Fidelity is giving away $100 limited time

[tulak]

Not so easy if you don’t have any checks. [emoji2]

 

[RobbieB]

Bummer dude.

 

[COcheesehead]

Why do people make their life so hard.

 

[COcheesehead]

Thanks for your patience.

I actually put in a bit of time reading the links in the opening few posts.

I wonder if the overhead of processing transactions in a brokerage account is higher (for Fidelity) than if those same transactions were processed in a cash management account or something, because it looks like I can do all this stuff from my existing brokerage cash account. Well I've never tried mobile deposit since I don't have (or need) a Fidelity mobile app. But I've always had check writing and always had transfers and always had billpay. Ah, maybe that's what the other shoe to drop will be...they'll say "we're eliminating features X, Y and Z from brokerage accounts...if you want those, please get a cash management account".

I like the idea of a "free" $100, but I don't like the idea of yet another account. As I mentioned in my 'html statement gone' thread, the total monthly statements from Fidelity add up to 48 pages. Yes, not a typo. It's a dang book! DW and I have lots of separate accounts as driven by the US tax code, and that, combined with the nutty format and needless cr8p they put on the pages, the total page count is insanely high. I think I'll pass on the incentive.

I use paperless statements. I try and embrace technology, especially things that simplify my life and I take appropriate precautions. Everybody should do what feels right for them, but 48 page statements is beyond the realm of something I would choose to deal with. Go digital, get a $100.

 

[tulak]

Yeah, it’s a bummer.

It’s a minor inconvenience. I’ll talk to a Fidelity rep and I’m sure they’ll provide an easy enough solution.

 

[RetiredAt55.5]

Yeah, it’s a bummer.

It’s a minor inconvenience. I’ll talk to a Fidelity rep and I’m sure they’ll provide an easy enough solution.

You might have a brick and mortar branch nearby. Here's a branch locator -

https://www.fidelity.com/branches/overview#

If you have one, you could probably just walk in and hand them $50 to deposit.

 

[RetiredAt55.5]

Here's a list of all their branches -

https://www.fidelity.com/branches/branch-locations

 

[tulak]

Thanks for the list. We need to figure out a different way to link the accounts though. Long term, that’s the only solution.

Hopefully I can find a way to do the trial deposits to validate the bank account. I’ll give that a shot tomorrow.

 

[GTFan]

That is my question too.

They do not do credit checks, mine is frozen and CMA opened just fine. They probably do use Chex or some other bank verfication system but no credit check.

Thanks for the heads-up on an easy $100 OP.

 

[jazz4cash]

You can setup CC auto reward amount like $25 min to deposit into your BA account or Merrill. But you do need to open a BA checking to receive the higher reward (175% of normal reward) and it takes about min 3 months to build up a 100k balance needed for Preferred status. But they will keep your status for the whole year even you drain your balance below 100k mid year.

Thanks. Sorry for the hijack but what is the reward % including the 75% bonus? I only see 1.5 plus .75 *1.5=2.62 cashback. Do they have anything higher?

 

[xlf11]

Thanks. Sorry for the hijack but what is the reward % including the 75% bonus? I only see 1.5 plus .75 *1.5=2.62 cashback. Do they have anything higher?

BOA Cash Reward CC has regular 3% cash back at your choice and 2% grocery and 1% everything else. So this is the best for everyday use. Also their Travel CC has a regular 1.5% cash back for travel. Both are good for the additional 175% reward if qualified.

 

[sengsational]

I use paperless statements. I try and embrace technology, especially things that simplify my life and I take appropriate precautions. Everybody should do what feels right for them, but 48 page statements is beyond the realm of something I would choose to deal with. Go digital, get a $100.

I'm all about embracing technology too, but just because you "use paperless" doesn't mean you've gotten past Fidelity's inane statement format. Sure, I can click on the PDF links as easy as anyone. Then I'm looking at 48 pages on the screen instead of in my hands. I suspect that most people don't bother really validating the integrity of the statement. If you have something like Quicken, and use the download function, it is possible to reconcile, but Quicken must have a source for closing prices outside of the Fidelity download, because Fidelity ignores the "as of" date in the OFX format (so the price of a security is always "latest"). Anyway, without technology, there's no hope of reconciling. I might be "wrong" and I might be "wasting my life", but I've always reconciled statements.

But this thread is about the cash management account, so I'd like to end, as you did, on that topic

For me, I've had $6.65 in my INDIVIDUAL account at Fidelity for 2 years. I simply don't trade in my after-tax account. I "get it" now (finally), that Fidelity is offering to separate out spending accounts from investment accounts. For me, and to address the "simplify my life" angle, I would have to get rid of my other spending account (which is a credit union that's always done right by me). But it's not a life simplifying move to add another account without getting rid of an account that serves the same function. One could argue that dropping the "institutional total" by 1 (eliminating the credit union) IS a life simplifying move. I recently went over my bill pay methodology with DW, which involves re-stocking the credit union with funds ever now and then, then paying from there. She said, "Well, if I needed to pay the bills, couldn't I just pay them out of Fidelity?" So she's on-board with that, but she doesn't pay the bills, and the CU works for me.

 

[cat4ever]

Of course when I try to create an account it says I'm blocked. Seems I have an old defunct Honeywell 401K parked there with $1.21 in it from 2006. I'm blocked from logging into it, and I'm not allowed to create any other Fidelity account because of it...

I was able to get it unblocked by calling into fidelity, and then setup the $100 bonus account. nothing like this ever goes smoothly with me though, and it just so happens that my current 401K is with Boeing and they are moving all accounts to Fidelity management in January. will be interesting to see how that plays with my defunct honeywell account and my newly created cash management account

 

[cat4ever]

I might be "wrong" and I might be "wasting my life",

Is that from a song?

 

[ocean view]

Can someone confirm my reading of the T's & C's in relation to this offer and opening a Roth? My college kid earned a couple thousand from his summer job. DH and I were considering opening a Roth for him and contributing to it on his behalf, up to his earned income limit.



The T's & C's say:
"For individuals who open a Roth or traditional IRA account, in order to be eligible to contribute to the IRA (traditional or Roth) you will need to have earned income at least equal to any IRA contribution made for 2021. Individuals who max out their contribution for the calendar year are also not eligible for the bonus award. If an individual has no earned income, they will not be eligible to make contributions to the Roth or traditional IRA and as a result not eligible for the bonus award."

Does this mean that if he had earned income of $3000 and we wanted to take advantage of this offer, that the $100 bonus would count toward his contribution limit? And we could only contribute $2900 to the Roth? That's how I'm reading it.

 

[Free2BMe]

They do not do credit checks, mine is frozen and CMA opened just fine. They probably do use Chex or some other bank verfication system but no credit check.

Thanks for the heads-up on an easy $100 OP.

thanks

 

[imnontrad]

Interesting. I am in the process of transferring all my accounts from Vanguard to Fidelity. Too bad I can't get $100 for each account.

 

[COcheesehead]

Interesting. I am in the process of transferring all my accounts from Vanguard to Fidelity. Too bad I can's get $100 for each account.

Call Fidelity first. If you are over a mil, you can negotiate a bonus. At least a thousand or more.

 

[imnontrad]

Call Fidelity first. If you are over a mil, you can negotiate a bonus. At least a thousand or more.

One of my accounts is over that bar and the others combined are too.

 

[COcheesehead]

One of my accounts is over that bar and the others combined are too.

Call Fido ASAP, if it’s not too late. You should at least get $1000-$3000 as a bonus, if they are not all IRA concentrated.

 

[RobbieB]

Fidelity informed me today (email) that my (snail mail) check had been deposited. So now have $200 in the (free benji) account.

 

[tulak]

I called Fidelity today. They don’t make it easy. DD will need to fill out paperwork to link her account with an external checking account. That won’t get done in time for this offer, so in the meantime, she setup to transfer from her checking account to Fidelity, which uses trial deposits for verification.

Still find it baffling that Fidelity got rid of trial deposits for account verification, but such is life.

 

[Debinnov a]

When does this offer expire?

 

[SecretlyFI]

I called Fidelity today. They don’t make it easy. DD will need to fill out paperwork to link her account with an external checking account. That won’t get done in time for this offer, so in the meantime, she setup to transfer from her checking account to Fidelity, which uses trial deposits for verification.

Still find it baffling that Fidelity got rid of trial deposits for account verification, but such is life.

I’m confused. She setup to transfer from her checking account to Fidelity which uses trial deposits for verification, but you’re saying Fidelity got rid of trial deposits for account verification?

 

[tulak]

I’m confused. She setup to transfer from her checking account to Fidelity which uses trial deposits for verification, but you’re saying Fidelity got rid of trial deposits for account verification?

Yep. Fidelity required the username and password of her bank account for verification. No option to use trial deposits. This is to link the account at Fidelity. To get around this, we linked the Fidelity account at her bank, which uses trial deposits.

So we push money to Fidelity instead of pull from Fidelity.