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Old 12-15-2020, 05:53 AM   #41
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Our debit card/checking account is at Schwab because as others have said no international or domestic ATM fees that are not paid back. We also have a checking only account at Fido which allows us to use cash directly from our Fido account which I’ve have only used during giving season. But it provides fast, easy access to cash. The checking account at Fido is no charge including checks.
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Old 12-15-2020, 09:44 AM   #42
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Schwab offers an American Express credit card that gives 1.5% cash back, no annual fee.
I don't use my Schwab Amex that often, but a short while back there was a small business promotion. If you used an Amex at a participating small business, you'd get a $5 statement credit. I used my Schwab Amex twice at a local Chinese takeout place and both times the $5 was credited promptly.
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Old 12-15-2020, 10:47 AM   #43
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I don't use my Schwab Amex that often, but a short while back there was a small business promotion. If you used an Amex at a participating small business, you'd get a $5 statement credit. I used my Schwab Amex twice at a local Chinese takeout place and both times the $5 was credited promptly.
The Schwab card came out after I already had Fidelity VISA 2% cash back and Citi Costco VISA which has 3% cash back rewards on dining and travel plus changed to no FTF a couple of years later. Fidelity and Costco had just switched from American Express to VISA. Anyway, I already had too many rewards cards!
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Old 12-15-2020, 01:45 PM   #44
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I had a very bad experience with Schwab yesterday, and am transferring my IRA to Fidelity today. Ive have a small account with Fidelity, so it will be easy. What I didnt like about Schwab (besides their website issues) is they dont deposit your dividends in your account on the day they are paid; they do it the next day. I know its just a day...but its my money.

Both companies have chat, which I use. With Schwab you have no idea how long you'll be waiting. You could be next in line, or 100th in line. With Fidelity, theres a counter to show you how many people are ahead of you, so you can either wait, or opt out until a less busy time.

I would probably have stayed at Schwab, even with those minor issues, if they hadnt handled yesterday so badly. I must not be alone, as Fido's transfer page has crashed today. Ill just wait until this evening to finish up.
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Old 12-15-2020, 02:04 PM   #45
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I find Fidelity's UI so complex and counter-intuitive, that sometime I'm wondering if their own agents or worse, software developers, can navigate it.

Also the real option for customer support is calling them (at least in 401k case).

Even for this reason alone (UI) I would leave Fidelity (weren't I forced to use due to employer's 401k).

Does Schwab look like a big, unmanageable dinosaur, too?

Maybe this thread would be a good opportunity to get thoughts on other online brokerages as well (e*Trade, etc).
Most developers I worked with, in financial services, had no idea how the system they work on is really used in the wild. I remember my first big development project, CICS and S/370 assembly language. I'd poured over the existing documentation and knew every line of code. I'd walked through it with an extremely primitive debugger to make sure every logic path and every line of code executed. Then some younger women comes over to do the primitive acceptance testing, I have no idea what she did. Yeah it was my code but how she managed to get it to do what it did shocked the h*ll out of me. Oddly it worked.
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Old 12-15-2020, 05:27 PM   #46
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You can't go wrong with either. We have assets at both and are quite satisfied with their customer service (including local offices when needed). I slightly favor Fidelity's website
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Old 12-16-2020, 10:39 PM   #47
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The trading platform on their site is primitive compared to TD Ameritrade. Their fixed income (bond) trading tools are useless requiring you to phone in to trading desk to fill orders. The site navigation is a throwback to the 90's. With over 18 financial/investment accounts held by my wife and myself, I would rank Schwab at the bottom.
Interesting. Back when they were more attractive, I purchased TIPS on the Schwab site without needing to “phone into the trading desk to fill orders.”

You and your DW do business with over 18 firms? Wow!
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Old 12-17-2020, 05:44 AM   #48
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They must have multiple accounts at some firms.
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Old 12-17-2020, 06:22 AM   #49
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I get free wire transfers at Fidelity.
Schwab as well.
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Old 12-17-2020, 08:33 AM   #50
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Most developers I worked with, in financial services, had no idea how the system they work on is really used in the wild.
You were fortune. I was 3/4 of the way through my coding career before I had a test team (aka, I had to do my own testing). As to the sentiment of the post you quoted, I agree, developers subconsciously know not to do the things that break it, so they are (I was) a poor tester.

As to using the web site to decide which investment company to use, I'd say that it wise to make that a good fraction of your decision because that's where most of your dealings will be. So if you have a hard time with the web site, it would be good to avoid that company. The problem, of course, is that you can't know the companies customer web site before being a customer The best you can do, unless you're already a customer, is listen to other people that are customers of both.

Comparing Vanguard and Fidelity (yes, a bit OT)...both sites are reliable (both have had glitches, but nothing horrible). Both are stable (aren't tossing in noticable changes or re-arranging stuff often). Fidelity might be a little higher information density (which I like, but that's personal). I liked the detail, above, about the difference in chat.
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Old 12-17-2020, 10:00 AM   #51
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Schwab offers a credit card? I need to check into that. ...
Belated apologies. My comment was about the Schwab debit card, not their credit card.

I only carry one debit and one credit card and the CC is not Schwab's because theirs is an Amex. Merchants hate Amex because of high fees and especially outside the US many will not take it. So an Amex is a non-starter for travel use.
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Old 12-17-2020, 10:05 AM   #52
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Interesting. Back when they were more attractive, I purchased TIPS on the Schwab site without needing to “phone into the trading desk to fill orders.” ...
I am kind of the opposite; I prefer talking to the guys on the bond desk as I see bonds as a more complicated product than mutual funds and (without any actual data) I think that the bond guys' screens might have things that aren't or aren't yet posted to the web site. There is a $25 fee to deal with meat instead of electrons but they often waive it. It is negligible in the big picture anyway.
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Old 12-17-2020, 01:37 PM   #53
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I have Schwab and would not change as I would have to learn a new program.

One thing is when I buy or sell (i think) vanguard fund I get charged 49.95. This very rarely happens as I am a buy and hold type investor and only have two vanguard funds.
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Old 12-17-2020, 03:10 PM   #54
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I have Schwab and would not change as I would have to learn a new program.

One thing is when I buy or sell (i think) vanguard fund I get charged 49.95. This very rarely happens as I am a buy and hold type investor and only have two vanguard funds.
I wouldn't want someone to think that getting charged $50 is common. All my stock, ETF, and mutual fund trades are free at Vanguard and Fidelity.
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Old 12-17-2020, 03:27 PM   #55
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Vanguard mutual fund purchases are not free at Fidelity. Purchases have a transaction fee. Sales do not have a fee.
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Old 12-18-2020, 06:25 PM   #56
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I’ve heard good things about Schwab. I’m leaving Fidelity for Vanguard after waiting on the phone 30+ minutes, on more than one occasion.
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Fido and VG, for different reasons
Old 12-18-2020, 08:35 PM   #57
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Fido and VG, for different reasons

We do our checking thru Fido cash management accounts. I have all of DP’s accounts at Fido because it is easier for her to navigate. I have one of my IRAs at Fido, and the rest of my portfolio at Vanguard.

I greatly prefer dealing with the Fido site and love the cash management account.

On the other hand, I much prefer the lower expense funds and ETFs at Vanguard. So, I keep most of my equity funds (future money) at Vanguard because they are set and forget for the most part. I have my nearer term funds (bond funds and some of my cash) at Fido, since I interact with them more frequently.
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Old 12-18-2020, 09:26 PM   #58
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We do our checking thru Fido cash management accounts. I have all of DP’s accounts at Fido because it is easier for her to navigate. I have one of my IRAs at Fido, and the rest of my portfolio at Vanguard.

I greatly prefer dealing with the Fido site and love the cash management account.

On the other hand, I much prefer the lower expense funds and ETFs at Vanguard. So, I keep most of my equity funds (future money) at Vanguard because they are set and forget for the most part. I have my nearer term funds (bond funds and some of my cash) at Fido, since I interact with them more frequently.
I assume you are aware that any ETF even if from Vanguard costs the same at Fido. IMHO, the trading platform at Fido is much easier and has better execution.
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Old 12-18-2020, 09:26 PM   #59
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Fidelity has the best customer service that I have ever encountered. I don't call a lot, but when I do, the wait is short, I get a knowledgeable rep, they get me an answer, and they are available longer than just regular working hours. To me this is what really sets Fidelity apart.
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Moved Trust account from Fidelity to Schwab
Old 12-19-2020, 01:00 AM   #60
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Moved Trust account from Fidelity to Schwab

I had a fairly substantial trust account at Fidelity until early this year. Fidelity started asking for various documents dating back to 1983, most of which I did not have. I asked if there was an underlying law, and they said no - just a new policy of the Fidelity legal dept. Fidelity legal dept restricted my account to only sells, no buys, until I provided these docs. I moved the account to Schwab who didn't seem so interested in ancient documents.


Until that incident I was doing fine with Fidelity, but a securities account where you cannot buy securities is of little use.
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