings on my account balance. ATM/debit cards must be specially approved - that request is in-process and the rep believes it will be approved. A request for Bill Pay has been submitted but the rep believes it will not be approved as it is rarely granted. Neither is a show-stopper but would have been nice to have as I use them for my soon-to-be-former bank business account.

Overall, the Fidelity account is a much better deal with free checks/wires and the investment income on the balance. Plus it’s one more of my accounts under the Fidelity umbrella.
careerdata
Posts: 332
Joined: Sat Sep 09, 2017 7:12 pm

Re: Fidelity as a one stop shop

Post by careerdata »

careerdata wrote: Sat Sep 24, 2022 1:47 pm
I was trying to avoid Harry Sit's recommendation not to get too close to the end of a month to make an I Bond purchase but, due to my delay in setting up the TD accounts, one or more of the purchases may push into October if there are any issues with either of our accounts. TD converted the purchase date of 9/23 that I requested to Monday, 9/26, as that is the next business day available to make the purchase. We will just have to see how it all works next week.
10/1/22 Update

The I Bond purchases worked without issue this week:

--On Monday morning (9/26) when I woke up and checked on the processing status, I could see the Fidelity CMA override transfer pulled the $20k needed to fund the two $10k I Bond purchases from our joint Fidelity brokerage account, and that there were two corresponding $10k debits from the Fidelity CMA to the Treasury Direct (TD) accounts that I created on 9/23.

--On Monday morning (9/26) TD already had the 9/1/22 purchase dates credited on both our new TD accounts.

So based upon this test, it appears not funding the Fidelity CMA will not cause an issue with regard to making I Bond purchases, as long as you a) have the available cash in the Fidelity brokerage account and b) have the Fidelity CMA override transfer feature to the Fidelity brokerage account activated.

Thanks again for all the very helpful suggestions in having the Fidelity CMA as the account to use to make our I Bond purchases!

Joe
nalor511
Posts: 5059
Joined: Mon Jul 27, 2015 1:00 am

Re: Fidelity as a one stop shop

Post by nalor511 »

careerdata wrote: Sat Oct 01, 2022 1:30 pm
careerdata wrote: Sat Sep 24, 2022 1:47 pm
I was trying to avoid Harry Sit's recommendation not to get too close to the end of a month to make an I Bond purchase but, due to my delay in setting up the TD accounts, one or more of the purchases may push into October if there are any issues with either of our accounts. TD converted the purchase date of 9/23 that I requested to Monday, 9/26, as that is the next business day available to make the purchase. We will just have to see how it all works next week.
10/1/22 Update

The I Bond purchases worked without issue this week:

--On Monday morning (9/26) when I woke up and checked on the processing status, I could see the Fidelity CMA override transfer pulled the $20k needed to fund the two $10k I Bond purchases from our joint Fidelity brokerage account, and that there were two corresponding $10k debits from the Fidelity CMA to the Treasury Direct (TD) accounts that I created on 9/23.

--On Monday morning (9/26) TD already had the 9/1/22 purchase dates credited on both our new TD accounts.

So based upon this test, it appears not funding the Fidelity CMA will not cause an issue with regard to making I Bond purchases, as long as you a) have the available cash in the Fidelity brokerage account and b) have the Fidelity CMA override transfer feature to the Fidelity brokerage account activated.

Thanks again for all the very helpful suggestions in having the Fidelity CMA as the account to use to make our I Bond purchases!

Joe
Did you use the long account number (from online), or the short one (from checks) for the CMA when linking to TD? Cheers
User avatar
JoMoney
Posts: 16260
Joined: Tue Jul 23, 2013 5:31 am

Re: Fidelity as a one stop shop

Post by JoMoney »

nalor511 wrote: Sat Oct 01, 2022 2:00 pm...
Did you use the long account number (from online), or the short one (from checks) for the CMA when linking to TD? Cheers
FWIW, when I linked my CMA to TD I used the "long" account number "39900000#########" ... but I suspect either would work.
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
careerdata
Posts: 332
Joined: Sat Sep 09, 2017 7:12 pm

Re: Fidelity as a one stop shop

Post by careerdata »

nalor511 wrote: Sat Oct 01, 2022 2:00 pm
careerdata wrote: Sat Oct 01, 2022 1:30 pm
careerdata wrote: Sat Sep 24, 2022 1:47 pm
I was trying to avoid Harry Sit's recommendation not to get too close to the end of a month to make an I Bond purchase but, due to my delay in setting up the TD accounts, one or more of the purchases may push into October if there are any issues with either of our accounts. TD converted the purchase date of 9/23 that I requested to Monday, 9/26, as that is the next business day available to make the purchase. We will just have to see how it all works next week.
10/1/22 Update

The I Bond purchases worked without issue this week:

--On Monday morning (9/26) when I woke up and checked on the processing status, I could see the Fidelity CMA override transfer pulled the $20k needed to fund the two $10k I Bond purchases from our joint Fidelity brokerage account, and that there were two corresponding $10k debits from the Fidelity CMA to the Treasury Direct (TD) accounts that I created on 9/23.

--On Monday morning (9/26) TD already had the 9/1/22 purchase dates credited on both our new TD accounts.

So based upon this test, it appears not funding the Fidelity CMA will not cause an issue with regard to making I Bond purchases, as long as you a) have the available cash in the Fidelity brokerage account and b) have the Fidelity CMA override transfer feature to the Fidelity brokerage account activated.

Thanks again for all the very helpful suggestions in having the Fidelity CMA as the account to use to make our I Bond purchases!

Joe
Did you use the long account number (from online), or the short one (from checks) for the CMA when linking to TD? Cheers
Since I had difficulty getting our Remitly account, which we use to send money periodically to my wife's relatives in the Philippines, to accept the 17-digit online Fidelity CMA account number that starts with 39900000, I used the 13-digit Fidelity CMA checking account number with Treasury Direct (TD) that starts with 7710. This was suggested by several BH members who helped me figure out the Remitly issue, which we solved by using the 13-digit account number in our second attempt to link our Fidelity CMA to Remitly.

I can't be 100% sure that TD would have rejected the 17-digit Fidelity CMA, as I did not attempt that. Maybe another BH member has tried that and can share if that caused a rejection by TD.

Thanks!

Joe
HomeStretch
Posts: 11419
Joined: Thu Dec 27, 2018 2:06 pm

Re: Fidelity as a one stop shop

Post by HomeStretch »

careerdata wrote: Sat Oct 01, 2022 2:16 pm … I can't be 100% sure that TD would have rejected the 17-digit Fidelity CMA, as I did not attempt that. Maybe another BH member has tried that and can share if that caused a rejection by TD. …
My TD account link to my Fidelity CMA uses the 17-digit CMA account #. TD has successfully sent $ to my linked CMA.
careerdata
Posts: 332
Joined: Sat Sep 09, 2017 7:12 pm

Re: Fidelity as a one stop shop

Post by careerdata »

JoMoney wrote: Sat Oct 01, 2022 2:10 pm
nalor511 wrote: Sat Oct 01, 2022 2:00 pm...
Did you use the long account number (from online), or the short one (from checks) for the CMA when linking to TD? Cheers
FWIW, when I linked my CMA to TD I used the "long" account number "39900000#########" ... but I suspect either would work.
Thanks for sharing! That is good to know that I could have used the long version as well. Do you fund your Fidelity CMA or keep it unfunded as I do, with the overdraft transfer to our Fidelity brokerage account activated? The only entities that have direct access to our joint Fidelity brokerage account, where we keep some of our emergency funds as well, are our two employers through direct deposit, and BofA for fund transfers (from checking or savings). Everything else, including now TD, is connected to our new Fidelity CMA.

I am thinking of linking our new Merrill Edge CMA to our joint Fidelity brokerage account as well, but I'm not sure that is needed given the existing BoA connection.

Joe
User avatar
JoMoney
Posts: 16260
Joined: Tue Jul 23, 2013 5:31 am

Re: Fidelity as a one stop shop

Post by JoMoney »

careerdata wrote: Sat Oct 01, 2022 2:28 pm
JoMoney wrote: Sat Oct 01, 2022 2:10 pm
nalor511 wrote: Sat Oct 01, 2022 2:00 pm...
Did you use the long account number (from online), or the short one (from checks) for the CMA when linking to TD? Cheers
FWIW, when I linked my CMA to TD I used the "long" account number "39900000#########" ... but I suspect either would work.
Thanks for sharing! That is good to know that I could have used the long version as well. Do you fund your Fidelity CMA or keep it unfunded as I do, with the overdraft transfer to our Fidelity brokerage account activated? The only entities that have direct access to our joint Fidelity brokerage account, where we keep some of our emergency funds as well, are our two employers through direct deposit, and BofA for fund transfers (from checking or savings). Everything else, including now TD, is connected to our new Fidelity CMA.

I am thinking of linking our new Merrill Edge CMA to our joint Fidelity brokerage account as well, but I'm not sure that is needed given the existing BoA connection.

Joe
I don't use the self-funded overdraft, I do purchase a higher-yielding money market fund in the CMA account (rather than using the FDIC banks sweep) to hold cash. I've even used the CMA to purchase other securities. Unless I needed a regular brokerage account for options or margin debt, I think using it for self-funded overdraft is an unnecessary complication.
I tried simplifying to just using a brokerage account (no CMA) and enabling ATM/debit & bill-pay on that, so that I could direct-deposit directly into my preferred core money market fund rather than doing a separate purchase, but for some reason (despite being a "Private Client" status customer) they weren't rebating the ATM fees on the brokerage account, so I closed that and went back to just using the CMA account, it's not really a hassle to initiate a purchase of the money market fund.
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
careerdata
Posts: 332
Joined: Sat Sep 09, 2017 7:12 pm

Re: Fidelity as a one stop shop

Post by careerdata »

JoMoney wrote: Sat Oct 01, 2022 2:43 pm
careerdata wrote: Sat Oct 01, 2022 2:28 pm
JoMoney wrote: Sat Oct 01, 2022 2:10 pm
nalor511 wrote: Sat Oct 01, 2022 2:00 pm...
Did you use the long account number (from online), or the short one (from checks) for the CMA when linking to TD? Cheers
FWIW, when I linked my CMA to TD I used the "long" account number "39900000#########" ... but I suspect either would work.
Thanks for sharing! That is good to know that I could have used the long version as well. Do you fund your Fidelity CMA or keep it unfunded as I do, with the overdraft transfer to our Fidelity brokerage account activated? The only entities that have direct access to our joint Fidelity brokerage account, where we keep some of our emergency funds as well, are our two employers through direct deposit, and BofA for fund transfers (from checking or savings). Everything else, including now TD, is connected to our new Fidelity CMA.

I am thinking of linking our new Merrill Edge CMA to our joint Fidelity brokerage account as well, but I'm not sure that is needed given the existing BoA connection.

Joe
I don't use the self-funded overdraft, I do purchase a higher-yielding money market fund in the CMA account (rather than using the FDIC banks sweep) to hold cash. I've even used the CMA to purchase other securities. Unless I needed a regular brokerage account for options or margin debt, I think using it for self-funded overdraft is an unnecessary complication.
I tried simplifying to just using a brokerage account (no CMA) and enabling ATM/debit & bill-pay on that, so that I could direct-deposit directly into my preferred core money market fund rather than doing a separate purchase, but for some reason (despite being a "Private Client" status customer) they weren't rebating the ATM fees on the brokerage account, so I closed that and went back to just using the CMA account, it's not really a hassle to initiate a purchase of the money market fund.
Thank you for sharing your experience with regard to the Fidelity CMA and Fidelity brokerage accounts! I am not 100% sure our current arrangement is the best long-term approach for us, but so far it has been much better than what we had with BoA functioning as our primary bank. Each Thursday morning when I wake up I just have to move the paycheck funds that were directly deposited to the Fidelity account to SPRXX. To maximize interest earnings, I pay our credit cards on alternating Saturdays that are the closest to the different due dates, with the Fidelity CMA being the source of the funds. We are now earning interest on our paycheck funds compared to $0.00 when it was with BoA checking. My wife pays the rent and student loan on the first of each month. Everything is now successfully linked to the Fidelity CMA account, including Treasury Direct and Remitly. So not a lot of maintenance for either of us in return for having our idle funds earning interest daily.

The only part of the move to Fidelity as our primary source for banking services that did not work as smoothly as I hoped has been the ATM fee reimbursements. Since opening the Fidelity CMA we have had a total of four ATM withdrawals from two different BofA ATMs. On the first two ATM withdrawals, I waited a month and since there was no reimbursement I called Fidelity and they entered a manual journal entry to credit our Fidelity CMA for the ATM fees. For the third ATM withdrawal, it took Fidelity several weeks to reimburse the ATM fee, but they did it without me having to ask them for another manual journal entry. The fourth ATM withdrawal was made on 9/22. I will watch that one to see how long it takes for the ATM reimbursement to be credited to our Fidelity CMA.

The two different Fidelity representatives I have spoken to regarding this specific issue have told me that their notes say that the ATM reimbursements are completed periodically in large batches and that an expectation that the ATM reimbursements would be credited to our Fidelity CMA on the same day or within a few business days of the ATM withdrawal is not realistic, even though we have some BH members who consistently do get the ATM reimbursements that quickly. It is not something I am losing sleep over, but attention to detail is important, and something I think Fidelity could do a better job of processing more quickly or at least more consistently from one client to another.

Joe
criticalmass
Posts: 2843
Joined: Wed Feb 12, 2014 9:58 pm

Re: Fidelity as a one stop shop

Post by criticalmass »

careerdata wrote: Sun Oct 02, 2022 12:35 pm
JoMoney wrote: Sat Oct 01, 2022 2:43 pm
careerdata wrote: Sat Oct 01, 2022 2:28 pm
JoMoney wrote: Sat Oct 01, 2022 2:10 pm
nalor511 wrote: Sat Oct 01, 2022 2:00 pm...
Did you use the long account number (from online), or the short one (from checks) for the CMA when linking to TD? Cheers
FWIW, when I linked my CMA to TD I used the "long" account number "39900000#########" ... but I suspect either would work.
Thanks for sharing! That is good to know that I could have used the long version as well. Do you fund your Fidelity CMA or keep it unfunded as I do, with the overdraft transfer to our Fidelity brokerage account activated? The only entities that have direct access to our joint Fidelity brokerage account, where we keep some of our emergency funds as well, are our two employers through direct deposit, and BofA for fund transfers (from checking or savings). Everything else, including now TD, is connected to our new Fidelity CMA.

I am thinking of linking our new Merrill Edge CMA to our joint Fidelity brokerage account as well, but I'm not sure that is needed given the existing BoA connection.

Joe
I don't use the self-funded overdraft, I do purchase a higher-yielding money market fund in the CMA account (rather than using the FDIC banks sweep) to hold cash. I've even used the CMA to purchase other securities. Unless I needed a regular brokerage account for options or margin debt, I think using it for self-funded overdraft is an unnecessary complication.
I tried simplifying to just using a brokerage account (no CMA) and enabling ATM/debit & bill-pay on that, so that I could direct-deposit directly into my preferred core money market fund rather than doing a separate purchase, but for some reason (despite being a "Private Client" status customer) they weren't rebating the ATM fees on the brokerage account, so I closed that and went back to just using the CMA account, it's not really a hassle to initiate a purchase of the money market fund.
Thank you for sharing your experience with regard to the Fidelity CMA and Fidelity brokerage accounts! I am not 100% sure our current arrangement is the best long-term approach for us, but so far it has been much better than what we had with BoA functioning as our primary bank. Each Thursday morning when I wake up I just have to move the paycheck funds that were directly deposited to the Fidelity account to SPRXX. To maximize interest earnings, I pay our credit cards on alternating Saturdays that are the closest to the different due dates, with the Fidelity CMA being the source of the funds. We are now earning interest on our paycheck funds compared to $0.00 when it was with BoA checking. My wife pays the rent and student loan on the first of each month. Everything is now successfully linked to the Fidelity CMA account, including Treasury Direct and Remitly. So not a lot of maintenance for either of us in return for having our idle funds earning interest daily.

The only part of the move to Fidelity as our primary source for banking services that did not work as smoothly as I hoped has been the ATM fee reimbursements. Since opening the Fidelity CMA we have had a total of four ATM withdrawals from two different BofA ATMs. On the first two ATM withdrawals, I waited a month and since there was no reimbursement I called Fidelity and they entered a manual journal entry to credit our Fidelity CMA for the ATM fees. For the third ATM withdrawal, it took Fidelity several weeks to reimburse the ATM fee, but they did it without me having to ask them for another manual journal entry. The fourth ATM withdrawal was made on 9/22. I will watch that one to see how long it takes for the ATM reimbursement to be credited to our Fidelity CMA.

The two different Fidelity representatives I have spoken to regarding this specific issue have told me that their notes say that the ATM reimbursements are completed periodically in large batches and that an expectation that the ATM reimbursements would be credited to our Fidelity CMA on the same day or within a few business days of the ATM withdrawal is not realistic, even though we have some BH members who consistently do get the ATM reimbursements that quickly. It is not something I am losing sleep over, but attention to detail is important, and something I think Fidelity could do a better job of processing more quickly or at least more consistently from one client to another.

Joe
For ATM reimbursements, it is possible that some ATM/processors code the surcharge amount separately to the issuing bank, and others (rarely) do not. I've had my Fidelity reimbursements credited within a business day or two, and Schwab credits at the end of month.

Years ago, there were anecdotes about overseas ATM withdrawals receiving a "surcharge" credit, even though no surcharge was charged. The odd ATM amount (e.g. $22.50 charged for a 20€ withdrawal) was triggering a surcharge detection rebate algorithm ($2.50 in this example).

No doubt these issues have been corrected, but if Fidelity is relying on terminals correctly categorizing the surcharge to avoid such issues, it is easy to understand why an automatic surcharge credit isn't automatic. Translation: Keep your receipts, check your statements.
Post Reply