Fidelity as a one stop shop
Re: Fidelity as a one stop shop
Can someone confirm that they were able to set up CMA account with $0 money that overdrafts onto brokerage account margin? Essentially I would like to use margin to withdraw money from ATM.
Re: Fidelity as a one stop shop
Re: Fidelity as a one stop shop
Re: Fidelity as a one stop shop
Not if you're actually using it, there will be transactions and it won't be persistently at "$0" even if you're only withdrawing via margin on a different account, after the pending withdrawal settlement it will return to $0, but they're not going to close a customers account that has activity and has funds in other accounts. There are a couple users on here that have claimed to stop using their CMA account years ago, don't have a balance on it, haven't had activity in it, and it's remained open and available to them should they want to use it.
If there was absolutely no activity in any account with them though, one should be concerned about forced escheatment by the state.
"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
Worth noting that TIPS now have positive real yields, with principal, CPI adjustment, and interest guaranteed by US Government. Term "risk" can be mitigated by appropriately matching duration/maturity of holdings, and maybe considered about as close as you can get to "risk free".bawr wrote: ↑Sun Aug 14, 2022 8:21 amReal interest rates are lower now than they were in the previous decade. The only way to attempt to maintain your purchasing power under these circumstances is to have exposure to risk assets.iskey wrote: ↑Sat Aug 13, 2022 7:35 am Seeing as MM accounts including SPRXX has yielded .01% the majority of years 2012-2022, with increases in 2017-2019 and 2022, my question is, is this a strategy worth doing during times of low yield? Does anyone plan on moving their everyday expenses out of Fidelity if/when yield drops back down?
...
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
- drumboy256
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Re: Fidelity as a one stop shop
Hey folks,
I'm working on migrating all of the finances over to Fidelity to have it be the one stop shop and I'm a bit perplexed.
I moved $20 bucks over to my CMA account and have $10 settled in SPRXX and $10 settled in CORE FDIC Insured Sweep. For kicks, I paid $1.00 to my Chase CC via setting up via the routing and account number similar to how I have my bank setup right now.
The odd thing is Chase is showing the $1.00 as "paid". I have 0 account history of any debits from my positions nor any errors on the Chase side. Do I need money in an "equity" position (mutual fund or ETF) asset that gets "sold" in order to provide the $1.00 payment to Chase?
Seems a bit odd.... but perhaps it takes a few days to settle?
I'm working on migrating all of the finances over to Fidelity to have it be the one stop shop and I'm a bit perplexed.
I moved $20 bucks over to my CMA account and have $10 settled in SPRXX and $10 settled in CORE FDIC Insured Sweep. For kicks, I paid $1.00 to my Chase CC via setting up via the routing and account number similar to how I have my bank setup right now.
The odd thing is Chase is showing the $1.00 as "paid". I have 0 account history of any debits from my positions nor any errors on the Chase side. Do I need money in an "equity" position (mutual fund or ETF) asset that gets "sold" in order to provide the $1.00 payment to Chase?
Seems a bit odd.... but perhaps it takes a few days to settle?
Promise is one thing. Fulfilling that promise is quite another. - Sir Alex Ferguson |
20% IVV / 40% IBIT / 20% IXUS / 20% VGLT + chill
- VictorStarr
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Re: Fidelity as a one stop shop
Either CMA core FDIC position or settled SPRXX maybe used for payments and withdrawals.drumboy256 wrote: ↑Sun Aug 14, 2022 6:35 pm Hey folks,
I'm working on migrating all of the finances over to Fidelity to have it be the one stop shop and I'm a bit perplexed.
I moved $20 bucks over to my CMA account and have $10 settled in SPRXX and $10 settled in CORE FDIC Insured Sweep. For kicks, I paid $1.00 to my Chase CC via setting up via the routing and account number similar to how I have my bank setup right now.
The odd thing is Chase is showing the $1.00 as "paid". I have 0 account history of any debits from my positions nor any errors on the Chase side. Do I need money in an "equity" position (mutual fund or ETF) asset that gets "sold" in order to provide the $1.00 payment to Chase?
Seems a bit odd.... but perhaps it takes a few days to settle?
Chase would show amount as paid on the same day a payment was made.
It takes time to withdraw money from payee account, 1-2 business days. If you paid on Friday, you'll see debit from CMA account on Monday or Tuesday.
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Re: Fidelity as a one stop shop
Good deal, was making sure I didn’t miss somethingVictorStarr wrote: ↑Sun Aug 14, 2022 6:45 pmEither CMA core FDIC position or settled SPRXX maybe used for payments and withdrawals.drumboy256 wrote: ↑Sun Aug 14, 2022 6:35 pm Hey folks,
I'm working on migrating all of the finances over to Fidelity to have it be the one stop shop and I'm a bit perplexed.
I moved $20 bucks over to my CMA account and have $10 settled in SPRXX and $10 settled in CORE FDIC Insured Sweep. For kicks, I paid $1.00 to my Chase CC via setting up via the routing and account number similar to how I have my bank setup right now.
The odd thing is Chase is showing the $1.00 as "paid". I have 0 account history of any debits from my positions nor any errors on the Chase side. Do I need money in an "equity" position (mutual fund or ETF) asset that gets "sold" in order to provide the $1.00 payment to Chase?
Seems a bit odd.... but perhaps it takes a few days to settle?
Chase would show amount as paid on the same day a payment was made.
It takes time to withdraw money from payee account, 1-2 business days. If you paid on Friday, you'll see debit from CMA account on Monday or Tuesday.
Promise is one thing. Fulfilling that promise is quite another. - Sir Alex Ferguson |
20% IVV / 40% IBIT / 20% IXUS / 20% VGLT + chill
Re: Fidelity as a one stop shop
No. Securities like stocks/funds/ETFs are not available cash and can not be debited/spent as such. Only "available" cash, which includes money market funds. If you used your ATM/debit card you would see the "pending" withdrawal almost immediately, if you did some sort of ACH pull from Chase that might take a couple days to show up in your Fidelity account, ACH transactions take a couple business days to settle, it would appear that Chase is just crediting you under the expectation that it will settle.drumboy256 wrote: ↑Sun Aug 14, 2022 6:35 pm... Do I need money in an "equity" position (mutual fund or ETF) asset that gets "sold" in order to provide the $1.00 payment to Chase? ...
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
- drumboy256
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Re: Fidelity as a one stop shop
Good deal. Another plus I noticed is the cash had not fully settled when Chase credited the $1.00 payment which means Fidelity definitely has a floating account of money somewhere that is "slushing" around to cover costs as funds via ETF are transferred.JoMoney wrote: ↑Sun Aug 14, 2022 7:08 pmNo. Securities like stocks/funds/ETFs are not available cash and can not be debited/spent as such. Only "available" cash, which includes money market funds. If you used your ATM/debit card you would see the "pending" withdrawal almost immediately, if you did some sort of ACH pull from Chase that might take a couple days to show up in your Fidelity account, ACH transactions take a couple business days to settle, it would appear that Chase is just crediting you under the expectation that it will settle.drumboy256 wrote: ↑Sun Aug 14, 2022 6:35 pm... Do I need money in an "equity" position (mutual fund or ETF) asset that gets "sold" in order to provide the $1.00 payment to Chase? ...
Promise is one thing. Fulfilling that promise is quite another. - Sir Alex Ferguson |
20% IVV / 40% IBIT / 20% IXUS / 20% VGLT + chill
Re: Fidelity as a one stop shop
Of course it hasn't "settled", an ACH pull like you setup with Chase takes several business days to happen. FIdelity probably hasn't even seen the request yet to clear that the funds are available to transfer. It could still "bounce" if you withdrew the money from your Fidelity account, and you'd be hearing back from Chase that your request to transfer the money failed (despite them giving you a provisional credit right now.)drumboy256 wrote: ↑Sun Aug 14, 2022 7:13 pmGood deal. Another plus I noticed is the cash had not fully settled when Chase credited the $1.00 payment which means Fidelity definitely has a floating account of money somewhere that is "slushing" around to cover costs as funds via ETF are transferred.JoMoney wrote: ↑Sun Aug 14, 2022 7:08 pmNo. Securities like stocks/funds/ETFs are not available cash and can not be debited/spent as such. Only "available" cash, which includes money market funds. If you used your ATM/debit card you would see the "pending" withdrawal almost immediately, if you did some sort of ACH pull from Chase that might take a couple days to show up in your Fidelity account, ACH transactions take a couple business days to settle, it would appear that Chase is just crediting you under the expectation that it will settle.drumboy256 wrote: ↑Sun Aug 14, 2022 6:35 pm... Do I need money in an "equity" position (mutual fund or ETF) asset that gets "sold" in order to provide the $1.00 payment to Chase? ...
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
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Re: Fidelity as a one stop shop
Thank you for sharing your experience! I am trying to do something similar to you, but I am initially seeing if I can leave the CMA at $0.00 and keep the money market dollars in our Fidelity brokerage account. Last Thursday / Friday I did micro contributions to all six of our credit cards after linking the credit cards to the CMA. This morning I received a text from Fidelity that showed all six micropayments were processing and the combined amount of that would be coming from our Fidelity brokerage account. So today I made the rest of the payments to get to the statement balance so no interest would be charged.drumboy256 wrote: ↑Sun Aug 14, 2022 6:35 pm Hey folks,
I'm working on migrating all of the finances over to Fidelity to have it be the one stop shop and I'm a bit perplexed.
I moved $20 bucks over to my CMA account and have $10 settled in SPRXX and $10 settled in CORE FDIC Insured Sweep. For kicks, I paid $1.00 to my Chase CC via setting up via the routing and account number similar to how I have my bank setup right now.
The odd thing is Chase is showing the $1.00 as "paid". I have 0 account history of any debits from my positions nor any errors on the Chase side. Do I need money in an "equity" position (mutual fund or ETF) asset that gets "sold" in order to provide the $1.00 payment to Chase?
Seems a bit odd.... but perhaps it takes a few days to settle?
I also set up email alerts and this is the applicable section from the email sent in the early AM hours today:
"If you initiated a transaction from your Fidelity Cash Management Account, and didn't have the available funds, then we will automatically transfer the required funds from another Fidelity Account. You enabled this overdraft feature when you opened your Cash Management Account."
So...so far so good with the plan to move almost all of our regular banking to Fidelity while keeping enough balance in our new Merrill Edge brokerage account so that we can a) keep BofA as a brick-and-mortar option with no account maintenance fees and b) get better cash rewards with our new Customized Cash credit card. Many BH community members helped me get to this point with very helpful tips and suggestions, including this thread!
I had set up my wife's paycheck to direct deposit to the CMA but now I am thinking it might be cleaner to instead send that to our Fidelity brokerage account and let the overdraft feature work its magic so that we can keep the money market funds in SPRXX as long as possible and also not have two brokerage accounts with Fidelity.
If everything completes successfully over the next couple of days between Fidelity and the six credit cards then I will update this response in case someone else is looking for an example before testing it themselves.
Regards,
Joe
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Re: Fidelity as a one stop shop
What's wrong with the direct deposit going to the Fidelity CMA? You can immediately buy SPRXX within the CMA.careerdata wrote: ↑Mon Aug 15, 2022 8:25 pmThank you for sharing your experience! I am trying to do something similar to you, but I am initially seeing if I can leave the CMA at $0.00 and keep the money market dollars in our Fidelity brokerage account. Last Thursday / Friday I did micro contributions to all six of our credit cards after linking the credit cards to the CMA. This morning I received a text from Fidelity that showed all six micropayments were processing and the combined amount of that would be coming from our Fidelity brokerage account. So today I made the rest of the payments to get to the statement balance so no interest would be charged.drumboy256 wrote: ↑Sun Aug 14, 2022 6:35 pm Hey folks,
I'm working on migrating all of the finances over to Fidelity to have it be the one stop shop and I'm a bit perplexed.
I moved $20 bucks over to my CMA account and have $10 settled in SPRXX and $10 settled in CORE FDIC Insured Sweep. For kicks, I paid $1.00 to my Chase CC via setting up via the routing and account number similar to how I have my bank setup right now.
The odd thing is Chase is showing the $1.00 as "paid". I have 0 account history of any debits from my positions nor any errors on the Chase side. Do I need money in an "equity" position (mutual fund or ETF) asset that gets "sold" in order to provide the $1.00 payment to Chase?
Seems a bit odd.... but perhaps it takes a few days to settle?
I also set up email alerts and this is the applicable section from the email sent in the early AM hours today:
"If you initiated a transaction from your Fidelity Cash Management Account, and didn't have the available funds, then we will automatically transfer the required funds from another Fidelity Account. You enabled this overdraft feature when you opened your Cash Management Account."
So...so far so good with the plan to move almost all of our regular banking to Fidelity while keeping enough balance in our new Merrill Edge brokerage account so that we can a) keep BofA as a brick-and-mortar option with no account maintenance fees and b) get better cash rewards with our new Customized Cash credit card. Many BH community members helped me get to this point with very helpful tips and suggestions, including this thread!
I had set up my wife's paycheck to direct deposit to the CMA but now I am thinking it might be cleaner to instead send that to our Fidelity brokerage account and let the overdraft feature work its magic so that we can keep the money market funds in SPRXX as long as possible and also not have two brokerage accounts with Fidelity.
If everything completes successfully over the next couple of days between Fidelity and the six credit cards then I will update this response in case someone else is looking for an example before testing it themselves.
Regards,
Joe
- drumboy256
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Re: Fidelity as a one stop shop
As anon pointed out--- your "CMA Brokerage" account is just another plain jane brokerage account with the OPTION to enable overdraft protection from your CMA account.careerdata wrote: ↑Mon Aug 15, 2022 8:25 pmThank you for sharing your experience! I am trying to do something similar to you, but I am initially seeing if I can leave the CMA at $0.00 and keep the money market dollars in our Fidelity brokerage account. Last Thursday / Friday I did micro contributions to all six of our credit cards after linking the credit cards to the CMA. This morning I received a text from Fidelity that showed all six micropayments were processing and the combined amount of that would be coming from our Fidelity brokerage account. So today I made the rest of the payments to get to the statement balance so no interest would be charged.drumboy256 wrote: ↑Sun Aug 14, 2022 6:35 pm Hey folks,
I'm working on migrating all of the finances over to Fidelity to have it be the one stop shop and I'm a bit perplexed.
I moved $20 bucks over to my CMA account and have $10 settled in SPRXX and $10 settled in CORE FDIC Insured Sweep. For kicks, I paid $1.00 to my Chase CC via setting up via the routing and account number similar to how I have my bank setup right now.
The odd thing is Chase is showing the $1.00 as "paid". I have 0 account history of any debits from my positions nor any errors on the Chase side. Do I need money in an "equity" position (mutual fund or ETF) asset that gets "sold" in order to provide the $1.00 payment to Chase?
Seems a bit odd.... but perhaps it takes a few days to settle?
I also set up email alerts and this is the applicable section from the email sent in the early AM hours today:
"If you initiated a transaction from your Fidelity Cash Management Account, and didn't have the available funds, then we will automatically transfer the required funds from another Fidelity Account. You enabled this overdraft feature when you opened your Cash Management Account."
So...so far so good with the plan to move almost all of our regular banking to Fidelity while keeping enough balance in our new Merrill Edge brokerage account so that we can a) keep BofA as a brick-and-mortar option with no account maintenance fees and b) get better cash rewards with our new Customized Cash credit card. Many BH community members helped me get to this point with very helpful tips and suggestions, including this thread!
I had set up my wife's paycheck to direct deposit to the CMA but now I am thinking it might be cleaner to instead send that to our Fidelity brokerage account and let the overdraft feature work its magic so that we can keep the money market funds in SPRXX as long as possible and also not have two brokerage accounts with Fidelity.
If everything completes successfully over the next couple of days between Fidelity and the six credit cards then I will update this response in case someone else is looking for an example before testing it themselves.
Regards,
Joe
What I'm setting up is SPRXX core and charging DIRECTLY TO the CMA account so that the SPRXX is debited directly from the CMA account itself. I suppose it's a little chicken/egg cart/horse or even security through obscurity if you're wanting the CMA Brokerage account to get hit and then force rules of the overdraft to pull directly from your CMA account. Personally, with the security I have on the account, I'm in the "good enough" camp and don't want to deal with the CMA Brokerage account since I already have a Joint Brokerage with my wife.
Promise is one thing. Fulfilling that promise is quite another. - Sir Alex Ferguson |
20% IVV / 40% IBIT / 20% IXUS / 20% VGLT + chill
Re: Fidelity as a one stop shop
anon_investor wrote: ↑Mon Aug 15, 2022 8:43 pm...
What's wrong with the direct deposit going to the Fidelity CMA? You can immediately buy SPRXX within the CMA.
That seems a lot less convoluted than setting up another brokerage account and over-drafting from that.
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
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Re: Fidelity as a one stop shop
Thanks! I don't think there is anything wrong per se but since opening the Merrill Edge (ME) brokerage it was just another reminder to me how much I like things in one spot. If I can keep everything in the Fidelity brokerage account and have the Fidelity CMA serves as just a transfer mechanism to a) pay the bills and b) have my wife draw cash when she travels to the Philippines next year, and have the ATM fees reimbursed, then I think that would work just fine for us. I read that a couple of other BH members were doing this same thing of keeping their Fidelity CMA at $0.00 but saw those responses after I had changed the direct deposit setting. It will be easy to switch it again.anon_investor wrote: ↑Mon Aug 15, 2022 8:43 pm
What's wrong with the direct deposit going to the Fidelity CMA? You can immediately buy SPRXX within the CMA.
If we direct deposit both our paychecks to the Fidelity brokerage account after winding down the BoA checking account, then we will move the current $25k in the BofA checking to the ME brokerage account to get to the $50k plus level and invest that for now in the TOIXX money market fund that you suggested in another post.
Regarding buying SPRXX immediately, isn't that what I just did with your suggestions last week, but in the Fidelity brokerage account, from SPAXX to SPRXX? Is there something different and/or better about doing that same thing conversion in the Fidelity CMA?
Regards,
Joe
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Re: Fidelity as a one stop shop
To clarify, I already have a Fidelity brokerage account, and that is where the Fidelity CMA is currently drawing from with apparently no issues that I can see. I am not looking to create another brokerage account, even if is a limited one, in the Fidelity CMA. I really didn't want to open the Merril Edge (ME) brokerage account but doing that can help us increase our cash rewards on our Customized Cash credit card and, as our assets grow in the ME brokerage account, increase the cash rewards even further. This plan also allows us to maintain a brick-and-mortar option with BoA if ever needed with no maintenance fees even if we keep a low or $0.00 balance most of the time.JoMoney wrote: ↑Mon Aug 15, 2022 9:08 pmanon_investor wrote: ↑Mon Aug 15, 2022 8:43 pm...
What's wrong with the direct deposit going to the Fidelity CMA? You can immediately buy SPRXX within the CMA.
That seems a lot less convoluted than setting up another brokerage account and over-drafting from that.
I think that is the best approach for us in the near future but I am always looking and open to new ideas!
Regards,
Joe
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Re: Fidelity as a one stop shop
Does it matter if we use the 17 digit or 13 digit account number format for our Fidelity CMA? Are they basically different numbers for the same account?
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Re: Fidelity as a one stop shop
13 digit is only provided when checkwriting is enabled and both work as they both end in the same 9 digit account number. I often copy the full 17 digit for ACH transactions, thinking that if fraud ever had to be investigated, perhaps Fidelity would see the full number and I’d know it came from that number vs. the number that is printed on checks.anon_investor wrote: ↑Tue Aug 16, 2022 11:06 am Does it matter if we use the 17 digit or 13 digit account number format for our Fidelity CMA? Are they basically different numbers for the same account?
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Re: Fidelity as a one stop shop
Thanks. I have check writing enabled, but I have not recevied the checks yet (approved and shipped though). I tried to set up direct deposit to my CMA, but ADP does not accept the 17 digit account number, neither does Discover Card, but all my other credit cards and banks accepted the 17 digit account number fine for ACH.classicindexer wrote: ↑Tue Aug 16, 2022 11:22 am13 digit is only provided when checkwriting is enabled and both work as they both end in the same 9 digit account number. I often copy the full 17 digit for ACH transactions, thinking that if fraud ever had to be investigated, perhaps Fidelity would see the full number and I’d know it came from that number vs. the number that is printed on checks.anon_investor wrote: ↑Tue Aug 16, 2022 11:06 am Does it matter if we use the 17 digit or 13 digit account number format for our Fidelity CMA? Are they basically different numbers for the same account?
Re: Fidelity as a one stop shop
Consider having a separate CMA account that is not linked or overdraft and attach a debit card to it for ATM withdrawal. This isolates the account if the debit card gets hacked and only the money in that account will be at risk. Keep a small amount in the ATM only CMA account as needed.
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Re: Fidelity as a one stop shop
Also remember to lock your debit card when not in use!radiowave wrote: ↑Tue Aug 16, 2022 11:58 amConsider having a separate CMA account that is not linked or overdraft and attach a debit card to it for ATM withdrawal. This isolates the account if the debit card gets hacked and only the money in that account will be at risk. Keep a small amount in the ATM only CMA account as needed.
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Re: Fidelity as a one stop shop
Interesting, I've never had problem with Fidelity 17 digit account number.anon_investor wrote: ↑Tue Aug 16, 2022 11:40 amThanks. I have check writing enabled, but I have not recevied the checks yet (approved and shipped though). I tried to set up direct deposit to my CMA, but ADP does not accept the 17 digit account number, neither does Discover Card, but all my other credit cards and banks accepted the 17 digit account number fine for ACH.classicindexer wrote: ↑Tue Aug 16, 2022 11:22 am13 digit is only provided when checkwriting is enabled and both work as they both end in the same 9 digit account number. I often copy the full 17 digit for ACH transactions, thinking that if fraud ever had to be investigated, perhaps Fidelity would see the full number and I’d know it came from that number vs. the number that is printed on checks.anon_investor wrote: ↑Tue Aug 16, 2022 11:06 am Does it matter if we use the 17 digit or 13 digit account number format for our Fidelity CMA? Are they basically different numbers for the same account?
For 17-digit account number prefix is 39900000 and for 13-digit number prefix is 7710. I have no idea why Fidelity uses this ultra long prefix with five zeros, does UMB expects to have 10^8 customers of its banking services?
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Re: Fidelity as a one stop shop
Yeah, Discover Card would not accept the 17 digit account number and specifically asked for a 13 digit one. ADP (for direct deposit) would not recognize the 17 digit account number, so I will wait to receive the checks and use the 13 digit account number for Discover Card and ADP. Everyone else seems to accept the 17 digit account number (Ally, Barclays, BoA, Chase, WF, etc.). Not bothering to add to Treasury Direct though.VictorStarr wrote: ↑Tue Aug 16, 2022 12:41 pmInteresting, I've never had problem with Fidelity 17 digit account number.anon_investor wrote: ↑Tue Aug 16, 2022 11:40 amThanks. I have check writing enabled, but I have not recevied the checks yet (approved and shipped though). I tried to set up direct deposit to my CMA, but ADP does not accept the 17 digit account number, neither does Discover Card, but all my other credit cards and banks accepted the 17 digit account number fine for ACH.classicindexer wrote: ↑Tue Aug 16, 2022 11:22 am13 digit is only provided when checkwriting is enabled and both work as they both end in the same 9 digit account number. I often copy the full 17 digit for ACH transactions, thinking that if fraud ever had to be investigated, perhaps Fidelity would see the full number and I’d know it came from that number vs. the number that is printed on checks.anon_investor wrote: ↑Tue Aug 16, 2022 11:06 am Does it matter if we use the 17 digit or 13 digit account number format for our Fidelity CMA? Are they basically different numbers for the same account?
For 17-digit account number prefix is 39900000 and for 13-digit number prefix is 7710. I have no idea why Fidelity uses this ultra long prefix with five zeros, does UMB expects to have 10^8 customers of its banking services?
Re: Fidelity as a one stop shop
+1anon_investor wrote: ↑Tue Aug 16, 2022 12:23 pmAlso remember to lock your debit card when not in use!radiowave wrote: ↑Tue Aug 16, 2022 11:58 amConsider having a separate CMA account that is not linked or overdraft and attach a debit card to it for ATM withdrawal. This isolates the account if the debit card gets hacked and only the money in that account will be at risk. Keep a small amount in the ATM only CMA account as needed.
Bogleheads Wiki: https://www.bogleheads.org/wiki/Main_Page
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Re: Fidelity as a one stop shop
Weird, ADP accepted the 17 digit number for me a few years ago. It is set as type Checking and it goes into a regular taxable brokerage account (not CMA).anon_investor wrote: ↑Tue Aug 16, 2022 11:40 amThanks. I have check writing enabled, but I have not recevied the checks yet (approved and shipped though). I tried to set up direct deposit to my CMA, but ADP does not accept the 17 digit account number, neither does Discover Card, but all my other credit cards and banks accepted the 17 digit account number fine for ACH.classicindexer wrote: ↑Tue Aug 16, 2022 11:22 am13 digit is only provided when checkwriting is enabled and both work as they both end in the same 9 digit account number. I often copy the full 17 digit for ACH transactions, thinking that if fraud ever had to be investigated, perhaps Fidelity would see the full number and I’d know it came from that number vs. the number that is printed on checks.anon_investor wrote: ↑Tue Aug 16, 2022 11:06 am Does it matter if we use the 17 digit or 13 digit account number format for our Fidelity CMA? Are they basically different numbers for the same account?
Re: Fidelity as a one stop shop
Also see the Fidelity lockdown thread: viewtopic.php?t=381060 This one got me a bit concerned to say the least.radiowave wrote: ↑Tue Aug 16, 2022 1:02 pm+1anon_investor wrote: ↑Tue Aug 16, 2022 12:23 pmAlso remember to lock your debit card when not in use!radiowave wrote: ↑Tue Aug 16, 2022 11:58 amConsider having a separate CMA account that is not linked or overdraft and attach a debit card to it for ATM withdrawal. This isolates the account if the debit card gets hacked and only the money in that account will be at risk. Keep a small amount in the ATM only CMA account as needed.
Bogleheads Wiki: https://www.bogleheads.org/wiki/Main_Page
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Re: Fidelity as a one stop shop
I checked again, and it looks like ADP could not instantly verify the account, and gave a big scary warning about proceeding. But I went through that and now it looks like it is letting me add it but it says:classicindexer wrote: ↑Tue Aug 16, 2022 1:03 pmWeird, ADP accepted the 17 digit number for me a few years ago. It is set as type Checking and it goes into a regular taxable brokerage account (not CMA).anon_investor wrote: ↑Tue Aug 16, 2022 11:40 amThanks. I have check writing enabled, but I have not recevied the checks yet (approved and shipped though). I tried to set up direct deposit to my CMA, but ADP does not accept the 17 digit account number, neither does Discover Card, but all my other credit cards and banks accepted the 17 digit account number fine for ACH.classicindexer wrote: ↑Tue Aug 16, 2022 11:22 am13 digit is only provided when checkwriting is enabled and both work as they both end in the same 9 digit account number. I often copy the full 17 digit for ACH transactions, thinking that if fraud ever had to be investigated, perhaps Fidelity would see the full number and I’d know it came from that number vs. the number that is printed on checks.anon_investor wrote: ↑Tue Aug 16, 2022 11:06 am Does it matter if we use the 17 digit or 13 digit account number format for our Fidelity CMA? Are they basically different numbers for the same account?
I will give this a try.We're verifying this account with your financial institution. It may take one or more pay periods to complete this process.
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Re: Fidelity as a one stop shop
When did you try to link Discover Card? I had no issues adding my 17 digit account number for my CMA to pay my Discover Card bill. I've never actually paid my bill with it since adding it because I rarely use that card anymore. I assume it works since it never errored out upon adding it. Likewise Discover Bank direct debits my CMA every 2 weeks into a savings account. I don't have check writing enabled for my CMA and only have the 17 digit account number.anon_investor wrote: ↑Tue Aug 16, 2022 12:47 pm ...
Yeah, Discover Card would not accept the 17 digit account number and specifically asked for a 13 digit one. ADP (for direct deposit) would not recognize the 17 digit account number, so I will wait to receive the checks and use the 13 digit account number for Discover Card and ADP. Everyone else seems to accept the 17 digit account number (Ally, Barclays, BoA, Chase, WF, etc.). Not bothering to add to Treasury Direct though.
- anon_investor
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Re: Fidelity as a one stop shop
I tried it last week when I opened my CMA. I should probably try again, as I will have a big Discover Card bill this week. PayPal is a 5% cash back catagory and using PayPal Bill Pay linked to my Discover Card I paid all of my utility bills.PersonalFinanceJam wrote: ↑Tue Aug 16, 2022 2:04 pmWhen did you try to link Discover Card? I had no issues adding my 17 digit account number for my CMA to pay my Discover Card bill. I've never actually paid my bill with it since adding it because I rarely use that card anymore. I assume it works since it never errored out upon adding it. Likewise Discover Bank direct debits my CMA every 2 weeks into a savings account. I don't have check writing enabled for my CMA and only have the 17 digit account number.anon_investor wrote: ↑Tue Aug 16, 2022 12:47 pm ...
Yeah, Discover Card would not accept the 17 digit account number and specifically asked for a 13 digit one. ADP (for direct deposit) would not recognize the 17 digit account number, so I will wait to receive the checks and use the 13 digit account number for Discover Card and ADP. Everyone else seems to accept the 17 digit account number (Ally, Barclays, BoA, Chase, WF, etc.). Not bothering to add to Treasury Direct though.
Update: I tried it again and it work!
Last edited by anon_investor on Tue Aug 16, 2022 4:20 pm, edited 1 time in total.
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Re: Fidelity as a one stop shop
When I switched it to Fidelity a few years ago ADP sent a paper check (on bi-weekly payroll) for one pay period while they verified the account with Fidelity.anon_investor wrote: ↑Tue Aug 16, 2022 1:53 pmI checked again, and it looks like ADP could not instantly verify the account, and gave a big scary warning about proceeding. But I went through that and now it looks like it is letting me add it but it says:classicindexer wrote: ↑Tue Aug 16, 2022 1:03 pmWeird, ADP accepted the 17 digit number for me a few years ago. It is set as type Checking and it goes into a regular taxable brokerage account (not CMA).anon_investor wrote: ↑Tue Aug 16, 2022 11:40 amThanks. I have check writing enabled, but I have not recevied the checks yet (approved and shipped though). I tried to set up direct deposit to my CMA, but ADP does not accept the 17 digit account number, neither does Discover Card, but all my other credit cards and banks accepted the 17 digit account number fine for ACH.classicindexer wrote: ↑Tue Aug 16, 2022 11:22 am13 digit is only provided when checkwriting is enabled and both work as they both end in the same 9 digit account number. I often copy the full 17 digit for ACH transactions, thinking that if fraud ever had to be investigated, perhaps Fidelity would see the full number and I’d know it came from that number vs. the number that is printed on checks.anon_investor wrote: ↑Tue Aug 16, 2022 11:06 am Does it matter if we use the 17 digit or 13 digit account number format for our Fidelity CMA? Are they basically different numbers for the same account?
I will give this a try.We're verifying this account with your financial institution. It may take one or more pay periods to complete this process.
- anon_investor
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Re: Fidelity as a one stop shop
Hopefully they don't do that to me, but I am doing a split direct deposit continuing with an existing bank account, maybe I can avoid a paper check.classicindexer wrote: ↑Tue Aug 16, 2022 3:41 pmWhen I switched it to Fidelity a few years ago ADP sent a paper check (on bi-weekly payroll) for one pay period while they verified the account with Fidelity.anon_investor wrote: ↑Tue Aug 16, 2022 1:53 pmI checked again, and it looks like ADP could not instantly verify the account, and gave a big scary warning about proceeding. But I went through that and now it looks like it is letting me add it but it says:classicindexer wrote: ↑Tue Aug 16, 2022 1:03 pmWeird, ADP accepted the 17 digit number for me a few years ago. It is set as type Checking and it goes into a regular taxable brokerage account (not CMA).anon_investor wrote: ↑Tue Aug 16, 2022 11:40 amThanks. I have check writing enabled, but I have not recevied the checks yet (approved and shipped though). I tried to set up direct deposit to my CMA, but ADP does not accept the 17 digit account number, neither does Discover Card, but all my other credit cards and banks accepted the 17 digit account number fine for ACH.classicindexer wrote: ↑Tue Aug 16, 2022 11:22 am
13 digit is only provided when checkwriting is enabled and both work as they both end in the same 9 digit account number. I often copy the full 17 digit for ACH transactions, thinking that if fraud ever had to be investigated, perhaps Fidelity would see the full number and I’d know it came from that number vs. the number that is printed on checks.
I will give this a try.We're verifying this account with your financial institution. It may take one or more pay periods to complete this process.
Re: Fidelity as a one stop shop
Wouldn't keeping debit card permanently locked fix this issue?radiowave wrote: ↑Tue Aug 16, 2022 11:58 amConsider having a separate CMA account that is not linked or overdraft and attach a debit card to it for ATM withdrawal. This isolates the account if the debit card gets hacked and only the money in that account will be at risk. Keep a small amount in the ATM only CMA account as needed.
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Re: Fidelity as a one stop shop
Apparently it's Fidelity's legacy format in their internal systems from before the days they had checking accounts. It would be extremely painful and not add any value to change it, internally.VictorStarr wrote: ↑Tue Aug 16, 2022 12:41 pm... I have no idea why Fidelity uses this ultra long prefix with five zeros, does UMB expects to have 10^8 customers of its banking services?
UMB uses the ACH-compliant format. I surmise that they reserved all numbers starting with 7710 for Fidelity accounts. Fidelity provides the last 9 digits from their number to be used with UMB, assuring that new account numbers are unique.
Fidelity either stores the UMB number in a specific field to map their account number to the UMB account number, or the interface code between Fidelity and UMB just translates by adding or removing the standard 7710 prefix.
Why Fidelity doesn't just post the 7710* number for external use confounds me. If' I'm looking for ACH information, clearly my intent is to post it in an external system. Since the 13-digit format works for everybody, why waste my time with the 17-digit format?
- anon_investor
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Re: Fidelity as a one stop shop
We shall see if the ADP gives me any issues with the 17 digit account format for my direct deposit, it didn't immediately verify it and said they would need to verify before the approved the direct deposit. The 17 digit account format now seems to be recognied everywhere else for me (it didn't work for me last week for Discover Card, but worked this week).spammagnet wrote: ↑Wed Aug 17, 2022 1:58 pmApparently it's Fidelity's legacy format in their internal systems from before the days they had checking accounts. It would be extremely painful and not add any value to change it, internally.VictorStarr wrote: ↑Tue Aug 16, 2022 12:41 pm... I have no idea why Fidelity uses this ultra long prefix with five zeros, does UMB expects to have 10^8 customers of its banking services?
UMB uses the ACH-compliant format. I surmise that they reserved all numbers starting with 7710 for Fidelity accounts. Fidelity provides the last 9 digits from their number to be used with UMB, assuring that new account numbers are unique.
Fidelity either stores the UMB number in a specific field to map their account number to the UMB account number, or the interface code between Fidelity and UMB just translates by adding or removing the standard 7710 prefix.
Why Fidelity doesn't just post the 7710* number for external use confounds me. If' I'm looking for ACH information, clearly my intent is to post it in an external system. Since the 13-digit format works for everybody, why waste my time with the 17-digit format?
I have already started to schedule some ACH payments out of my Fidelity CMA. All the micro deposit tests worked fine, so hopefully everything works properly. The only big negative I see with the Fidelity CMA is if I initiate a funds transfer into my account via Fidelity the funds are not available for withdrawal for 3 days or more. Though, once my direct deposit starts going to my Fidelity CMA, that will be less of an issue.
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Re: Fidelity as a one stop shop
Some vendors are stuck on medieval legacy systems and ask for a paper check with their paper form. If the check doesn't match the form, they reject it. For consistency, I always use the number on the check, but I have the check to validate that.anon_investor wrote: ↑Wed Aug 17, 2022 2:17 pmWe shall see if the ADP gives me any issues with the 17 digit account format for my direct deposit, it didn't immediately verify it and said they would need to verify before the approved the direct deposit. The 17 digit account format now seems to be recognied everywhere else for me (it didn't work for me last week for Discover Card, but worked this week).
I have already started to schedule some ACH payments out of my Fidelity CMA. All the micro deposit tests worked fine, so hopefully everything works properly. The only big negative I see with the Fidelity CMA is if I initiate a funds transfer into my account via Fidelity the funds are not available for withdrawal for 3 days or more. Though, once my direct deposit starts going to my Fidelity CMA, that will be less of an issue.
- anon_investor
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Re: Fidelity as a one stop shop
Hopefully ADP can validate the 17 digit account # for my Fidelity CMA, I really don't want a paper check.spammagnet wrote: ↑Wed Aug 17, 2022 3:20 pmSome vendors are stuck on medieval legacy systems and ask for a paper check with their paper form. If the check doesn't match the form, they reject it. For consistency, I always use the number on the check, but I have the check to validate that.anon_investor wrote: ↑Wed Aug 17, 2022 2:17 pmWe shall see if the ADP gives me any issues with the 17 digit account format for my direct deposit, it didn't immediately verify it and said they would need to verify before the approved the direct deposit. The 17 digit account format now seems to be recognied everywhere else for me (it didn't work for me last week for Discover Card, but worked this week).
I have already started to schedule some ACH payments out of my Fidelity CMA. All the micro deposit tests worked fine, so hopefully everything works properly. The only big negative I see with the Fidelity CMA is if I initiate a funds transfer into my account via Fidelity the funds are not available for withdrawal for 3 days or more. Though, once my direct deposit starts going to my Fidelity CMA, that will be less of an issue.
- indexfundfan
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Re: Fidelity as a one stop shop
For those using FZDXX or SPRXX in a margin account, I thought I would post a cautionary note here.
If you submit a purchase of FZDXX, in a margin account, and there is debit due to another trade settling on that day, it seems like Fidelity wouldn't auto-liquidate FZDXX to settle the debit, like it is advertised to do. Instead, it would draw on margin to pay for the other trade, incurring margin interest.
Such a case posted on Reddit
https://www.reddit.com/r/fidelityinvest ... ing_money/
If you submit a purchase of FZDXX, in a margin account, and there is debit due to another trade settling on that day, it seems like Fidelity wouldn't auto-liquidate FZDXX to settle the debit, like it is advertised to do. Instead, it would draw on margin to pay for the other trade, incurring margin interest.
Such a case posted on Reddit
https://www.reddit.com/r/fidelityinvest ... ing_money/
My signature has been deleted.
Re: Fidelity as a one stop shop
Did you select "cash" or "margin" when entering the trade, or did it exceed the "available to trade without margin impact" amount?indexfundfan wrote: ↑Wed Aug 17, 2022 8:09 pm For those using FZDXX or SPRXX in a margin account, I thought I would post a cautionary note here.
If you submit a purchase of FZDXX, in a margin account, and there is debit due to another trade settling on that day, it seems like Fidelity wouldn't auto-liquidate FZDXX to settle the debit, like it is advertised to do. Instead, it would draw on margin to pay for the other trade, incurring margin interest.
Such a case posted on Reddit
https://www.reddit.com/r/fidelityinvest ... ing_money/
Re: Fidelity as a one stop shop
Fidelity explains the Cash Management tool as withdrawing in that order, with margin ahead of other non-core money market funds (presuming one has margin on their linked account):arf30 wrote: ↑Wed Aug 17, 2022 8:11 pmDid you select "cash" or "margin" when entering the trade, or did it exceed the "available to trade without margin impact" amount?indexfundfan wrote: ↑Wed Aug 17, 2022 8:09 pm For those using FZDXX or SPRXX in a margin account, I thought I would post a cautionary note here.
If you submit a purchase of FZDXX, in a margin account, and there is debit due to another trade settling on that day, it seems like Fidelity wouldn't auto-liquidate FZDXX to settle the debit, like it is advertised to do. Instead, it would draw on margin to pay for the other trade, incurring margin interest.
Such a case posted on Reddit
https://www.reddit.com/r/fidelityinvest ... ing_money/
Fidelity Cash Manager FAQ wrote:..Available funds include cash (core), available margin, and non-core money market funds. These sources will be drawn from the first funding account in this order before the next account is tapped.
https://www.fidelity.com/cash-managemen ... nt-account
"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
Good to know, maybe I should convert back to a cash account in that case.JoMoney wrote: ↑Wed Aug 17, 2022 8:18 pmFidelity explains the Cash Management tool as withdrawing in that order, with margin ahead of other non-core money market funds (presuming one has margin on their linked account):arf30 wrote: ↑Wed Aug 17, 2022 8:11 pmDid you select "cash" or "margin" when entering the trade, or did it exceed the "available to trade without margin impact" amount?indexfundfan wrote: ↑Wed Aug 17, 2022 8:09 pm For those using FZDXX or SPRXX in a margin account, I thought I would post a cautionary note here.
If you submit a purchase of FZDXX, in a margin account, and there is debit due to another trade settling on that day, it seems like Fidelity wouldn't auto-liquidate FZDXX to settle the debit, like it is advertised to do. Instead, it would draw on margin to pay for the other trade, incurring margin interest.
Such a case posted on Reddit
https://www.reddit.com/r/fidelityinvest ... ing_money/
Fidelity Cash Manager FAQ wrote:..Available funds include cash (core), available margin, and non-core money market funds. These sources will be drawn from the first funding account in this order before the next account is tapped.
https://www.fidelity.com/cash-managemen ... nt-account
- indexfundfan
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Re: Fidelity as a one stop shop
That may be so for a CMA. But for a brokerage account, it is supposed to liquidate the non-core MMF before incurring margin. See p.13 belowJoMoney wrote: ↑Wed Aug 17, 2022 8:18 pmFidelity explains the Cash Management tool as withdrawing in that order, with margin ahead of other non-core money market funds (presuming one has margin on their linked account):arf30 wrote: ↑Wed Aug 17, 2022 8:11 pmDid you select "cash" or "margin" when entering the trade, or did it exceed the "available to trade without margin impact" amount?indexfundfan wrote: ↑Wed Aug 17, 2022 8:09 pm For those using FZDXX or SPRXX in a margin account, I thought I would post a cautionary note here.
If you submit a purchase of FZDXX, in a margin account, and there is debit due to another trade settling on that day, it seems like Fidelity wouldn't auto-liquidate FZDXX to settle the debit, like it is advertised to do. Instead, it would draw on margin to pay for the other trade, incurring margin interest.
Such a case posted on Reddit
https://www.reddit.com/r/fidelityinvest ... ing_money/
Fidelity Cash Manager FAQ wrote:..Available funds include cash (core), available margin, and non-core money market funds. These sources will be drawn from the first funding account in this order before the next account is tapped.
https://www.fidelity.com/cash-managemen ... nt-account
https://www.fidelity.com/bin-public/060 ... eement.pdf
My signature has been deleted.
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Re: Fidelity as a one stop shop
Has anyone been able to successfully link their Fidelity CMA with Plaid? No matter which site I use, I just can't get Plaid to accept my Fidelity account. Any hints or tips on how to make this work would be greatly appreciated!
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Re: Fidelity as a one stop shop
For the benefit of others, the relevant language is below.indexfundfan wrote: ↑Wed Aug 17, 2022 8:40 pmThat may be so for a CMA. But for a brokerage account, it is supposed to liquidate the non-core MMF before incurring margin. See p.13 below
https://www.fidelity.com/bin-public/060 ... eement.pdf
"... 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
..."
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Re: Fidelity as a one stop shop
Nope. However, the I did try now at DCU (Plaid) and got a message that the DCU/Plaid set up didn't support the multi-factor authentication method of Fidelity.Loandapper wrote: ↑Wed Aug 17, 2022 11:20 pm Has anyone been able to successfully link their Fidelity CMA with Plaid? No matter which site I use, I just can't get Plaid to accept my Fidelity account. Any hints or tips on how to make this work would be greatly appreciated!
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Re: Fidelity as a one stop shop
This is the same error message I’m getting. Anyone successfully resolve this?outbackcountry wrote: ↑Thu Aug 18, 2022 1:31 amNope. However, the I did try now at DCU (Plaid) and got a message that the DCU/Plaid set up didn't support the multi-factor authentication method of Fidelity.Loandapper wrote: ↑Wed Aug 17, 2022 11:20 pm Has anyone been able to successfully link their Fidelity CMA with Plaid? No matter which site I use, I just can't get Plaid to accept my Fidelity account. Any hints or tips on how to make this work would be greatly appreciated!
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Re: Fidelity as a one stop shop
I opted for the bank account link instead of using Plaid and it works for me.Loandapper wrote: ↑Thu Aug 18, 2022 8:17 amThis is the same error message I’m getting. Anyone successfully resolve this?outbackcountry wrote: ↑Thu Aug 18, 2022 1:31 amNope. However, the I did try now at DCU (Plaid) and got a message that the DCU/Plaid set up didn't support the multi-factor authentication method of Fidelity.Loandapper wrote: ↑Wed Aug 17, 2022 11:20 pm Has anyone been able to successfully link their Fidelity CMA with Plaid? No matter which site I use, I just can't get Plaid to accept my Fidelity account. Any hints or tips on how to make this work would be greatly appreciated!
Plaid is not as secure as Fidelity and they are trying to protect you from the risk if you have 2FA on. I believe you can turn 2FA off and accept the risk if you choose. I chose not to use Plaid as I don't want this risk when dealing with large money amounts.
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