Wire Transfer Fees

[COcheesehead]

FWIW. My Fidelity rep warned me about doing that. His point was after 911 the brokerage firms and funds were closed from 9/11 till 9/17. He felt having a bank involved was a good idea.

That makes no sense. FIDO uses a bank, UMB. Can you still write checks when your bank is closed? The answer is yes.

 

[TrvlBug]

never mind...

 

[TrvlBug]

Why transfer the money in the first place. Just write a check(s) from your FIDO account. I shut down my Chase account years ago and do all my banking at FIDO. Haven't stepped into a bank lobby in years.

I don't bank from my Fido account. I'm a bit paranoid...DH has done some work in cyber security and the idea of a checking account with access to 6 figures scares the bejeezus out of me. We keep at least 1 year of expenses in cash in a MM account. If your core account doesn't have enough $, Fido pays the checks from your other MM accounts.

I also like the idea of having cash available at another organization just in case.

 

[TrvlBug]

Here's a writeup in ACH limits. Looks like it varies by institution:

Beware of Online ACH Transfer Limits - BankFox


Here's a high level write up on the difference between ACH and wires:

https://www.depositaccounts.com/blog/difference-between-wire-transfer-and-ach.html

Thanks for the links. Now I understand the difference between the two types of transfers.

 

[COcheesehead]

I don't bank from my Fido account. I'm a bit paranoid...DH has done some work in cyber security and the idea of a checking account with access to 6 figures scares the bejeezus out of me. We keep at least 1 year of expenses in cash in a MM account. If your core account doesn't have enough $, Fido pays the checks from your other MM accounts.

I also like the idea of having cash available at another organization just in case.

If you read FIDO's security guarantee, they will cover fraud for funds within your account. They won't cover funds transferred to another account owned by you. So if a wire goes, um haywire, you're on your own and I've known of some wires that have gone bad. There's actually more risk in a wire.

 

[audreyh1]

I don't bank from my Fido account. I'm a bit paranoid...DH has done some work in cyber security and the idea of a checking account with access to 6 figures scares the bejeezus out of me. We keep at least 1 year of expenses in cash in a MM account. If your core account doesn't have enough $, Fido pays the checks from your other MM accounts.

I also like the idea of having cash available at another organization just in case.

I have a cash management account at Fidelity. This is actually a bank account, FDIC insured. I deliberately do not have overdraft protection, so it's isolated from my other Fidelity accounts. There is no automatic transfer from my much larger brokerage account. I mainly use it to pay a couple of credit cards and for overseas fee-free ATM transactions, and I keep the balance low.

But that's not my main bank account, I have several others.

 

[braumeister]

I have a cash management account at Fidelity. This is actually a bank account, FDIC insured. I deliberately do not have overdraft protection, so it's isolated from my other Fidelity accounts. There is no automatic transfer from my much larger brokerage account. I mainly use it to pay a couple of credit cards and for overseas fee-free ATM transactions, and I keep the balance low.

But that's not my main bank account, I have several others.

+1
The FIDO cash management account has been great. Very useful as a bridge account. Also, the no FTF feature makes it a nice backup to my Schwab checking account, which is my primary overseas ATM card.

 

[TrvlBug]

I have a cash management account at Fidelity. This is actually a bank account, FDIC insured. I deliberately do not have overdraft protection, so it's isolated from my other Fidelity accounts. There is no automatic transfer from my much larger brokerage account. I mainly use it to pay a couple of credit cards and for overseas fee-free ATM transactions, and I keep the balance low.

But that's not my main bank account, I have several others.

Thanks Audrey and Braumeister...I'll have to look into this. This may be ideal with our SS checks going into the WFB account and using a Fido cash mgmt account for other, non-daily transactions.

 

[Suppertime]

I recently changed to a brokerage account at Vanguard which entails a change to wiring money into my account. The new bank, Chase, at Vanguard's end takes $20. I asked Vanguard and they insist they don't charge for receiving wires. Vanguard seems to have no idea that their bank keeps $20 every time a customer wires money into her account.