Out of curiosity what are the planning and tax tools and security lockdowns?Loandapper wrote: ↑Mon Jul 25, 2022 2:41 pmWelcome to the club! 100% Fidelity here as well. Between the excellent customer service, unlimited ATM fee reimbursements, free checks/wire transfers, as well as all the technology (planning and tax tools, Full View, security lockdowns, etc.) there just is no reason NOT to have everything at Fidelity.nalor511 wrote: ↑Mon Jul 25, 2022 2:24 pm Alright, well, I resisted for years, but count me in as having moved my primary checking over to CMA. The convenience factor was just too high, coupled with $1k+ atm limits, fee reimbursement, etc. I still have accounts elsewhere, but little by little Fidelity is winning more and more of my business.
Fidelity as a one stop shop
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Re: Fidelity as a one stop shop
Re: Fidelity as a one stop shop
I started using my Fidelity CMA as my main bank account again with the recent increase in the FFR. The Fidelity premium money market fund, FZDXX, (current yield is 1.47%) isn't a core account option, but you can make a purchase into it at will and it will auto sell/liquidate any money market fund amount including NON-CORE money market funds to settle a debit or transaction. I asked Fidelity and they said it would sell the core money market fund, then would sell with the lowest account balance non-core money market fund (if you hold more than 1 non-core money market funds). The INITIAL minimum for FZDXX is $100,000, but you can sell the next day and keep whatever balance you want to maintain above $1. Typically I get my direct deposit twice a month and I purchase into FZDXX for my direct deposit and then it will auto sell any required amounts to settle any debits. I keep little to no money in the actual core money market. In my non-CMA brokerage account I keep a small ($500-1,000) amount in FZDXX (the taxable version) and a small amount in FZEXX (the premium municipal tax-free version that also requires a $100,000 initial minimum), and I bounce between the 2 based on whether the taxable or tax-exempt version gives me the greatest after-tax yield (you can transfer in-kind shares between the CMA and the brokerage). I keep a small amount in the non-used money market fund to avoid having to come up with another $100,000 to get back in. I have done it this way for several years and no issues with the lower balances as long as they remain above $1.makeminemichael wrote: ↑Mon Apr 04, 2022 12:31 pm Somewhat circling back again on the original topic. Now that we have increased Interest Rates, and some Savings account getting bumped to .60% APY or even 1% APY like SoFi, I'm wondering how many are you still using Fidelity as your main "bank" despite it's small return. At this point, I'm starting not to care about the return but rather ACH Transfer times, Customer Support, and basically accessing my emergency funds as I need it.
So has Fidelity served you well as your main Banking institute?
Re: Fidelity as a one stop shop
As an aside, when you transfer significant funds to either Schwab or Fidelity, they will usually pay a ~$2500 - $3000 bounty. You need to arrange for this BEFORE transferring your accounts.BogleMelon wrote: ↑Sat Dec 15, 2018 8:33 pm I am thinking of moving my Roth (currently at Vanguard), Charles Schwab checking and Ally saving all to Fidelity to simplify my life.
nyc212
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Re: Fidelity as a one stop shop
What is the best taxable Fidelity money market option aside from FZDXX since the $100k minimum may be too high for a lot of folks?skibummer wrote: ↑Wed Jul 27, 2022 9:20 amI started using my Fidelity CMA as my main bank account again with the recent increase in the FFR. The Fidelity premium money market fund, FZDXX, (current yield is 1.47%) isn't a core account option, but you can make a purchase into it at will and it will auto sell/liquidate any money market fund amount including NON-CORE money market funds to settle a debit or transaction. I asked Fidelity and they said it would sell the core money market fund, then would sell with the lowest account balance non-core money market fund (if you hold more than 1 non-core money market funds). The INITIAL minimum for FZDXX is $100,000, but you can sell the next day and keep whatever balance you want to maintain above $1. Typically I get my direct deposit twice a month and I purchase into FZDXX for my direct deposit and then it will auto sell any required amounts to settle any debits. I keep little to no money in the actual core money market. In my non-CMA brokerage account I keep a small ($500-1,000) amount in FZDXX (the taxable version) and a small amount in FZEXX (the premium municipal tax-free version that also requires a $100,000 initial minimum), and I bounce between the 2 based on whether the taxable or tax-exempt version gives me the greatest after-tax yield (you can transfer in-kind shares between the CMA and the brokerage). I keep a small amount in the non-used money market fund to avoid having to come up with another $100,000 to get back in. I have done it this way for several years and no issues with the lower balances as long as they remain above $1.makeminemichael wrote: ↑Mon Apr 04, 2022 12:31 pm Somewhat circling back again on the original topic. Now that we have increased Interest Rates, and some Savings account getting bumped to .60% APY or even 1% APY like SoFi, I'm wondering how many are you still using Fidelity as your main "bank" despite it's small return. At this point, I'm starting not to care about the return but rather ACH Transfer times, Customer Support, and basically accessing my emergency funds as I need it.
So has Fidelity served you well as your main Banking institute?
Re: Fidelity as a one stop shop
"best" on what metric(s)? Highest Yielding is not necessarily "best" for every situation. I wouldn't want my cash in a fund that could have liquidity control gates applied, or that wouldn't be "liquid".anon_investor wrote: ↑Thu Jul 28, 2022 8:23 am..
What is the best taxable Fidelity money market option aside from FZDXX since the $100k minimum may be too high for a lot of folks?
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
Re: Fidelity as a one stop shop
anon_investor wrote: ↑Thu Jul 28, 2022 8:23 am What is the best taxable Fidelity money market option aside from FZDXX since the $100k minimum may be too high for a lot of folks?
I posted this earlier. With this link you can see the various MM funds available from Fidelity. Highest yield is still SPRXX with 7 day yield, as of 7/27, of 1.36%Leif wrote: ↑Sun Jun 26, 2022 12:52 pm Fidelity MM Fund Research
I check the link above is see what is happening at Fidelity for MMF. I've filtered to 0 minimum and descending yield. Top of the list is SPRXX, which is what I've been buying.
Re: Fidelity as a one stop shop
As of 7/28, SPRXX 1 day yield is 1.80%, and FZDXX is 1.92%.
(Click Fees & Distributions, and then select a date range under "Historical Prices, Distribution & Yields" and then "Show Prices/Yields".)
Last edited by Lyrrad on Sat Jul 30, 2022 1:34 am, edited 2 times in total.
Re: Fidelity as a one stop shop
I'm in the process of moving all of our accounts to Fidelity--2 individual and 3 retirement. When I inquired about a bonus the only one they had available was $2500 for $1 million of assets. The would not make any exceptions and said they had experienced too many folks broker hopping for bonuses. I didn't ask if they would "match" Etrade or one of the others whose names I don't remember.nyc212 wrote: ↑Thu Jul 28, 2022 8:20 amAs an aside, when you transfer significant funds to either Schwab or Fidelity, they will usually pay a ~$2500 - $3000 bounty. You need to arrange for this BEFORE transferring your accounts.BogleMelon wrote: ↑Sat Dec 15, 2018 8:33 pm I am thinking of moving my Roth (currently at Vanguard), Charles Schwab checking and Ally saving all to Fidelity to simplify my life.
We are moving from CDs at Ally and other accounts at Schwab. The Fidelity website, tools and customer service is a gazillion times better than Schwab. My recent experience with Schwab makes me think their motto is" "OK, we'll help you if you really, really want us to but you have to ask 3 times for everything and wait on hold every time you call and ps., every time you call we'll tell you we're swamped."
Re: Fidelity as a one stop shop
Here's a relevant thread: The Final, Definitive Thread on Brokerage Transfer Bonuses
Re: Fidelity as a one stop shop
In my dreams!!!
Clicking your link for SPRXX (Fidelity Institutional) it displays a 7 day yield of 1.36%. Top of the page, on the left, under Yield, for 7/28/2022.
Last edited by Leif on Thu Jul 28, 2022 11:03 pm, edited 1 time in total.
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Re: Fidelity as a one stop shop
The 1 day yield is also only 1.39%.Leif wrote: ↑Thu Jul 28, 2022 10:54 pmIn my dreams!!!
Clicking your link for SPRXX (Fidelity Institutional) it displays a 7 day yield of 1.36%
Re: Fidelity as a one stop shop
Odd... Not sure why others seem to see something different. I'm getting the same as Lyrrad.anon_investor wrote: ↑Thu Jul 28, 2022 10:58 pmThe 1 day yield is also only 1.39%.Leif wrote: ↑Thu Jul 28, 2022 10:54 pmIn my dreams!!!
Clicking your link for SPRXX (Fidelity Institutional) it displays a 7 day yield of 1.36%
From the links above, I see the 1 day is SPRXX as 1.8% and the 7 day at 1.43%. (Presumably the much higher 1 day is due to the rate change earlier this week.)
FZDXX as 1.92%/1.55%.
Re: Fidelity as a one stop shop
At the time I posted, the 1 day yield at the top of the page was dated 7/27, which had a lower yield. However, it was possible to view the 1 day yield for 7/28 at the time of the post by following the instructions in the post. (Click Fees & Distributions, and then select a date range under "Historical Prices, Distribution & Yields" and then "Show Prices/Yields".)
There are a few hours between when the new 1 day yield on the funds are calculated and available through the Historical Prices widget, and when the 1, 7 and 30 day yields are updated at the top of the page.
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Re: Fidelity as a one stop shop
It definitely is showing higher now.Lyrrad wrote: ↑Thu Jul 28, 2022 11:58 pm
At the time I posted, the 1 day yield at the top of the page was dated 7/27, which had a lower yield. However, it was possible to view the 1 day yield for 7/28 at the time of the post by following the instructions in the post. (Click Fees & Distributions, and then select a date range under "Historical Prices, Distribution & Yields" and then "Show Prices/Yields".)
There are a few hours between when the new 1 day yield on the funds are calculated and available through the Historical Prices widget, and when the 1, 7 and 30 day yields are updated at the top of the page.
Re: Fidelity as a one stop shop
Turns out, it is both
I'll have to ask if it is possible to remove the trust name from checks while keeping the account as a trust account. I don't want people to see the trust name on our checks. If not, might setup a second CMA account that is in my SO/I's individual names and just have it draw from the trust account for funds.
Re: Fidelity as a one stop shop
Dreams can come true! Must a small time lag in the display of recent update in various parts of the website.
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Re: Fidelity as a one stop shop
Re: Fidelity as a one stop shop
Consolidation of accounts, convenience, trading interfaces and customer support are more important to me than bonuses. We moved my husband's Rollover IRA to Schwab ($3000 bonus) because most of our other accounts were at Schwab. Transferring account is not for the faint of heart. I think it takes several days to transfer IN KIND.nonnie wrote: ↑Thu Jul 28, 2022 8:05 pm I'm in the process of moving all of our accounts to Fidelity--2 individual and 3 retirement. When I inquired about a bonus the only one they had available was $2500 for $1 million of assets. The would not make any exceptions and said they had experienced too many folks broker hopping for bonuses...
We are moving from CDs at Ally and other accounts at Schwab.
I'm a Mac user who trades frequently so I use Schwab's StreetSmartEdge application. It's disappointing that all these brokerage houses have such rudimentary interfaces. For example, I wish I could GROUP stocks by my own classification system, e.g. energy, shipping, metals, etc.
We have one account at Fidelity and don't actively trade it. The web interface is too inefficient big font for me.
nyc212
Re: Fidelity as a one stop shop
My primary account is with TD Ameritrade so I'm mostly used to using them. I do have accounts at Fidelity and Schwab. I thought the fixed income trading was easier with Schwab, at least with regards to treasuries. I've been experimenting with both since I have too much cash and rather put it into something paying more than the cash account.nonnie wrote: ↑Thu Jul 28, 2022 8:05 pmI'm in the process of moving all of our accounts to Fidelity--2 individual and 3 retirement. When I inquired about a bonus the only one they had available was $2500 for $1 million of assets. The would not make any exceptions and said they had experienced too many folks broker hopping for bonuses. I didn't ask if they would "match" Etrade or one of the others whose names I don't remember.nyc212 wrote: ↑Thu Jul 28, 2022 8:20 amAs an aside, when you transfer significant funds to either Schwab or Fidelity, they will usually pay a ~$2500 - $3000 bounty. You need to arrange for this BEFORE transferring your accounts.BogleMelon wrote: ↑Sat Dec 15, 2018 8:33 pm I am thinking of moving my Roth (currently at Vanguard), Charles Schwab checking and Ally saving all to Fidelity to simplify my life.
We are moving from CDs at Ally and other accounts at Schwab. The Fidelity website, tools and customer service is a gazillion times better than Schwab. My recent experience with Schwab makes me think their motto is" "OK, we'll help you if you really, really want us to but you have to ask 3 times for everything and wait on hold every time you call and ps., every time you call we'll tell you we're swamped."
I got bonuses from some brokers including Schwab but my initial accounts at Fidelity were through a previous job and my account isn't that large. I have a ton of accounts there because of inheriting my father's accounts and moving them from Vanguard. Fidelity was much better to deal with than Vanguard.
I just wish all of the inherited accounts could be viewed/traded as one although I understand why you can't. Just makes things more confusing when you have so many accounts.
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If you think something is important and it doesn't involve the health of someone, think again. Life goes too fast, enjoy it and be nice.
Re: Fidelity as a one stop shop
They've jumped further. SPRXX is at 1.96% and FZDXX is at 2.08% for 7/29 (and presumably 7/30 and 7/31). This is similar to last month, where the majority of the rate increase was reflected in the yield in the two days after the Fed announcement. After the first couple of days, it rose about another 10 basis points over the following week, so if these funds perform similarly, I'd expect them to settle in around 2.1% and 2.2% soon.
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Re: Fidelity as a one stop shop
Now I wish I could get FZDXX (don't have $100k cash lying around).Lyrrad wrote: ↑Sat Jul 30, 2022 1:36 amThey've jumped further. SPRXX is at 1.96% and FZDXX is at 2.08% for 7/29 (and presumably 7/30 and 7/31). This is similar to last month, where the majority of the rate increase was reflected in the yield in the two days after the Fed announcement. After the first couple of days, it rose about another 10 basis points over the following week, so if these funds perform similarly, I'd expect them to settle in around 2.1% and 2.2% soon.
Re: Fidelity as a one stop shop
HELOC for $100k?anon_investor wrote: ↑Sat Jul 30, 2022 7:36 amNow I wish I could get FZDXX (don't have $100k cash lying around).Lyrrad wrote: ↑Sat Jul 30, 2022 1:36 amThey've jumped further. SPRXX is at 1.96% and FZDXX is at 2.08% for 7/29 (and presumably 7/30 and 7/31). This is similar to last month, where the majority of the rate increase was reflected in the yield in the two days after the Fed announcement. After the first couple of days, it rose about another 10 basis points over the following week, so if these funds perform similarly, I'd expect them to settle in around 2.1% and 2.2% soon.
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Re: Fidelity as a one stop shop
Really not worth the trouble, I will probably just buy some 1mo T-Bill at next weeks auction.mervinj7 wrote: ↑Sat Jul 30, 2022 8:33 amHELOC for $100k?anon_investor wrote: ↑Sat Jul 30, 2022 7:36 amNow I wish I could get FZDXX (don't have $100k cash lying around).Lyrrad wrote: ↑Sat Jul 30, 2022 1:36 amThey've jumped further. SPRXX is at 1.96% and FZDXX is at 2.08% for 7/29 (and presumably 7/30 and 7/31). This is similar to last month, where the majority of the rate increase was reflected in the yield in the two days after the Fed announcement. After the first couple of days, it rose about another 10 basis points over the following week, so if these funds perform similarly, I'd expect them to settle in around 2.1% and 2.2% soon.
Re: Fidelity as a one stop shop
I agree. That's the same conclusion I reached. Though I prefer 8 week and 26 week bills for short term EF.anon_investor wrote: ↑Sat Jul 30, 2022 9:32 amReally not worth the trouble, I will probably just buy some 1mo T-Bill at next weeks auction.
Re: Fidelity as a one stop shop
As a reminder, you do not need to keep $100k of FZDXX. You just need an initial purchase of $100k. After that clears, you can return the money where you want it.
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Re: Fidelity as a one stop shop
I changed an account from JTWROS to TBE a few years back and got a new account number, so I think it's more nuanced than this.Dovahkiin wrote: ↑Mon Jul 25, 2022 10:02 pmThanks! It turned out the front line reps were ignorant. Any change in TIN/SSN causes Fidelity to issue new account numbers. If you keep the same TIN/SSN, which I'm doing as it's a revocable living trust, then you get to keep the same account number.zincTwo wrote: ↑Mon Jul 25, 2022 5:39 pmHere was the form I used ... Brokerage Account #1234 => Account Features => View All Accounts => Authorized Access & Account Registration => Edit Account Registration. fidelity.com/customer-service/how-to-change-registrationDovahkiin wrote: ↑Mon Jul 25, 2022 2:15 pmHow were you able to get them to only change the registration? Does this work for a Fidelity brokerage account as well?
I have a revocable living trust that I reached out to Fidelity to change the title about a year ago and they warned me that it'd change the account numbers and my existing checks wouldn't work. I really would rather have it be titled in the name of the trust but they seemed unwilling to cooperate. It'd be too much of a hassle to move all my billpay, ACH authorizations, etc. over to "new" accounts. I have both an individual brokerage account + a CMA account.
Looking at the current form, I think I might have needed to complete a new checkwriting form, even though the features or signees didn't change.
I did it two years ago, and in my memory, it was much less painful than I feared. Most tasks were "online", and only a couple pieces of paper needed to be mailed.
It is possible that the rules for preserving #'s has changed. I recommend talking to someone in the estate planning department... they may have more experiencing using the forms than the first person on the phone tree.
I can't believe I've gone this long sticking with my individual account due to bad front line reps. I'm starting the process with one of my accounts. Cheers!
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Re: Fidelity as a one stop shop
Would you mind lending me $100k in cash?
I just don't have that kind of cash lying around. Most of my "safe" money was moved into I Bonds over the last few years. I will just buy some T-Bills at this weeks upcoming auction.
Re: Fidelity as a one stop shop
Sure - I'll only charge you 20% interest!anon_investor wrote: ↑Sat Jul 30, 2022 11:55 amWould you mind lending me $100k in cash?
I just don't have that kind of cash lying around. Most of my "safe" money was moved into I Bonds over the last few years. I will just buy some T-Bills at this weeks upcoming auction.
IIRC late June I switched from the muni version to FZDXX. I didn't have $100k laying around either...
But got lucky in that I had some "losses" to harvest, pulled some money out of a revolving line of credit (like a HELOC), and IIRC cooincided with my quarterly pull of funds from my HMBradley account. Took a bunch of moving parts, including being out of the market a few days with the loss, but I made it work.
My broader point isn't that you can go do this today... It's just a reminder to be opportunistic. If you have a set of circumstances and timing that aligns to get access to $100k, consider getting the better MM funds. Then redeploy the funds wherever you wanted them.
Re: Fidelity as a one stop shop
I wonder if someone can gift $1 of FZDXX to another Fidelity customer to get around the minimum purchase requirements.anon_investor wrote: ↑Sat Jul 30, 2022 11:55 amWould you mind lending me $100k in cash?
I just don't have that kind of cash lying around. Most of my "safe" money was moved into I Bonds over the last few years. I will just buy some T-Bills at this weeks upcoming auction.
Re: Fidelity as a one stop shop
Hmm... Don't know...Lyrrad wrote: ↑Sat Jul 30, 2022 12:33 pmI wonder if someone can gift $1 of FZDXX to another Fidelity customer to get around the minimum purchase requirements.anon_investor wrote: ↑Sat Jul 30, 2022 11:55 amWould you mind lending me $100k in cash?
I just don't have that kind of cash lying around. Most of my "safe" money was moved into I Bonds over the last few years. I will just buy some T-Bills at this weeks upcoming auction.
I've definitely transferred $1+ to my different accounts (like my "savings" CMA and/or "checking" CMA) so I can buy more in that account.
If I recall, after transfer I need to wait 2 days for the transfer to settle, before I can purchase more in that account (assuming it's the only FZDXX shares in the account). But as long as I have $1 (maybe even less) in shares, I can buy more (the $100k limit is only in that initial purchase).
So I'd assume if you had joint access to the account you could. Not sure if MM shares can/would be sent "in-kind" if transferred to a account you don't have access too...
Re: Fidelity as a one stop shop
I'm new to Fidelity and trying to make it my one stop shop. I was recently told by a rep (but it wasn't mention by other reps or my local guy) and I just verified it that the minimum investment for FDZXX for an IRA is only $10K so that's nice.
I'm having a hard time figuring out how FDZXX works, I've gotten conflicting info. I've been lead to understand that there's no need to sell FDZXX (unlike SWVXX at Schwab) in order to use the funds to buy. I can simply place a trade and the funds will be pulled. If that is true, how does it work? Does it pull from my Core account first? (I'd hope so since I don't plan to keep $100K permanently there).
2nd question--I've been told the only real advantage to having a CMA is a debit card and the "sweep" to FDIC insured CDs. Any other reasons I should open a CMA? Bill pay--currently I have all my credit cards set to "autopay" and they automatically pull from my bank account. Since Fidelity isn't a bank, I can't do that and I would have to use the "bill pay" feature, correct? Request e-bills and then either set up an auto pay or do a manual OK, correct?
The one things I'm not liking about Fidelity so far is that without a POA (CA requires either two witnesses or a notary and our just has witnesses) I cannot automatically transfer funds from my AC to my partners or from my account to our joint account without a call to Fidelity and there's a daily limit of $32K. I'm really used to easily switching between accounts at Alliant. Need to get our POAs completed.
I'm having a hard time figuring out how FDZXX works, I've gotten conflicting info. I've been lead to understand that there's no need to sell FDZXX (unlike SWVXX at Schwab) in order to use the funds to buy. I can simply place a trade and the funds will be pulled. If that is true, how does it work? Does it pull from my Core account first? (I'd hope so since I don't plan to keep $100K permanently there).
2nd question--I've been told the only real advantage to having a CMA is a debit card and the "sweep" to FDIC insured CDs. Any other reasons I should open a CMA? Bill pay--currently I have all my credit cards set to "autopay" and they automatically pull from my bank account. Since Fidelity isn't a bank, I can't do that and I would have to use the "bill pay" feature, correct? Request e-bills and then either set up an auto pay or do a manual OK, correct?
The one things I'm not liking about Fidelity so far is that without a POA (CA requires either two witnesses or a notary and our just has witnesses) I cannot automatically transfer funds from my AC to my partners or from my account to our joint account without a call to Fidelity and there's a daily limit of $32K. I'm really used to easily switching between accounts at Alliant. Need to get our POAs completed.
Re: Fidelity as a one stop shop
I don’t know the order in which they liquidate money market funds, but they do indeed liquidate them as needed. If you buy something, it will automatic sell the necessary amount of a money market fund to cover the purchase. You don’t need to sell to core in advance.nonnie wrote: ↑Sat Jul 30, 2022 11:19 pm
I'm having a hard time figuring out how FDZXX works, I've gotten conflicting info. I've been lead to understand that there's no need to sell FDZXX (unlike SWVXX at Schwab) in order to use the funds to buy. I can simply place a trade and the funds will be pulled. If that is true, how does it work? Does it pull from my Core account first? (I'd hope so since I don't plan to keep $100K permanently there).
2nd question--I've been told the only real advantage to having a CMA is a debit card and the "sweep" to FDIC insured CDs. Any other reasons I should open a CMA? Bill pay--currently I have all my credit cards set to "autopay" and they automatically pull from my bank account. Since Fidelity isn't a bank, I can't do that and I would have to use the "bill pay" feature, correct? Request e-bills and then either set up an auto pay or do a manual OK, correct?
For your second question, you can indeed set up autopay via your fidelity brokerage or CMA. It has an account number and routing number just like a “normal” bank checking account. I do this for my utility bills, and other credit cards in the past. I didn’t see a big benefit from a separate CMA so I just use my brokerage account for everything— taxable investing, ATM cash, auto paying bills, wire transfers for rent payments. I’ve enjoyed the mental simplicity of one account.
Crom laughs at your Four Winds
Re: Fidelity as a one stop shop
You had me at "mental simplicity" --between us we have 3 bank accounts, 7 CU accounts (think high CD rates in the past), two Schwab checking accounts (there are/were reasons, one has a free safe deposit box, another free notary, two others tied to Treasury Direct, another for medallion guarantee--most on autopilot but I do need to simplify).muffins14 wrote: ↑Sat Jul 30, 2022 11:25 pmnonnie wrote: ↑Sat Jul 30, 2022 11:19 pm
I'm having a hard time figuring out how FDZXX works, I've gotten conflicting info. I've been lead to understand that there's no need to sell FDZXX (unlike SWVXX at Schwab) in order to use the funds to buy. I can simply place a trade and the funds will be pulled. If that is true, how does it work? Does it pull from my Core account first? (I'd hope so since I don't plan to keep $100K permanently there).
2nd question--I've been told the only real advantage to having a CMA is a debit card and the "sweep" to FDIC insured CDs. Any other reasons I should open a CMA? Bill pay--currently I have all my credit cards set to "autopay" and they automatically pull from my bank account. Since Fidelity isn't a bank, I can't do that and I would have to use the "bill pay" feature, correct? Request e-bills and then either set up an auto pay or do a manual OK, correct?
I don’t know the order in which they liquidate money market funds, but they do indeed liquidate them as needed. If you buy something, it will automatic sell the necessary amount of a money market fund to cover the purchase. You don’t need to sell to core in advance.
For your second question, you can indeed set up autopay via your fidelity brokerage or CMA. It has an account number and routing number just like a “normal” bank checking account. I do this for my utility bills, and other credit cards in the past. I didn’t see a big benefit from a separate CMA so I just use my brokerage account for everything— taxable investing, ATM cash, auto paying bills, wire transfers for rent payments. I’ve enjoyed the mental simplicity of one account.
I'm curious about the bank wire for rent. We currently have our large rent payment auto debited from our credit union. What would be the advantage of a bank wire?
I guess the best way to completely understand how auto-pay works is to set up bill pay. Thanks!
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Re: Fidelity as a one stop shop
- There is no need to sell FDZXX or other money market funds in order to use the funds. To best of my knowledge fist the core fund will be used second other Fidelity money market would be liquidated.nonnie wrote: ↑Sat Jul 30, 2022 11:19 pm I'm having a hard time figuring out how FDZXX works, I've gotten conflicting info. I've been lead to understand that there's no need to sell FDZXX (unlike SWVXX at Schwab) in order to use the funds to buy. I can simply place a trade and the funds will be pulled. If that is true, how does it work? Does it pull from my Core account first? (I'd hope so since I don't plan to keep $100K permanently there).
2nd question--I've been told the only real advantage to having a CMA is a debit card and the "sweep" to FDIC insured CDs. Any other reasons I should open a CMA? Bill pay--currently I have all my credit cards set to "autopay" and they automatically pull from my bank account. Since Fidelity isn't a bank, I can't do that and I would have to use the "bill pay" feature, correct? Request e-bills and then either set up an auto pay or do a manual OK, correct?
The one things I'm not liking about Fidelity so far is that without a POA (CA requires either two witnesses or a notary and our just has witnesses) I cannot automatically transfer funds from my AC to my partners or from my account to our joint account without a call to Fidelity and there's a daily limit of $32K. I'm really used to easily switching between accounts at Alliant. Need to get our POAs completed.
- The advantage of a CMA debit card is reimbursements of all ATM fees. If you have a Private Client status the same is true for a debit card associated with a brokerage account.
- you can set up autopay from your CMA or brokerage accounts (use account type - checking)
- one can transfer funds between individual and joint account without any paperwork.
- to transfer funds to someone else's Fidelity account you have to establish standing transfer instructions. Use this form:
https://www.fidelity.com/bin-public/060 ... ctions.pdf.
- Also you can use BillPay to transfer money to arbitrary account.
- Fidelity daily limits are personalized, mine is $100K.
Re: Fidelity as a one stop shop
anon_investor wrote: ↑Sat Jul 30, 2022 7:36 amNow I wish I could get FZDXX (don't have $100k cash lying around).Lyrrad wrote: ↑Sat Jul 30, 2022 1:36 amThey've jumped further. SPRXX is at 1.96% and FZDXX is at 2.08% for 7/29 (and presumably 7/30 and 7/31). This is similar to last month, where the majority of the rate increase was reflected in the yield in the two days after the Fed announcement. After the first couple of days, it rose about another 10 basis points over the following week, so if these funds perform similarly, I'd expect them to settle in around 2.1% and 2.2% soon.
[/quote
So far the trick for getting FZDXX as your money market account is being able to open the account with $100,000 if you ever have that amount available for a few days. Once FZDXX is open, Fidelity has said or done nothing about when the balance drops below (since there are times when we have only a few thousand dollars in FZDXX).
- anon_investor
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Re: Fidelity as a one stop shop
Yeah, no plans to have $100k lying around in cash any time soon.drzzzzz wrote: ↑Sun Jul 31, 2022 7:35 amSo far the trick for getting FZDXX as your money market account is being able to open the account with $100,000 if you ever have that amount available for a few days. Once FZDXX is open, Fidelity has said or done nothing about when the balance drops below (since there are times when we have only a few thousand dollars in FZDXX).anon_investor wrote: ↑Sat Jul 30, 2022 7:36 amNow I wish I could get FZDXX (don't have $100k cash lying around).Lyrrad wrote: ↑Sat Jul 30, 2022 1:36 amThey've jumped further. SPRXX is at 1.96% and FZDXX is at 2.08% for 7/29 (and presumably 7/30 and 7/31). This is similar to last month, where the majority of the rate increase was reflected in the yield in the two days after the Fed announcement. After the first couple of days, it rose about another 10 basis points over the following week, so if these funds perform similarly, I'd expect them to settle in around 2.1% and 2.2% soon.
Re: Fidelity as a one stop shop
Note, I don’t use bill pay via fidelity, I set up autopay at the vendor, and type in my fidelity account number and routing number just I would have done if I were using a “normal” bank. So it just auto-debits from my fidelity brokerage, no checks, nothing in the mail etc.
I only use the wire transfer for my rent just because my landlord has no option for an online payment aside from the wire, so I just do the wire.
Crom laughs at your Four Winds
Re: Fidelity as a one stop shop
If you can wire the money, you must have your landlord's account number that you wire it to. So that means you could do a billpay to that same account number.
--vtMaps
"Truly, whoever can make you believe absurdities can make you commit atrocities" --Voltaire, as translated by Norman Lewis Torrey
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Re: Fidelity as a one stop shop
Bill payments to small vendors are made by paper check sent in the mail, I believe. Having the destination account number for a vendor that Fidelity doesn't have an association with, wire is more secure. (Yes, it's irreversible but that doesn't seem to be a concern, in this case.)
Re: Fidelity as a one stop shop
Thanks for your response, I'm going to set up a Bill Pay to see exactly how it works, not sure what you mean by "arbitrary account." I'll have to explore further on transferring from my account to a joint a/c with my SO because I've been told several times at Fidelity that is considered "a third party transaction" and needs a phone call with a $32K per day limit or a letter with Medallion guarantee. The form you linked above for standing transfer instructions does indeed require a Medallion guarantee. Since we're only going to transfer funds between our personal accounts and jt. account, the easiest way seems to be a POA.VictorStarr wrote: ↑Sun Jul 31, 2022 12:32 am- There is no need to sell FDZXX or other money market funds in order to use the funds. To best of my knowledge fist the core fund will be used second other Fidelity money market would be liquidated.nonnie wrote: ↑Sat Jul 30, 2022 11:19 pm I'm having a hard time figuring out how FDZXX works, I've gotten conflicting info. I've been lead to understand that there's no need to sell FDZXX (unlike SWVXX at Schwab) in order to use the funds to buy. I can simply place a trade and the funds will be pulled. If that is true, how does it work? Does it pull from my Core account first? (I'd hope so since I don't plan to keep $100K permanently there).
2nd question--I've been told the only real advantage to having a CMA is a debit card and the "sweep" to FDIC insured CDs. Any other reasons I should open a CMA? Bill pay--currently I have all my credit cards set to "autopay" and they automatically pull from my bank account. Since Fidelity isn't a bank, I can't do that and I would have to use the "bill pay" feature, correct? Request e-bills and then either set up an auto pay or do a manual OK, correct?
The one things I'm not liking about Fidelity so far is that without a POA (CA requires either two witnesses or a notary and our just has witnesses) I cannot automatically transfer funds from my AC to my partners or from my account to our joint account without a call to Fidelity and there's a daily limit of $32K. I'm really used to easily switching between accounts at Alliant. Need to get our POAs completed.
- The advantage of a CMA debit card is reimbursements of all ATM fees. If you have a Private Client status the same is true for a debit card associated with a brokerage account.
- you can set up autopay from your CMA or brokerage accounts (use account type - checking)
- one can transfer funds between individual and joint account without any paperwork.
- to transfer funds to someone else's Fidelity account you have to establish standing transfer instructions. Use this form:
https://www.fidelity.com/bin-public/060 ... ctions.pdf.
- Also you can use BillPay to transfer money to arbitrary account.
- Fidelity daily limits are personalized, mine is $100K.
Nonnie
Re: Fidelity as a one stop shop
Setting up autopay at the vendor is exactly what I want to do, thanks. After the fact, I figured out why your probably used WT for landlord, thanks again,muffins14 wrote: ↑Sun Jul 31, 2022 9:40 amNote, I don’t use bill pay via fidelity, I set up autopay at the vendor, and type in my fidelity account number and routing number just I would have done if I were using a “normal” bank. So it just auto-debits from my fidelity brokerage, no checks, nothing in the mail etc.
I only use the wire transfer for my rent just because my landlord has no option for an online payment aside from the wire, so I just do the wire.
Nonnie
Re: Fidelity as a one stop shop
You can take this form and sign it at a Fidelity office. Once they have it on file, you no longer have to use the phone or get any more physical stamps. There is still a limit, something like $1 million (per day, I think).
- VictorStarr
- Posts: 746
- Joined: Sat Jan 04, 2020 9:13 pm
- Location: Washington
Re: Fidelity as a one stop shop
> I'm going to set up a Bill Pay to see exactly how it worksnonnie wrote: ↑Sun Jul 31, 2022 2:00 pmThanks for your response, I'm going to set up a Bill Pay to see exactly how it works, not sure what you mean by "arbitrary account." I'll have to explore further on transferring from my account to a joint a/c with my SO because I've been told several times at Fidelity that is considered "a third party transaction" and needs a phone call with a $32K per day limit or a letter with Medallion guarantee. The form you linked above for standing transfer instructions does indeed require a Medallion guarantee. Since we're only going to transfer funds between our personal accounts and jt. account, the easiest way seems to be a POA.VictorStarr wrote: ↑Sun Jul 31, 2022 12:32 am- There is no need to sell FDZXX or other money market funds in order to use the funds. To best of my knowledge fist the core fund will be used second other Fidelity money market would be liquidated.nonnie wrote: ↑Sat Jul 30, 2022 11:19 pm I'm having a hard time figuring out how FDZXX works, I've gotten conflicting info. I've been lead to understand that there's no need to sell FDZXX (unlike SWVXX at Schwab) in order to use the funds to buy. I can simply place a trade and the funds will be pulled. If that is true, how does it work? Does it pull from my Core account first? (I'd hope so since I don't plan to keep $100K permanently there).
2nd question--I've been told the only real advantage to having a CMA is a debit card and the "sweep" to FDIC insured CDs. Any other reasons I should open a CMA? Bill pay--currently I have all my credit cards set to "autopay" and they automatically pull from my bank account. Since Fidelity isn't a bank, I can't do that and I would have to use the "bill pay" feature, correct? Request e-bills and then either set up an auto pay or do a manual OK, correct?
The one things I'm not liking about Fidelity so far is that without a POA (CA requires either two witnesses or a notary and our just has witnesses) I cannot automatically transfer funds from my AC to my partners or from my account to our joint account without a call to Fidelity and there's a daily limit of $32K. I'm really used to easily switching between accounts at Alliant. Need to get our POAs completed.
- The advantage of a CMA debit card is reimbursements of all ATM fees. If you have a Private Client status the same is true for a debit card associated with a brokerage account.
- you can set up autopay from your CMA or brokerage accounts (use account type - checking)
- one can transfer funds between individual and joint account without any paperwork.
- to transfer funds to someone else's Fidelity account you have to establish standing transfer instructions. Use this form:
https://www.fidelity.com/bin-public/060 ... ctions.pdf.
- Also you can use BillPay to transfer money to arbitrary account.
- Fidelity daily limits are personalized, mine is $100K.
Nonnie
To transfer money using BillPay, create new payee, choose pay to company (Fidelity Brokerage Services LLC) and entered Fidelity account number and use this address:
Fidelity Investments
PO Box 770001
Cincinnati, OH 45277-0003
For more information see - https://www.fidelity.com/cash-managemen ... ck-by-mail
For smaller amount (less than $1500-2000) transfer is electronic, for large amounts Fidelity sends check to Fidelity .
> not sure what you mean by "arbitrary account."
I meant account that belongs to a third party at Fidelity or other institution.
> The form you linked above for standing transfer instructions does indeed require a Medallion guarantee.
If you have Fidelity office nearby you could drop off the form without a Medallion guarantee.
Re: Fidelity as a one stop shop
Thanks for the responses so far. We're still waiting on transfers from Ally & Schwab into Fidelity. (Schwab has only transferred 5% of my Roth noting "security transfer" will have to deal with that Monday, 2 other accounts coming from Ally and are taking forever). We will eventually end up with a bit less than $900K in our combined accounts. Right now we each have over $100K in our individual accounts with 3 retirement accounts still in transfer process. If I'd thought of or knew about using Fidelity as a one stop, I would have done things differently. I just opened a bill pay in my account and it looks very straight forward except for routing and account numbers--reading https://www.fidelity.com/accounts-trade ... unt-number makes my head spin so hopefully a rep can help me out.nonnie wrote: ↑Sat Jul 30, 2022 11:19 pm I'm new to Fidelity and trying to make it my one stop shop. I was recently told by a rep (but it wasn't mention by other reps or my local guy) and I just verified it that the minimum investment for FDZXX for an IRA is only $10K so that's nice.
I'm having a hard time figuring out how FDZXX works, I've gotten conflicting info. I've been lead to understand that there's no need to sell FDZXX (unlike SWVXX at Schwab) in order to use the funds to buy. I can simply place a trade and the funds will be pulled. If that is true, how does it work? Does it pull from my Core account first? (I'd hope so since I don't plan to keep $100K permanently there).
2nd question--I've been told the only real advantage to having a CMA is a debit card and the "sweep" to FDIC insured CDs. Any other reasons I should open a CMA? Bill pay--currently I have all my credit cards set to "autopay" and they automatically pull from my bank account. Since Fidelity isn't a bank, I can't do that and I would have to use the "bill pay" feature, correct? Request e-bills and then either set up an auto pay or do a manual OK, correct?
The one things I'm not liking about Fidelity so far is that without a POA (CA requires either two witnesses or a notary and our just has witnesses) I cannot automatically transfer funds from my AC to my partners or from my account to our joint account without a call to Fidelity and there's a daily limit of $32K. I'm really used to easily switching between accounts at Alliant. Need to get our POAs completed.
I'm a little nervous totally changing systems--together we have 6-8 credit cards plus one joint we use on auto pay plus at Alliant I can immediately transfer funds among our 6 accounts- Checking and savings for each plus same for joint.
I just now opened a joint account but since we don't have $100K lying around, I need figure out how to get money into it to meet the $100K. We will be using this account for emergency funds, 3 mos. rent, and minimal other joint expenses plus Treasury/CD ladder. We're in decumulation stage and need $90K per year for living expenses and will open a $90-$135K ladder for our $8K mo exp and figure final amount we need in this account.
How to get $100K into joint account?? I'm going to call Fidelity and see if we can transfer $32K each into the account, both today and tomorrow and hope that will work with a new account. I also have about $50K --total I can transfer from Alliant where we currently keep our immediate cash needs and emergency funds and then figure out the eventual balance for this account. Does that sound like the best plan?
Finally, we need to get the POAs ASAP. Thanks for all the help,
Nonnie
Re: Fidelity as a one stop shop
You don’t really “need” 100k for anything, except some money market fund. Even below 100k, you can get a money market that is adequate. I would hope you don’t feel a need to hold 50-100k in cash as opposed to maybe a short muni bond or treasury fund, which you can buy via ETF
Crom laughs at your Four Winds
Re: Fidelity as a one stop shop
To qualify for FDZXX, the premium fund (highest paying unless one has $1M) one only needs *initial* balance of $100K (only $10K for retirement). Once that minimum is met, we can let the balance get as low as $1 as I understand it. FDZXX has been averaging 40 basis points higher---recent 1 day yield of 2.08% than our SPAXX core account. We will be holding minimal immediate emergency cash needs in that account ( I know folks consider Ibonds as an "emergency fund" but I worked too hard to buy those!) and then buying a either a 4 rung or 6 rung ladder of Treasuries/CDs to fund our every 3 month cash need of $22K. I don't want a bond fund for this.muffins14 wrote: ↑Sun Jul 31, 2022 3:16 pm You don’t really “need” 100k for anything, except some money market fund. Even below 100k, you can get a money market that is adequate. I would hope you don’t feel a need to hold 50-100k in cash as opposed to maybe a short muni bond or treasury fund, which you can buy via ETF
So, my quest right now is to get the initial $100K into the joint to be able to invest in FDZXX and it's cumbersome because I didn't think of using Fido one-stop before.
Thanks for your comment, I hope I'm understanding correctly.
Re: Fidelity as a one stop shop
As an example, VGSH the ETF has a yield of 3%, no minimum, and a duration of only 1.9 years
Crom laughs at your Four Winds
- anon_investor
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- VictorStarr
- Posts: 746
- Joined: Sat Jan 04, 2020 9:13 pm
- Location: Washington
Re: Fidelity as a one stop shop
Fidelity routing number: 101205681nonnie wrote: ↑Sun Jul 31, 2022 3:11 pm If I'd thought of or knew about using Fidelity as a one stop, I would have done things differently. I just opened a bill pay in my account and it looks very straight forward except for routing and account numbers--reading https://www.fidelity.com/accounts-trade ... unt-number makes my head spin so hopefully a rep can help me out.
The routing number is for UMB, NA. UMB provides banking services for Fidelity.
To find routing number and account number used for banking (direct deposit/debit, ACH transfers) go to account summary and click on blue "Routing Number" link.
If you order checks you can find (routing, account number) on checks.
Note: that accounts number in UI interface and checks are different (last nine digits are the same).
- indexfundfan
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Re: Fidelity as a one stop shop
For those asking about how debits are settled in a Fidelity account with a non-core MMF, this information can be found in the customer agreement document on p.13.
https://www.fidelity.com/bin-public/060 ... eement.pdf
If You Utilize a Fidelity Money Market Fund as Your Core Position
If you utilize a Fidelity money market fund as your core position and there are debits in your account generated by account activity occurring prior to the market close each business day (or 4 p.m. Eastern time on business days when the market is closed and the Fedwire Funds Service is operating), these debits will be settled at the market close using the following sources, in this order:
• the Intra-day Free Credit Balances
• redemption proceeds from the sale of your core position at the market close
• redemption proceeds from the sale of any shares of a Fidelity money market mutual fund held in the account that maintains a stable (i.e., $1.00/share) net asset value and is not subject to a liquidity fee or similar fee or assessment
• if you have a margin account, any margin surplus available, which will increase your margin balance
There will be an additional sweep early in the morning prior to the start of business on each business day, and certain unsettled debits in your account along with debits associated with certain actual or anticipated transactions that would otherwise generate a debit in your account during the business day will be settled using redemption proceeds from the sale of your core position early in the morning prior to the start of business.
The case for a Bank Sweep (as in the CMA) is also given in the document.
https://www.fidelity.com/bin-public/060 ... eement.pdf
If You Utilize a Fidelity Money Market Fund as Your Core Position
If you utilize a Fidelity money market fund as your core position and there are debits in your account generated by account activity occurring prior to the market close each business day (or 4 p.m. Eastern time on business days when the market is closed and the Fedwire Funds Service is operating), these debits will be settled at the market close using the following sources, in this order:
• the Intra-day Free Credit Balances
• redemption proceeds from the sale of your core position at the market close
• redemption proceeds from the sale of any shares of a Fidelity money market mutual fund held in the account that maintains a stable (i.e., $1.00/share) net asset value and is not subject to a liquidity fee or similar fee or assessment
• if you have a margin account, any margin surplus available, which will increase your margin balance
There will be an additional sweep early in the morning prior to the start of business on each business day, and certain unsettled debits in your account along with debits associated with certain actual or anticipated transactions that would otherwise generate a debit in your account during the business day will be settled using redemption proceeds from the sale of your core position early in the morning prior to the start of business.
The case for a Bank Sweep (as in the CMA) is also given in the document.
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