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Old 09-10-2015, 07:54 PM   #21
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Originally Posted by TallTim View Post

As a side Q -- do any of you have experience with using Fidelity or TDA as your sole account for household checking as well as brokerage?
Yes, our main checking account is a Fido cash management account, and we use two others as well. I use bill pay, debit card (auto reimbursed ATM fees in a few days), smart phone deposits (local branch for big deposits), and the occasional check. Works fine as a checking account you can EFT automatic payments from. I don't think they have certified checks, so not quite everything is covered. Minimum balance and overdraft transfers have worked all but one time. Not sure why that time failed, but I have regularly caused overdrafts by buying fund shares at other mutual fund companies by EFT to my Fido checking. They just transfer the needed funds from your brokerage account. I really like it. They used to pay a decent interest rate too, instead of the current token rate.

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Old 09-10-2015, 07:58 PM   #22
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I have a Fidelity brokerage account.
A 401K employer account.
A TCF Bank checking account
A USB Checking and savings accounts.
And a few business accounts.

I just closed a Wells Fargo account to consolidate.

FIRE no later than 7/5/2016 at 56 (done), securing '16 401K match (done), getting '15 401K match (done), LTI Bonus (done), Perf bonus (done), maxing out 401K (done), picking up 1,000 hours to get another year of pension (done), July 1st benefits (vacation day, healthcare) (done), July 4th holiday. 0 days left. (done) OFFICIALLY RETIRED 7/5/2016!!
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Old 09-10-2015, 10:16 PM   #23
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Originally Posted by TallTim View Post
As a side Q -- do any of you have experience with using Fidelity or TDA as your sole account for household checking as well as brokerage?
Same as Animorph... very happy with the Fidelity CMA as our primary account for banking functions. Transfers from investment accounts are real time vs a couple days going to/from a commercial bank. Also like their 2% cash-back AMEX. Free checks. No fees of any kind, and no silly requirements to keep it that way. Solid hardware-based 2FA. As I said before, we do maintain a WF checking account for those rare needs, like a certified check, that the CMA doesn't support.

I would also suggest keeping it separate from your brokerage account that holds securities. I had them combined at one time and trading activity could sometimes play havoc with "cash available for withdrawal," which can be disconcerting when you have bill-pays scheduled.

We only keep a couple months worth of expenses in the CMA. The rest of our cash allocation is at Ally earning 0.99%. Don't expect a good interest rate from Fidelity.

I have no experience with TDA, Schwab, etc, but assume the overall experience would be similar.
Retired at 52 in July 2013. On to better things...
AA: 55% stock, 15% real estate, 27% bonds, 3% cash
WR: 2.0% SI: 2 pensions, some rental income, SS later
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Old 09-10-2015, 10:26 PM   #24
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Brokerage at Vanguard, CDs at Pen Fed Credit Union, Cds and savings at 2 online banks and 3 brick and mortar banks..... feel like I'm forgetting something.

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Old 09-10-2015, 11:55 PM   #25
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Wells Fargo checking acct
Discover online savings acct
Fidelity traditional IRA + taxable fund
Vanguard Sep-IRA + taxable funds
workplace self-directed profit-sharing plan at T.RowePrice

Not too cumbersome, but I wouldn't want more than that.
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Old 09-11-2015, 12:30 AM   #26
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Local bank for checking
CDs at 3 different internet banks/credit unions
Brokerage accounts at Fido
Treasury direct account
Account at precious metal dealer
4 different 401K etc. employer retirement providers

So I deal with 11 financial institutions....
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Old 09-11-2015, 05:50 AM   #27
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B of A
Wells Fargo
GE Capital

Brokerage/Mutual Funds:

American Century
Wells Fargo
Wherever you go, there you are.
(In other words, no whining!)
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Old 09-11-2015, 06:31 AM   #28
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Only one institution for all Canadian and US bank accounts. Same bank's self directed brokerage (only in Canada) All accounts joint. Maybe 30-40 accounts all accessible through one login and visible one one page. Can transfer between all of them with a click. The Canadian banking system is much more concentrated than in the US, so one bank works much better.
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Old 09-11-2015, 06:41 AM   #29
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We have two bank accounts, two investment accounts, two HSA accounts.
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Old 09-11-2015, 08:15 AM   #30
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We have a bunch:
2 credit unions/online banks
4 trad IRA accounts
2 Roth IRA accounts
3 brokerage accounts
2 mutual fund family account
1 peer lending account

14 accounts with 8 different providers. Consolidation is on my list for my first year in retirement...
“If you don't do it this year, you will be one year older when you do.” - Warren Miller
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Old 09-11-2015, 08:24 AM   #31
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Originally Posted by frayne View Post
Just out of curiosity how many different bank/brokerage accounts do you have ?

I have three, Fido, Vanguard and a local bank savings/checking account.
I have 5. In decending order from amount of $
1. Fido (the majority of the taxable and tax deferred $'s) and that includes my current j*b's 401K. Mix of managed and index funds.
2. Vanguard - taxable-only account for some diversification across fund companies. Index funds only.
3. MullinsTBG - a deferred compensation account from a former employer that uses the same funds as that former employer's 401K
4. Schwab - a few k$ from back when I owned individual stocks. Was just easier to throw that into a balanced fund than close down the account. So there it sits. Maybe someday.....
5. Checking/savings account at a local credit union

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Old 09-11-2015, 08:28 AM   #32
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One brokerage with two retirement accounts
Another brokerage with all the remaining investment accounts (9)
Eight bank accounts (2 checking, 2 savings, 2 USD, 2 Mexican)
An insurance investment account
A preferred share account
A pension account

So a grand total of 22.
For the fun of it...Keith
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Old 09-11-2015, 08:35 AM   #33
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Accounts at 3 brokerages. One has most of our $$ and I have an advisor there I like (and I'm very picky). I have a Fidelity account I manage myself and an Edward Jones account because DH liked the nice young man ringing our doorbell and let him in. Not much there but that could increase since it's got the 529 for our granddaughter. I've also got a checking account at USAA.

The Fidelity account has gotten all the recent rollovers as I changed jobs in 2012 and retired in 2014.
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Old 09-11-2015, 09:27 AM   #34
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Including my holding company, I have over 20 accounts at two institutions.
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Old 09-11-2015, 09:53 AM   #35
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Checking/Savings at our federal credit union


Wife's 401k through her employer

Wife's rollover tIRA at Vanguard

Both of us have Roth IRA's at Vanguard

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Old 09-11-2015, 09:57 AM   #36
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Originally Posted by hnzw_rui View Post
I'm trying to figure out if you meant Traditional IRA or Taxable Brokerage Account.
Traditional IRA
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Old 09-11-2015, 10:56 AM   #37
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I am at 12 because of chasing CD rates. If I hit the lotto I would only have two but since I am low income every penny counts. I do think 12 is crazy by the way. I would love two life would be so easy.
Proverbs 15:22 Designs are brought to nothing where there is no counsel: but where there are many counsellors, they are established.
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Old 09-11-2015, 11:15 AM   #38
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I have a brokerage and an IRA with Fido, a small brokerage account with Dreyfus (one mutual fund which has checkwriting privileges), and a checking account with a local bank which acts as a hub for my day-to-day financial activities. The brokerage account with Fido produces the monthly dividends which go to my local bank's checking account to pay the bills, with anything in excess being reinvested.
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.

"I want my money working for me instead of me working for my money!"
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Old 09-11-2015, 02:54 PM   #39
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All bank accounts at BofA. Most investments at Vanguard but have old IRAs and taxable accounts with 3 mutual fund companies, plus some old company stock with Merrill Lynch (using this for charitable contributions to get rid of it, should be gone in 3-4 years depending on the market). Guess we're not as bad as I thought we were.
"One of the funny things about the stock market is that every time one person buys, another sells, and both think they are astute." William Feather
ER'd Oct. 2010 at 53. Life is good.
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Old 09-11-2015, 06:59 PM   #40
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Wow, I don't feel too bad anymore. Looks like we're typical.

Checking/savings: 6 different accounts at 4 different banks


401K at former employer's brokerage, may move before Roth conversions in 2016

2 Roths, 1 trad. IRA, 2 taxable accounts spread over 2 brokerages

May consolidate 401K to existing brokerage & eliminate 1 saving account and related bank.

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