Fidelity as a one stop shop

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careerdata
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Re: Fidelity as a one stop shop

Post by careerdata »

leland wrote: Sat Aug 20, 2022 5:17 pm Q: For FZDXX, SPRXX or any of the Fidelity money market mutual funds is there a minimum holding period? At ML I know there's a 90 day minimum to avoid a fee. I didn't see that referenced in the prospectus and wanted to ask here for confirmation.
Thanks for sharing this. I just moved $40k from our Bank of America (BofA) checking and savings account into our new Merrill Edge (ME) brokerage account in our plan to get to $50k to qualify for the higher rewards on our Customized Cash credit card. While I don't think we will be moving those funds in the next 90 days, I will need to confirm that there is no minimum holding period on the TOIXX money market fund that we invested the $40k in.

Regards,

Joe
tarheel91
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Re: Fidelity as a one stop shop

Post by tarheel91 »

need403bhelp wrote: Sat Aug 20, 2022 3:32 pm Is it normal that joint CMA+Brokerage combo doesn’t open immediately when applying (both of us have workplace accounts with Fidelity) or is it because a credit bureau is frozen and needs to be unfrozen? Thanks!
IIRC, Fidelity checks with Early Warning Services (EWS) to open a CMA account. I don't think you can freeze/unfreeze EWS.

But they had some hold when my son tried to open a CMA. They asked him to upload his drivers license. He's a new customer though.
chet96
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Re: Fidelity as a one stop shop

Post by chet96 »

JoMoney wrote: Fri Aug 19, 2022 7:24 pm This was very new (for me)... I opened a non-CMA regular brokerage account a couple months ago, had everything setup with check-writing, debit card, with the intent of using it as a transaction account but with my direct deposits able to just directly go into my core money market fund rather than having to move it manually from the FDIC sweep. All of that appeared to be working fine, then when I got around to eventually making an ATM withdrawal from an ATM machine that had a fee, I found it wasn't getting refunded.
Now I'm stuck with the conundrum if I want to keep the brokerage account (and just avoid ATMs that have a fee), move back to the CMA that is refunded, or call back and see if I get a different answer from a different customer service rep (or relent and see about getting a PCG rep assigned.)
If it helps, I ran into the same problem before I realized the difference between the brokerage and the CMA.

The rep I spoke with waived the ATM fee for me. Maybe call back and play dumb. (The Fidelity documentation is not clear on the difference between the accounts, I learned from the folks here). I turned off the brokerage ATM card, and it just sits in my desk in case of emergency.

Like others, I didn't want to put the account number for the brokerage cash account out in the clear. I use the CMA for a firewall, and to move cash between my main checking and other accounts. Someone else on the board turned me on to the idea, and it works well. (My main bank does not use 2FA - not sure why they are still my main bank frankly - other than plain inertia). It really is a flexible account, and I am using it more and more.
need403bhelp
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Re: Fidelity as a one stop shop

Post by need403bhelp »

tarheel91 wrote: Sat Aug 20, 2022 5:28 pm
need403bhelp wrote: Sat Aug 20, 2022 3:32 pm Is it normal that joint CMA+Brokerage combo doesn’t open immediately when applying (both of us have workplace accounts with Fidelity) or is it because a credit bureau is frozen and needs to be unfrozen? Thanks!
IIRC, Fidelity checks with Early Warning Services (EWS) to open a CMA account. I don't think you can freeze/unfreeze EWS.

But they had some hold when my son tried to open a CMA. They asked him to upload his drivers license. He's a new customer though.
I see, thanks. Guess I’ll have to wait and or contact them.
Eno Deb
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Re: Fidelity as a one stop shop

Post by Eno Deb »

leland wrote: Sat Aug 20, 2022 5:17 pm Q: For FZDXX, SPRXX or any of the Fidelity money market mutual funds is there a minimum holding period? At ML I know there's a 90 day minimum to avoid a fee. I didn't see that referenced in the prospectus and wanted to ask here for confirmation.
Does Merrill seriously charge a short-term redemption fee on money market funds? That would be completely ridiculous, since these funds are typically used for short-term parking.

To answer the question, if have bought and sold both FZDXX and SPRXX short term and was never charged a fee.
leland
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Re: Fidelity as a one stop shop

Post by leland »

Eno Deb wrote: Sat Aug 20, 2022 7:10 pm
leland wrote: Sat Aug 20, 2022 5:17 pm Q: For FZDXX, SPRXX or any of the Fidelity money market mutual funds is there a minimum holding period? At ML I know there's a 90 day minimum to avoid a fee. I didn't see that referenced in the prospectus and wanted to ask here for confirmation.
Does Merrill seriously charge a short-term redemption fee on money market funds? That would be completely ridiculous, since these funds are typically used for short-term parking.

To answer the question, if have bought and sold both FZDXX and SPRXX short term and was never charged a fee.
Thanks for the answer. Supposedly ML does charge, not about to test if they coded an exception for money market funds. The main website doesn't note an exception.
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JoMoney
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Re: Fidelity as a one stop shop

Post by JoMoney »

chet96 wrote: Sat Aug 20, 2022 6:40 pm
JoMoney wrote: Fri Aug 19, 2022 7:24 pm This was very new (for me)... I opened a non-CMA regular brokerage account a couple months ago, had everything setup with check-writing, debit card, with the intent of using it as a transaction account but with my direct deposits able to just directly go into my core money market fund rather than having to move it manually from the FDIC sweep. All of that appeared to be working fine, then when I got around to eventually making an ATM withdrawal from an ATM machine that had a fee, I found it wasn't getting refunded.
Now I'm stuck with the conundrum if I want to keep the brokerage account (and just avoid ATMs that have a fee), move back to the CMA that is refunded, or call back and see if I get a different answer from a different customer service rep (or relent and see about getting a PCG rep assigned.)
If it helps, I ran into the same problem before I realized the difference between the brokerage and the CMA.

The rep I spoke with waived the ATM fee for me. Maybe call back and play dumb. (The Fidelity documentation is not clear on the difference between the accounts, I learned from the folks here). I turned off the brokerage ATM card, and it just sits in my desk in case of emergency.

Like others, I didn't want to put the account number for the brokerage cash account out in the clear. I use the CMA for a firewall, and to move cash between my main checking and other accounts. Someone else on the board turned me on to the idea, and it works well. (My main bank does not use 2FA - not sure why they are still my main bank frankly - other than plain inertia). It really is a flexible account, and I am using it more and more.
I don't care about trying to recoup the ATM fee from one time, if anything I'm just angry about Fidelity claiming those with "Private Client Status" receive ATM refunds on brokerage accounts when there are additional requirements (apparently) to get that benefit not clearly disclosed.
"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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VictorStarr
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Re: Fidelity as a one stop shop

Post by VictorStarr »

JoMoney wrote: Sat Aug 20, 2022 10:23 pm I don't care about trying to recoup the ATM fee from one time, if anything I'm just angry about Fidelity claiming those with "Private Client Status" receive ATM refunds on brokerage accounts when there are additional requirements (apparently) to get that benefit not clearly disclosed.
I am not sure that there are any "additional requirements (apparently) to get that benefit".
On this page (https://www.fidelity.com/customer-servi ... a-overview) - "ATM/debit cards" in FAQ section "Are there any fees associated with the Fidelity debit cards?" you can find following statement:
There's no annual fee on the card. Other institutions may assess fees for use of ATMs in their network. Fidelity® Cash Management Account customers or Fidelity accounts coded Premium, Private Client Group, or Wealth Management or held by customers with householded annual trading activity of 120 or more stock, bond, or options trades, will be reimbursed for ATM fees charged by other institutions.
And link "Reimbursement Schedule" shows:
Fidelity Account® Premium, Active Trader VIP, Private Client Group, Wealth Management, or former Youth accounts owners -
All ATM charges are reimbursed
If I recall correctly Premium status corresponds to $250K in assets (excluding $401K).
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VictorStarr
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Re: Fidelity as a one stop shop

Post by VictorStarr »

VictorStarr wrote: Sat Aug 20, 2022 10:46 pm
JoMoney wrote: Sat Aug 20, 2022 10:23 pm I don't care about trying to recoup the ATM fee from one time, if anything I'm just angry about Fidelity claiming those with "Private Client Status" receive ATM refunds on brokerage accounts when there are additional requirements (apparently) to get that benefit not clearly disclosed.
I am not sure that there are any "additional requirements (apparently) to get that benefit".
On this page (https://www.fidelity.com/customer-servi ... a-overview) - "ATM/debit cards" in FAQ section "Are there any fees associated with the Fidelity debit cards?" you can find following statement:
There's no annual fee on the card. Other institutions may assess fees for use of ATMs in their network. Fidelity® Cash Management Account customers or Fidelity accounts coded Premium, Private Client Group, or Wealth Management or held by customers with householded annual trading activity of 120 or more stock, bond, or options trades, will be reimbursed for ATM fees charged by other institutions.
I do not know how Fidelity, BNY Mellon and PNC collaborate on ATM fee reimbursements but maybe in your case information about your PCG status with Fidelity was not shared with BNY Mellon, and you did not get reimbursements.

When I open CMA account with Fidelity it took BNY Mellon at least half a year to increase an ATM withdrawal limit to $1,530 (section 4.1.2 of DEBIT CARD AGREEMENT AND DISCLOSURE STATEMENT) - https://www.fidelity.com/bin-public/060 ... eement.pdf . My guesstimate here that "Higher Net Worth Investors" corresponds to PCG status.
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JoMoney
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Re: Fidelity as a one stop shop

Post by JoMoney »

Believe me, I am well aware of what Fidelity's web site says regarding reimbursement for ATM fees. As I said upthread, I even confirmed it with one of their customer service reps before I opened the brokerage account that as a PCG status customer I would get the fees reimbursed with the brokerage account... and then when I actually had an ATM fee it wasn't, and when I called back the customer service rep (after a bit of putting me on hold) came back saying that they "learned something" and apparently I would have to have an assigned PCG representative and work with them to get a brokerage account that has the fees reimbursed. (... or just stick with the CMA account that does get the ATM fees reimbursed...)
"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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VictorStarr
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Re: Fidelity as a one stop shop

Post by VictorStarr »

JoMoney wrote: Sun Aug 21, 2022 12:16 am Believe me, I am well aware of what Fidelity's web site says regarding reimbursement for ATM fees. As I said upthread, I even confirmed it with one of their customer service reps before I opened the brokerage account that as a PCG status customer I would get the fees reimbursed with the brokerage account... and then when I actually had an ATM fee it wasn't, and when I called back the customer service rep (after a bit of putting me on hold) came back saying that they "learned something" and apparently I would have to have an assigned PCG representative and work with them to get a brokerage account that has the fees reimbursed. (... or just stick with the CMA account that does get the ATM fees reimbursed...)
I understand that some customer service rep said that you "would have to have an assigned PCG representative", this answer contradicts the official Fidelity page "ATM/debit cards". I would talk to another rep and insist on ATM fee reimbursement. In my experience, one of the drawbacks of using Fidelity brokerage/CMA accounts as replacement for banking account(s) is that many CS reps are not well versed in details of Fidelity cash management features (it’s not Fidelity primary business). At least a couple of times I had reps that gave me incorrect information, follow up calls with different reps resulted in positive outcomes.
hafjell
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Re: Fidelity as a one stop shop

Post by hafjell »

leland wrote: Sat Aug 20, 2022 5:17 pm Q: For FZDXX, SPRXX or any of the Fidelity money market mutual funds is there a minimum holding period? At ML I know there's a 90 day minimum to avoid a fee. I didn't see that referenced in the prospectus and wanted to ask here for confirmation.
Not for SPRXX.
careerdata
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Re: Fidelity as a one stop shop

Post by careerdata »

VictorStarr wrote: Sat Aug 20, 2022 11:01 pm
I do not know how Fidelity, BNY Mellon and PNC collaborate on ATM fee reimbursements but maybe in your case information about your PCG status with Fidelity was not shared with BNY Mellon, and you did not get reimbursements.

When I open CMA account with Fidelity it took BNY Mellon at least half a year to increase an ATM withdrawal limit to $1,530 (section 4.1.2 of DEBIT CARD AGREEMENT AND DISCLOSURE STATEMENT) - https://www.fidelity.com/bin-public/060 ... eement.pdf . My guesstimate here that "Higher Net Worth Investors" corresponds to PCG status.
We just opened a Fidelity CMA this week and my wife tested the CMA's ATM/Debit card to do a cash withdrawal at the Bank of America (BofA) ATM we normally use. From her recollection, the first screen said there would be a $3 fee and then in the final step after entering the amount to withdraw the ATM came back with an error message that said essentially that the financial institution (BofA maybe?) would not allow this transaction.

We still have $9k in checking at BofA while we transition to the Fidelity CMA for our banking, so she just used our BoA ATM/Debit card. Any initial thoughts on this rejection? Are there only certain ATM networks that we can use with the Fidelity CMA ATM/Debit card? When she travels to the Philippines this upcoming January are there certain ATM networks that she will have to use?

Thanks!

Joe
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Re: Fidelity as a one stop shop

Post by muffins14 »

I’ve used the debit card at intentional and American ATMs and never had an issue. I never note the network used
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TimeRunner
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Re: Fidelity as a one stop shop

Post by TimeRunner »

careerdata wrote: Sun Aug 21, 2022 12:42 pm ...Any initial thoughts on this rejection?
Is the card activated and unlocked? Should be able to see card status from both website and mobile app.
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Sage16
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Re: Fidelity as a one stop shop

Post by Sage16 »

JoMoney wrote: Sun Aug 21, 2022 12:16 am Believe me, I am well aware of what Fidelity's web site says regarding reimbursement for ATM fees. As I said upthread, I even confirmed it with one of their customer service reps before I opened the brokerage account that as a PCG status customer I would get the fees reimbursed with the brokerage account... and then when I actually had an ATM fee it wasn't, and when I called back the customer service rep (after a bit of putting me on hold) came back saying that they "learned something" and apparently I would have to have an assigned PCG representative and work with them to get a brokerage account that has the fees reimbursed. (... or just stick with the CMA account that does get the ATM fees reimbursed...)
When we moved our accounts from Vanguard to Fidelity last year we met with someone in our local office that shows now on our account as our PCG rep. We had asked about a transfer bonus and if we could get a discount on the margin rate. He told me "everything is negotiable". I would suggest contacting the local office and ask for the ATM's to be reimbursed on the brokerage account. You can always tell them you are going to Schwab if they can't accommodate you and see if that gets you anywhere, especially since you are already PCG status. We also get free Turbo tax.
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careerdata
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Re: Fidelity as a one stop shop

Post by careerdata »

TimeRunner wrote: Sun Aug 21, 2022 1:06 pm
careerdata wrote: Sun Aug 21, 2022 12:42 pm ...Any initial thoughts on this rejection?
Is the card activated and unlocked? Should be able to see card status from both website and mobile app.
Thank you for your suggestion!

We had activated both cards earlier this week and because it was a joint CMA we thought when I set the PIN on the mobile app it set it for her card as well as it would not let me set it on her card. So we downloaded the Fidelity mobile app on her phone and we are able to set the PIN on her card. Because the ATM is just 10 minutes, we took a quick drive a short while ago and we were each able to withdraw $20 with a $3 service added on, which if I understand correctly from other posts, the $3 service fees will be reimbursed in one of our accounts (CMA or brokerage) tomorrow but we will check then to be 100% sure.

Joe
careerdata
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Re: Fidelity as a one stop shop

Post by careerdata »

muffins14 wrote: Sun Aug 21, 2022 12:45 pm I’ve used the debit card at intentional and American ATMs and never had an issue. I never note the network used
Thank you! When traveling internationally do all the ATMs dispense in local currency? For example, in Philippine pesos (PHP) when she visits there next year? My wife says there are some establishments she is likely to visit next year in the Philippines that she recalls from her last trip there that will only accept cash (PHP) or PHP and credit cards--no debit cards.

Are there any other fees that were charged at the ATM when you were in a foreign country? If so, were these fees reimbursed by Fidelity as well?

Joe
nonnie
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Re: Fidelity as a one stop shop

Post by nonnie »

We're fairly new Fidelity customers and I'm just finishing getting our brokerage accounts set up. 1 individual taxable account for each of us, 1 joint account, Roth for me, IRA and Roth for him. I've also just finished adding our Fidelity bank account number to all of our credit cards for autopay (CC company pulls funds from Fidelity).

I want to keep my decades old BofA account open, it's useful for Medallion, linked to Treasury Direct, etc. but I need a direct deposit to avoid monthly fees and so currently have my SS check deposited there. I want to set up a monthly transfer of my SS check to Fidelity but BofA charges a $3.00 fee for this. It appears I can either set up an automatic investment or a recurring withdrawal at Fidelity but there's no ability to set up a date such as "3rd Wednesday of the month." Any advice as to which method I should use? I'm thinking to default to last day of month to make sure SS check has been deposited.

I decided not to have a CMA account but now I'm thinking twice about having my monthly banking transactions in my brokerage account. If I did this:
1) I'd get new bank account # that I'd have to change with all CC companies, right?
2) Is it possible to set up automatic(I can't think of the word) transfer from my brokerage account to reimburse my CMA account? and pull from FDZXX?
3) I ordered debit cards for our two individual brokerage accounts. With 2 new CMA accounts would we require new debit cards?
Anything else that would complicate the process that I'm not aware of?

Thanks Much.
vaylie
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Re: Fidelity as a one stop shop

Post by vaylie »

Eno Deb wrote: Sat Aug 20, 2022 7:10 pm
leland wrote: Sat Aug 20, 2022 5:17 pm Q: For FZDXX, SPRXX or any of the Fidelity money market mutual funds is there a minimum holding period? At ML I know there's a 90 day minimum to avoid a fee. I didn't see that referenced in the prospectus and wanted to ask here for confirmation.
Does Merrill seriously charge a short-term redemption fee on money market funds? That would be completely ridiculous, since these funds are typically used for short-term parking.

To answer the question, if have bought and sold both FZDXX and SPRXX short term and was never charged a fee.
I bought TMCXX at Merrill Edge in June and held it for less than 30 days. No fees were charged for either the purchase or the sale.
careerdata
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Re: Fidelity as a one stop shop

Post by careerdata »

nonnie wrote: Sun Aug 21, 2022 3:16 pm
I want to keep my decades old BofA account open, it's useful for Medallion, linked to Treasury Direct, etc. but I need a direct deposit to avoid monthly fees and so currently have my SS check deposited there. I want to set up a monthly transfer of my SS check to Fidelity but BofA charges a $3.00 fee for this. It appears I can either set up an automatic investment or a recurring withdrawal at Fidelity but there's no ability to set up a date such as "3rd Wednesday of the month." Any advice as to which method I should use? I'm thinking to default to last day of month to make sure SS check has been deposited.
We are testing out the Fidelity CMA and just set up what they call overdraft transfer to pull funds from our joint Fidelity brokerage account and have all credit cards and monthly expenses paid by the CMA, which pulls the funds from the Fidelity brokerage account as needed. We keep a $0 balance in the CMA. Others on the board have different combinations between the CMA and brokerage account(s), and sometimes they employ multiply CMAs that seems to work very well for them, but this is what we are starting with to see how it goes.

We too have a long relationship with the BoA and several other posters showed us how we could move $20k of our BofA savings into a Merrill Edge brokerage account and that would allow us to keep our Gold preferred rewards level with BoA, which waives the monthly maintenance fees. This allows us to keep our BoA accounts and brick-and-mortar access with no maintenance fees and frees us up to move all our emergency savings to ME and Fidelity where can at least earn some interest by investing it in money market funds like TOIXX (with ME) and SPRXX (with Fidelity).

We also have now set our direct deposit checks to go to the Fidelity CMA but I'm not sure in your arrangement if you need to keep the direct deposit with BoA related to the other items (Medallion, Treasury Direct, etc.) you mentioned that we do not currently have with BoA.

Good luck with your own experiment! :happy

Joe
Lyrrad
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Re: Fidelity as a one stop shop

Post by Lyrrad »

careerdata wrote: Sun Aug 21, 2022 2:50 pm
Thank you! When traveling internationally do all the ATMs dispense in local currency? For example, in Philippine pesos (PHP) when she visits there next year? My wife says there are some establishments she is likely to visit next year in the Philippines that she recalls from her last trip there that will only accept cash (PHP) or PHP and credit cards--no debit cards.

Are there any other fees that were charged at the ATM when you were in a foreign country? If so, were these fees reimbursed by Fidelity as well?

Joe
There exist some ATMs that dispense USD in foreign countries. From what I've seen ATMs that dispense the local currency are more common.

In my experience, if you withdraw USD from a foreign ATM, the fee charged by the ATM (if any) is reimbursed).

When I withdraw foreign currency, I appear to get the rate listed on the Visa website for that day: https://usa.visa.com/support/consumer/t ... lator.html

The exchange rate may include an cost over the mid-market rate depending on the currency. You can look at some historical rates to compare.
nonnie
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Re: Fidelity as a one stop shop

Post by nonnie »

careerdata wrote: Sun Aug 21, 2022 3:40 pm
nonnie wrote: Sun Aug 21, 2022 3:16 pm
I want to keep my decades old BofA account open, it's useful for Medallion, linked to Treasury Direct, etc. but I need a direct deposit to avoid monthly fees and so currently have my SS check deposited there. I want to set up a monthly transfer of my SS check to Fidelity but BofA charges a $3.00 fee for this. It appears I can either set up an automatic investment or a recurring withdrawal at Fidelity but there's no ability to set up a date such as "3rd Wednesday of the month." Any advice as to which method I should use? I'm thinking to default to last day of month to make sure SS check has been deposited.
We are testing out the Fidelity CMA and just set up what they call overdraft transfer to pull funds from our joint Fidelity brokerage account and have all credit cards and monthly expenses paid by the CMA, which pulls the funds from the Fidelity brokerage account as needed. We keep a $0 balance in the CMA. Others on the board have different combinations between the CMA and brokerage account(s), and sometimes they employ multiply CMAs that seems to work very well for them, but this is what we are starting with to see how it goes. [snip]

We also have now set our direct deposit checks to go to the Fidelity CMA but I'm not sure in your arrangement if you need to keep the direct deposit with BoA related to the other items (Medallion, Treasury Direct, etc.) you mentioned that we do not currently have with BoA.

Good luck with your own experiment! :happy

Joe
thanks for the info. The Fidelity rep I spoke with told me the overdraft transfer was for emergencies and not to be used on a recurring basis. I'll call back and speak to someone else because what you've described is exactly what we want. We only have 3-4 bills per month per account. I'm not looking forward to getting new account numbers and having to deal with giving them all again to our CC companies, I wish I'd thought to set up a CMA first time around.
Still not sure what to do about BofA--our account is $1500 minimum balance or direct transfer. If I set up an automatic investment at the end of the month for my SS check that comes on the 4th Wednesday, I can channel it right into FZDXX which is actually better than having a direct deposit which will go into my Core account and I'll then I would have had to purchase FZDXX (I just talked myself thru this writing it!) I think I'll set up my SO's account this way also instead of doing direct deposit. Thanks for the inspiration!
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Re: Fidelity as a one stop shop

Post by JunkAddr »

Thank you all for the wonderful information here. I'm in the process of moving over from Vanguard after waiting 1.5 hours as a Flagship client to convert my mutual funds to ETFs. :( Fidelity picks up every call instantly.

I have two questions I am hoping others can help with.

1. Does Fidelity's CMA Bill Pay hide my true account number when sending out the paper checks? I'd like to try to keep my CMA's account number as private as possible.

2. Does anyone recommend another no-fee online bank with a good app/website experience/Zelle and other bells and whistles to use in combination with the CMA?

I'd like only my employer to have my account number for direct deposit to minimize potential risk of my account number being leaked or used to drain contents. If I need to hookup an online account or account number based payment method, I want to use another "online only" account that, if hacked, I'd only lose a few thousand dollars instead of real money in my CMA/brokerage. Be nice if the ACH transfer were quick as well -- that's my only issue with the CMA as of today. 6 days to move money from one account into the CMA.

Thank you all so much!
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Re: Fidelity as a one stop shop

Post by volstagg »

JunkAddr wrote: Sat Aug 27, 2022 10:49 am 1. Does Fidelity's CMA Bill Pay hide my true account number when sending out the paper checks? I'd like to try to keep my CMA's account number as private as possible.
In my experience, no. The full CMA account number and routing number appear on the check, the same as if you wrote the check yourself and gave it to the recipient directly.
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Re: Fidelity as a one stop shop

Post by anon_investor »

volstagg wrote: Sat Aug 27, 2022 11:13 am
JunkAddr wrote: Sat Aug 27, 2022 10:49 am 1. Does Fidelity's CMA Bill Pay hide my true account number when sending out the paper checks? I'd like to try to keep my CMA's account number as private as possible.
In my experience, no. The full CMA account number and routing number appear on the check, the same as if you wrote the check yourself and gave it to the recipient directly.
This is why I only use my CMA for paying current bills and keep any substantial money in my brokerage.
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Re: Fidelity as a one stop shop

Post by JunkAddr »

volstagg wrote: Sat Aug 27, 2022 11:13 am In my experience, no. The full CMA account number and routing number appear on the check, the same as if you wrote the check yourself and gave it to the recipient directly.
Ah, fudge, looks like I'll still need a two account system then.
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Re: Fidelity as a one stop shop

Post by nalor511 »

JunkAddr wrote: Sat Aug 27, 2022 11:17 am
volstagg wrote: Sat Aug 27, 2022 11:13 am In my experience, no. The full CMA account number and routing number appear on the check, the same as if you wrote the check yourself and gave it to the recipient directly.
Ah, fudge, looks like I'll still need a two account system then.
You can easily set up CMA2 that you use for bill pay, with $0 in it, and turn on self over draft from CMA1 that you have your $ in. Fidelity's system is extremely flexible
classicindexer
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Joined: Tue Apr 09, 2019 10:43 am

Re: Fidelity as a one stop shop

Post by classicindexer »

volstagg wrote: Sat Aug 27, 2022 11:13 am
JunkAddr wrote: Sat Aug 27, 2022 10:49 am 1. Does Fidelity's CMA Bill Pay hide my true account number when sending out the paper checks? I'd like to try to keep my CMA's account number as private as possible.
In my experience, no. The full CMA account number and routing number appear on the check, the same as if you wrote the check yourself and gave it to the recipient directly.
In my experience a paper check sent by Fidelity BillPay had a different prefix (7780) than my checks (7710), and same ending account number.
InMyDreams
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Re: Fidelity as a one stop shop

Post by InMyDreams »

JunkAddr wrote: Sat Aug 27, 2022 10:49 am\

2. Does anyone recommend another no-fee online bank with a good app/website experience/Zelle and other bells and whistles to use in combination with the CMA?\
Have you looked at your local credit union? Mine told me that my name and account # info does not appear on bill-pay checks unless I add it to the memo. To the best of my knowledge, that is true.
LoveTheBogle
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Re: Fidelity as a one stop shop

Post by LoveTheBogle »

Great insights everyone. I have a few questions and I apologize ahead of time if they have been answered already in this huge (helpful) thread. You’ll see a common theme in the questions.

1. When doing an ACH pull, do you use account type as Checking or Savings on the puller side website?

2. For an ACH pull does it matter if it is brokerage or CMA?

3. If your Fidelity account is a trust account using your SSN, whether trust brokerage or trust CMA account, have you had any problems setting up ACH pulls using your individual name?

4. Any issues with IRS ACH pulls using their Direct Pay or EFTPs?

5. Any issues setting up a Fidelity brokerage or CMA account with Treasury Direct? Do you select it as checking or savings on TD add bank form?

6. Are the ATM reimbursements automatic on the brokerage side if you qualify for free ATM fee reimbursement? Does it actually show up on a statement as a charge and then a credit or doesn’t show up at all?
increment
Posts: 1736
Joined: Tue May 15, 2018 2:20 pm

Re: Fidelity as a one stop shop

Post by increment »

LoveTheBogle wrote: Sat Aug 27, 2022 3:04 pm 1. When doing an ACH pull, do you use account type as Checking or Savings on the puller side website?
I call it "checking" and use the number from my paper checks.
4. Any issues with IRS ACH pulls using their Direct Pay or EFTPs?
No issues using EFTPS from CMA.
HomeStretch
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Re: Fidelity as a one stop shop

Post by HomeStretch »

LoveTheBogle wrote: Sat Aug 27, 2022 3:04 pm Great insights everyone. I have a few questions and I apologize ahead of time if they have been answered already in this huge (helpful) thread. You’ll see a common theme in the questions.

1. When doing an ACH pull, do you use account type as Checking or Savings on the puller side website?
Checking (Fidelity says this somewhere on the website too)

4. Any issues with IRS ACH pulls using their Direct Pay or EFTPs?
I had no issue with an IRS pull using Direct Pay last week. My 2021 Federal refund was direct deposited last week too with no issue.

5. Any issues setting up a Fidelity brokerage or CMA account with Treasury Direct? Do you select it as checking or savings on TD add bank form?
No issue setting up my Fidelity CMA as a TD linked banking account. The Fidelity local office provided the necessary signature guarantee. Checking account.
My comments are in blue.
tarheel91
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Re: Fidelity as a one stop shop

Post by tarheel91 »

JunkAddr wrote: Sat Aug 27, 2022 10:49 am 2. Does anyone recommend another no-fee online bank with a good app/website experience/Zelle and other bells and whistles to use in combination with the CMA?
Have a look at Capital one 360 checking. I know C1 is one of the big 7 hated banks. But it has some nice features including no fee checking, zelle and some local presence and stuff.
JunkAddr
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Re: Fidelity as a one stop shop

Post by JunkAddr »

tarheel91 wrote: Sat Aug 27, 2022 4:02 pm Have a look at Capital one 360 checking. I know C1 is one of the big 7 hated banks. But it has some nice features including no fee checking, zelle and some local presence and stuff.
Will do. I think the only additional benefit of a big bank / actual checking account is the ability to get a cashier's check, which I've needed twice in my life at apartment complexes with strange policies.

Thank you to the other poster for suggesting a second CMA. I didn't know I could have more than one.

That might be the solution I go with -- just have bill-pay/checking/debit from CMA 2 which will overdraft from my "real" CMA that gets direct deposits from my company.
chassis
Posts: 2184
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Re: Fidelity as a one stop shop

Post by chassis »

LoveTheBogle wrote: Sat Aug 27, 2022 3:04 pm Great insights everyone. I have a few questions and I apologize ahead of time if they have been answered already in this huge (helpful) thread. You’ll see a common theme in the questions.

1. When doing an ACH pull, do you use account type as Checking or Savings on the puller side website?

2. For an ACH pull does it matter if it is brokerage or CMA?

3. If your Fidelity account is a trust account using your SSN, whether trust brokerage or trust CMA account, have you had any problems setting up ACH pulls using your individual name?

4. Any issues with IRS ACH pulls using their Direct Pay or EFTPs?

5. Any issues setting up a Fidelity brokerage or CMA account with Treasury Direct? Do you select it as checking or savings on TD add bank form?

6. Are the ATM reimbursements automatic on the brokerage side if you qualify for free ATM fee reimbursement? Does it actually show up on a statement as a charge and then a credit or doesn’t show up at all?
1. Always checking. Fidelity's instructions say this somewhere.

2. No. CMA accounts are brokerage accounts. This is stated in Fidelity's documentation. The cash sweep is held by a bank of your choosing among a list of bank options that Fidelity offers.

4. I will let you know in 2 weeks.

6. The ATM fee reimbursement shows as a line item in the CMA activity summary. Your question is unclear.
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JoMoney
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Re: Fidelity as a one stop shop

Post by JoMoney »

LoveTheBogle wrote: Sat Aug 27, 2022 3:04 pm...
6. Are the ATM reimbursements automatic on the brokerage side if you qualify for free ATM fee reimbursement? Does it actually show up on a statement as a charge and then a credit or doesn’t show up at all?
Everyone with a CMA qualifies for ATM fee reimbursement in the CMA account, and it shows on the statement as a separate credit "ATM FEE REBATE".
With the non-CMA brokerage account I assume it would work the same way, but as I mentioned up thread it didn't happen for me automatically, despite being told before I opened the account that it would because I have Private Client Group status. After not getting an ATM fee rebated though, I called back in and being put on hold to 'research' it, the answer came back that I would need to get assigned to a PCG rep specifically (I don't currently have a rep assigned) and work with them if I wanted to get ATM rebates on a brokerage account. Others have reported a different experience. I just went back to using the regular CMA account since there's no hassle getting the rebate from that account.
"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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JoMoney
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Re: Fidelity as a one stop shop

Post by JoMoney »

chassis wrote: Sat Aug 27, 2022 5:42 pm...
2. No. CMA accounts are brokerage accounts. This is stated in Fidelity's documentation. The cash sweep is held by a bank of your choosing among a list of bank options that Fidelity offers. ...
I don't think you can choose which specific bank, I believe you can choose to exclude certain banks if you're afraid you'll go over your FDIC limit because of other deposits there... but I'm pretty sure it's at Fidelity's discretion which banks from the list get used otherwise.
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
nalor511
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Re: Fidelity as a one stop shop

Post by nalor511 »

JoMoney wrote: Sat Aug 27, 2022 6:22 pm
chassis wrote: Sat Aug 27, 2022 5:42 pm...
2. No. CMA accounts are brokerage accounts. This is stated in Fidelity's documentation. The cash sweep is held by a bank of your choosing among a list of bank options that Fidelity offers. ...
I don't think you can choose which specific bank, I believe you can choose to exclude certain banks if you're afraid you'll go over your FDIC limit because of other deposits there... but I'm pretty sure it's at Fidelity's discretion which banks from the list get used otherwise.
Don't use FDIC, just "buy" sprxx with your cash, to actually earn interest. Sprxx (or any MMF) at Fidelity will auto liquidate to cover withdrawals
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

nalor511 wrote: Sat Aug 27, 2022 6:42 pm
JoMoney wrote: Sat Aug 27, 2022 6:22 pm
chassis wrote: Sat Aug 27, 2022 5:42 pm...
2. No. CMA accounts are brokerage accounts. This is stated in Fidelity's documentation. The cash sweep is held by a bank of your choosing among a list of bank options that Fidelity offers. ...
I don't think you can choose which specific bank, I believe you can choose to exclude certain banks if you're afraid you'll go over your FDIC limit because of other deposits there... but I'm pretty sure it's at Fidelity's discretion which banks from the list get used otherwise.
Don't use FDIC, just "buy" sprxx with your cash, to actually earn interest. Sprxx (or any MMF) at Fidelity will auto liquidate to cover withdrawals
+1, I do this. SPRXX currently yields 2.09% vs the FDIC insured sweep which earns only 1.2%.
careerdata
Posts: 332
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Re: Fidelity as a one stop shop

Post by careerdata »

JoMoney wrote: Sat Aug 27, 2022 6:17 pm
LoveTheBogle wrote: Sat Aug 27, 2022 3:04 pm...
6. Are the ATM reimbursements automatic on the brokerage side if you qualify for free ATM fee reimbursement? Does it actually show up on a statement as a charge and then a credit or doesn’t show up at all?
Everyone with a CMA qualifies for ATM fee reimbursement in the CMA account, and it shows on the statement as a separate credit "ATM FEE REBATE".
With the non-CMA brokerage account I assume it would work the same way, but as I mentioned up thread it didn't happen for me automatically, despite being told before I opened the account that it would because I have Private Client Group status. After not getting an ATM fee rebated though, I called back in and being put on hold to 'research' it, the answer came back that I would need to get assigned to a PCG rep specifically (I don't currently have a rep assigned) and work with them if I wanted to get ATM rebates on a brokerage account. Others have reported a different experience. I just went back to using the regular CMA account since there's no hassle getting the rebate from that account.
Thanks for sharing this! So far almost everything seems to be working like clockwork with us our opening up a Fidelity CMA with no funding and then setting up the overdraft feature with our Fidelity brokerage account, where our two paychecks are now deposited. There have just been two items I may not have set up correctly: 1) being able to link to Remitly (for when my wife periodically sends funds to her brother in the Philippines, usually to help when there has been a death or weather damage with the extended relatives) and 2) getting the automatic ATM Fee Rebate to work for us.

When we entered the Fidelity CMA account information at Remitly we received the following error message:

"We couldn't verify your bank account. Check your routing and account numbers or use a debit or credit card."

We have Remitly hooked up to our BoA checking account so we can always use that, but I was hoping to draw down the balances at the BoA as we try to get Fidelity to be our primary bank.

Regarding the ATM Fee Rebate, we did two test ATM withdrawals on 8/22, each for $20 with a $3 service fee added to each, for a total cost of $46. The overdraft feature worked just fine, pulling $46 from our brokerage account to the CMA to cover the ATM withdrawal and fees, but as of today, I am not seeing any rebate in our joint CMA ATM Fee Rebate history.

Any thoughts on what I might have down incorrectly with regard to these two items?

Regards,

Joe
User avatar
JoMoney
Posts: 16260
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Re: Fidelity as a one stop shop

Post by JoMoney »

careerdata wrote: Sat Aug 27, 2022 8:35 pm
JoMoney wrote: Sat Aug 27, 2022 6:17 pm
LoveTheBogle wrote: Sat Aug 27, 2022 3:04 pm...
6. Are the ATM reimbursements automatic on the brokerage side if you qualify for free ATM fee reimbursement? Does it actually show up on a statement as a charge and then a credit or doesn’t show up at all?
Everyone with a CMA qualifies for ATM fee reimbursement in the CMA account, and it shows on the statement as a separate credit "ATM FEE REBATE".
With the non-CMA brokerage account I assume it would work the same way, but as I mentioned up thread it didn't happen for me automatically, despite being told before I opened the account that it would because I have Private Client Group status. After not getting an ATM fee rebated though, I called back in and being put on hold to 'research' it, the answer came back that I would need to get assigned to a PCG rep specifically (I don't currently have a rep assigned) and work with them if I wanted to get ATM rebates on a brokerage account. Others have reported a different experience. I just went back to using the regular CMA account since there's no hassle getting the rebate from that account.
Thanks for sharing this! So far almost everything seems to be working like clockwork with us our opening up a Fidelity CMA with no funding and then setting up the overdraft feature with our Fidelity brokerage account, where our two paychecks are now deposited. There have just been two items I may not have set up correctly: 1) being able to link to Remitly (for when my wife periodically sends funds to her brother in the Philippines, usually to help when there has been a death or weather damage with the extended relatives) and 2) getting the automatic ATM Fee Rebate to work for us.

When we entered the Fidelity CMA account information at Remitly we received the following error message:

"We couldn't verify your bank account. Check your routing and account numbers or use a debit or credit card."

We have Remitly hooked up to our BoA checking account so we can always use that, but I was hoping to draw down the balances at the BoA as we try to get Fidelity to be our primary bank.

Regarding the ATM Fee Rebate, we did two test ATM withdrawals on 8/22, each for $20 with a $3 service fee added to each, for a total cost of $46. The overdraft feature worked just fine, pulling $46 from our brokerage account to the CMA to cover the ATM withdrawal and fees, but as of today, I am not seeing any rebate in our joint CMA ATM Fee Rebate history.

Any thoughts on what I might have down incorrectly with regard to these two items?

Regards,

Joe
If your ATM withdrawals are still showing as the status "pending" in your CMA account, that's normal, the rebate won't happen until it's posted completely.
If the ATM withdrawal has completed the processing (which if occurred on 8/22 it should have), and you don't have a rebate that's very unusual. I have no idea what to tell you, I've heard/read that can happen if the ATM isn't properly listing the fee as a separate item (does it show as a fee on your ATM receipt?) ... You can try other ATM machines and confirm if it's just that one ATM operator, or you can call Fidelity and ask them.
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
tarheel91
Posts: 198
Joined: Sat Jul 15, 2017 11:27 pm

Re: Fidelity as a one stop shop

Post by tarheel91 »

anon_investor wrote: Sat Aug 27, 2022 6:43 pm +1, I do this. SPRXX currently yields 2.09% vs the FDIC insured sweep which earns only 1.2%.
This is such a remarkable and unique feature to Fidelity CMA. You can have all your money in your chosen MM fund (SPRXX in my case) and they liquidate and pay the bills as needed. I'm impressed with this feature.
careerdata
Posts: 332
Joined: Sat Sep 09, 2017 7:12 pm

Re: Fidelity as a one stop shop

Post by careerdata »

JoMoney wrote: Sat Aug 27, 2022 8:42 pm
careerdata wrote: Sat Aug 27, 2022 8:35 pm
JoMoney wrote: Sat Aug 27, 2022 6:17 pm
LoveTheBogle wrote: Sat Aug 27, 2022 3:04 pm...
6. Are the ATM reimbursements automatic on the brokerage side if you qualify for free ATM fee reimbursement? Does it actually show up on a statement as a charge and then a credit or doesn’t show up at all?
Everyone with a CMA qualifies for ATM fee reimbursement in the CMA account, and it shows on the statement as a separate credit "ATM FEE REBATE".
With the non-CMA brokerage account I assume it would work the same way, but as I mentioned up thread it didn't happen for me automatically, despite being told before I opened the account that it would because I have Private Client Group status. After not getting an ATM fee rebated though, I called back in and being put on hold to 'research' it, the answer came back that I would need to get assigned to a PCG rep specifically (I don't currently have a rep assigned) and work with them if I wanted to get ATM rebates on a brokerage account. Others have reported a different experience. I just went back to using the regular CMA account since there's no hassle getting the rebate from that account.
Thanks for sharing this! So far almost everything seems to be working like clockwork with us our opening up a Fidelity CMA with no funding and then setting up the overdraft feature with our Fidelity brokerage account, where our two paychecks are now deposited. There have just been two items I may not have set up correctly: 1) being able to link to Remitly (for when my wife periodically sends funds to her brother in the Philippines, usually to help when there has been a death or weather damage with the extended relatives) and 2) getting the automatic ATM Fee Rebate to work for us.

When we entered the Fidelity CMA account information at Remitly we received the following error message:

"We couldn't verify your bank account. Check your routing and account numbers or use a debit or credit card."

We have Remitly hooked up to our BoA checking account so we can always use that, but I was hoping to draw down the balances at the BoA as we try to get Fidelity to be our primary bank.

Regarding the ATM Fee Rebate, we did two test ATM withdrawals on 8/22, each for $20 with a $3 service fee added to each, for a total cost of $46. The overdraft feature worked just fine, pulling $46 from our brokerage account to the CMA to cover the ATM withdrawal and fees, but as of today, I am not seeing any rebate in our joint CMA ATM Fee Rebate history.

Any thoughts on what I might have down incorrectly with regard to these two items?

Regards,

Joe
If your ATM withdrawals are still showing as the status "pending" in your CMA account, that's normal, the rebate won't happen until it's posted completely.
If the ATM withdrawal has completed the processing (which if occurred on 8/22 it should have), and you don't have a rebate that's very unusual. I have no idea what to tell you, I've heard/read that can happen if the ATM isn't properly listing the fee as a separate item (does it show as a fee on your ATM receipt?) ... You can try other ATM machines and confirm if it's just that one ATM operator, or you can call Fidelity and ask them.
Thank you! I just checked on the Fidelity mobile app and it shows both withdrawals for $23.00 each cleared the very next day (8/23). Since it was a test, I saved the receipts and they show the following:

Withdrawal from Checking (the Fidelity CMA) = $20.00
ATM Owner Fee = $3.00
Total Amount = $23.00

The ATM we used was the BoA ATM right outside their bank, which is just 10 minutes away from where we live.

I will give Fidelity a call tomorrow to see if they can research further.

Joe
tj
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Re: Fidelity as a one stop shop

Post by tj »

tarheel91 wrote: Sat Aug 27, 2022 8:50 pm
anon_investor wrote: Sat Aug 27, 2022 6:43 pm +1, I do this. SPRXX currently yields 2.09% vs the FDIC insured sweep which earns only 1.2%.
This is such a remarkable and unique feature to Fidelity CMA. You can have all your money in your chosen MM fund (SPRXX in my case) and they liquidate and pay the bills as needed. I'm impressed with this feature.
Why not FZDXX?
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

tj wrote: Sat Aug 27, 2022 10:01 pm
tarheel91 wrote: Sat Aug 27, 2022 8:50 pm
anon_investor wrote: Sat Aug 27, 2022 6:43 pm +1, I do this. SPRXX currently yields 2.09% vs the FDIC insured sweep which earns only 1.2%.
This is such a remarkable and unique feature to Fidelity CMA. You can have all your money in your chosen MM fund (SPRXX in my case) and they liquidate and pay the bills as needed. I'm impressed with this feature.
Why not FZDXX?
Because that requires an initial $100k investment to open a position. I am a bit short of $100k in cash.
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JoMoney
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Re: Fidelity as a one stop shop

Post by JoMoney »

tj wrote: Sat Aug 27, 2022 10:01 pm
tarheel91 wrote: Sat Aug 27, 2022 8:50 pm
anon_investor wrote: Sat Aug 27, 2022 6:43 pm +1, I do this. SPRXX currently yields 2.09% vs the FDIC insured sweep which earns only 1.2%.
This is such a remarkable and unique feature to Fidelity CMA. You can have all your money in your chosen MM fund (SPRXX in my case) and they liquidate and pay the bills as needed. I'm impressed with this feature.
Why not FZDXX?
FZDXX is the same thing as SPRXX, but it requires a $100k initial investment to open a position in FZDXX, SPRXX has no minimum (initial) purchase.
Personally, I wouldn't use either. For larger amounts where I don't need the immediate liquidity I'd start looking at bonds, CDs, or something a little longer duration. For my transaction accounts where I need the liquidity I don't think it's worth the risk of the potential 'control gates' coming into play and would stick with the Government MM funds. It's not an amount big enough to make a difference either way, but the problems a freeze on my primary transaction account could cause... that would be an issue.
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
sobogled
Posts: 37
Joined: Wed Apr 13, 2022 3:11 pm

Re: Fidelity as a one stop shop

Post by sobogled »

LoveTheBogle wrote: Sat Aug 27, 2022 3:04 pm Great insights everyone. I have a few questions and I apologize ahead of time if they have been answered already in this huge (helpful) thread. You’ll see a common theme in the questions.

1. When doing an ACH pull, do you use account type as Checking or Savings on the puller side website?

2. For an ACH pull does it matter if it is brokerage or CMA?

3. If your Fidelity account is a trust account using your SSN, whether trust brokerage or trust CMA account, have you had any problems setting up ACH pulls using your individual name?

4. Any issues with IRS ACH pulls using their Direct Pay or EFTPs?

5. Any issues setting up a Fidelity brokerage or CMA account with Treasury Direct? Do you select it as checking or savings on TD add bank form?

6. Are the ATM reimbursements automatic on the brokerage side if you qualify for free ATM fee reimbursement? Does it actually show up on a statement as a charge and then a credit or doesn’t show up at all?
#1, #4, #5 -> the CMA functions like a checking account in terms of establishing ACHs/transfers. No institution specific concerns. One exception you may find you need to use the account number listed on paper checks vs the full prefix listed on fidelity.com, as the full version is too long for some sites.
sobogled
Posts: 37
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Re: Fidelity as a one stop shop

Post by sobogled »

careerdata wrote: Sat Aug 27, 2022 8:35 pm
JoMoney wrote: Sat Aug 27, 2022 6:17 pm
LoveTheBogle wrote: Sat Aug 27, 2022 3:04 pm...
6. Are the ATM reimbursements automatic on the brokerage side if you qualify for free ATM fee reimbursement? Does it actually show up on a statement as a charge and then a credit or doesn’t show up at all?
Everyone with a CMA qualifies for ATM fee reimbursement in the CMA account, and it shows on the statement as a separate credit "ATM FEE REBATE".
With the non-CMA brokerage account I assume it would work the same way, but as I mentioned up thread it didn't happen for me automatically, despite being told before I opened the account that it would because I have Private Client Group status. After not getting an ATM fee rebated though, I called back in and being put on hold to 'research' it, the answer came back that I would need to get assigned to a PCG rep specifically (I don't currently have a rep assigned) and work with them if I wanted to get ATM rebates on a brokerage account. Others have reported a different experience. I just went back to using the regular CMA account since there's no hassle getting the rebate from that account.
Thanks for sharing this! So far almost everything seems to be working like clockwork with us our opening up a Fidelity CMA with no funding and then setting up the overdraft feature with our Fidelity brokerage account, where our two paychecks are now deposited. There have just been two items I may not have set up correctly: 1) being able to link to Remitly (for when my wife periodically sends funds to her brother in the Philippines, usually to help when there has been a death or weather damage with the extended relatives) and 2) getting the automatic ATM Fee Rebate to work for us.

When we entered the Fidelity CMA account information at Remitly we received the following error message:

"We couldn't verify your bank account. Check your routing and account numbers or use a debit or credit card."

We have Remitly hooked up to our BoA checking account so we can always use that, but I was hoping to draw down the balances at the BoA as we try to get Fidelity to be our primary bank.

Regarding the ATM Fee Rebate, we did two test ATM withdrawals on 8/22, each for $20 with a $3 service fee added to each, for a total cost of $46. The overdraft feature worked just fine, pulling $46 from our brokerage account to the CMA to cover the ATM withdrawal and fees, but as of today, I am not seeing any rebate in our joint CMA ATM Fee Rebate history.

Any thoughts on what I might have down incorrectly with regard to these two items?

Regards,

Joe
For Remitly, enter the account number as it appears on your paper check (or get paper checks and then do this).

For ATM, this is unusual and not my experience with BofA ATMs, suggest waiting 1-2 more business days before contacting Fidelity.
chassis
Posts: 2184
Joined: Tue Mar 24, 2020 4:28 pm

Re: Fidelity as a one stop shop

Post by chassis »

nalor511 wrote: Sat Aug 27, 2022 6:42 pm
JoMoney wrote: Sat Aug 27, 2022 6:22 pm
chassis wrote: Sat Aug 27, 2022 5:42 pm...
2. No. CMA accounts are brokerage accounts. This is stated in Fidelity's documentation. The cash sweep is held by a bank of your choosing among a list of bank options that Fidelity offers. ...
I don't think you can choose which specific bank, I believe you can choose to exclude certain banks if you're afraid you'll go over your FDIC limit because of other deposits there... but I'm pretty sure it's at Fidelity's discretion which banks from the list get used otherwise.
Don't use FDIC, just "buy" sprxx with your cash, to actually earn interest. Sprxx (or any MMF) at Fidelity will auto liquidate to cover withdrawals
Thanks for this tip. I just bought SPRXX, looking forward to trying this autoliquidate feature.
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