Has the Chase Glitch Infected Fidelity? (My CMA Restricted)

[@pomme4moi]

Great video. I hope the Chase and Fidelity scammers get criminal records with “felon” stamped in bold.

[@brad3605]

I know this is inconvenient but I also see it as a good thing. It’s nice to know Fidelity is doing things to protect us as customers from bad actors.

[@fabiGBOtown]

Fidelity has always treated me right. This is about as scary as it gets. Money moves fast in and out

[@billcarruth8122]

The brilliant part of this scam is that you're committing a crime on camera using your own personal information. Brilliant!

[@johnguertin5054]

i wouldn't call that a glitch. It's a crime!

[@Fred2-123]

When you push ACH money, the sending bank knows you have that money in your account. So the receiving bank figures it is good. When you pull, the receiving bank does NOT know that you have good money at the sending bank. When this happens, the ACH gets reversed at both accounts pretty quick, in my experience.

[@Low__expectations]

Not a glitch. This has been around forever and every bank will have it. It's a balancing act done by each bank on how much of the deposit they will give to a customer before the full amount actually clears. There's no ideal amount or solution for it. Chase was more generous until now where people are being tricked into thinking it's a 'glitch', so they've been forced to ratchet things down. As for pushing/pulling, clear times are one thing but you also have to factor in push limits as well. Different banks will have different amounts you can push per day/period of time. Pulls can often get you around those limits as that tends not to be restricted as much as a push.

[@Fred2-123]

Yup. My credit union limits a push to $1000/day. For larger amounts I always have to do a pull. No such limit on those.

[@NoNot-g7i]

It's more of an exploit than a glitch. Intentional misuse and abuse of a system. The ideal solution is to throw the book at the frauds and make the penalties so harsh that the rest of the fools are deterred from trying. They cannot govern their own behavior, so they must be governed by the fear of penalty

[@Investchan]

not for 15 business days.

[@Dan-u1o7e]

You always tell it like it is Rob and keep the details simple in the explanation. I can't overstate how much I have learned following your channel. Thanks much!

[@lizs502]

I don't know about Fidelity, but my regular bank's limit on the deposit amount can be exceeded by calling my bank and telling them how much I want to mobile-deposit, then my bank opens a temporary window of time that accepts up to that higher amount.

[@socaljmac7720]

This is why we can’t have nice things. Reminds me of the Jeff Foxworthy bit when they came to repo his car…”Oh, you’ll take a check? I thought you wanted MONEY!”

[@HorrorAlgorithm0x1337]

Happened to me. I did a pull into CMA from another account on 9/17 and the money is not available until 10/9. I can deal with it but some people might be in trouble if they're living paycheck to paycheck. From now on I will do a push from that outside account into the CMA.

[@trippvanmunch]

Same. My whole paycheck got swallowed into the pending abyss until 10/10. I'm also fine, as I've got plenty of funds to keep paying bills for awhile, but yeah, I can imagine some people are getting reamed by this.

[@SpookyEng1]

I always push from my other accounts to the CMA, usually takes 1-3 days.

[@adabamas]

@@trippvanmunchSame. Guy at Fidelity told me UMB is a terrible bank.

[@WalterShore]

Rob, I like your videos. Great information. I just checked my deposit limit, and it is 500k. I have been a fidelity customer for decades. I have never deposited a single check with them. I normally deposit to our bank. After watching your video on you switching to the cash management account from using a bank. We are thinking of doing the same. I guess we always had that option but never thought about it.

[@Boblonious]

I checked and it says my limit is also 500k. It's a brokerage account, not a cash management account, so maybe they're different? Or maybe it's based on your history / reputation / account size? I'd figure these companies would just have the means to hold the funds until the check clears, rather than limiting the deposits. But what do I know about running a big business...

[@Jean_Pecourt]

Same here. Limit is $500k for depositing checks. Has had CMA for a year or so.

[@T_Le]

I made the switch into the CMA account. You gain interest for unspent cash while doing everything a checking account can do except for cash deposits. I use chase bank to deposit cash. Its only a few days delay to transfer cash from chase into the CMA account.

[@havey]

I’ve had the Fidelity cash management account for more than a year, and my deposit limit wasn’t reduced. I’d have been concerned if it was just $1,000, as I occasionally receive checks and have no brick-and-mortar bank.

[@1jet55]

I have been a long time fidelity user with a retirement account and numerous other accounts and just checked my deposit limit and it showed 500k daily ( And by NO means am I a multimillionaire here guys) but do deposit a check once a month on the lower end of 5 digits ( again not close to 100k, lol) but perhaps the time with them and constant deposits make a difference.

[@pspmaster2071]

Thanks for making this video because i was wondering why settling takes so long.

[@placesonthelist]

We got locked out of withdrawing money at an ATM one time because Fidelity had a piece of mail returned. It was real fun trying to fix that from Romania on a weekend.

[@tlivian]

It's crazy that Fidelity can just increase the holds from a few days to 16 days and not notify customers. Really broken system and since they're not a public company they don't feel the extra pressure from shareholders and markets to do better than this draconian over reaction.

[@kw7292]

It's called check kiting and people used it back in the 70's and I'm sure thereafter. Yes, it's a felony. It takes advantage of the float to make use of non-existent funds. Deposit a check on Friday, withdraw the funds, and try to cover Friday's check by Monday or Tuesday. You might do it again until you get a check from your employer the next Friday.

[@Fred2-123]

Yes. Check kiting and the float doesn't work anymore. A few years ago you could have 3-5 days to cover the check, These days I write a check to somebody, like the cleaning lady, and the check is paid the next day. At Fidelity. She cleans on Monday morning and the check hits my CMA account on Tuesday. She deposits in in her bank (Arvest) Monday afternoon.

[@hanwagu9967]

it's mostly a misdemeanor these days. Sure, it becomes a felony for higher amounts.

[@mike-yo8qj]

@@hanwagu9967 To be fair, if it's for a minor amount, accidents and mistakes do happen... when the amount starts getting up there..... then it's fraud especially if you can't cover the amount quickly. I don't pretend to know where that precise amount is either.

[@funtechu]

I think it might just be because your CMA account is new. I just checked mine at Fidelity and the daily check deposit limit is $500k.

[@soudaminipanda]

I also don’t see any decrease in my deposit limit

[@StewDanko]

It's called double presenting a check. If it's done on purpose it is a crime. If you have an account at chase, and you report a double presented check, they will replace the phones until they can determine if the funds were legitimate or fraudulent that were done with a double presented check. This is not a glitch. This is the way banks work.

[@keltonjohnson6197]

Giving you access to the money prior to it clearing is intentional and standard at all the big banks. It’s been like this for as long as I can remember and it’s super convenient.

[@funtechu]

Exactly. People have just recently re-found out it can be abused.

[@jamesv5802]

This explains my 23 day hold on my check. It caused me to pay credit card interest. I wish Fidelity handled this better.

[@annnonomys3132]

I have no idea if it would work, but call and ask them to pay the damages. 23 day hold is a fail.

[@evolving_charlie]

Probably just because your account is new. My daily limit is $500,000.

[@hcole8505]

How have people become this stupid that they really thought they could get away with it?

[@allen4605]

Was gonna make this comment but realized it’s trending on Tiktok now everything makes sense lol

[@LeoSS570]

I have my $15000 stuck with Fidelity for next 22 days. whatever you do, they will not release your money. I had to make alternative arrangement to pay my bills because funds were out of my bank and in my CMA account but locked for 22 days. Horrible horrible experience.........

[@T_Le]

I only use chase to deposit cash. Moved my savings and checking into two Fidelity CMA accounts. Did this over a year and no issues at all. I even did a mobile deposit of 60k check with no hassle into fidelity. Mines still limited to 500k.

[@rapfreak7797]

I’m pretty sure the Chase glitch was intentional. Rather than make you wait for the check to clear they make available a certain amount available immediately for convenience.

[@mynock250]

This is absolutely true.They just didn’t expect the hood Tik Toc criminals. It’s not a glitch, was never a glitch.

[@Quantris]

at Safeway has an "infinite banana glitch"...I mean those bananas are just sitting there and you can just eat as many as you want!

[@kersi-sandiego6036]

Yes. Not a glitch. Most banking software allowed this to a certain extent. Time to go after the criminals, regardless of costs, if not, it'll only get worse.

[@nunuvyurbiz123]

I have two CMAs, one old and one new. Mobile deposit to the old one is limited to $100K, and the new one is limited to $1K.

[@preparingforretirement]

Checked my fidelity CMA and it's at 100k limit for check deposit still. The account is about 4 yrs old but I have never done external transfers or debits/payments. I have only electronically transferred in or transferred between F accounts. That might be why I don't have a 1k limit. OH - and I keep it locked for transfers out unless I need to move funds. Then I unlock, transfer and lock again.

[@alantabula5774]

I just checked my CMA account, and the deposit transaction limit is $250K. The account was opened a little over a year ago, and I've had no issue whatsoever.

[@alcw625]

I have brokerage accounts but not CMA, no issues

[@glensmith491]

There was a whole section about this in my money and banking textbook printed in 1983 (don't know the revision). It was a huge reason for certain legal kludge and management policies in the banking industry.

[@rob_berger]

Did we have Reg cc back then?

[@glensmith491]

@@rob_berger Don't remember just that my prof began that lecture by asking us how many felons were in his class🙂 That is why I remember that section.

[@wacoharder]

I don’t use CMA with Fidelity. However, I have brokerage account, and IRAs with Fidelity. I have checking and savings accounts with Chase. I have moved most all my savings from Chase to my brokerage account so the cash is sitting in SPAAX getting a much higher return. I do this transfer by initiating the request through Fidelity to transfer to Fidelity from Chase. I hope the issue you’re discussing doesn’t apply to this since it’s not CMA.

[@emc6511]

Same here. Have no issues with "NOT"-CMA-Fidelity-Brokerage-Account.

[@ethancanin]

Generally, that threshold for felony has moved to $500--2 year felony!

[@ctcristo]

I have a relatively new CMA account, opened in July. I still have the $100K daily check deposit limit.

[@ViperST989]

I’ll be avoiding Fidelity. I transferred a large sum via EFT and it’s unavailable and I had a 25 business day settlement timeframe. Absolutely unacceptable when they advertise 6 business days. The account on the other side, I’ve since closed. I think I’ll be taking my business to discover bank, due to a decent rate and large eft limits.

[@sarge97]

It's been two weeks on a $100 pull for my son's account. It's just crazy

[@itismyworld141]

some people were able to take out more than what was in the account after depositing their checks

[@davehallock3102]

I just checked and my limit is $500,000. I have had my account for at least three years and in the beginning they used to place a hold on incoming funds. I no longer experience this. I would assume it is because of either time or account balance.

[@Jim-ne2vl]

Rob, it’s called “check kiting”. It is a felony for those who employ this scam. It is NOT a glitch at Fidelity or Chase. I’m a Fidelity customer and I’m happy to have Fidelity employ these safeguards. There is absolutely nothing wrong with a financial institution waiting until your deposit clears before they let you draw it out. I wish more companies would do this so we could put an end to this sort of crime.

[@Jim-ne2vl]

By the way Rob. . . I really like your channel.

[@SpookyEng1]

I don’t understand why it would take more than two business days to move ones and zeros from one bank to another.

[@WindomEarle19]

Long-time 401k and HSA account customer. Opened CMA account this week. Initiated a transfer from BoFA (pull). The cash is now stuck for three weeks. Contacted Customer support - nothing helpful, just general 'fraud prevention' talk. That would not have been an issue, had it been communicated upfront. Their policies indicate 9 business days or so. Very frustrating.

[@adabamas]

Same.

[@chinaberg]

No public comment from Fidelity. Horrible customer service.

[@aconsideredmoment]

Locking has been standard. Problem is not communicating to clients which can cause a check to bounce.

[@DanBuchal]

I happened to just receive a check today I needed to deposit (a small amount). I decided to try doing mobile deposit for my Fidelity CMA. My daily limit is $100,000. After the deposit it did say it could take up to 16 business days for it to be available (which is crazy long compared to what I am used to with Ally) UPDATE: When I look at my account online it says "Est. completion: Deposits are generally posted to your account by the next business day" Time will tell I guess 🤣

[@DanBuchal]

Another Update: The funds are available to trade, but not withdraw. Looks like 16 business days is accurate. On my account it states "The remaining $xxx.xx of your recent deposit will be available to withdraw on October 16, 2024". I will be avoiding mobile deposit as this is way too long.

[@Velacreations]

ACH deposits are getting held for 21-30 days now on a lot of accounts.

[@BHarrisUSA]

It appears it comes down to how long you have had the account and the history of your transactions. I have several cash management accounts and the ones I use frequently have deposit limits of $500,000 and the ones I use less frequently have a limit of $1,000. And yes, Rob is correct, 'pushing' money from the account you are transferring from is much faster than requesting the money from the institution.

[@laserboy909]

Hey Rob, as someone who has had a Fidelity CMA for a little over year, and fairly regularly deposit (Non Fraudulent) checks, I still have a $100,000.00 daily deposit limit. Must only be for some accounts.

[@thecriticalsplash5894]

Q on CMA that you said you created and use now for your checking account: did you open it as a trust? in the past you said it is important to open accounts under a trust but IIUC Fidelity CMA do not support trust accounts... Also, I called Fidelity and they didn't have super convincing reasons to open a CMA if you have a brokerage account in the first place. sounds like you can do check writing and core cash position options and ATM same as CMA.. I bet you have fidelity account (brokerage) so why did you open a CMA?

[@ChrisS5416]

We just opened a CMA with Fidelity and had planned to use it for most of our banking needs. This a real bummer to hear.

[@retired8484]

Not a bummer. Just a lot of overblown hype. The CMA is intended as your checking account. Definitely use it as such.

[@tippa51324]

I’ve had my cash management account for over a year now and saw my daily deposit limit is $500,000

[@jasondavis3557]

I attempted to open a Fidelity cash management account 4 weeks ago. They closed it without any reason even though I am an existing customer. I spent hours on phone with the fraud department before they agreed to reopen it. Looks very shaky!

[@swatigee]

I feel like this was sloppy software development as it pertained to the Chase kiosk. I’m surprised - especially in 2024! - that the Chase kiosk software even allowed this to happen - what with all the financial checks that are usually in place before software is released to the public.

[@JosephSAi2HT]

Thank you Rob for sharing your life’s expertise in counsel for credible educational function! I appreciate your savvy in this nature!

[@pinztrek]

Very large deposit limit on my cash management Fidelity account, no change from previously. This as of September 21, 2024

[@UVA2004]

Long time Fidelity user. No CMA. No mobile check deposits. Opened new 529s and scheduled a deposit into the new account (previously linked to other fidelity accounts). Next day, entire account is locked with no notification. Spent 2 hours on hold to talk to fraud department to verify personal details. Been 10 days and still waiting for a call back. Will not be transferring any more funds in Fidelity any time soon.

[@rob_berger]

Thanks for sharing your experience and I hope it gets resolved soon.

[@HorrorAlgorithm0x1337]

That's brutal. How far away is the Fidelity office? I'm lucky as I have one less than 3 miles away. If you go to the office in person you can probably clear up this issue faster as the biggest concern without being in person is that they don't really know with whom they're speaking.

[@UVA2004]

@@HorrorAlgorithm0x1337 About 1 hour away. We live in a rural area. Good idea though - thank you for the suggestion!

[@UVA2004]

@@rob_berger Thank you - we are hoping to get a call for resolution soon. We were considering transferring the bulk of our assets from Vanguard to Fidelity. After this debacle, probably staying at Vanguard or may look into Schwab. We had no issues with Fidelity until this incident but the lack of communication/timely resolution is truly alarming.

[@Fred2-123]

I suspect all the banks are real touchy right now, and will act on a hair trigger. Videos of people taking money out of an ATM and dancing and throwing handfuls of bills in the air will have that effect.

[@ctconstrictors5193]

My transfers have always been available immediately for use within my CMA but I don't do any investing within the account so it just sits in the holding

[@Travlinmo]

My limit is still 100k and I have never used the deposit capability. It may be time based having had my account for years.

[@treygarver7791]

They need to limmit funds available till checks clear. Not the amount you can deposit.

[@davidweden1413]

I don’t know if it’s related ,but in the past couple months I’ve been texts that appear like they’re from Fidelity, but they’re not, asking me to log in and change me credentials .

[@sknorling]

I still have $100k check deposit. I have had none of these issues discussed

[@babel132]

I've had my CMA open for 18 months and I have a deposit limit of 500000. Also one bit of caution is that some banks will have a fee for pushing a transfer to another bank. Along with my Fidelity CMA I maintain an account at a local regional bank and they have a fee when initiating a transfer out but if I pull the money from the Fidelity account there's no fee, and generally the money is available for use same day, even on weekends.

[@VV-uv1kz]

Just another data point. I do not use a Fidelity CMA. I use a Fidelity taxable brokerage account as my "checking account". I have written personal checks from that account and have used the ATM card linked to that account (very rarely). I have direct deposited to that account for many years and deposit the random paper check a few times a year through the iphone app. This account has been opened over 10 years. Looking at the check deposit limit as of today; it states a $500,000 daily limit. Maybe brokerage is different than CMA, but I would imagine the long relationship makes a difference?!

[@mongo2044]

You can have a transfer on death TOD account or brokerage cash or both. TOD skips probate. Use that for investing. Use cash as bank like account. Now your big taxable account is separate from your smaller cash account.

[@Rhaspun]

Glitch or not. It's not worth trying to take advantage of a glitch. Sooner or later a bank will find out. I'm retired and I don't want to spend money paying for a defense attorney.

[@essemmpee]

You mention you and your soouse shifting over to a Fidelity account. How does that work with 2 SSNs? Could I have both my HSA and my spouse's HSA under the same (shared?) Fidelity account? Same question for 401k, IRA, etc. Thanks!

[@heathmcconnell3901]

Strictly speaking, each spouse’s HSA (and other accounts) will be under their own SSN and Fidelity login. However, you can grant each other varying levels of “authorized access”. Thats how it is with me and my wife’s IRA’s. Since I’m the bigger “money nerd” in the relationship, we set it up to where she gave me “authorized access” from my login; and I’m able to manage most aspects of it from my own login. However, there are a handful of items that still have to be done from her login.

[@essemmpee]

@ thanks!

[@e-care-books9867]

Hmm. Rob Berger appears to be oriented towards being quite the saver for retirement but rarely talks about using electric cars. Hmmm. There are great deals on used EVs, and once you buy an EV, it's almost zero maintenance.

[@painpour1]

My accounts are still showing $100k deposit limit

[@user00165]

lol, having all tech support and development offshore what else to exlect?!

[@sparklander]

I do not condone check fraud, but I do not feel that sorry for Chase because they won't stand behind their customers when money is fraudulently stolen out of their consumer accounts.

[@GiantBlue1963]

Is the issue here that Fidelity and Chase were releasing funds before they cleared holding? That sounds like an internal programming issue. How long does it take to discover a check is bogus?

[@lVlegabyte]

It takes a couple business days for a check to clear, about a week if you time it wrong (deposit on Thursday, Friday is a holiday, Sat and Sun don’t count, mon-wed waiting, Thursday funds available. Most banks give leeway. The credit union I worked at lost some members because “Chase instantly clears checks” The other credit union I worked at would give you some money, up to $1,000 or match your account’s total. So if you had $5,000 you could deposit a $3000 check and have access to it all but if you had $500 that same check would give you $1000 instant access and the rest when it clears. There was also more leeway if you had good standing and deposited checks often that didn’t bounce. Normally those were people that didn’t want a business account for whatever reason.

[@andrewulrich6612]

We discovered the transfer lag at another online bank we use for a money market. We now try to originate to transfer from our local bank. Even if we have to do 2 transfers because of limits on either end. We may try Fidelity CMA at some point should rates significantly roll back in the online bank MM. Frankly it only dropped 10pbs with the fed 50bps drop. That's been a big nothing burger.

[@rapfreak7797]

I’ve tried a few online HYSA and stayed with one with quicker transfers in and out. They are going out of business so time to find another!

[@Fred2-123]

@@rapfreak7797 Most of my ACH transfers these days are completed overnight. A few years ago it was 2 to 4 days.

[@MB-or1kh]

I feel like you drag these videos out for the algo.. Content is good, but takes too long to deliver, even when sped up.

[@michaelevans5328]

Makes no sense. Deposit limit on my CMA account $1000. Limit on the brokerage account I use as a pseudo checking account: $100,000.

[@johnguertin5054]

my limit hasnt been lowered

[@n206ja]

Just checked the app and I'm limited to 500K.

[@retired8484]

A lot of overblown hype. There are also no “limits” for most ppl.

[@Kevin-fh5ci]

Yeah, no..this is a good reason to not use fidelity for cash management. I get the need for fraud management but if it isn’t fraud, it should be worked out quickly. No one can afford to have a lot of money locked up with no recourse for a long time. Attorney generals should be involved at that point. This is almost as bad as using PayPal as a bank.

[@Fred2-123]

Nothing wrong with Fidelity. What this is, it shows that you MUST have accounts at more than one bank or broker.

[@retired8484]

It is no reason at all.

[@dannycontreras5564]

Fidelity has handled this whole situation about as horribly as they could

[@mongo2044]

Fidelity paid my Costco card a day late. This might explain it. I set pay by date 3-4 work days a head. But, it shifted day after due! Fidelity, of course, had no explanation. Costco Visa tacked on a fee and interest. I called and, they waived it. Also, I TRIED to do a push from Fidelity to Visa and Visa does not allow it! On another note, unlike Rob, it seems I am not limited by $1000 for deposits! I’m too scared to see how high but let’s say, at least a new Camry pre inflation. Not that I ever deposit that high a check!

[@Constitution1789]

I am satisfied with Fidelity, but if any restrictive problems arise that are too difficult to resolve in a timely manner, I will be forced to move everything to Vanguard, which I really don't want to do but will if necessary.

[@Dimsum256]

Stop referring to it as a glitch. Its was always a convenience feature (clearly spelled out in many cases). Obviously that feature will go away because of abuse. Its like saying if I left the house door open and someone walked in and took away stuff its a glitch. Umm no still a crime. Don't understand why you have to soft pedal (which you absolutely are) and avoid calling criminal behavior as anything else.

[@hanwagu9967]

A process or system can have a glitch which is exploited legally or illegally. A glitch is a minor malfunction or problem. In your scenario, the door is a feature of the house and the glitch is the unlocked door. Someone still has to exploit the unlocked door to execute a crime. In the "Chase glitch", the feature is mobile deposit. The glitch is the immediate cash availability of a mobile check deposit before Chase's system could actually clear the check. The exploit is writing a bad check and immediately withdrawing for cash before Chase's system cleared the check. This is no different check fraudsters who exploited the check clearance system gap on physical checks, or people who used the float dates to write a check before pay day. Chase is the one which called the exploit a "glitch", so it is the one down playing the seriousness of the exploit.

[@rburns4048]

I have had my fidelity CMA account for years and my check deposit limit on my phone is also $1000

[@ld5714]

Thank you Rob, good info. Thanks for sharing. Larry, Central Valley, Ca.

[@JoseLewis-j1r]

Robinson Mark Allen Elizabeth Moore Donna

[@muzykaml]

Does anyone know of any financial institutions that have adopted the new US federal clearing system instead of ACH transfers / wires? I am having trouble deciding if a money market fund based account (like the Cash Management) or a high yield savings account would be a better place for an emergency fund. If a HYSA requires an ACH transfer to clear before you have access to the funds, it doesn't seem to fit the emergency concept. Maybe it's different if you also hold a checking account at that bank / credit union? I'd rather not have to jump through the hoops to avoid monthly fees to open one.

[@HowHingPau]

In terms of which end to initiate a transfer of funds from, I prefer to submit the request from the receiving end because I'm paranoid about a possible inconvenient data corruption during the transmission of the request. I think I'd be less stressed if I had to call customer service to say: hey, I submitted a request to transfer-in some money a couple of days ago, but my external account said they haven't received the request yet. On the other hand, I'd be having a bad time if I had to call customer service to say: hey, I transferred money out a couple of days ago and my external account knows nothing about it. Where's my money?

[@demetramills82]

I have longer holds at my bank. They got savvy and said they could give me my money sooner if I paid a fee. Sounds like usury to me! I need to pay to get access to my own money!!!

[@J-2024-v8i]

I understand the check deposit feature in the Fidelity app has several modalities of deposit. For example, people would make a “rollover” check deposit when making a 60-day indirect rollover from a 401k to a Fidelity IRA, or when doing an IRA to IRA rollover between custodians. Does the Fidelity app also restricts this type of check deposit to $1000?. That wouldn’t make any sense....

[@AmateurInvestments]

The interest rate savings accounts will probably drop now that the fed interest rate is dropping.

[@rob_berger]

Agreed.

[@rapfreak7797]

@@rob_bergersomeone posted a good video summary on that just yesterday!

[@The_Bond_Guy]

Does anyone know if you can use the Fidelity CMA for an LLC? I've run into some limitations on Fidelity for my LLC's account, things like not being allowed to get a debit card which makes paying for things a little difficult for my company. Thoughts?

[@andrewsmith8222]

There is a Fidelity business account which is effectively identical to a CMA.

[@guzzi95]

Can you imagine what will happen if they ever force us to go to Digital Currency? Pray that never happens folks!

[@jessicamcneil5624]

Is a Fidelity CMA the same as a Fidelity money market account?

[@javimelendez414]

Yes

[@jessicamcneil5624]

@@javimelendez414 thanks

[@justinothertech7867]

Off-hand, I'd say no. But it depends on what you mean by "money market account". My Fidelity CMA seems to me to be pretty much a brokerage account that has as its sweep account a FDIC-Insured "bucket". It also shares some useful characteristics (e.g. paper checks) with a checking account. I've had Fidelity MM (e.g. SPAXX) fund holdings concurrent with ETF holdings in my CMA. Since there are conflicting answers to your query, I'd recommend that you chat with Fidelity and don't invest until you're comfortable with their offering.

[@jessicamcneil5624]

@@justinothertech7867 , I write checks on it and have a Fidelity Visa that is paid from it. $ is in a couple of different banks. I have another acct that is in SPAXX too, that is the sweep acct.

[@retired8484]

No, it’s a simple brokerage account intended to be used as your checking account. It works great.

[@Gr8thxAlot]

My Fidelity deposit limit is $100k right now.

[@ghostmane2643]

I'm limited by the sportsbooks for winning too much money. This limiting reminded me of that, lol.

[@nationsnumber1chump]

Dang only $1000, you can't even deposit a paycheck! 😯

[@cisium1184]

Crimes are bad. I dislike them.

[@daveschmarder-1950]

Since Rob mentioned Billpay, I would like to make my quarterly Federal and NY estimated payments via Billpay. Does anyone here make their estimated tax payments that way? TIA

[@mancello]

I do it all the time. My Fidelity CMA is linked to the IRS so that I can pay estimated taxes and they withdraw it electronically.

[@daveschmarder-1950]

@@mancello Thanks. i haven't though of using my brokerage account.

[@kaiman5307]

Who uses check nowadays?

[@edsteadham4085]

Lots of people.

[@JosephSAi2HT]

Isnt Chase owned by JPMorgan?

[@maxcohn3228]

They merged in 2000

[@steveb855]

Ya'll just wait until fraud detection AND customer service are completely shifted over to AI bots.

[@PhoKingU2Nite]

The real money glitch is they give you a 1099C