Fidelity as a one stop shop

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nonnie
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Re: Fidelity as a one stop shop

Post by nonnie »

nonnie wrote: Sun Jul 31, 2022 3:44 pm
muffins14 wrote: Sun Jul 31, 2022 3:16 pm You don’t really “need” 100k for anything, except some money market fund. Even below 100k, you can get a money market that is adequate. I would hope you don’t feel a need to hold 50-100k in cash as opposed to maybe a short muni bond or treasury fund, which you can buy via ETF
To qualify for FDZXX, the premium fund (highest paying unless one has $1M) one only needs *initial* balance of $100K (only $10K for retirement). Once that minimum is met, we can let the balance get as low as $1 as I understand it. FDZXX has been averaging 40 basis points higher---recent 1 day yield of 2.08% than our SPAXX core account. We will be holding minimal immediate emergency cash needs in that account ( I know folks consider Ibonds as an "emergency fund" but I worked too hard to buy those!) and then buying a either a 4 rung or 6 rung ladder of Treasuries/CDs to fund our every 3 month cash need of $22K. I don't want a bond fund for this.

So, my quest right now is to get the initial $100K into the joint to be able to invest in FDZXX and it's cumbersome because I didn't think of using Fido one-stop before.

Thanks for your comment, I hope I'm understanding correctly.
Here's what a Fidelity rep just told me (on Sunday no less when I've usually found less informed people). Contrary to what I've been told before (perhaps the reps misunderstood, I can indeed move $$ from my individual account or HIS individual account into our joint account.

BUT HERE'S THE NEW INFO--if I transfer from our individual accounts that are currently holding FDZXX into the joint account AND so do it in shares of FDZXX (don't hit the dollar button) our joint account has now qualified (without having to hit the $100K balance at least once) to now be able to always use FDZXX. I hope this is true and I guess it's always about asking the right questions!
iamblessed
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Re: Fidelity as a one stop shop

Post by iamblessed »

Thinking about going to over to Fidelity. Can you auto pay a Penfed credit card from Fidelity?
muffins14
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Re: Fidelity as a one stop shop

Post by muffins14 »

iamblessed wrote: Sun Jul 31, 2022 6:32 pm Thinking about going to over to Fidelity. Can you auto pay a Penfed credit card from Fidelity?
Can you auto pay Penfed with a non-Penfed bank of you give them the account number and routing number of the bank you want to pay with?
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iamblessed
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Re: Fidelity as a one stop shop

Post by iamblessed »

muffins14 wrote: Sun Jul 31, 2022 6:35 pm
iamblessed wrote: Sun Jul 31, 2022 6:32 pm Thinking about going to over to Fidelity. Can you auto pay a Penfed credit card from Fidelity?
Can you auto pay Penfed with a non-Penfed bank of you give them the account number and routing number of the bank you want to pay with?
Sometimes credit unions will only let you pay from the credit union. That is why I wanted to ask others on here. I know others on here have Penfed credit cards.
Blue456
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Re: Fidelity as a one stop shop

Post by Blue456 »

Question to those who have fidelity account. I know you can buy individual T-bills but can you also buy individual 5 or 10 year TIPs?
LongRoad
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Re: Fidelity as a one stop shop

Post by LongRoad »

Blue456 wrote: Sun Jul 31, 2022 7:10 pm Question to those who have fidelity account. I know you can buy individual T-bills but can you also buy individual 5 or 10 year TIPs?
Yes, you can participate in auctions as a non-competitive bidder, or purchase TIPs on the secondary market.
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TimeRunner
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Re: Fidelity as a one stop shop

Post by TimeRunner »

iamblessed wrote: Sun Jul 31, 2022 6:48 pm
muffins14 wrote: Sun Jul 31, 2022 6:35 pm
iamblessed wrote: Sun Jul 31, 2022 6:32 pm Thinking about going to over to Fidelity. Can you auto pay a Penfed credit card from Fidelity?
Can you auto pay Penfed with a non-Penfed bank of you give them the account number and routing number of the bank you want to pay with?
Sometimes credit unions will only let you pay from the credit union. That is why I wanted to ask others on here. I know others on here have Penfed credit cards.
I autopay Penfed from USAA, so I would think the answer is Yes.
One cannot enlighten the unconscious. | "All I need are some tasty waves, a cool buzz, and I'm fine." -Jeff Spicoli
iamblessed
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Re: Fidelity as a one stop shop

Post by iamblessed »

TimeRunner wrote: Sun Jul 31, 2022 7:44 pm
iamblessed wrote: Sun Jul 31, 2022 6:48 pm
muffins14 wrote: Sun Jul 31, 2022 6:35 pm
iamblessed wrote: Sun Jul 31, 2022 6:32 pm Thinking about going to over to Fidelity. Can you auto pay a Penfed credit card from Fidelity?
Can you auto pay Penfed with a non-Penfed bank of you give them the account number and routing number of the bank you want to pay with?
Sometimes credit unions will only let you pay from the credit union. That is why I wanted to ask others on here. I know others on here have Penfed credit cards.
I autopay Penfed from USAA, so I would think the answer is Yes.
USAA autopays your credit card every month. Did you have to give USAA the account number and routing number?
muffins14
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Re: Fidelity as a one stop shop

Post by muffins14 »

iamblessed wrote: Mon Aug 01, 2022 6:49 am
USAA autopays your credit card every month. Did you have to give USAA the account number and routing number?
For all the auto-payments I’ve done in the past with other companies, I’ve given the company I owe money to the account number/routing number of the account I want to pay with. I have not had a setup where I give the account and routing number of the company with the bill to the company I want to pay from.

In your situation then I’d expect you give Penfed the information of your USAA account, rather than giving USAA your Penfed account information
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JoMoney
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Re: Fidelity as a one stop shop

Post by JoMoney »

muffins14 wrote: Mon Aug 01, 2022 7:03 am
iamblessed wrote: Mon Aug 01, 2022 6:49 am
USAA autopays your credit card every month. Did you have to give USAA the account number and routing number?
For all the auto-payments I’ve done in the past with other companies, I’ve given the company I owe money to the account number/routing number of the account I want to pay with. I have not had a setup where I give the account and routing number of the company with the bill to the company I want to pay from.

In your situation then I’d expect you give Penfed the information of your USAA account, rather than giving USAA your Penfed account information
It can work either way. I can give my credit card company my checking (or Fidelity CMA) routing and account number and they will direct debit from the checking account... OR I can give the "Bill Pay" feature in my checking account the credit card account number (and other payee information) and they will debit my account and pay the bill.

The credit card company has a feature to auto-pay (via debiting my account), and the bill pay has a feature to auto-pay "e-bills" received for designated bills.
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TimeRunner
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Re: Fidelity as a one stop shop

Post by TimeRunner »

iamblessed wrote: Mon Aug 01, 2022 6:49 am...USAA autopays your credit card every month. Did you have to give USAA the account number and routing number?
Gave it to Penfed and they pull from USAA.
One cannot enlighten the unconscious. | "All I need are some tasty waves, a cool buzz, and I'm fine." -Jeff Spicoli
SnowBog
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Re: Fidelity as a one stop shop

Post by SnowBog »

nonnie wrote: Sun Jul 31, 2022 5:40 pm
nonnie wrote: Sun Jul 31, 2022 3:44 pm
muffins14 wrote: Sun Jul 31, 2022 3:16 pm You don’t really “need” 100k for anything, except some money market fund. Even below 100k, you can get a money market that is adequate. I would hope you don’t feel a need to hold 50-100k in cash as opposed to maybe a short muni bond or treasury fund, which you can buy via ETF
To qualify for FDZXX, the premium fund (highest paying unless one has $1M) one only needs *initial* balance of $100K (only $10K for retirement). Once that minimum is met, we can let the balance get as low as $1 as I understand it. FDZXX has been averaging 40 basis points higher---recent 1 day yield of 2.08% than our SPAXX core account. We will be holding minimal immediate emergency cash needs in that account ( I know folks consider Ibonds as an "emergency fund" but I worked too hard to buy those!) and then buying a either a 4 rung or 6 rung ladder of Treasuries/CDs to fund our every 3 month cash need of $22K. I don't want a bond fund for this.

So, my quest right now is to get the initial $100K into the joint to be able to invest in FDZXX and it's cumbersome because I didn't think of using Fido one-stop before.

Thanks for your comment, I hope I'm understanding correctly.
Here's what a Fidelity rep just told me (on Sunday no less when I've usually found less informed people). Contrary to what I've been told before (perhaps the reps misunderstood, I can indeed move $$ from my individual account or HIS individual account into our joint account.

BUT HERE'S THE NEW INFO--if I transfer from our individual accounts that are currently holding FDZXX into the joint account AND so do it in shares of FDZXX (don't hit the dollar button) our joint account has now qualified (without having to hit the $100K balance at least once) to now be able to always use FDZXX. I hope this is true and I guess it's always about asking the right questions!
In my experience, you were given misleading information...

To clarify, so long as you hold FZDXX in that account (any amount), and the shares have settled (usually takes 2 days after transfer), even you can continue to buy more in that account. So far, that lines up with what you said...

But if you sell (or transfer) those shares, and now hold $0 in FZDXX, then you cannot purchase more in that account. In other words, this part was incorrect...
nonnie wrote: Sun Jul 31, 2022 5:40 pm ... our joint account has now qualified (without having to hit the $100K balance at least once) to now be able to always use FDZXX.
To explain it differently, you need only hit the $100k limit once in a single account, and then you can transfer shares (any amount) to other accounts and/or sell shares, and so long as you have settled shares in an account, you can buy more FZDXX in the account.

As far as I can tell, there is no "account qualification". Instead, it appears the $100k check is done on the initial purchase. So if you have $1 of shares in another account, you are "buying more" and the initial $100k does not apply. At least that's how it's worked for me...
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

SnowBog wrote: Mon Aug 01, 2022 10:21 am
nonnie wrote: Sun Jul 31, 2022 5:40 pm
nonnie wrote: Sun Jul 31, 2022 3:44 pm
muffins14 wrote: Sun Jul 31, 2022 3:16 pm You don’t really “need” 100k for anything, except some money market fund. Even below 100k, you can get a money market that is adequate. I would hope you don’t feel a need to hold 50-100k in cash as opposed to maybe a short muni bond or treasury fund, which you can buy via ETF
To qualify for FDZXX, the premium fund (highest paying unless one has $1M) one only needs *initial* balance of $100K (only $10K for retirement). Once that minimum is met, we can let the balance get as low as $1 as I understand it. FDZXX has been averaging 40 basis points higher---recent 1 day yield of 2.08% than our SPAXX core account. We will be holding minimal immediate emergency cash needs in that account ( I know folks consider Ibonds as an "emergency fund" but I worked too hard to buy those!) and then buying a either a 4 rung or 6 rung ladder of Treasuries/CDs to fund our every 3 month cash need of $22K. I don't want a bond fund for this.

So, my quest right now is to get the initial $100K into the joint to be able to invest in FDZXX and it's cumbersome because I didn't think of using Fido one-stop before.

Thanks for your comment, I hope I'm understanding correctly.
Here's what a Fidelity rep just told me (on Sunday no less when I've usually found less informed people). Contrary to what I've been told before (perhaps the reps misunderstood, I can indeed move $$ from my individual account or HIS individual account into our joint account.

BUT HERE'S THE NEW INFO--if I transfer from our individual accounts that are currently holding FDZXX into the joint account AND so do it in shares of FDZXX (don't hit the dollar button) our joint account has now qualified (without having to hit the $100K balance at least once) to now be able to always use FDZXX. I hope this is true and I guess it's always about asking the right questions!
In my experience, you were given misleading information...

To clarify, so long as you hold FZDXX in that account (any amount), and the shares have settled (usually takes 2 days after transfer), even you can continue to buy more in that account. So far, that lines up with what you said...

But if you sell (or transfer) those shares, and now hold $0 in FZDXX, then you cannot purchase more in that account. In other words, this part was incorrect...
nonnie wrote: Sun Jul 31, 2022 5:40 pm ... our joint account has now qualified (without having to hit the $100K balance at least once) to now be able to always use FDZXX.
To explain it differently, you need only hit the $100k limit once in a single account, and then you can transfer shares (any amount) to other accounts and/or sell shares, and so long as you have settled shares in an account, you can buy more FZDXX in the account.

As far as I can tell, there is no "account qualification". Instead, it appears the $100k check is done on the initial purchase. So if you have $1 of shares in another account, you are "buying more" and the initial $100k does not apply. At least that's how it's worked for me...
For folks without $100k, is FZFXX as your CORE option close enough? It looks like it pays a little more than SPAXX right now.
Dovahkiin
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Re: Fidelity as a one stop shop

Post by Dovahkiin »

Dovahkiin wrote: Mon Jul 25, 2022 10:02 pm
zincTwo wrote: Mon Jul 25, 2022 5:39 pm
Dovahkiin wrote: Mon Jul 25, 2022 2:15 pm
zincTwo wrote: Thu Jul 14, 2022 8:13 pm
crg11 wrote: Thu Jul 14, 2022 3:39 pm Quick question, for a CMA trust account, are your individual names listed on the checks or the name of the trust?
I kept mine the name (individual names). The trust creation for spouse & I only changed the 'registration', not the account number, so my old checks still work.
How were you able to get them to only change the registration? Does this work for a Fidelity brokerage account as well?

I have a revocable living trust that I reached out to Fidelity to change the title about a year ago and they warned me that it'd change the account numbers and my existing checks wouldn't work. I really would rather have it be titled in the name of the trust but they seemed unwilling to cooperate. It'd be too much of a hassle to move all my billpay, ACH authorizations, etc. over to "new" accounts. I have both an individual brokerage account + a CMA account.
Here was the form I used ... Brokerage Account #1234 => Account Features => View All Accounts => Authorized Access & Account Registration => Edit Account Registration. fidelity.com/customer-service/how-to-change-registration

Looking at the current form, I think I might have needed to complete a new checkwriting form, even though the features or signees didn't change.

I did it two years ago, and in my memory, it was much less painful than I feared. Most tasks were "online", and only a couple pieces of paper needed to be mailed.
It is possible that the rules for preserving #'s has changed. I recommend talking to someone in the estate planning department... they may have more experiencing using the forms than the first person on the phone tree.
Thanks! It turned out the front line reps were ignorant. Any change in TIN/SSN causes Fidelity to issue new account numbers. If you keep the same TIN/SSN, which I'm doing as it's a revocable living trust, then you get to keep the same account number.

I can't believe I've gone this long sticking with my individual account due to bad front line reps. I'm starting the process with one of my accounts. Cheers!
I have an update! :D

Fidelity finished the trust conversion today. I've kept the same account and routing numbers, woohoo. :D :D
SnowBog
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Re: Fidelity as a one stop shop

Post by SnowBog »

anon_investor wrote: Mon Aug 01, 2022 12:24 pm For folks without $100k, is FZFXX as your CORE option close enough? It looks like it pays a little more than SPAXX right now.
SPRXX is the non-premium version of FZDXX, which has a 7-day yield of 1.51% which is better than FZFXX's 1.36% 7-day yield.

For those in the top tax brackets, FMOXX (0.57%) is the non-premium version of FZEXX (0.69%). You'd have to decide if the TEY is worth it for you...
Last edited by SnowBog on Mon Aug 01, 2022 3:54 pm, edited 1 time in total.
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

SnowBog wrote: Mon Aug 01, 2022 2:18 pm
anon_investor wrote: Mon Aug 01, 2022 12:24 pm For folks without $100k, is FZFXX as your CORE option close enough? It looks like it pays a little more than SPAXX right now.
SPRXX is the non-premium version of FZDXX, which has a 7-day yield of 1.51% which is better than FZFXX's 1.36% 7-day yield.

For those in the top tax brackets, FMOXX (0.57%) is the non-premium version of FZEXX (0.69%).
Ah okay. I think FZFXX is my "core" position, which means I can buy ETFs with the funds immediately. Can the same be done with funds from SPRXX? I think at Vanguard funds in money market funds cannot be sold and used same day to buy ETFs, you have to wait for settlement the following day.
nalor511
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Re: Fidelity as a one stop shop

Post by nalor511 »

anon_investor wrote: Mon Aug 01, 2022 3:19 pm
SnowBog wrote: Mon Aug 01, 2022 2:18 pm
anon_investor wrote: Mon Aug 01, 2022 12:24 pm For folks without $100k, is FZFXX as your CORE option close enough? It looks like it pays a little more than SPAXX right now.
SPRXX is the non-premium version of FZDXX, which has a 7-day yield of 1.51% which is better than FZFXX's 1.36% 7-day yield.

For those in the top tax brackets, FMOXX (0.57%) is the non-premium version of FZEXX (0.69%).
Ah okay. I think FZFXX is my "core" position, which means I can buy ETFs with the funds immediately. Can the same be done with funds from SPRXX? I think at Vanguard funds in money market funds cannot be sold and used same day to buy ETFs, you have to wait for settlement the following day.
You don't have to "sell" MMF at fidelity to buy, they show up as part of your settled (or unsettled) cash balance, and can be traded with (without selling the MMF)
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

nalor511 wrote: Mon Aug 01, 2022 3:33 pm
anon_investor wrote: Mon Aug 01, 2022 3:19 pm
SnowBog wrote: Mon Aug 01, 2022 2:18 pm
anon_investor wrote: Mon Aug 01, 2022 12:24 pm For folks without $100k, is FZFXX as your CORE option close enough? It looks like it pays a little more than SPAXX right now.
SPRXX is the non-premium version of FZDXX, which has a 7-day yield of 1.51% which is better than FZFXX's 1.36% 7-day yield.

For those in the top tax brackets, FMOXX (0.57%) is the non-premium version of FZEXX (0.69%).
Ah okay. I think FZFXX is my "core" position, which means I can buy ETFs with the funds immediately. Can the same be done with funds from SPRXX? I think at Vanguard funds in money market funds cannot be sold and used same day to buy ETFs, you have to wait for settlement the following day.
You don't have to "sell" MMF at fidelity to buy, they show up as part of your settled (or unsettled) cash balance, and can be traded with (without selling the MMF)
Really? Makes much more sense than Vanguard's set up. So if I transfer funds from my "core position" FZFXX to SPRXX, if buy treasuries at auction this week it can pull the funds from SPRXX automatically? I assume it will pull from my "core position" first and the remaining funds would be pulled from SPRXX? Can you have to designate the order the funds are pulled from if I have more than 1 MMF?
nalor511
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Re: Fidelity as a one stop shop

Post by nalor511 »

anon_investor wrote: Mon Aug 01, 2022 3:39 pm
nalor511 wrote: Mon Aug 01, 2022 3:33 pm
anon_investor wrote: Mon Aug 01, 2022 3:19 pm
SnowBog wrote: Mon Aug 01, 2022 2:18 pm
anon_investor wrote: Mon Aug 01, 2022 12:24 pm For folks without $100k, is FZFXX as your CORE option close enough? It looks like it pays a little more than SPAXX right now.
SPRXX is the non-premium version of FZDXX, which has a 7-day yield of 1.51% which is better than FZFXX's 1.36% 7-day yield.

For those in the top tax brackets, FMOXX (0.57%) is the non-premium version of FZEXX (0.69%).
Ah okay. I think FZFXX is my "core" position, which means I can buy ETFs with the funds immediately. Can the same be done with funds from SPRXX? I think at Vanguard funds in money market funds cannot be sold and used same day to buy ETFs, you have to wait for settlement the following day.
You don't have to "sell" MMF at fidelity to buy, they show up as part of your settled (or unsettled) cash balance, and can be traded with (without selling the MMF)
Really? Makes much more sense than Vanguard's set up. So if I transfer funds from my "core position" FZFXX to SPRXX, if buy treasuries at auction this week it can pull the funds from SPRXX automatically? I assume it will pull from my "core position" first and the remaining funds would be pulled from SPRXX? Can you have to designate the order the funds are pulled from if I have more than 1 MMF?
"Really?" - yes
"Core position first?" - yes
"Can you designate the order?" - no, and I don't know how it works if you have multiple MMF
nonnie
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Re: Fidelity as a one stop shop

Post by nonnie »

SnowBog wrote: Mon Aug 01, 2022 10:21 am
nonnie wrote: Sun Jul 31, 2022 5:40 pm
nonnie wrote: Sun Jul 31, 2022 3:44 pm
muffins14 wrote: Sun Jul 31, 2022 3:16 pm You don’t really “need” 100k for anything, except some money market fund. Even below 100k, you can get a money market that is adequate. I would hope you don’t feel a need to hold 50-100k in cash as opposed to maybe a short muni bond or treasury fund, which you can buy via ETF
To qualify for FDZXX, the premium fund (highest paying unless one has $1M) one only needs *initial* balance of $100K (only $10K for retirement). Once that minimum is met, we can let the balance get as low as $1 as I understand it. FDZXX has been averaging 40 basis points higher---recent 1 day yield of 2.08% than our SPAXX core account. We will be holding minimal immediate emergency cash needs in that account ( I know folks consider Ibonds as an "emergency fund" but I worked too hard to buy those!) and then buying a either a 4 rung or 6 rung ladder of Treasuries/CDs to fund our every 3 month cash need of $22K. I don't want a bond fund for this.

So, my quest right now is to get the initial $100K into the joint to be able to invest in FDZXX and it's cumbersome because I didn't think of using Fido one-stop before.

Thanks for your comment, I hope I'm understanding correctly.
Here's what a Fidelity rep just told me (on Sunday no less when I've usually found less informed people). Contrary to what I've been told before (perhaps the reps misunderstood, I can indeed move $$ from my individual account or HIS individual account into our joint account.

BUT HERE'S THE NEW INFO--if I transfer from our individual accounts that are currently holding FDZXX into the joint account AND so do it in shares of FDZXX (don't hit the dollar button) our joint account has now qualified (without having to hit the $100K balance at least once) to now be able to always use FDZXX. I hope this is true and I guess it's always about asking the right questions!

In my experience, you were given misleading information...

To clarify, so long as you hold FZDXX in that account (any amount), and the shares have settled (usually takes 2 days after transfer), even you can continue to buy more in that account. So far, that lines up with what you said...

But if you sell (or transfer) those shares, and now hold $0 in FZDXX, then you cannot purchase more in that account. In other words, this part was incorrect...
nonnie wrote: Sun Jul 31, 2022 5:40 pm ... our joint account has now qualified (without having to hit the $100K balance at least once) to now be able to always use FDZXX.
To explain it differently, you need only hit the $100k limit once in a single account, and then you can transfer shares (any amount) to other accounts and/or sell shares, and so long as you have settled shares in an account, you can buy more FZDXX in the account.

As far as I can tell, there is no "account qualification". Instead, it appears the $100k check is done on the initial purchase. So if you have $1 of shares in another account, you are "buying more" and the initial $100k does not apply. At least that's how it's worked for me...
I think I understand what you are saying but I'm not sure I was clear enough as to what I was asking or had been told:

We have--My Individual account- $100 K balance, FDZXX shares; SO Individual account $100 K balance, FDZXX shares;

I just opened a joint account and transferred $25K in cash from outside banks (we're transitioning to Fidelity and gathering assets from way too many places). I also transferred $10K in FDZXX shares from each of your joint accounts. Total account balance - $25K in cash; $20K in FDZXX =$45,000.

I just attempted to buy FDZXX-- with the available cash of $25K and got this message "-003908) The quantity you specified is less than the minimum required to buy shares in the mutual fund you selected. The selected mutual fund has a minimum investment requirement of $100,000." So, what I understood the rep to tell me was wrong. I only hope that once I get the balance in the account up to $100K I will be able to buy FDZXX from now on, no matter if the balance falls below $100K-- are understanding each other :-) and Fidelity?
SnowBog
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Re: Fidelity as a one stop shop

Post by SnowBog »

nonnie wrote: Mon Aug 01, 2022 3:54 pm
SnowBog wrote: Mon Aug 01, 2022 10:21 am
nonnie wrote: Sun Jul 31, 2022 5:40 pm
nonnie wrote: Sun Jul 31, 2022 3:44 pm
muffins14 wrote: Sun Jul 31, 2022 3:16 pm You don’t really “need” 100k for anything, except some money market fund. Even below 100k, you can get a money market that is adequate. I would hope you don’t feel a need to hold 50-100k in cash as opposed to maybe a short muni bond or treasury fund, which you can buy via ETF
To qualify for FDZXX, the premium fund (highest paying unless one has $1M) one only needs *initial* balance of $100K (only $10K for retirement). Once that minimum is met, we can let the balance get as low as $1 as I understand it. FDZXX has been averaging 40 basis points higher---recent 1 day yield of 2.08% than our SPAXX core account. We will be holding minimal immediate emergency cash needs in that account ( I know folks consider Ibonds as an "emergency fund" but I worked too hard to buy those!) and then buying a either a 4 rung or 6 rung ladder of Treasuries/CDs to fund our every 3 month cash need of $22K. I don't want a bond fund for this.

So, my quest right now is to get the initial $100K into the joint to be able to invest in FDZXX and it's cumbersome because I didn't think of using Fido one-stop before.

Thanks for your comment, I hope I'm understanding correctly.
Here's what a Fidelity rep just told me (on Sunday no less when I've usually found less informed people). Contrary to what I've been told before (perhaps the reps misunderstood, I can indeed move $$ from my individual account or HIS individual account into our joint account.

BUT HERE'S THE NEW INFO--if I transfer from our individual accounts that are currently holding FDZXX into the joint account AND so do it in shares of FDZXX (don't hit the dollar button) our joint account has now qualified (without having to hit the $100K balance at least once) to now be able to always use FDZXX. I hope this is true and I guess it's always about asking the right questions!

In my experience, you were given misleading information...

To clarify, so long as you hold FZDXX in that account (any amount), and the shares have settled (usually takes 2 days after transfer), even you can continue to buy more in that account. So far, that lines up with what you said...

But if you sell (or transfer) those shares, and now hold $0 in FZDXX, then you cannot purchase more in that account. In other words, this part was incorrect...
nonnie wrote: Sun Jul 31, 2022 5:40 pm ... our joint account has now qualified (without having to hit the $100K balance at least once) to now be able to always use FDZXX.
To explain it differently, you need only hit the $100k limit once in a single account, and then you can transfer shares (any amount) to other accounts and/or sell shares, and so long as you have settled shares in an account, you can buy more FZDXX in the account.

As far as I can tell, there is no "account qualification". Instead, it appears the $100k check is done on the initial purchase. So if you have $1 of shares in another account, you are "buying more" and the initial $100k does not apply. At least that's how it's worked for me...
I think I understand what you are saying but I'm not sure I was clear enough as to what I was asking or had been told:

We have--My Individual account- $100 K balance, FDZXX shares; SO Individual account $100 K balance, FDZXX shares;

I just opened a joint account and transferred $25K in cash from outside banks (we're transitioning to Fidelity and gathering assets from way too many places). I also transferred $10K in FDZXX shares from each of your joint accounts. Total account balance - $25K in cash; $20K in FDZXX =$45,000.

I just attempted to buy FDZXX-- with the available cash of $25K and got this message "-003908) The quantity you specified is less than the minimum required to buy shares in the mutual fund you selected. The selected mutual fund has a minimum investment requirement of $100,000." So, what I understood the rep to tell me was wrong. I only hope that once I get the balance in the account up to $100K I will be able to buy FDZXX from now on, no matter if the balance falls below $100K-- are understanding each other :-) and Fidelity?
Give it 2 business days from when you did the transfer and try again. FZDXX needs to be "settled" in the account the first time. Once done, you should be able to buy as much or as little as you want. (e.g. the $100k doesn't apply - since you already purchased the FZDXX funds in a different account).

In your original account where you bought $100k (or more) of FZDXX - its balance can drop to anything other than $0 - and you can still buy more when you want.

You just need $100k in one account for the initial purchase. (After that - it doesn't matter.)
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

nalor511 wrote: Mon Aug 01, 2022 3:49 pm
anon_investor wrote: Mon Aug 01, 2022 3:39 pm
nalor511 wrote: Mon Aug 01, 2022 3:33 pm
anon_investor wrote: Mon Aug 01, 2022 3:19 pm
SnowBog wrote: Mon Aug 01, 2022 2:18 pm

SPRXX is the non-premium version of FZDXX, which has a 7-day yield of 1.51% which is better than FZFXX's 1.36% 7-day yield.

For those in the top tax brackets, FMOXX (0.57%) is the non-premium version of FZEXX (0.69%).
Ah okay. I think FZFXX is my "core" position, which means I can buy ETFs with the funds immediately. Can the same be done with funds from SPRXX? I think at Vanguard funds in money market funds cannot be sold and used same day to buy ETFs, you have to wait for settlement the following day.
You don't have to "sell" MMF at fidelity to buy, they show up as part of your settled (or unsettled) cash balance, and can be traded with (without selling the MMF)
Really? Makes much more sense than Vanguard's set up. So if I transfer funds from my "core position" FZFXX to SPRXX, if buy treasuries at auction this week it can pull the funds from SPRXX automatically? I assume it will pull from my "core position" first and the remaining funds would be pulled from SPRXX? Can you have to designate the order the funds are pulled from if I have more than 1 MMF?
"Really?" - yes
"Core position first?" - yes
"Can you designate the order?" - no, and I don't know how it works if you have multiple MMF
Thanks. This nuance of Fido MMFs is pretty neat.
SnowBog
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Re: Fidelity as a one stop shop

Post by SnowBog »

nalor511 wrote: Mon Aug 01, 2022 3:49 pm
anon_investor wrote: Mon Aug 01, 2022 3:39 pm
nalor511 wrote: Mon Aug 01, 2022 3:33 pm
anon_investor wrote: Mon Aug 01, 2022 3:19 pm
SnowBog wrote: Mon Aug 01, 2022 2:18 pm

SPRXX is the non-premium version of FZDXX, which has a 7-day yield of 1.51% which is better than FZFXX's 1.36% 7-day yield.

For those in the top tax brackets, FMOXX (0.57%) is the non-premium version of FZEXX (0.69%).
Ah okay. I think FZFXX is my "core" position, which means I can buy ETFs with the funds immediately. Can the same be done with funds from SPRXX? I think at Vanguard funds in money market funds cannot be sold and used same day to buy ETFs, you have to wait for settlement the following day.
You don't have to "sell" MMF at fidelity to buy, they show up as part of your settled (or unsettled) cash balance, and can be traded with (without selling the MMF)
Really? Makes much more sense than Vanguard's set up. So if I transfer funds from my "core position" FZFXX to SPRXX, if buy treasuries at auction this week it can pull the funds from SPRXX automatically? I assume it will pull from my "core position" first and the remaining funds would be pulled from SPRXX? Can you have to designate the order the funds are pulled from if I have more than 1 MMF?
"Really?" - yes
"Core position first?" - yes
"Can you designate the order?" - no, and I don't know how it works if you have multiple MMF
I don't think you can "designate" the order - at least not in a bulk sort of way...

But you could kinda do so manually. If buying another mutual fund - you could do "exchanges" from the MM's in the amount you want into the "new" mutual fund. If buying non-mutual funds's, you could create manual "sell" orders from your MM's - which would end up having those funds available as "cash" (might not be until next day - as mutual funds don't process until over-night).

In my case - I only ever have a single MM fund (unless I'm in the midst of switching them). So, I just let it be sold as needed... But I should also add that I have multiple "accounts" at Fidelity. If I ever felt the need to hold multiple MM funds, I'd probably do so in a specific account - and for the others just continue to use either the "core" position for temporary needs or a MM fund (like SPRXX/FZDXX) for longer term needs (such as my "savings" and "checking" accounts).
rbd789
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Re: Fidelity as a one stop shop

Post by rbd789 »

Just a note that the fund description for FZDXX does state that both the minimum initial investment and the minimum balance are 100K. So although they may not kick you out immediately upon going under the limit, I would not be at all surprised if it happens at some point. Similar to the way Vanguard downgraded Admiral fund owners that went below the minimum, but not for a while.

https://institutional.fidelity.com/app/ ... /2738.html

Edit: Minimums are visible on the desktop page, in the Fees & Distributions tab. I don't see them anywhere on the mobile version.
SnowBog
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Re: Fidelity as a one stop shop

Post by SnowBog »

rbd789 wrote: Mon Aug 01, 2022 4:17 pm Just a note that the fund description for FZDXX does state that both the minimum initial investment and the minimum balance are 100K. So although they may not kick you out immediately upon going under the limit, I would not be at all surprised if it happens at some point. Similar to the way Vanguard downgraded Admiral fund owners that went below the minimum, but not for a while.

https://institutional.fidelity.com/app/ ... /2738.html

Edit: Minimums are visible on the desktop page, in the Fees & Distributions tab. I don't see them anywhere on the mobile version.
I've had < $100k of FZEXX (the "premium" version of the muni fund MM) for several years, and it never been a problem (as I use Fidelity for my "checking" and "savings" account, I probably had an average balance > $10k though - not sure if that matters) ... I'm expecting FZDXX to be similar.

But yes, it's possible that they might "enforce" and/or "change" minimums.
Last edited by SnowBog on Mon Aug 01, 2022 8:56 pm, edited 1 time in total.
rbd789
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Re: Fidelity as a one stop shop

Post by rbd789 »

SnowBog wrote: Mon Aug 01, 2022 5:03 pm
rbd789 wrote: Mon Aug 01, 2022 4:17 pm Just a note that the fund description for FZDXX does state that both the minimum initial investment and the minimum balance are 100K. So although they may not kick you out immediately upon going under the limit, I would not be at all surprised if it happens at some point. Similar to the way Vanguard downgraded Admiral fund owners that went below the minimum, but not for a while.

https://institutional.fidelity.com/app/ ... /2738.html

Edit: Minimums are visible on the desktop page, in the Fees & Distributions tab. I don't see them anywhere on the mobile version.
I've had < $100k of FZEXX (the "premium" version of the muni fund MNN) for several years, and it never been a problem (as I use Fidelity for my "checking" and "savings" account, I probably had an average balance > $10k though - not sure if that matters) ... I'm expecting FZDXX to be similar.

But yes, it's possible that they might "enforce" and/or "change" minimums.
Interesting. The prospectus says the initial is 100K but minimum balance is only 10K. And for IRAs, both numbers are 10K.
nalor511
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Re: Fidelity as a one stop shop

Post by nalor511 »

rbd789 wrote: Mon Aug 01, 2022 5:14 pm
SnowBog wrote: Mon Aug 01, 2022 5:03 pm
rbd789 wrote: Mon Aug 01, 2022 4:17 pm Just a note that the fund description for FZDXX does state that both the minimum initial investment and the minimum balance are 100K. So although they may not kick you out immediately upon going under the limit, I would not be at all surprised if it happens at some point. Similar to the way Vanguard downgraded Admiral fund owners that went below the minimum, but not for a while.

https://institutional.fidelity.com/app/ ... /2738.html

Edit: Minimums are visible on the desktop page, in the Fees & Distributions tab. I don't see them anywhere on the mobile version.
I've had < $100k of FZEXX (the "premium" version of the muni fund MNN) for several years, and it never been a problem (as I use Fidelity for my "checking" and "savings" account, I probably had an average balance > $10k though - not sure if that matters) ... I'm expecting FZDXX to be similar.

But yes, it's possible that they might "enforce" and/or "change" minimums.
Interesting. The prospectus says the initial is 100K but minimum balance is only 10K. And for IRAs, both numbers are 10K.
Can you buy $10k in IRA day 1, sell $9999.51 in IRA day 2, transfer in kind 0.49 from IRA to CMA day 3, buy $4k (or whatever) in CMA day 4?
cowbman
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Re: Fidelity as a one stop shop

Post by cowbman »

That has never been the case foe many many users
nonnie
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Re: Fidelity as a one stop shop

Post by nonnie »

SnowBog wrote: Mon Aug 01, 2022 3:58 pm
nonnie wrote: Mon Aug 01, 2022 3:54 pm
SnowBog wrote: Mon Aug 01, 2022 10:21 am
nonnie wrote: Sun Jul 31, 2022 5:40 pm
nonnie wrote: Sun Jul 31, 2022 3:44 pm
To qualify for FDZXX, the premium fund (highest paying unless one has $1M) one only needs *initial* balance of $100K (only $10K for retirement). Once that minimum is met, we can let the balance get as low as $1 as I understand it. FDZXX has been averaging 40 basis points higher---recent 1 day yield of 2.08% than our SPAXX core account. We will be holding minimal immediate emergency cash needs in that account ( I know folks consider Ibonds as an "emergency fund" but I worked too hard to buy those!) and then buying a either a 4 rung or 6 rung ladder of Treasuries/CDs to fund our every 3 month cash need of $22K. I don't want a bond fund for this.

So, my quest right now is to get the initial $100K into the joint to be able to invest in FDZXX and it's cumbersome because I didn't think of using Fido one-stop before.

Thanks for your comment, I hope I'm understanding correctly.
Here's what a Fidelity rep just told me (on Sunday no less when I've usually found less informed people). Contrary to what I've been told before (perhaps the reps misunderstood, I can indeed move $$ from my individual account or HIS individual account into our joint account.

BUT HERE'S THE NEW INFO--if I transfer from our individual accounts that are currently holding FDZXX into the joint account AND so do it in shares of FDZXX (don't hit the dollar button) our joint account has now qualified (without having to hit the $100K balance at least once) to now be able to always use FDZXX. I hope this is true and I guess it's always about asking the right questions!

In my experience, you were given misleading information...

To clarify, so long as you hold FZDXX in that account (any amount), and the shares have settled (usually takes 2 days after transfer), even you can continue to buy more in that account. So far, that lines up with what you said...

But if you sell (or transfer) those shares, and now hold $0 in FZDXX, then you cannot purchase more in that account. In other words, this part was incorrect...
nonnie wrote: Sun Jul 31, 2022 5:40 pm ... our joint account has now qualified (without having to hit the $100K balance at least once) to now be able to always use FDZXX.
To explain it differently, you need only hit the $100k limit once in a single account, and then you can transfer shares (any amount) to other accounts and/or sell shares, and so long as you have settled shares in an account, you can buy more FZDXX in the account.

As far as I can tell, there is no "account qualification". Instead, it appears the $100k check is done on the initial purchase. So if you have $1 of shares in another account, you are "buying more" and the initial $100k does not apply. At least that's how it's worked for me...
I think I understand what you are saying but I'm not sure I was clear enough as to what I was asking or had been told:

We have--My Individual account- $100 K balance, FDZXX shares; SO Individual account $100 K balance, FDZXX shares;

I just opened a joint account and transferred $25K in cash from outside banks (we're transitioning to Fidelity and gathering assets from way too many places). I also transferred $10K in FDZXX shares from each of your joint accounts. Total account balance - $25K in cash; $20K in FDZXX =$45,000.

I just attempted to buy FDZXX-- with the available cash of $25K and got this message "-003908) The quantity you specified is less than the minimum required to buy shares in the mutual fund you selected. The selected mutual fund has a minimum investment requirement of $100,000." So, what I understood the rep to tell me was wrong. I only hope that once I get the balance in the account up to $100K I will be able to buy FDZXX from now on, no matter if the balance falls below $100K-- are understanding each other :-) and Fidelity?
Give it 2 business days from when you did the transfer and try again. FZDXX needs to be "settled" in the account the first time. Once done, you should be able to buy as much or as little as you want. (e.g. the $100k doesn't apply - since you already purchased the FZDXX funds in a different account).

In your original account where you bought $100k (or more) of FZDXX - its balance can drop to anything other than $0 - and you can still buy more when you want.

You just need $100k in one account for the initial purchase. (After that - it doesn't matter.)
Sorry I don't know how to shorten this thread. A Fidelity rep today told me to "let it settle" and then try, but then he also told me as a "Gold" client the $100K was waived but he was obviously wrong about that since we don't have any fee paid accounts. I'm still not sure I understand exactly but it's academic. ( I understand you to say "if you have 3 accounts, you only have to reach $100K in one of them..." )We will eventually have $100K transferred into the joint account. I'm still trying to finalize Fidelity as a one-stop shop, moving our other accounts over to them figuring how much I want in the joint, etc. We have several "auto-pays" for health insurance that I need to change in addition to our monthly rent payment. This is driving me crazy right now but I can see how much easier it will be once I finally "one stop shop."

I will have to see what happens tomorrow when it settles. I spent at least 20 mins today with a Fidelity rep, mostly on hold with him trying to figure it out and he ended up telling me to call my local advisor. I also spent 40 mins today, again mostly on hold, with Schwab with them trying to figure out why they only transferred 6% of my Roth to Fidelity when it is all cash and I asked for a 100% transfer. "Security" is what the account says but they will not give me any details only saying "it will transfer on Friday, or maybe Monday." I'm SOOO glad I transferred to Fidelity

Thanks much,
Nonnie
drzzzzz
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Re: Fidelity as a one stop shop

Post by drzzzzz »

nonnie wrote: Mon Aug 01, 2022 3:54 pm
SnowBog wrote: Mon Aug 01, 2022 10:21 am
nonnie wrote: Sun Jul 31, 2022 5:40 pm
nonnie wrote: Sun Jul 31, 2022 3:44 pm
muffins14 wrote: Sun Jul 31, 2022 3:16 pm You don’t really “need” 100k for anything, except some money market fund. Even below 100k, you can get a money market that is adequate. I would hope you don’t feel a need to hold 50-100k in cash as opposed to maybe a short muni bond or treasury fund, which you can buy via ETF
To qualify for FDZXX, the premium fund (highest paying unless one has $1M) one only needs *initial* balance of $100K (only $10K for retirement). Once that minimum is met, we can let the balance get as low as $1 as I understand it. FDZXX has been averaging 40 basis points higher---recent 1 day yield of 2.08% than our SPAXX core account. We will be holding minimal immediate emergency cash needs in that account ( I know folks consider Ibonds as an "emergency fund" but I worked too hard to buy those!) and then buying a either a 4 rung or 6 rung ladder of Treasuries/CDs to fund our every 3 month cash need of $22K. I don't want a bond fund for this.

So, my quest right now is to get the initial $100K into the joint to be able to invest in FDZXX and it's cumbersome because I didn't think of using Fido one-stop before.

Thanks for your comment, I hope I'm understanding correctly.
Here's what a Fidelity rep just told me (on Sunday no less when I've usually found less informed people). Contrary to what I've been told before (perhaps the reps misunderstood, I can indeed move $$ from my individual account or HIS individual account into our joint account.

BUT HERE'S THE NEW INFO--if I transfer from our individual accounts that are currently holding FDZXX into the joint account AND so do it in shares of FDZXX (don't hit the dollar button) our joint account has now qualified (without having to hit the $100K balance at least once) to now be able to always use FDZXX. I hope this is true and I guess it's always about asking the right questions!

In my experience, you were given misleading information...

To clarify, so long as you hold FZDXX in that account (any amount), and the shares have settled (usually takes 2 days after transfer), even you can continue to buy more in that account. So far, that lines up with what you said...

But if you sell (or transfer) those shares, and now hold $0 in FZDXX, then you cannot purchase more in that account. In other words, this part was incorrect...
nonnie wrote: Sun Jul 31, 2022 5:40 pm ... our joint account has now qualified (without having to hit the $100K balance at least once) to now be able to always use FDZXX.
To explain it differently, you need only hit the $100k limit once in a single account, and then you can transfer shares (any amount) to other accounts and/or sell shares, and so long as you have settled shares in an account, you can buy more FZDXX in the account.

As far as I can tell, there is no "account qualification". Instead, it appears the $100k check is done on the initial purchase. So if you have $1 of shares in another account, you are "buying more" and the initial $100k does not apply. At least that's how it's worked for me...
I think I understand what you are saying but I'm not sure I was clear enough as to what I was asking or had been told:

We have--My Individual account- $100 K balance, FDZXX shares; SO Individual account $100 K balance, FDZXX shares;

I just opened a joint account and transferred $25K in cash from outside banks (we're transitioning to Fidelity and gathering assets from way too many places). I also transferred $10K in FDZXX shares from each of your joint accounts. Total account balance - $25K in cash; $20K in FDZXX =$45,000.

I just attempted to buy FDZXX-- with the available cash of $25K and got this message "-003908) The quantity you specified is less than the minimum required to buy shares in the mutual fund you selected. The selected mutual fund has a minimum investment requirement of $100,000." So, what I understood the rep to tell me was wrong. I only hope that once I get the balance in the account up to $100K I will be able to buy FDZXX from now on, no matter if the balance falls below $100K-- are understanding each other :-) and Fidelity?
My experience purchasing FZDXX is that is $100,000 per account, but I have let it drift down to a few thousand after purchasing stock and mutual funds and have easily transferred funds from my core/settlement fund back into FZDXX even with the lower balance.
lightning
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Re: Fidelity as a one stop shop

Post by lightning »

All this talk about FZDXX got me to thinking. Where have I seen this before?

So, in May of 2020 there was a promo for something called Fidelity Rewards+. The only references I can find on Bogleheads from that time pooh-poohed this as it was for Wealth management services only with an AUM and no one wanted that. But, I signed up for this plan for free at the time and have been extended each year since for yet another year (third year so far) of this perk even though I have no assets under management. I get 2.25% on my fidelity CC rather than the normal 2% which has been all I have used until now. Today, I signed up for IDnotify for free identity protection. I also put in a buy order for FZDXX for $500 without the normal $100K minimum which so far seems to have been processed. Minimum initial dollar requirements are waived for certain premium MM funds like FZDXX.

Am I the only person on this train? No one ever talks about this on Bogleheads and so far it has seemed to be a real thing that exists 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 »

lightning wrote: Mon Aug 01, 2022 9:44 pm All this talk about FZDXX got me to thinking. Where have I seen this before?

So, in May of 2020 there was a promo for something called Fidelity Rewards+. The only references I can find on Bogleheads from that time pooh-poohed this as it was for Wealth management services only with an AUM and no one wanted that. But, I signed up for this plan for free at the time and have been extended each year since for yet another year (third year so far) of this perk even though I have no assets under management. I get 2.25% on my fidelity CC rather than the normal 2% which has been all I have used until now. Today, I signed up for IDnotify for free identity protection. I also put in a buy order for FZDXX for $500 without the normal $100K minimum which so far seems to have been processed. Minimum initial dollar requirements are waived for certain premium MM funds like FZDXX.

Am I the only person on this train? No one ever talks about this on Bogleheads and so far it has seemed to be a real thing that exists for me, at least.
Where do you see then minimim initial dollar requirement waived?
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JoMoney
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Re: Fidelity as a one stop shop

Post by JoMoney »

anon_investor wrote: Mon Aug 01, 2022 9:57 pm
lightning wrote: Mon Aug 01, 2022 9:44 pm All this talk about FZDXX got me to thinking. Where have I seen this before?

So, in May of 2020 there was a promo for something called Fidelity Rewards+. The only references I can find on Bogleheads from that time pooh-poohed this as it was for Wealth management services only with an AUM and no one wanted that. But, I signed up for this plan for free at the time and have been extended each year since for yet another year (third year so far) of this perk even though I have no assets under management. I get 2.25% on my fidelity CC rather than the normal 2% which has been all I have used until now. Today, I signed up for IDnotify for free identity protection. I also put in a buy order for FZDXX for $500 without the normal $100K minimum which so far seems to have been processed. Minimum initial dollar requirements are waived for certain premium MM funds like FZDXX.

Am I the only person on this train? No one ever talks about this on Bogleheads and so far it has seemed to be a real thing that exists for me, at least.
Where do you see then minimim initial dollar requirement waived?
https://www.fidelity.com/rewards/overview
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muffins14
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Re: Fidelity as a one stop shop

Post by muffins14 »

lightning wrote: Mon Aug 01, 2022 9:44 pm All this talk about FZDXX got me to thinking. Where have I seen this before?

So, in May of 2020 there was a promo for something called Fidelity Rewards+. The only references I can find on Bogleheads from that time pooh-poohed this as it was for Wealth management services only with an AUM and no one wanted that. But, I signed up for this plan for free at the time and have been extended each year since for yet another year (third year so far) of this perk even though I have no assets under management. I get 2.25% on my fidelity CC rather than the normal 2% which has been all I have used until now. Today, I signed up for IDnotify for free identity protection. I also put in a buy order for FZDXX for $500 without the normal $100K minimum which so far seems to have been processed. Minimum initial dollar requirements are waived for certain premium MM funds like FZDXX.

Am I the only person on this train? No one ever talks about this on Bogleheads and so far it has seemed to be a real thing that exists for me, at least.
Did you just find some loophole? It seems clear that they only intend to count managed assets

“Fidelity Rewards+ generally requires $250,000 invested through Fidelity® Wealth Services, Fidelity® Strategic Disciplines, or a combination of both registered as an individual account, a joint account, or certain types of revocable trusts. Assets in other registration types, such as irrevocable trusts, partnerships, or LLCs, will not be included when determining program eligibility. Fidelity Rewards is not offered as a component of any advisory service or program through Fidelity, including, without limitation, Fidelity® Wealth Services and Fidelity® Strategic Disciplines. While there are no program enrollment fees, eligible managed accounts are charged an advisory fee.”
Crom laughs at your Four Winds
SnowBog
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Re: Fidelity as a one stop shop

Post by SnowBog »

muffins14 wrote: Mon Aug 01, 2022 10:07 pm
lightning wrote: Mon Aug 01, 2022 9:44 pm All this talk about FZDXX got me to thinking. Where have I seen this before?

So, in May of 2020 there was a promo for something called Fidelity Rewards+. The only references I can find on Bogleheads from that time pooh-poohed this as it was for Wealth management services only with an AUM and no one wanted that. But, I signed up for this plan for free at the time and have been extended each year since for yet another year (third year so far) of this perk even though I have no assets under management. I get 2.25% on my fidelity CC rather than the normal 2% which has been all I have used until now. Today, I signed up for IDnotify for free identity protection. I also put in a buy order for FZDXX for $500 without the normal $100K minimum which so far seems to have been processed. Minimum initial dollar requirements are waived for certain premium MM funds like FZDXX.

Am I the only person on this train? No one ever talks about this on Bogleheads and so far it has seemed to be a real thing that exists for me, at least.
Did you just find some loophole? It seems clear that they only intend to count managed assets

“Fidelity Rewards+ generally requires $250,000 invested through Fidelity® Wealth Services, Fidelity® Strategic Disciplines, or a combination of both registered as an individual account, a joint account, or certain types of revocable trusts. Assets in other registration types, such as irrevocable trusts, partnerships, or LLCs, will not be included when determining program eligibility. Fidelity Rewards is not offered as a component of any advisory service or program through Fidelity, including, without limitation, Fidelity® Wealth Services and Fidelity® Strategic Disciplines. While there are no program enrollment fees, eligible managed accounts are charged an advisory fee.”
+1

I just "checked my eligibility" - I'm not. It specifically notes the need for professionally manged assets (aka the kind that charges you an Assets Under Management [AUM] fee).
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

lightning wrote: Mon Aug 01, 2022 9:44 pm All this talk about FZDXX got me to thinking. Where have I seen this before?

So, in May of 2020 there was a promo for something called Fidelity Rewards+. The only references I can find on Bogleheads from that time pooh-poohed this as it was for Wealth management services only with an AUM and no one wanted that. But, I signed up for this plan for free at the time and have been extended each year since for yet another year (third year so far) of this perk even though I have no assets under management. I get 2.25% on my fidelity CC rather than the normal 2% which has been all I have used until now. Today, I signed up for IDnotify for free identity protection. I also put in a buy order for FZDXX for $500 without the normal $100K minimum which so far seems to have been processed. Minimum initial dollar requirements are waived for certain premium MM funds like FZDXX.

Am I the only person on this train? No one ever talks about this on Bogleheads and so far it has seemed to be a real thing that exists for me, at least.
Kudos for finding some crazy loophole!
nonnie
Posts: 3014
Joined: Thu Mar 13, 2008 8:05 pm

Re: Fidelity as a one stop shop

Post by nonnie »

SnowBog wrote: Mon Aug 01, 2022 10:19 pm
muffins14 wrote: Mon Aug 01, 2022 10:07 pm
lightning wrote: Mon Aug 01, 2022 9:44 pm All this talk about FZDXX got me to thinking. Where have I seen this before?

So, in May of 2020 there was a promo for something called Fidelity Rewards+. The only references I can find on Bogleheads from that time pooh-poohed this as it was for Wealth management services only with an AUM and no one wanted that. But, I signed up for this plan for free at the time and have been extended each year since for yet another year (third year so far) of this perk even though I have no assets under management. I get 2.25% on my fidelity CC rather than the normal 2% which has been all I have used until now. Today, I signed up for IDnotify for free identity protection. I also put in a buy order for FZDXX for $500 without the normal $100K minimum which so far seems to have been processed. Minimum initial dollar requirements are waived for certain premium MM funds like FZDXX.

Am I the only person on this train? No one ever talks about this on Bogleheads and so far it has seemed to be a real thing that exists for me, at least.
Did you just find some loophole? It seems clear that they only intend to count managed assets

“Fidelity Rewards+ generally requires $250,000 invested through Fidelity® Wealth Services, Fidelity® Strategic Disciplines, or a combination of both registered as an individual account, a joint account, or certain types of revocable trusts. Assets in other registration types, such as irrevocable trusts, partnerships, or LLCs, will not be included when determining program eligibility. Fidelity Rewards is not offered as a component of any advisory service or program through Fidelity, including, without limitation, Fidelity® Wealth Services and Fidelity® Strategic Disciplines. While there are no program enrollment fees, eligible managed accounts are charged an advisory fee.”
+1

I just "checked my eligibility" - I'm not. It specifically notes the need for professionally manged assets (aka the kind that charges you an Assets Under Management [AUM] fee).
Yesterday I spent almost 20 minutes on hold with a Fidelity representative who had originally told me as a Fidelity Gold member -- I think that only means I have more than $250K-- that the FDZXX minimum was waived. I told him to check further. He came back and told me that my account was "miscoded" and I was eligible for "Fidelity Rewards" but I needed to talk to my local advisor. A quick check revealed exactly what you have quoted above, I'm not eligible and didn't call my rep.

Fidelity reps are still 100% better than Schwab (it's been 3 phone calls and almost 2 hrs on hold and they still can't tell me why they won't "release" my Roth). I could probably research this but why does SPRXX is the non-premium version of FZDXX, pay a lower return-- is it because lower durations?, a lower management fee? must be an easy reason.
SnowBog
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Re: Fidelity as a one stop shop

Post by SnowBog »

nonnie wrote: Tue Aug 02, 2022 11:28 am ...
I could probably research this but why does SPRXX is the non-premium version of FZDXX, pay a lower return-- is it because lower durations?, a lower management fee? must be an easy reason.
Definitely a lower fee. I'm also assuming that they take less profit from these (in exchange for more volume). Probably a bad analogy, but think buying in bulk at a Costco - they make less per unit, but sell more units at lower overhead.
Last edited by SnowBog on Tue Aug 02, 2022 12:14 pm, edited 1 time in total.
nonnie
Posts: 3014
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Re: Fidelity as a one stop shop

Post by nonnie »

nonnie wrote: Tue Aug 02, 2022 11:28 am
SnowBog wrote: Mon Aug 01, 2022 10:19 pm
muffins14 wrote: Mon Aug 01, 2022 10:07 pm
lightning wrote: Mon Aug 01, 2022 9:44 pm All this talk about FZDXX got me to thinking. Where have I seen this before?

So, in May of 2020 there was a promo for something called Fidelity Rewards+. The only references I can find on Bogleheads from that time pooh-poohed this as it was for Wealth management services only with an AUM and no one wanted that. But, I signed up for this plan for free at the time and have been extended each year since for yet another year (third year so far) of this perk even though I have no assets under management. I get 2.25% on my fidelity CC rather than the normal 2% which has been all I have used until now. Today, I signed up for IDnotify for free identity protection. I also put in a buy order for FZDXX for $500 without the normal $100K minimum which so far seems to have been processed. Minimum initial dollar requirements are waived for certain premium MM funds like FZDXX.

Am I the only person on this train? No one ever talks about this on Bogleheads and so far it has seemed to be a real thing that exists for me, at least.
Did you just find some loophole? It seems clear that they only intend to count managed assets

“Fidelity Rewards+ generally requires $250,000 invested through Fidelity® Wealth Services, Fidelity® Strategic Disciplines, or a combination of both registered as an individual account, a joint account, or certain types of revocable trusts. Assets in other registration types, such as irrevocable trusts, partnerships, or LLCs, will not be included when determining program eligibility. Fidelity Rewards is not offered as a component of any advisory service or program through Fidelity, including, without limitation, Fidelity® Wealth Services and Fidelity® Strategic Disciplines. While there are no program enrollment fees, eligible managed accounts are charged an advisory fee.”
+1

I just "checked my eligibility" - I'm not. It specifically notes the need for professionally manged assets (aka the kind that charges you an Assets Under Management [AUM] fee).
Yesterday I spent almost 20 minutes on hold with a Fidelity representative who had originally told me as a Fidelity Gold member -- I think that only means I have more than $250K-- that the FDZXX minimum was waived. I told him to check further. He came back and told me that my account was "miscoded" and I was eligible for "Fidelity Rewards" but I needed to talk to my local advisor. A quick check revealed exactly what you have quoted above, I'm not eligible and didn't call my rep.

Fidelity reps are still 100% better than Schwab (it's been 3 phone calls and almost 2 hrs on hold and they still can't tell me why they won't "release" my Roth). I could probably research this but why does SPRXX is the non-premium version of FZDXX, pay a lower return-- is it because of shorter durations?, a lower management fee? must be an easy reason.
radiowave
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Re: Fidelity as a one stop shop

Post by radiowave »

JoMoney wrote: Mon Aug 01, 2022 10:01 pm
anon_investor wrote: Mon Aug 01, 2022 9:57 pm
lightning wrote: Mon Aug 01, 2022 9:44 pm All this talk about FZDXX got me to thinking. Where have I seen this before?

So, in May of 2020 there was a promo for something called Fidelity Rewards+. The only references I can find on Bogleheads from that time pooh-poohed this as it was for Wealth management services only with an AUM and no one wanted that. But, I signed up for this plan for free at the time and have been extended each year since for yet another year (third year so far) of this perk even though I have no assets under management. I get 2.25% on my fidelity CC rather than the normal 2% which has been all I have used until now. Today, I signed up for IDnotify for free identity protection. I also put in a buy order for FZDXX for $500 without the normal $100K minimum which so far seems to have been processed. Minimum initial dollar requirements are waived for certain premium MM funds like FZDXX.

Am I the only person on this train? No one ever talks about this on Bogleheads and so far it has seemed to be a real thing that exists for me, at least.
Where do you see then minimim initial dollar requirement waived?
https://www.fidelity.com/rewards/overview
Image
Just checked my eligibility and yeah they don't consider self-directed accounts. Maybe they should put a big sign on their rewards page no Bogleheads allowed <sarcasm of course>.
Bogleheads Wiki: https://www.bogleheads.org/wiki/Main_Page
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

radiowave wrote: Tue Aug 02, 2022 12:20 pm
JoMoney wrote: Mon Aug 01, 2022 10:01 pm
anon_investor wrote: Mon Aug 01, 2022 9:57 pm
lightning wrote: Mon Aug 01, 2022 9:44 pm All this talk about FZDXX got me to thinking. Where have I seen this before?

So, in May of 2020 there was a promo for something called Fidelity Rewards+. The only references I can find on Bogleheads from that time pooh-poohed this as it was for Wealth management services only with an AUM and no one wanted that. But, I signed up for this plan for free at the time and have been extended each year since for yet another year (third year so far) of this perk even though I have no assets under management. I get 2.25% on my fidelity CC rather than the normal 2% which has been all I have used until now. Today, I signed up for IDnotify for free identity protection. I also put in a buy order for FZDXX for $500 without the normal $100K minimum which so far seems to have been processed. Minimum initial dollar requirements are waived for certain premium MM funds like FZDXX.

Am I the only person on this train? No one ever talks about this on Bogleheads and so far it has seemed to be a real thing that exists for me, at least.
Where do you see then minimim initial dollar requirement waived?
https://www.fidelity.com/rewards/overview
Image
Just checked my eligibility and yeah they don't consider self-directed accounts. Maybe they should put a big sign on their rewards page no Bogleheads allowed <sarcasm of course>.
Since I don't have $100k for FZDXX, I just placed an order for 1 month T-Bills at auction today and enabled autoroll, good enough.
nalor511
Posts: 5058
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Re: Fidelity as a one stop shop

Post by nalor511 »

anon_investor wrote: Tue Aug 02, 2022 3:56 pm
radiowave wrote: Tue Aug 02, 2022 12:20 pm
JoMoney wrote: Mon Aug 01, 2022 10:01 pm
anon_investor wrote: Mon Aug 01, 2022 9:57 pm
lightning wrote: Mon Aug 01, 2022 9:44 pm All this talk about FZDXX got me to thinking. Where have I seen this before?

So, in May of 2020 there was a promo for something called Fidelity Rewards+. The only references I can find on Bogleheads from that time pooh-poohed this as it was for Wealth management services only with an AUM and no one wanted that. But, I signed up for this plan for free at the time and have been extended each year since for yet another year (third year so far) of this perk even though I have no assets under management. I get 2.25% on my fidelity CC rather than the normal 2% which has been all I have used until now. Today, I signed up for IDnotify for free identity protection. I also put in a buy order for FZDXX for $500 without the normal $100K minimum which so far seems to have been processed. Minimum initial dollar requirements are waived for certain premium MM funds like FZDXX.

Am I the only person on this train? No one ever talks about this on Bogleheads and so far it has seemed to be a real thing that exists for me, at least.
Where do you see then minimim initial dollar requirement waived?
https://www.fidelity.com/rewards/overview
Image
Just checked my eligibility and yeah they don't consider self-directed accounts. Maybe they should put a big sign on their rewards page no Bogleheads allowed <sarcasm of course>.
Since I don't have $100k for FZDXX, I just placed an order for 1 month T-Bills at auction today and enabled autoroll, good enough.
Except it's not. I might have unforseen expenses, and need liquidity
User avatar
anon_investor
Posts: 15122
Joined: Mon Jun 03, 2019 1:43 pm

Re: Fidelity as a one stop shop

Post by anon_investor »

nalor511 wrote: Tue Aug 02, 2022 9:10 pm
anon_investor wrote: Tue Aug 02, 2022 3:56 pm
radiowave wrote: Tue Aug 02, 2022 12:20 pm
JoMoney wrote: Mon Aug 01, 2022 10:01 pm
anon_investor wrote: Mon Aug 01, 2022 9:57 pm

Where do you see then minimim initial dollar requirement waived?
https://www.fidelity.com/rewards/overview
Image
Just checked my eligibility and yeah they don't consider self-directed accounts. Maybe they should put a big sign on their rewards page no Bogleheads allowed <sarcasm of course>.
Since I don't have $100k for FZDXX, I just placed an order for 1 month T-Bills at auction today and enabled autoroll, good enough.
Except it's not. I might have unforseen expenses, and need liquidity
Obviously only for funds that you don't need for a month. Worst case 1 month T-Bills can always be sold.
Blue456
Posts: 2152
Joined: Tue Jun 04, 2019 5:46 am

Re: Fidelity as a one stop shop

Post by Blue456 »

Recently state of Kentucky pretended that I did not pay them taxes. They added a nice additional $5000 fee. Fortunately I had a proof that they cashed the check I sent them. Does Fidelity provide photocopies of cashed checks and clear statements on the CMA accounts?
vtMaps
Posts: 1031
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Location: central Vermont

Re: Fidelity as a one stop shop

Post by vtMaps »

Blue456 wrote: Sat Aug 06, 2022 6:06 am Does Fidelity provide photocopies of cashed checks and clear statements on the CMA accounts?
I get check images with my paper statements. I called and asked them to include the printed images. Maybe you can do that online without having to call them. If you are paperless, I believe you can see the images online (but I've never tried).

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

Post by SnowBog »

vtMaps wrote: Sat Aug 06, 2022 7:26 am
Blue456 wrote: Sat Aug 06, 2022 6:06 am Does Fidelity provide photocopies of cashed checks and clear statements on the CMA accounts?
I get check images with my paper statements. I called and asked them to include the printed images. Maybe you can do that online without having to call them. If you are paperless, I believe you can see the images online (but I've never tried).

--vtMaps
They do. We rarely use checks anymore, but when one randomly comes through, I can see if online after it's cashed (may take an extra day or try, cave remember - but you can see them).

That said, honestly I don't pay taxes with a check anymore. They are so easy to get lost or stolen, and as you find out the burden of proof is on you. Instead, we'll pay electronically. Initially we did this by entering our bank information on the forms. Now we pay online. And if you have a credit card with > 2% cash back, you might even get a little cash back for doing so. (If not, some pay with debit cards, others just do direct debit).
grp2c
Posts: 149
Joined: Sat Mar 08, 2014 4:51 pm

Re: Fidelity as a one stop shop

Post by grp2c »

be careful inputting your bank account info into your state's online tax payment system. The california ftb online webpay system failed to give me confirmation after I submitted estimated payments for 1st, 2nd, and 4th quarter payments. I then resubmitted the payments and received confirmation. Then they double debited my bank account for both the 1st and 2nd quarter payments. They were not able to fix the problem over the phone but instead required paper forms to be submitted and along some amount of "processing time". such a pain.
Blue456
Posts: 2152
Joined: Tue Jun 04, 2019 5:46 am

Re: Fidelity as a one stop shop

Post by Blue456 »

SnowBog wrote: Sat Aug 06, 2022 11:07 am
vtMaps wrote: Sat Aug 06, 2022 7:26 am
Blue456 wrote: Sat Aug 06, 2022 6:06 am Does Fidelity provide photocopies of cashed checks and clear statements on the CMA accounts?
I get check images with my paper statements. I called and asked them to include the printed images. Maybe you can do that online without having to call them. If you are paperless, I believe you can see the images online (but I've never tried).


--vtMaps
They do. We rarely use checks anymore, but when one randomly comes through, I can see if online after it's cashed (may take an extra day or try, cave remember - but you can see them).

That said, honestly I don't pay taxes with a check anymore. They are so easy to get lost or stolen, and as you find out the burden of proof is on you. Instead, we'll pay electronically. Initially we did this by entering our bank information on the forms. Now we pay online. And if you have a credit card with > 2% cash back, you might even get a little cash back for doing so. (If not, some pay with debit cards, others just do direct debit).
The state of Kentucky didn’t give me an electronic payment option. They required an actual check. This was for amended return.
marc515
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Re: Fidelity as a one stop shop

Post by marc515 »

muffins14 wrote: Sun Jul 31, 2022 6:35 pm
iamblessed wrote: Sun Jul 31, 2022 6:32 pm Thinking about going to over to Fidelity. Can you auto pay a Penfed credit card from Fidelity?
Can you auto pay Penfed with a non-Penfed bank of you give them the account number and routing number of the bank you want to pay with?
Yes you can; you set up auto pay/direct debit at Penfed for each Penfed account
User avatar
JoMoney
Posts: 16260
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Re: Fidelity as a one stop shop

Post by JoMoney »

marc515 wrote: Sun Aug 07, 2022 6:53 am
muffins14 wrote: Sun Jul 31, 2022 6:35 pm
iamblessed wrote: Sun Jul 31, 2022 6:32 pm Thinking about going to over to Fidelity. Can you auto pay a Penfed credit card from Fidelity?
Can you auto pay Penfed with a non-Penfed bank of you give them the account number and routing number of the bank you want to pay with?
Yes you can; you set up auto pay/direct debit at Penfed for each Penfed account
Fidelity also has a free "Bill Pay" that participates in the eBill service (requires payee participation, that many billers do.) "eBills" can be setup to automatically pay designated bills, which is an alternative some prefer rather than authorizing the biller to directly debit their account.
https://www.fidelity.com/cash-managemen ... pay/ebills
"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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