Fidelity as a one stop shop

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Loandapper
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Re: Fidelity as a one stop shop

Post by Loandapper »

Thank you both for the speedy replies!
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VictorStarr
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Re: Fidelity as a one stop shop

Post by VictorStarr »

Loandapper wrote: Thu Jan 06, 2022 9:58 am How much cash does Fidelity allow a user to withdraw from an ATM in any given day?
By default either $520 or $1,530 for higher net worth customers. I am not sure what is the criteria for the higher net worth customers.
See Debit Card Agreement for details - https://www.fidelity.com/bin-public/060 ... eement.pdf .

You can call number on the back of your debit card and request to increase the limit. The card is managed by BNY Mellon and they are not very cooperative. For one account I asked my advisor to handle request, for another Fidelity increased withdrawal limit to $1530 automatically.
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sarabayo
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Re: Fidelity as a one stop shop

Post by sarabayo »

I have margin on my Fidelity brokerage account. Does Fidelity automatically overdraft into margin? I.e. if my credit card bill-pay pull comes in via ACH and exceeds the settled cash in my account, will that go through and create a margin debit for the difference? Or will the ACH transaction be refused, like at a normal bank? Anyone know?
drk
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Re: Fidelity as a one stop shop

Post by drk »

sarabayo wrote: Thu Jan 06, 2022 5:58 pm I have margin on my Fidelity brokerage account. Does Fidelity automatically overdraft into margin? I.e. if my credit card bill-pay pull comes in via ACH and exceeds the settled cash in my account, will that go through and create a margin debit for the difference? Or will the ACH transaction be refused, like at a normal bank? Anyone know?
You have to opt in to have Fidelity CMA pull from your brokerage account (Fidelity Cash Manager), but it will use margin if there isn't enough cash or money market funds.

Now that I re-read, I realize that you might be pulling directly from your brokerage account, in which case: yes, it will draw on margin.
A useful razor: anyone asking about speculative strategies on Bogleheads.org has no business using them.
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sarabayo
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Re: Fidelity as a one stop shop

Post by sarabayo »

drk wrote: Thu Jan 06, 2022 6:10 pm
sarabayo wrote: Thu Jan 06, 2022 5:58 pm I have margin on my Fidelity brokerage account. Does Fidelity automatically overdraft into margin? I.e. if my credit card bill-pay pull comes in via ACH and exceeds the settled cash in my account, will that go through and create a margin debit for the difference? Or will the ACH transaction be refused, like at a normal bank? Anyone know?
You have to opt in to have Fidelity CMA pull from your brokerage account (Fidelity Cash Manager), but it will use margin if there isn't enough cash or money market funds.

Now that I re-read, I realize that you might be pulling directly from your brokerage account, in which case: yes, it will draw on margin.
Perfect, thanks. Yes, I'm pulling directly from the brokerage account. I only use the CMA for ATM withdrawals (of which I've made none during the pandemic :D )
MisterBill
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Re: Fidelity as a one stop shop

Post by MisterBill »

I just opened a new account at Evansville Teacher credit union (3.3% interest up to $20k) and have really started to appreciate the high transaction limits that Fidelity has. ETFCU limits you to $4k transfers and apparently has a monthly limit as well (I contacted them to increase the limit and they agreed to do so, but just for the month). Yesterday at Fidelity, I pulled $50k from my Citibank checking account that i'd gotten a signup bonus for, and pushed $50k to an account I opened for my wife to get the same bonus. Then I pulled money from ETFCU since I had over-funded it, and they were not allowing me to submit a transfer and some money from Santander since I had my pension direct deposited there to satisfy a bonus requirement but could not figure out how to transfer the money out. And Fidelity ACH transfers are QUICK, typically the same day in either direction. And outgoing wire transfers are free, but I typically avoid those unless I am sure that the receiving bank won't charge me.

Plus, my mobile check deposit limit is like $1m. It's just too bad that interest rates are in the toilet right now, so I can't get a decent rate in a money market fund there.
drzzzzz
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Re: Fidelity as a one stop shop

Post by drzzzzz »

Can you use a Fidelity brokerage account (not tied to a cash management account since I don't have one) or use bill pay to pay individuals in a fashion similar to zelle?
spammagnet
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Re: Fidelity as a one stop shop

Post by spammagnet »

drzzzzz wrote: Wed Jan 12, 2022 8:29 am Can you use a Fidelity brokerage account (not tied to a cash management account since I don't have one) or use bill pay to pay individuals in a fashion similar to zelle?
You can pay individuals but not in a fashion similar to Zelle. It results in a paper check being sent through USPS.

The bill pay being tied to a non-CMA brokerage account, vs a CMA account, is irrelevant.
drzzzzz
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Re: Fidelity as a one stop shop

Post by drzzzzz »

spammagnet wrote: Wed Jan 12, 2022 8:53 am
drzzzzz wrote: Wed Jan 12, 2022 8:29 am Can you use a Fidelity brokerage account (not tied to a cash management account since I don't have one) or use bill pay to pay individuals in a fashion similar to zelle?
You can pay individuals but not in a fashion similar to Zelle. It results in a paper check being sent through USPS.

The bill pay being tied to a non-CMA brokerage account, vs a CMA account, is irrelevant.
Thanks for the info - trying to avoid the papercheck route and trying to decide whether I should get rid of my bank account where I can zelle so easily for a few people.
spammagnet
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Re: Fidelity as a one stop shop

Post by spammagnet »

drzzzzz wrote: Wed Jan 12, 2022 9:43 amThanks for the info - trying to avoid the papercheck route and trying to decide whether I should get rid of my bank account where I can zelle so easily for a few people.
Without debating the risks and merits, Venmo and Paypal are popular alternatives to Zelle.
MrJedi
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Re: Fidelity as a one stop shop

Post by MrJedi »

PSA:

Fidelity is incorrectly reporting the $100 new account bonus as $200 in miscellaneous income. Happened for both me and spouse. Trying to get it corrected now. Though I may not need to do anything because it seems the new accounts are not getting a tax form due to reporting threshold.

If you had other taxable activity in the account to generate the 1099, take a look.
vtMaps
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Re: Fidelity as a one stop shop

Post by vtMaps »

MrJedi wrote: Tue Jan 25, 2022 2:48 pm PSA:
Fidelity is incorrectly reporting the $100 new account bonus as $200 in miscellaneous income. Happened for both me and spouse. Trying to get it corrected now. Though I may not need to do anything because it seems the new accounts are not getting a tax form due to reporting threshold.
I noticed that about 2 weeks ago (in the YTD tax activity for 2021). I called and the rep put me on hold and had to check with the back office. When she came back on the phone, she agreed that it was in error, but said it would be corrected before the actual 1099 is issued.

--vtMaps
"Truly, whoever can make you believe absurdities can make you commit atrocities" --Voltaire, as translated by Norman Lewis Torrey
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AnnetteLouisan
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Re: Fidelity as a one stop shop

Post by AnnetteLouisan »

The Big Apple wrote: Wed Jan 05, 2022 9:32 pm
mervinj7 wrote: Wed Jan 05, 2022 8:58 pm For house down payments, don't you usually wire the money to the escrow company?
Starting to get off topic, but where I am, normally you write a check to the seller's attorney to hold in escrow until closing, and then they wire that money to the title company/settlement agent. The escrow account is held by the attorney - there is no separate company handing that (but maybe this differs based on home values?).
Agreed. That’s what I did.
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

vtMaps wrote: Tue Jan 25, 2022 5:50 pm
MrJedi wrote: Tue Jan 25, 2022 2:48 pm PSA:
Fidelity is incorrectly reporting the $100 new account bonus as $200 in miscellaneous income. Happened for both me and spouse. Trying to get it corrected now. Though I may not need to do anything because it seems the new accounts are not getting a tax form due to reporting threshold.
I noticed that about 2 weeks ago (in the YTD tax activity for 2021). I called and the rep put me on hold and had to check with the back office. When she came back on the phone, she agreed that it was in error, but said it would be corrected before the actual 1099 is issued.

--vtMaps
Yikes, I see that same error listed on the 2021 tax activity for my account. The 1099 is not available yet. I am going to give Fido a call. Weird secure message no longer appears to be an option.

Update: I called (no wait time), the rep checked with some one in the back office and came back and basically said to wait for the 1099 and see if it is reported correctly, since the $200 is listed on the tax activity page under miscellaneous with no breakdown and they can’t see what it was attributed. He confirmed that only $100 was received for the sign on bonus, and put a not in my account regarding the call to make it easier if I have to call back. Fingers crossed the 1099 has no issues.
Last edited by anon_investor on Tue Jan 25, 2022 6:50 pm, edited 1 time in total.
gpburdell
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Re: Fidelity as a one stop shop

Post by gpburdell »

drzzzzz wrote: Wed Jan 12, 2022 9:43 am Thanks for the info - trying to avoid the papercheck route and trying to decide whether I should get rid of my bank account where I can zelle so easily for a few people.
You can use Venmo/Paypal with a Fidelity account to pay people if you want. Though I specifically keep a non Fidelity account just for Venmo/Paypal/Zelle to keep it seperate.
inbox788
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Re: Fidelity as a one stop shop

Post by inbox788 »

gpburdell wrote: Tue Jan 25, 2022 6:14 pm
drzzzzz wrote: Wed Jan 12, 2022 9:43 am Thanks for the info - trying to avoid the papercheck route and trying to decide whether I should get rid of my bank account where I can zelle so easily for a few people.
You can use Venmo/Paypal with a Fidelity account to pay people if you want. Though I specifically keep a non Fidelity account just for Venmo/Paypal/Zelle to keep it seperate.
I just tried to made 2 payments with Fidelity Cash Management account and only one went thru. I used the Fidelity routing number: 101205681 and
Account number: 17 digit. One success, other failed. There's also 5, 9 and 13 digit numbers (some start with a letter) format, and I realize I should have tried the 13 digit number on the checks. I think that would have gotten through. Next time.

https://www.fidelity.com/accounts-trade ... unt-number

I started with a separate account for electronic/web cash transfers, but I'm getting familiar enough with those three that I'd hook them up to my Fidelity account now.
MrJedi
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Re: Fidelity as a one stop shop

Post by MrJedi »

anon_investor wrote: Tue Jan 25, 2022 6:04 pm
vtMaps wrote: Tue Jan 25, 2022 5:50 pm
MrJedi wrote: Tue Jan 25, 2022 2:48 pm PSA:
Fidelity is incorrectly reporting the $100 new account bonus as $200 in miscellaneous income. Happened for both me and spouse. Trying to get it corrected now. Though I may not need to do anything because it seems the new accounts are not getting a tax form due to reporting threshold.
I noticed that about 2 weeks ago (in the YTD tax activity for 2021). I called and the rep put me on hold and had to check with the back office. When she came back on the phone, she agreed that it was in error, but said it would be corrected before the actual 1099 is issued.

--vtMaps
Yikes, I see that same error listed on the 2021 tax activity for my account. The 1099 is not available yet. I am going to give Fido a call. Weird secure message no longer appears to be an option.

Update: I called (no wait time), the rep checked with some one in the back office and came back and basically said to wait for the 1099 and see if it is reported correctly, since the $200 is listed on the tax activity page under miscellaneous with no breakdown and they can’t see what it was attributed. He confirmed that only $100 was received for the sign on bonus, and put a not in my account regarding the call to make it easier if I have to call back. Fingers crossed the 1099 has no issues.
Thanks for the update. I did a chat and received basically the same feedback that the tax activity page is unofficial and may change on the actual form. I did read on another forum that they received the actual 1099-MISC and it showed $200, so we will see.

Worth noting, I did not have any other taxable activity in this account. I have a separate account that I have used for years that will get a consolidated 1099 later when dividends are ready. But my bonus is for an account where I just parked some cash. When I go to the tax form page for the new account, it says no tax form for 2021 is expected, I presume because $600 is the mandatory reporting threshold for 1099-MISC and I did not have any other taxable activity there. I guess in this case I would just report it as $100 on my return and keep records in case the $200 never gets fixed and comes back to bite me?
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

MrJedi wrote: Wed Jan 26, 2022 6:26 am
anon_investor wrote: Tue Jan 25, 2022 6:04 pm
vtMaps wrote: Tue Jan 25, 2022 5:50 pm
MrJedi wrote: Tue Jan 25, 2022 2:48 pm PSA:
Fidelity is incorrectly reporting the $100 new account bonus as $200 in miscellaneous income. Happened for both me and spouse. Trying to get it corrected now. Though I may not need to do anything because it seems the new accounts are not getting a tax form due to reporting threshold.
I noticed that about 2 weeks ago (in the YTD tax activity for 2021). I called and the rep put me on hold and had to check with the back office. When she came back on the phone, she agreed that it was in error, but said it would be corrected before the actual 1099 is issued.

--vtMaps
Yikes, I see that same error listed on the 2021 tax activity for my account. The 1099 is not available yet. I am going to give Fido a call. Weird secure message no longer appears to be an option.

Update: I called (no wait time), the rep checked with some one in the back office and came back and basically said to wait for the 1099 and see if it is reported correctly, since the $200 is listed on the tax activity page under miscellaneous with no breakdown and they can’t see what it was attributed. He confirmed that only $100 was received for the sign on bonus, and put a not in my account regarding the call to make it easier if I have to call back. Fingers crossed the 1099 has no issues.
Thanks for the update. I did a chat and received basically the same feedback that the tax activity page is unofficial and may change on the actual form. I did read on another forum that they received the actual 1099-MISC and it showed $200, so we will see.

Worth noting, I did not have any other taxable activity in this account. I have a separate account that I have used for years that will get a consolidated 1099 later when dividends are ready. But my bonus is for an account where I just parked some cash. When I go to the tax form page for the new account, it says no tax form for 2021 is expected, I presume because $600 is the mandatory reporting threshold for 1099-MISC and I did not have any other taxable activity there. I guess in this case I would just report it as $100 on my return and keep records in case the $200 never gets fixed and comes back to bite me?
I don't know what the threshold to get a 1099, but Fido indicates I will get one. I had about $60+ in dividends plus the $100 bonus. I hope it says $100 and not $200 on the final tax form, but the rep made it sound like it would not be a big deal to get it corrected. We shall see.
gpburdell
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Re: Fidelity as a one stop shop

Post by gpburdell »

inbox788 wrote: Tue Jan 25, 2022 10:20 pm
I just tried to made 2 payments with Fidelity Cash Management account and only one went thru. I used the Fidelity routing number: 101205681 and
Account number: 17 digit. One success, other failed. There's also 5, 9 and 13 digit numbers (some start with a letter) format, and I realize I should have tried the 13 digit number on the checks. I think that would have gotten through. Next time.

https://www.fidelity.com/accounts-trade ... unt-number

If you log into Fidelity and go to each of your accounts (in a PC browser not app), near the top you should see "Routing number". Click on that and it will give you the routing number and the correct account number to use for direct deposit, etc. Easier than trying to go through that account number conversion process.
inbox788
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Re: Fidelity as a one stop shop

Post by inbox788 »

gpburdell wrote: Wed Jan 26, 2022 11:51 am
inbox788 wrote: Tue Jan 25, 2022 10:20 pm
I just tried to made 2 payments with Fidelity Cash Management account and only one went thru. I used the Fidelity routing number: 101205681 and
Account number: 17 digit. One success, other failed. There's also 5, 9 and 13 digit numbers (some start with a letter) format, and I realize I should have tried the 13 digit number on the checks. I think that would have gotten through. Next time.

https://www.fidelity.com/accounts-trade ... unt-number

If you log into Fidelity and go to each of your accounts (in a PC browser not app), near the top you should see "Routing number". Click on that and it will give you the routing number and the correct account number to use for direct deposit, etc. Easier than trying to go through that account number conversion process.
That's the number that didn't work and failed. It's different than what's printed on the checks. I think it was trying to process ACH. The website first rejected the 9 digit number I used as invalid, but accepted the 17 digit one as a valid number, but the payment still did not go through.

I had to use my backup checking account and was afraid I needed to keep it, but if I can find a number from Fidelity that works, it's one more account I can close.
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mrmass
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Re: Fidelity as a one stop shop

Post by mrmass »

inbox788 wrote: Wed Jan 26, 2022 12:24 pm
gpburdell wrote: Wed Jan 26, 2022 11:51 am
inbox788 wrote: Tue Jan 25, 2022 10:20 pm
I just tried to made 2 payments with Fidelity Cash Management account and only one went thru. I used the Fidelity routing number: 101205681 and
Account number: 17 digit. One success, other failed. There's also 5, 9 and 13 digit numbers (some start with a letter) format, and I realize I should have tried the 13 digit number on the checks. I think that would have gotten through. Next time.

https://www.fidelity.com/accounts-trade ... unt-number

If you log into Fidelity and go to each of your accounts (in a PC browser not app), near the top you should see "Routing number". Click on that and it will give you the routing number and the correct account number to use for direct deposit, etc. Easier than trying to go through that account number conversion process.
That's the number that didn't work and failed. It's different than what's printed on the checks. I think it was trying to process ACH. The website first rejected the 9 digit number I used as invalid, but accepted the 17 digit one as a valid number, but the payment still did not go through.

I had to use my backup checking account and was afraid I needed to keep it, but if I can find a number from Fidelity that works, it's one more account I can close.
Man I had that same issue. I never really figured it out. I did look at my Routing # as gpburell wrote but never got it. That said I'm starting to use Fido as my bank. Pay goes there, I use the bill pay. I like that overdraft auto pulls from my core/moneymarket in my brokerage. Really handy.
gpburdell
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Re: Fidelity as a one stop shop

Post by gpburdell »

inbox788 wrote: Wed Jan 26, 2022 12:24 pm That's the number that didn't work and failed. It's different than what's printed on the checks. I think it was trying to process ACH. The website first rejected the 9 digit number I used as invalid, but accepted the 17 digit one as a valid number, but the payment still did not go through.

I had to use my backup checking account and was afraid I needed to keep it, but if I can find a number from Fidelity that works, it's one more account I can close.
Hmm strange. Though I only use Fido for direct deposit, sending bill payments and initiating EFTs. I have nothing setup that can "pull" money from my Fidelity accounts. That's why I keep a non Fido account for Venmo, Paypal, and Zelle.
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VictorStarr
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Re: Fidelity as a one stop shop

Post by VictorStarr »

inbox788 wrote: Tue Jan 25, 2022 10:20 pm
gpburdell wrote: Tue Jan 25, 2022 6:14 pm
drzzzzz wrote: Wed Jan 12, 2022 9:43 am Thanks for the info - trying to avoid the papercheck route and trying to decide whether I should get rid of my bank account where I can zelle so easily for a few people.
You can use Venmo/Paypal with a Fidelity account to pay people if you want. Though I specifically keep a non Fidelity account just for Venmo/Paypal/Zelle to keep it seperate.
I just tried to made 2 payments with Fidelity Cash Management account and only one went thru. I used the Fidelity routing number: 101205681 and
Account number: 17 digit. One success, other failed. There's also 5, 9 and 13 digit numbers (some start with a letter) format, and I realize I should have tried the 13 digit number on the checks. I think that would have gotten through. Next time.

https://www.fidelity.com/accounts-trade ... unt-number

I started with a separate account for electronic/web cash transfers, but I'm getting familiar enough with those three that I'd hook them up to my Fidelity account now.

I have never had a problem with debit from my Fidelity brokerage/CMA account using a 17-digit account number. I can speculate that the 17-digit account number is longer than expected and maybe truncated by some software. You can try to use a shorter 13-digit number from checks.

I compared 17 and 13-digit number of my CMA account, the difference is in leading parts, the last 9 digits (Fidelity account number) is the same:

17-digit: 399 00000 xxx
13-digit: 7710 xxx

Some time ago, I used a shorter 13-digit number and it worked.
spammagnet
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Re: Fidelity as a one stop shop

Post by spammagnet »

VictorStarr wrote: Wed Jan 26, 2022 10:21 pm
inbox788 wrote: Tue Jan 25, 2022 10:20 pm
gpburdell wrote: Tue Jan 25, 2022 6:14 pm
drzzzzz wrote: Wed Jan 12, 2022 9:43 am Thanks for the info - trying to avoid the papercheck route and trying to decide whether I should get rid of my bank account where I can zelle so easily for a few people.
You can use Venmo/Paypal with a Fidelity account to pay people if you want. Though I specifically keep a non Fidelity account just for Venmo/Paypal/Zelle to keep it seperate.
I just tried to made 2 payments with Fidelity Cash Management account and only one went thru. I used the Fidelity routing number: 101205681 and
Account number: 17 digit. One success, other failed. There's also 5, 9 and 13 digit numbers (some start with a letter) format, and I realize I should have tried the 13 digit number on the checks. I think that would have gotten through. Next time.

https://www.fidelity.com/accounts-trade ... unt-number

I started with a separate account for electronic/web cash transfers, but I'm getting familiar enough with those three that I'd hook them up to my Fidelity account now.

I have never had a problem with debit from my Fidelity brokerage/CMA account using a 17-digit account number. I can speculate that the 17-digit account number is longer than expected and maybe truncated by some software. You can try to use a shorter 13-digit number from checks.

I compared 17 and 13-digit number of my CMA account, the difference is in leading parts, the last 9 digits (Fidelity account number) is the same:

17-digit: 399 00000 xxx
13-digit: 7710 xxx

Some time ago, I used a shorter 13-digit number and it worked.
They both work but, if you're filling out a paper form and the party you're sending it to needs a copy of a check (remember either of those?), use the number on the check or they'll kick it back as a mismatch. If you're just filling in a cn online form, copy and paste from the routing and account number on the Fidelity web page.
Loandapper
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Re: Fidelity as a one stop shop

Post by Loandapper »

I'm a new Fidelity as a one stop shop customer. Huge thanks to the Bogleheads, this thread and the wiki for all the assistance it has provided in getting my financial life in order.

I have a question regarding their cash management account. I've seen this topic discussed earlier in this thread, but I have a margin twist that I'm hoping to get guidance on.

Here's my situation: I have a CMA and a brokerage account. All of my bills and auto-payments come out of the CMA. All of my assets are in the brokerage account. The brokerage account has margin enabled with a significant amount available to be withdrawn. At times, due to cash flow needs, I may have a 5-digit margin debit balance. (Fidelity negotiated the rate down to 1.95%)

Here's the question: Due to the fact that I may be using margin at times, and there will be carrying costs for that debt, I will try to keep as little cash as possible in the CMA. Part of me wants to enable the automatic overdraft protection for the CMA while just keeping a dollar in the account so I'm only pulling cash as I need it. That said, I would be concerned about someone fraudulently draining the account. I guess I could also figure out the minimum balance I'd need to keep in there to avoid bouncing checks and just eat the carrying costs, but I'm wondering if the Bogleheads have a smarter approach.

Given this scenario, what would you do?

Thanks in advance!
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VictorStarr
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Re: Fidelity as a one stop shop

Post by VictorStarr »

Loandapper wrote: Mon Jan 31, 2022 7:25 pm I'm a new Fidelity as a one stop shop customer. Huge thanks to the Bogleheads, this thread and the wiki for all the assistance it has provided in getting my financial life in order.

I have a question regarding their cash management account. I've seen this topic discussed earlier in this thread, but I have a margin twist that I'm hoping to get guidance on.

Here's my situation: I have a CMA and a brokerage account. All of my bills and auto-payments come out of the CMA. All of my assets are in the brokerage account. The brokerage account has margin enabled with a significant amount available to be withdrawn. At times, due to cash flow needs, I may have a 5-digit margin debit balance. (Fidelity negotiated the rate down to 1.95%)

Here's the question: Due to the fact that I may be using margin at times, and there will be carrying costs for that debt, I will try to keep as little cash as possible in the CMA. Part of me wants to enable the automatic overdraft protection for the CMA while just keeping a dollar in the account so I'm only pulling cash as I need it. That said, I would be concerned about someone fraudulently draining the account. I guess I could also figure out the minimum balance I'd need to keep in there to avoid bouncing checks and just eat the carrying costs, but I'm wondering if the Bogleheads have a smarter approach.

Given this scenario, what would you do?

Thanks in advance!
I would not connect my main brokerage account with margin to any spending account, it is too risky. I keep around around $10K in spending brokerage/CMA combo and have a separate main brokerage account. I manually transfer money from the main brokerage to spending brokerage/CMA if I have large expenses (estimated taxes, etc). My main brokerage account is locked all the time. The cost of having $10K in a spending account is around $50-110/year (0.5% APY of HYSA, 1.13% is yield of VTEB).
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

anon_investor wrote: Wed Jan 26, 2022 6:35 am
MrJedi wrote: Wed Jan 26, 2022 6:26 am
anon_investor wrote: Tue Jan 25, 2022 6:04 pm
vtMaps wrote: Tue Jan 25, 2022 5:50 pm
MrJedi wrote: Tue Jan 25, 2022 2:48 pm PSA:
Fidelity is incorrectly reporting the $100 new account bonus as $200 in miscellaneous income. Happened for both me and spouse. Trying to get it corrected now. Though I may not need to do anything because it seems the new accounts are not getting a tax form due to reporting threshold.
I noticed that about 2 weeks ago (in the YTD tax activity for 2021). I called and the rep put me on hold and had to check with the back office. When she came back on the phone, she agreed that it was in error, but said it would be corrected before the actual 1099 is issued.

--vtMaps
Yikes, I see that same error listed on the 2021 tax activity for my account. The 1099 is not available yet. I am going to give Fido a call. Weird secure message no longer appears to be an option.

Update: I called (no wait time), the rep checked with some one in the back office and came back and basically said to wait for the 1099 and see if it is reported correctly, since the $200 is listed on the tax activity page under miscellaneous with no breakdown and they can’t see what it was attributed. He confirmed that only $100 was received for the sign on bonus, and put a not in my account regarding the call to make it easier if I have to call back. Fingers crossed the 1099 has no issues.
Thanks for the update. I did a chat and received basically the same feedback that the tax activity page is unofficial and may change on the actual form. I did read on another forum that they received the actual 1099-MISC and it showed $200, so we will see.

Worth noting, I did not have any other taxable activity in this account. I have a separate account that I have used for years that will get a consolidated 1099 later when dividends are ready. But my bonus is for an account where I just parked some cash. When I go to the tax form page for the new account, it says no tax form for 2021 is expected, I presume because $600 is the mandatory reporting threshold for 1099-MISC and I did not have any other taxable activity there. I guess in this case I would just report it as $100 on my return and keep records in case the $200 never gets fixed and comes back to bite me?
I don't know what the threshold to get a 1099, but Fido indicates I will get one. I had about $60+ in dividends plus the $100 bonus. I hope it says $100 and not $200 on the final tax form, but the rep made it sound like it would not be a big deal to get it corrected. We shall see.
Update: my 2021 tax info online was updated to $100. My 1099 is not supposed to be available until 2/12, so hopefully it will be correct too.
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Sage16
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Re: Fidelity as a one stop shop

Post by Sage16 »

We use Fidelity for our brokerage and retirement accounts. My wife and I have given each other permission to our IRA accounts and we can see each other's accounts when we use our individual log in to Fidelity. I opened a Fidelity 2% cash back credit card in my name and tied it to our joint CMA account. When I log into Fidelity the credit card shows at the bottom of the list of investment accounts. However, my wife can't see the credit card when she logs in under her name. I asked my rep if there is a way to grant her permission to see the card from her log in just like we can do for the IRA accounts and he isn't aware of any way for her to access it.

Anyone else run into this and found a way to grant access to view the credit card balance and transactions?
Bogle on investing: Diversify, focus on low costs, invest for the long term. Don't speculate and don't be distracted by volatility.
vtMaps
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Re: Fidelity as a one stop shop

Post by vtMaps »

Sage16 wrote: Tue Feb 01, 2022 1:24 pm We use Fidelity for our brokerage and retirement accounts. My wife and I have given each other permission to our IRA accounts and we can see each other's accounts when we use our individual log in to Fidelity. I opened a Fidelity 2% cash back credit card in my name and tied it to our joint CMA account. When I log into Fidelity the credit card shows at the bottom of the list of investment accounts. However, my wife can't see the credit card when she logs in under her name. I asked my rep if there is a way to grant her permission to see the card from her log in just like we can do for the IRA accounts and he isn't aware of any way for her to access it.

Anyone else run into this and found a way to grant access to view the credit card balance and transactions?
Is she an authorized user on your credit card account? --vtMaps
"Truly, whoever can make you believe absurdities can make you commit atrocities" --Voltaire, as translated by Norman Lewis Torrey
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Sage16
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Re: Fidelity as a one stop shop

Post by Sage16 »

vtMaps wrote: Tue Feb 01, 2022 1:56 pm
Sage16 wrote: Tue Feb 01, 2022 1:24 pm We use Fidelity for our brokerage and retirement accounts. My wife and I have given each other permission to our IRA accounts and we can see each other's accounts when we use our individual log in to Fidelity. I opened a Fidelity 2% cash back credit card in my name and tied it to our joint CMA account. When I log into Fidelity the credit card shows at the bottom of the list of investment accounts. However, my wife can't see the credit card when she logs in under her name. I asked my rep if there is a way to grant her permission to see the card from her log in just like we can do for the IRA accounts and he isn't aware of any way for her to access it.

Anyone else run into this and found a way to grant access to view the credit card balance and transactions?
Is she an authorized user on your credit card account? --vtMaps
Yes, she is an authorized user but the card is in my name.
Bogle on investing: Diversify, focus on low costs, invest for the long term. Don't speculate and don't be distracted by volatility.
spammagnet
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Re: Fidelity as a one stop shop

Post by spammagnet »

Sage16 wrote: Tue Feb 01, 2022 2:33 pm
vtMaps wrote: Tue Feb 01, 2022 1:56 pm
Sage16 wrote: Tue Feb 01, 2022 1:24 pm We use Fidelity for our brokerage and retirement accounts. My wife and I have given each other permission to our IRA accounts and we can see each other's accounts when we use our individual log in to Fidelity. I opened a Fidelity 2% cash back credit card in my name and tied it to our joint CMA account. When I log into Fidelity the credit card shows at the bottom of the list of investment accounts. However, my wife can't see the credit card when she logs in under her name. I asked my rep if there is a way to grant her permission to see the card from her log in just like we can do for the IRA accounts and he isn't aware of any way for her to access it.

Anyone else run into this and found a way to grant access to view the credit card balance and transactions?
Is she an authorized user on your credit card account? --vtMaps
Yes, she is an authorized user but the card is in my name.
It (not) being available for her to view may be in US Bank's control, not Fidelity's.
classicindexer
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Re: Fidelity as a one stop shop

Post by classicindexer »

Sage16 wrote: Tue Feb 01, 2022 2:33 pm
vtMaps wrote: Tue Feb 01, 2022 1:56 pm
Sage16 wrote: Tue Feb 01, 2022 1:24 pm We use Fidelity for our brokerage and retirement accounts. My wife and I have given each other permission to our IRA accounts and we can see each other's accounts when we use our individual log in to Fidelity. I opened a Fidelity 2% cash back credit card in my name and tied it to our joint CMA account. When I log into Fidelity the credit card shows at the bottom of the list of investment accounts. However, my wife can't see the credit card when she logs in under her name. I asked my rep if there is a way to grant her permission to see the card from her log in just like we can do for the IRA accounts and he isn't aware of any way for her to access it.

Anyone else run into this and found a way to grant access to view the credit card balance and transactions?
Is she an authorized user on your credit card account? --vtMaps
Yes, she is an authorized user but the card is in my name.
DW is a card joint-owner and she sees our shared Fidelity Visa. I first applied for the card and there was a joint-owner PDF that I had to fill out. Have you contacted Elan Financial to see if they allow authorized users to view your card online? They may not.
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Sage16
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Re: Fidelity as a one stop shop

Post by Sage16 »

classicindexer wrote: Tue Feb 01, 2022 5:55 pm
Sage16 wrote: Tue Feb 01, 2022 2:33 pm
vtMaps wrote: Tue Feb 01, 2022 1:56 pm
Sage16 wrote: Tue Feb 01, 2022 1:24 pm We use Fidelity for our brokerage and retirement accounts. My wife and I have given each other permission to our IRA accounts and we can see each other's accounts when we use our individual log in to Fidelity. I opened a Fidelity 2% cash back credit card in my name and tied it to our joint CMA account. When I log into Fidelity the credit card shows at the bottom of the list of investment accounts. However, my wife can't see the credit card when she logs in under her name. I asked my rep if there is a way to grant her permission to see the card from her log in just like we can do for the IRA accounts and he isn't aware of any way for her to access it.

Anyone else run into this and found a way to grant access to view the credit card balance and transactions?
Is she an authorized user on your credit card account? --vtMaps
Yes, she is an authorized user but the card is in my name.
DW is a card joint-owner and she sees our shared Fidelity Visa. I first applied for the card and there was a joint-owner PDF that I had to fill out. Have you contacted Elan Financial to see if they allow authorized users to view your card online? They may not.
I just found that PDF and sending it in to add her as a joint owner. I guess I missed that when applying and only saw that I could authorize her for a card. Glad to hear that joint ownership will give her access. Thank you!
Bogle on investing: Diversify, focus on low costs, invest for the long term. Don't speculate and don't be distracted by volatility.
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JoMoney
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Re: Fidelity as a one stop shop

Post by JoMoney »

Over the past year, I had been moving back in the direction of using Fidelity as my bank and potentially, eventually, a "one stop shop."
... but, I had need for a cashiers check recently, and that was a good reminder of the lesson I had previously learned, that even if it's only on rare occasion, I need a regular traditional bank account, and having one with a branch I can physically go to has benefits online-only doesn't.

I do like the idea of consolidating though, and I had started looking at the idea of using Chase's investing option as a way to qualify for their higher tier checking that refunds other bank ATM fees (the primary benefit I get from Fidelity's CMA), and also to get a brokerage transfer bonus, but I'm not as comfortable with JP Morgan's brokerage (in particular, I like that Fidelity and a handful of other brokers carry additional to SIPC insurance, and have a stated online fraud protection promise, whereas I can't find anything that looks like that with JPM's brokerage.)

So it looks like I'm back to leaning towards a bank for my banking, and Fidelity for my investing/retirement accounts. :?
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
6NDone
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Re: Fidelity as a one stop shop

Post by 6NDone »

JoMoney wrote: Wed Feb 02, 2022 6:46 am Over the past year, I had been moving back in the direction of using Fidelity as my bank and potentially, eventually, a "one stop shop."
... but, I had need for a cashiers check recently, and that was a good reminder of the lesson I had previously learned, that even if it's only on rare occasion, I need a regular traditional bank account, and having one with a branch I can physically go to has benefits online-only doesn't.

I do like the idea of consolidating though, and I had started looking at the idea of using Chase's investing option as a way to qualify for their higher tier checking that refunds other bank ATM fees (the primary benefit I get from Fidelity's CMA), and also to get a brokerage transfer bonus, but I'm not as comfortable with JP Morgan's brokerage (in particular, I like that Fidelity and a handful of other brokers carry additional to SIPC insurance, and have a stated online fraud protection promise, whereas I can't find anything that looks like that with JPM's brokerage.)

So it looks like I'm back to leaning towards a bank for my banking, and Fidelity for my investing/retirement accounts. :?
Lack of cashier checks is a Fidelity issue, not an online bank issue. Ally issues them for free, and Schwab issues them for $15 or $25 for overnight shipping. Fidelity issued them at one time, but according to their reps on their Reddit they ceased issuing them “due to COVID.”

Fidelity is not a bank, despite what they would have you believe. They have a lot of banking functions, but lack a lot of functions too. It’s why I picked Schwab over them to have all of my investing and banking in one place and not have to worry about missing features like cashiers checks, or if something goes wrong with my debit card Schwab can handle it in house and not direct me to the third party like Fidelity.
Last edited by 6NDone on Wed Feb 02, 2022 8:41 am, edited 1 time in total.
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classicindexer
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Re: Fidelity as a one stop shop

Post by classicindexer »

Sage16 wrote: Tue Feb 01, 2022 9:40 pm
classicindexer wrote: Tue Feb 01, 2022 5:55 pm
Sage16 wrote: Tue Feb 01, 2022 2:33 pm
vtMaps wrote: Tue Feb 01, 2022 1:56 pm
Sage16 wrote: Tue Feb 01, 2022 1:24 pm We use Fidelity for our brokerage and retirement accounts. My wife and I have given each other permission to our IRA accounts and we can see each other's accounts when we use our individual log in to Fidelity. I opened a Fidelity 2% cash back credit card in my name and tied it to our joint CMA account. When I log into Fidelity the credit card shows at the bottom of the list of investment accounts. However, my wife can't see the credit card when she logs in under her name. I asked my rep if there is a way to grant her permission to see the card from her log in just like we can do for the IRA accounts and he isn't aware of any way for her to access it.

Anyone else run into this and found a way to grant access to view the credit card balance and transactions?
Is she an authorized user on your credit card account? --vtMaps
Yes, she is an authorized user but the card is in my name.
DW is a card joint-owner and she sees our shared Fidelity Visa. I first applied for the card and there was a joint-owner PDF that I had to fill out. Have you contacted Elan Financial to see if they allow authorized users to view your card online? They may not.
I just found that PDF and sending it in to add her as a joint owner. I guess I missed that when applying and only saw that I could authorize her for a card. Glad to hear that joint ownership will give her access. Thank you!
You're welcome! They are one of the few that still offer joint ownership on a credit card. As the person who pays the bills, I prefer a joint card. I know that with Chase, authorized users do not get online access.
MrJedi
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Re: Fidelity as a one stop shop

Post by MrJedi »

Looks like Fidelity fixed the $100 vs $200 miscellaneous income discrepancy for their new account bonus. For me at least.
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

MrJedi wrote: Wed Feb 02, 2022 10:34 am Looks like Fidelity fixed the $100 vs $200 miscellaneous income discrepancy for their new account bonus. For me at least.
They did for me too. I assume because a bunch of people probably started contacting them? Fingers crossed it is correct on the 1099 that comes later this month.
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Leif
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Re: Fidelity as a one stop shop

Post by Leif »

JoMoney wrote: Wed Feb 02, 2022 6:46 am Over the past year, I had been moving back in the direction of using Fidelity as my bank and potentially, eventually, a "one stop shop."
... but, I had need for a cashiers check recently, and that was a good reminder of the lesson I had previously learned, that even if it's only on rare occasion, I need a regular traditional bank account, and having one with a branch I can physically go to has benefits online-only doesn't.
I was told by a rep that a cashier check is available from Fidelity. However, not at the investment center. They will mail it.
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

Leif wrote: Wed Feb 02, 2022 3:12 pm
JoMoney wrote: Wed Feb 02, 2022 6:46 am Over the past year, I had been moving back in the direction of using Fidelity as my bank and potentially, eventually, a "one stop shop."
... but, I had need for a cashiers check recently, and that was a good reminder of the lesson I had previously learned, that even if it's only on rare occasion, I need a regular traditional bank account, and having one with a branch I can physically go to has benefits online-only doesn't.
I was told by a rep that a cashier check is available from Fidelity. However, not at the investment center. They will mail it.
Interesting, I wonder if they would overnight it for free.
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Leif
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Re: Fidelity as a one stop shop

Post by Leif »

anon_investor wrote: Wed Feb 02, 2022 3:14 pm
Leif wrote: Wed Feb 02, 2022 3:12 pm
JoMoney wrote: Wed Feb 02, 2022 6:46 am Over the past year, I had been moving back in the direction of using Fidelity as my bank and potentially, eventually, a "one stop shop."
... but, I had need for a cashiers check recently, and that was a good reminder of the lesson I had previously learned, that even if it's only on rare occasion, I need a regular traditional bank account, and having one with a branch I can physically go to has benefits online-only doesn't.
I was told by a rep that a cashier check is available from Fidelity. However, not at the investment center. They will mail it.
Interesting, I wonder if they would overnight it for free.
I don't know. I didn't ask. But worth looking into if you have the need. Perhaps someone will chime in if they used this service at Fidelity.
January
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Re: Fidelity as a one stop shop

Post by January »

anon_investor wrote: Wed Feb 02, 2022 3:14 pm
Leif wrote: Wed Feb 02, 2022 3:12 pm
JoMoney wrote: Wed Feb 02, 2022 6:46 am Over the past year, I had been moving back in the direction of using Fidelity as my bank and potentially, eventually, a "one stop shop."
... but, I had need for a cashiers check recently, and that was a good reminder of the lesson I had previously learned, that even if it's only on rare occasion, I need a regular traditional bank account, and having one with a branch I can physically go to has benefits online-only doesn't.
I was told by a rep that a cashier check is available from Fidelity. However, not at the investment center. They will mail it.
Interesting, I wonder if they would overnight it for free.
I don't have personal experience with this, but there is a form to request a cashier's check, and it says, "Cashier’s checks will be sent via overnight mail to the account owner’s address."
Source:
http://personal.fidelity.com/misc/ekits ... equest.pdf
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

January wrote: Wed Feb 02, 2022 5:43 pm
anon_investor wrote: Wed Feb 02, 2022 3:14 pm
Leif wrote: Wed Feb 02, 2022 3:12 pm
JoMoney wrote: Wed Feb 02, 2022 6:46 am Over the past year, I had been moving back in the direction of using Fidelity as my bank and potentially, eventually, a "one stop shop."
... but, I had need for a cashiers check recently, and that was a good reminder of the lesson I had previously learned, that even if it's only on rare occasion, I need a regular traditional bank account, and having one with a branch I can physically go to has benefits online-only doesn't.
I was told by a rep that a cashier check is available from Fidelity. However, not at the investment center. They will mail it.
Interesting, I wonder if they would overnight it for free.
I don't have personal experience with this, but there is a form to request a cashier's check, and it says, "Cashier’s checks will be sent via overnight mail to the account owner’s address."
Source:
http://personal.fidelity.com/misc/ekits ... equest.pdf
That is good to know. Now if Fidelity physical locations accepted cash...
MisterBill
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Re: Fidelity as a one stop shop

Post by MisterBill »

January wrote: Wed Feb 02, 2022 5:43 pm
anon_investor wrote: Wed Feb 02, 2022 3:14 pm Interesting, I wonder if they would overnight it for free.
I don't have personal experience with this, but there is a form to request a cashier's check, and it says, "Cashier’s checks will be sent via overnight mail to the account owner’s address."
Source:
http://personal.fidelity.com/misc/ekits ... equest.pdf
Apparently that form is outdated, and they are not currently issuing Cashiers Checks. Sorry for pointing to a discussion on another site, but this thread on the Fidelity sub-Reddit is very informative and has comments from a Fidelity employee stating the current policy. Basically they say "Fidelity is not a bank" and "you can use wire transfers instead".

https://www.reddit.com/r/fidelityinvest ... _cashiers/
almostretired1965
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Re: Fidelity as a one stop shop

Post by almostretired1965 »

Leif wrote: Thu Jul 09, 2020 5:00 pm
Rajsx wrote: Thu Jul 09, 2020 1:15 pm I am getting tired of the arm twisting from Vanguard Flagship Select Rep to enroll in their Advisory Service (0.3%). A 30 yr romance with Vanguard may be ending soon if they pester me. Checking out other avenues.
Perhaps that is an advantage of NOT having Flagship status. I've not been bothered, except for congratulating me when I log into the website, that I qualify for them to take more of my money (with the advisory services).

Fidelity as well. I've not gotten sales pitch when I call, but I noticed the main accounts page has some ads on it. I had not notice that before.

Maybe you could ask your Vanguard rep to make a note to not sell you when you call.
Other than a note to check-in every 6 month or so, my rep has never tried to sell me anything. Have not noticed pop ups either, but that may just because I am ignoring them subconsciously .....
engineerbme
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Re: Fidelity as a one stop shop

Post by engineerbme »

anon_investor wrote: Wed Feb 02, 2022 10:37 am
MrJedi wrote: Wed Feb 02, 2022 10:34 am Looks like Fidelity fixed the $100 vs $200 miscellaneous income discrepancy for their new account bonus. For me at least.
They did for me too. I assume because a bunch of people probably started contacting them? Fingers crossed it is correct on the 1099 that comes later this month.
how do you know you're getting one for that account? under tax forms schedule in Fidelity I don't even see one for that account I setup to get the promo for 2021...
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

engineerbme wrote: Thu Feb 03, 2022 1:08 pm
anon_investor wrote: Wed Feb 02, 2022 10:37 am
MrJedi wrote: Wed Feb 02, 2022 10:34 am Looks like Fidelity fixed the $100 vs $200 miscellaneous income discrepancy for their new account bonus. For me at least.
They did for me too. I assume because a bunch of people probably started contacting them? Fingers crossed it is correct on the 1099 that comes later this month.
how do you know you're getting one for that account? under tax forms schedule in Fidelity I don't even see one for that account I setup to get the promo for 2021...
My Fidelity account says my consolidated 1099 is in progress and to check back 2/12/2022, it says the same for my spouse's account. I did have dividends in 2021, enough to trigger a 1099-DIV (over $10).
Rajsx
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Re: Fidelity as a one stop shop

Post by Rajsx »

I wonder what benefit does Fidelity have when I buy Vanguards ETF in my Fidelity account ? I presume the Expense Ratio of the Vanguard ETF will be going to Vanguard
yobery
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Re: Fidelity as a one stop shop

Post by yobery »

Rajsx wrote: Thu Feb 03, 2022 1:50 pm I wonder what benefit does Fidelity have when I buy Vanguards ETF in my Fidelity account ? I presume the Expense Ratio of the Vanguard ETF will be going to Vanguard
You will be more likely to give Fidelity future business of whatever sort, if they treat you well. I know I did
vtMaps
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Re: Fidelity as a one stop shop

Post by vtMaps »

Rajsx wrote: Thu Feb 03, 2022 1:50 pm I wonder what benefit does Fidelity have when I buy Vanguards ETF in my Fidelity account ?
Same benefit they get when you buy a stock without a transaction fee. --vtMaps
"Truly, whoever can make you believe absurdities can make you commit atrocities" --Voltaire, as translated by Norman Lewis Torrey
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