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Non-investing private finance points together with insurance coverage, credit score, actual property, taxes, employment and authorized points corresponding to trusts and wills.
Re: Fidelity as a one stop shop
Seek for a non-existing financial institution corresponding to PQRS and it’ll then give you the choice to enter a debit card
Re: Fidelity as a one stop shop
If you happen to attempt to Zelle pay somebody who registered as a small enterprise (housekeeper, garden care, and so forth), Zelle will reject.
There isn’t any dignity fairly so spectacular, and nobody independence fairly so essential, as dwelling inside your means.
Re: Fidelity as a one stop shop
PersonalFinanceJam wrote: ↑Fri Aug 30, 2024 12:49 pm
I do not keep in mind this being mentioned on this mega thread so apologies if this was already identified. I ran throughout this latest reddit post saying they have been profitable in utilizing Chase ATMs with their Constancy CMA debit card by way of Apple Pockets (NFC). I not too long ago tried this and confirmed it labored! It seems this can be a comparatively new change by Chase to permit non Chase debit playing cards for use by way of digital wallets and different banks are nonetheless blocking exterior debit playing cards from utilizing their ATM community by way of contactless. It is good to know different networks may fit if the financial institution/community permits it.I most likely should not be so excited by this as a result of I do not want money that usually. Nonetheless, it actually got here in useful on a latest journey the place I wanted to get some money however did not have my debit card. I’ve not too long ago downsized my pockets to a easy card holder which attaches magnetically to my iPhone. One step nearer to a card-less future!
For reference I nonetheless have the CMA debit card issued by PNC Financial institution. I’ve not but gotten my new card which shall be issued by Chief Financial institution. I’ll check once more as soon as I do.
After seeing this put up, I attempted utilizing Financial institution of America Debit and Constancy CMA Debit card with Apple Pockets at an ATM in a Chase department.
Neither labored. It will let me enter the PIN and enter the withdrawal quantity, however any withdrawal was rejected.
Re: Fidelity as a one stop shop
For many who have had the chance to make use of this new characteristic, I am assuming it really works as anticipated?
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Re: Fidelity as a one stop shop
kojima wrote: ↑Mon Sep 09, 2024 5:34 am
So I missed the messages on this thread from just a few weeks in the past about Constancy permitting 2FA authentication by way of a third get together app. I simply went into my safety settings and noticed that I’ve this feature now. Actually pleased Constancy is now permitting this with third get together apps.For many who have had the chance to make use of this new characteristic, I am assuming it really works as anticipated?
Sure.
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Re: Fidelity as a one stop shop
kojima wrote: ↑Mon Sep 09, 2024 5:34 am
So I missed the messages on this thread from just a few weeks in the past about Constancy permitting 2FA authentication by way of a third get together app. I simply went into my safety settings and noticed that I’ve this feature now. Actually pleased Constancy is now permitting this with third get together apps.For many who have had the chance to make use of this new characteristic, I am assuming it really works as anticipated?
What third get together app would you employ?
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Re: Fidelity as a one stop shop
tj wrote: ↑Mon Sep 09, 2024 9:27 amkojima wrote: ↑Mon Sep 09, 2024 5:34 am
So I missed the messages on this thread from just a few weeks in the past about Constancy permitting 2FA authentication by way of a third get together app. I simply went into my safety settings and noticed that I’ve this feature now. Actually pleased Constancy is now permitting this with third get together apps.For many who have had the chance to make use of this new characteristic, I am assuming it really works as anticipated?
What third get together app would you employ?
I might recommend beginning with no matter you already use to handle your passwords.
Most password managers embrace Time-based One-Time Password (TOTP) help for 2FA. Microsoft Authenticator, Google Authenticator/Chrome and Apple’s built-in Passwords on Mac and iPhone are all free. Third-party subscription apps like 1Password–which can sync throughout Apple/Microsoft/Android platforms and provide extra superior household sharing/administration options.
Shopping for the world | Right here to be taught
Re: Fidelity as a one stop shop
tj wrote: ↑Mon Sep 09, 2024 9:27 amkojima wrote: ↑Mon Sep 09, 2024 5:34 am
So I missed the messages on this thread from just a few weeks in the past about Constancy permitting 2FA authentication by way of a third get together app. I simply went into my safety settings and noticed that I’ve this feature now. Actually pleased Constancy is now permitting this with third get together apps.For many who have had the chance to make use of this new characteristic, I am assuming it really works as anticipated?
What third get together app would you employ?
In case you have an Android system, Aegis is taken into account the very best. Particularly since it’s open supply.
Re: Fidelity as a one stop shop
It appears that evidently the popular method is to have a mix of CMA + Brokerage. CMA account would maintain $0 or some nominal amount of money whereas the brokerage has the vast majority of the money positions in MMF’s. The CMA is barely used for ATM withdrawals, coated by overdraft safety from the Brokerage. All different spending exercise, like CC payments, is ran by way of the brokerage account.
What are the advantages of doing it this fashion? If I saved $0 within the CMA and ran funds by way of there, does the overdraft safety cowl that as properly? Making an attempt to grasp the hurt of maintaining money within the CMA account.
Re: Fidelity as a one stop shop
Friz wrote: ↑Mon Sep 09, 2024 12:55 pm
Planning on implementing Constancy as a one cease store or at the very least a hybrid one cease store within the close to time period.It appears that evidently the popular method is to have a mix of CMA + Brokerage. CMA account would maintain $0 or some nominal amount of money whereas the brokerage has the vast majority of the money positions in MMF’s. The CMA is barely used for ATM withdrawals, coated by overdraft safety from the Brokerage. All different spending exercise, like CC payments, is ran by way of the brokerage account.
What are the advantages of doing it this fashion? If I saved $0 within the CMA and ran funds by way of there, does the overdraft safety cowl that as properly? Making an attempt to grasp the hurt of maintaining money within the CMA account.
IMHO, now that the CMA can use SPAXX because the core place, I see little benefit in utilizing this setup, the principle advantage of which was incomes MMF charges by default in your money holdings.
Re: Fidelity as a one stop shop
Friz wrote: ↑Mon Sep 09, 2024 12:55 pm
Planning on implementing Constancy as a one cease store or at the very least a hybrid one cease store within the close to time period.It appears that evidently the popular method is to have a mix of CMA + Brokerage. CMA account would maintain $0 or some nominal amount of money whereas the brokerage has the vast majority of the money positions in MMF’s. The CMA is barely used for ATM withdrawals, coated by overdraft safety from the Brokerage. All different spending exercise, like CC payments, is ran by way of the brokerage account.
What are the advantages of doing it this fashion? If I saved $0 within the CMA and ran funds by way of there, does the overdraft safety cowl that as properly? Making an attempt to grasp the hurt of maintaining money within the CMA account.
Most individuals used that setup to be able to simulate SPAXX sweep within the CMA, however that sort of setup predates the latest change that permits SPAXX as a core MMF within the CMA account. Compartmentalize all you need for different causes, nonetheless. The primary danger of maintaining an excessive amount of money within the CMA would simply be the quantity publicity if you’re utilizing checks, debit playing cards, ACH transfers, and so forth. but it surely’s no extra so than one other financial institution’s checking account.
Many individuals choose to maintain an account that is “uncovered” by way of checks, ATM, and so forth., and one other that’s extra hidden/protected (i.e., much like the usual checking/financial savings scenario discovered at banks). CMA + brokerage is nice for that, however you’ll be able to skip the overdraft safety piece until you actually need it… for overdraft safety.
Re: Fidelity as a one stop shop
Friz wrote: ↑Mon Sep 09, 2024 12:55 pm
It appears that evidently the popular method is to have a mix of CMA + Brokerage. CMA account would maintain $0 or some nominal amount of money whereas the brokerage has the vast majority of the money positions in MMF’s. The CMA is barely used for ATM withdrawals, coated by overdraft safety from the Brokerage. All different spending exercise, like CC payments, is ran by way of the brokerage account.
As LongRoad notes, with SPAXX out there as a core place within the CMA there’s much less level, and the overdraft safety is seemingly not 100% dependable. Computerized liquidation of a Constancy MM to pay issues does look like dependable, as long as you keep away from a few edge circumstances (which afaik are fund swaps and treasury rolling) that may take up all out there stability.
My concept of the way in which to do it nonetheless has each a brokerage account and CMA, however I pay all the pieces from the CMA and maintain sufficient money in there (for me, in a 100% Treasury fund, as a result of it is higher for my taxes) to cowl affordable wants for some time. That manner if something fishy occurs the fallout is proscribed to the CMA and never long-term belongings. It is also useful to me to maintain all the day-to-day transactions in a single place and have the one exercise within the brokerage account be for long-term asset administration.
Re: Fidelity as a one stop shop
Thanks everybody for the perception! Looks like my CMA (Checking) and Brokerage (financial savings) arrange will work simply advantageous.
Re: Fidelity as a one stop shop
Fritz: Be very cautious about maintaining zero in your CMA and counting on the money supervisor to pay your payments. This works more often than not, but when any cost is manually processed Constancy could dishonor the cost. It’s a lot safer to make use of self-liquidation in the identical account slightly than counting on the money supervisor as a result of the “funds out there for withdrawal” shall be evident to the individual manually processing the cost.
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Re: Fidelity as a one stop shop
classpro wrote: ↑Mon Sep 09, 2024 9:36 pm
Fritz: Be very cautious about maintaining zero in your CMA and counting on the money supervisor to pay your payments. This works more often than not, but when any cost is manually processed Constancy could dishonor the cost. It’s a lot safer to make use of self-liquidation in the identical account slightly than counting on the money supervisor as a result of the “funds out there for withdrawal” shall be evident to the individual manually processing the cost.
I’ve $0 in my CMA for at the very least a 12 months and money supervisor and use the CMA as primary checking account. No points but
Re: Fidelity as a one stop shop
classpro wrote: ↑Mon Sep 09, 2024 9:36 pm
Fritz: Be very cautious about maintaining zero in your CMA and counting on the money supervisor to pay your payments. This works more often than not, but when any cost is manually processed Constancy could dishonor the cost. It’s a lot safer to make use of self-liquidation in the identical account slightly than counting on the money supervisor as a result of the “funds out there for withdrawal” shall be evident to the individual manually processing the cost.
Do not suppose I’ll go along with the 0 CMA method. CMA will maintain money (in SPAXX) to cowl our spending plus a buffer. Brokerage will maintain emergency financial savings and and so forth.
Re: Fidelity as a one stop shop
Has anybody skilled this drawback. Principally I’m hoping to fund it and put all the pieces on autopay so I haven’t got to suppose or act. Will I get burned?
Simply observed somebody above form of ask the identical query so I’m actually curious if I ought to be involved.
Additionally, one other query: What is best FDRXX or SPAXX they seem about the identical to me?
Re: Fidelity as a one stop shop
FDRXX and SPAXX have about the identical yield. I assume FDRXX could also be higher you probably have state and/or native taxes since a part of FDRXX could also be state/native tax exempt.
What state are you in and what are your state and native tax charges?
52% TSM, 23% TISM, 24.5% TBM, 0.5% money
Re: Fidelity as a one stop shop
mhc wrote: ↑Tue Sep 10, 2024 5:09 pm
You shouldn’t have an issue in a CMA with utilizing FDRXX or different auto-liquidating MMFs. I believe the problem arises when one makes use of the Money Supervisor characteristic to drag funds from one account to a different.FDRXX and SPAXX have about the identical yield. I assume FDRXX could also be higher you probably have state and/or native taxes since a part of FDRXX could also be state/native tax exempt.
What state are you in and what are your state and native tax charges?
I am in Texas so there isn’t a state tax.
