Last Friday (I think) I opened a Fidelity CMA. I already had my Roth and a rollover tIRA with them. For years I've been maintaining a HYSA and a checking accout at Ally, plus a local checking account at a B&M bank that receives our paychecks via direct deposit. There then ensues a lot of automatic ETFs between accounts. My objective with the CMA, as we approach retirement, is to simplify things by consolidating most of my cash and cash equivalents into one large bucket, on which I can write checks but also earn decent interest. Best of both worlds. Thought I'd share my experience so far, in case anyone is interested.
Opened the joint account via Fidelity website. Ordered a debit card; need two, don't know how many will show up--there was no option to specify. Also linked 3 banks via Fidelity website. Also used Fidelity website to set up a recurring monthly transfer from Fidelity to one of my banks (out of which cell phone company takes their monthly charges.) So a "push" EFT. That all went very smoothly.
Made some small trial EFTs from my other banks to the CMA. Seemed to go smoothly. Amounts were listed as "in process" over the weekend. They appear in the balance today. But the little circled i message says not available to withdraw until a week from now. That's suboptimal.
Wanted to set up checkwriting. Used the PDF form available online, filled it out, scanned it on my computer. The form gave inaccurate instructions about how to upload it. In the chat, the Fidelity rep was prompt and helpful in that regard, sending me a link to the upload site. Got a message today via the website that they had received it.
Went on Treasury Direct to link my new CMA as an available bank. That failed, I suspect because of the 17- versus 13-digit account number issue. I think I'll just wait until my checks arrive--I've read they contain a 13-digit account number recognizable outside of Fidelity.
So overall, a mixed bag, mostly positive, with a couple tolerable glitches. We shall see.
Opened the joint account via Fidelity website. Ordered a debit card; need two, don't know how many will show up--there was no option to specify. Also linked 3 banks via Fidelity website. Also used Fidelity website to set up a recurring monthly transfer from Fidelity to one of my banks (out of which cell phone company takes their monthly charges.) So a "push" EFT. That all went very smoothly.
Made some small trial EFTs from my other banks to the CMA. Seemed to go smoothly. Amounts were listed as "in process" over the weekend. They appear in the balance today. But the little circled i message says not available to withdraw until a week from now. That's suboptimal.
Wanted to set up checkwriting. Used the PDF form available online, filled it out, scanned it on my computer. The form gave inaccurate instructions about how to upload it. In the chat, the Fidelity rep was prompt and helpful in that regard, sending me a link to the upload site. Got a message today via the website that they had received it.
Went on Treasury Direct to link my new CMA as an available bank. That failed, I suspect because of the 17- versus 13-digit account number issue. I think I'll just wait until my checks arrive--I've read they contain a 13-digit account number recognizable outside of Fidelity.
So overall, a mixed bag, mostly positive, with a couple tolerable glitches. We shall see.
Statistics: Posted by syc — Tue May 07, 2024 6:15 pm — Replies 9 — Views 779
