topic Re: So why did fidelity mail me a debit card too? in Credit Cards

So why did fidelity mail me a debit card too?

Christina_xyt — Fri, 09 May 2014 02:21:51 GMT

I got my fidelity investment rewards credit card today. And before I applied, I did open the cash management account (and the brokerage account.. kinda forced me to when i open the CMA)

Today I also receive the fidelity visa gold check card.. I don't know why.. i logged in and saw that it's connected to my CMA.. But I don't really need another debit card.. Should I just leave it like that? Would I get any extract charge or maintainance fee or whatever?

Re: So why did fidelity mail me a debit card too?

mongstradamus — Fri, 09 May 2014 02:27:35 GMT

@Christina_xyt wrote:
I got my fidelity investment rewards credit card today. And before I applied, I did open the cash management account (and the brokerage account.. kinda forced me to when i open the CMA)

Today I also receive the fidelity visa gold check card.. I don't know why.. i logged in and saw that it's connected to my CMA.. But I don't really need another debit card.. Should I just leave it like that? Would I get any extract charge or maintainance fee or whatever?

I thnk they sent you debit card for access to your CMA account its basically an checking account. You can just SD or shred it if you really think you aren't going to use it. I think its nice to have it just in case you need to withdraw money, don't they waive atm fees. BTW gratz on fidelity amex card, thats next on my list of cards to accquire :-)

Re: So why did fidelity mail me a debit card too?

Christina_xyt — Fri, 09 May 2014 02:45:25 GMT

@mongstradamus wrote:
@Christina_xyt wrote:
I got my fidelity investment rewards credit card today. And before I applied, I did open the cash management account (and the brokerage account.. kinda forced me to when i open the CMA)

Today I also receive the fidelity visa gold check card.. I don't know why.. i logged in and saw that it's connected to my CMA.. But I don't really need another debit card.. Should I just leave it like that? Would I get any extract charge or maintainance fee or whatever?
I thnk they sent you debit card for access to your CMA account its basically an checking account. You can just SD or shred it if you really think you aren't going to use it. I think its nice to have it just in case you need to withdraw money, don't they waive atm fees. BTW gratz on fidelity amex card, thats next on my list of cards to accquire :-)

Thanks. I am so happy to have it too. My average spending each month is over 4K.. So i feel like having this card can benefit me most since most of my spending aren't really qualified for the rewards from discover or chase. Although I only get 2500 limit..(not sure if it's very little or fair since I only have 14 months credit history and my last card (discover) was approved last year early December.)

I guess I will keep the debit card for now.. but I don't think I am gonna need it. I am not going to activate it for now. I guess we will see what happen to this debit card in the future..

Re: So why did fidelity mail me a debit card too?

Anonymous — Fri, 09 May 2014 02:50:25 GMT

Several months ago, I opened my Fidelity CMA/brokerage acct/AMEX in one shot too. Actually just activated my debit card this week and put a couple hundred in the CMA account. Read that Fidelity refunds all ATM fees, so I figured it'd be a nice backup to have if I'm out instead of searching for ATMs from my bank.

Re: So why did fidelity mail me a debit card too?

IWOL — Fri, 09 May 2014 02:52:40 GMT

There are no fees associated with having the debit card. Fidelity reimburses you for all ATM charges so it's actually a good card to have if you ever need to withdraw cash from your CMA account.

You can use it to withdraw any cash rewards you earn if you don't want to invest the cash in the brokerage account.

Re: So why did fidelity mail me a debit card too?

trumpet-205 — Fri, 09 May 2014 03:01:19 GMT

CMA is basically a checking account, so of course they sent your a debit card.

Fidelity actually waive all ATM fee excluding FTF. This is in contrast to Charles Schwab where they waive only the ATM withdrawl fee but charges no FTF.

Re: So why did fidelity mail me a debit card too?

nyancat — Fri, 09 May 2014 03:15:17 GMT

@trumpet-205 wrote:
CMA is basically a checking account, so of course they sent your a debit card.

Fidelity actually waive all ATM fee excluding FTF. This is in contrast to Charles Schwab where they waive only the ATM withdrawl fee but charges no FTF.

An ATM withdrawal is all you really need, who actually checks their balance at an ATM? And very few ATMs charge to check balance. Schwab's lack of FTF is much better than Fidelity's FTF but not check balance fee.

Re: So why did fidelity mail me a debit card too?

Anonymous — Fri, 09 May 2014 03:18:08 GMT

Congrats! Likely the Debit Card is for your CMA as has been already reported. May want to keep it for account access.

Re: So why did fidelity mail me a debit card too?

Christina_xyt — Fri, 09 May 2014 03:28:34 GMT

@Anonymous wrote:
Several months ago, I opened my Fidelity CMA/brokerage acct/AMEX in one shot too. Actually just activated my debit card this week and put a couple hundred in the CMA account. Read that Fidelity refunds all ATM fees, so I figured it'd be a nice backup to have if I'm out instead of searching for ATMs from my bank.

wait what? So you can access ANY ATM from that card without any charge????????? that sounds like a good deal??

Re: So why did fidelity mail me a debit card too?

mongstradamus — Fri, 09 May 2014 03:31:13 GMT

@Christina_xyt wrote:
@Anonymous wrote:
Several months ago, I opened my Fidelity CMA/brokerage acct/AMEX in one shot too. Actually just activated my debit card this week and put a couple hundred in the CMA account. Read that Fidelity refunds all ATM fees, so I figured it'd be a nice backup to have if I'm out instead of searching for ATMs from my bank.
wait what? So you can access ANY ATM from that card without any charge????????? that sounds like a good deal??

I think its actually anywhere in the world and they reimburse you any atm fees you get. Yes its pretty darn nice to have. Its an lot better deal than most of the brick and mortar banks.

Re: So why did fidelity mail me a debit card too?

Anonymous — Fri, 09 May 2014 03:32:22 GMT

@Christina_xyt wrote:
@Anonymous wrote:
Several months ago, I opened my Fidelity CMA/brokerage acct/AMEX in one shot too. Actually just activated my debit card this week and put a couple hundred in the CMA account. Read that Fidelity refunds all ATM fees, so I figured it'd be a nice backup to have if I'm out instead of searching for ATMs from my bank.
wait what? So you can access ANY ATM from that card without any charge????????? that sounds like a good deal??

Yes, (well, you will be charged a fee by the ATM owner and Fidelity then refunds it). There are a number of internet banks that do this too, traditional banks tend to rip you off with out of network fees.

Re: So why did fidelity mail me a debit card too?

celluloid17 — Fri, 09 May 2014 03:42:02 GMT

So you have to open a brokerage account along with the CMA??? I thought you were able to just open the CMA on its own.

I'm planning on opening a CMA with Fidelity tomorrow and get that all squared away early so I'll be ready to app for the Amex card next month on June 23. I can't wait to obtain the Fidelity Amex, it's really the last card out there that I want that fits my spending needs. I'm itching to app now, but opening the CMA will hopefully calm that itch for this month so I can hold out until next month (I'm waiting until my recent accounts age a bit more).

Re: So why did fidelity mail me a debit card too?

Christina_xyt — Fri, 09 May 2014 03:43:23 GMT

@mongstradamus wrote:
@Christina_xyt wrote:
@Anonymous wrote:
Several months ago, I opened my Fidelity CMA/brokerage acct/AMEX in one shot too. Actually just activated my debit card this week and put a couple hundred in the CMA account. Read that Fidelity refunds all ATM fees, so I figured it'd be a nice backup to have if I'm out instead of searching for ATMs from my bank.
wait what? So you can access ANY ATM from that card without any charge????????? that sounds like a good deal??
I think its actually anywhere in the world and they reimburse you any atm fees you get. Yes its pretty darn nice to have. Its an lot better deal than most of the brick and mortar banks.

so I have never and any othe debit card except the boa debit card. I have never withdrawn money from any ATM that is not BOAs.. So (pls don't laugh at me :/) is the ATM fee the only charge you will get when you take money out from an ATM that is not associated with your bank card? If so, thrusting this fideliTy debit card, I can withdraw money from whatever ATM and will not have any extra charge? (refund = no charge for me)

Re: So why did fidelity mail me a debit card too?

Christina_xyt — Fri, 09 May 2014 03:48:13 GMT

@celluloid17 wrote:
So you have to open a brokerage account along with the CMA??? I thought you were able to just open the CMA on its own.

I'm planning on opening a CMA with Fidelity tomorrow and get that all squared away early so I'll be ready to app for the Amex card next month on June 23. I can't wait to obtain the Fidelity Amex, it's really the last card out there that I want that fits my spending needs. I'm itching to app now, but opening the CMA will hopefully calm that itch for this month so I can hold out until next month (I'm waiting until my recent accounts age a bit more).

When I opened the CMA, I had to open brokerage or another account (don't remember what it was) I am fine with more than one as long as they don't have any maintainer fee or minimum balance fee or whatever like that

Re: So why did fidelity mail me a debit card too?

celluloid17 — Fri, 09 May 2014 03:52:19 GMT

@Christina_xyt wrote:
@celluloid17 wrote:
So you have to open a brokerage account along with the CMA??? I thought you were able to just open the CMA on its own.

I'm planning on opening a CMA with Fidelity tomorrow and get that all squared away early so I'll be ready to app for the Amex card next month on June 23. I can't wait to obtain the Fidelity Amex, it's really the last card out there that I want that fits my spending needs. I'm itching to app now, but opening the CMA will hopefully calm that itch for this month so I can hold out until next month (I'm waiting until my recent accounts age a bit more).

When I opened the CMA, I had to open brokerage or another account (don't remember what it was) I am fine with more than one as long as they don't have any maintainer fee or minimum balance fee or whatever like that

Good to know! If I have to open an account that has fees then I'll have to sadly pass on the Amex. I suppose I'll find out tomorrow!

Re: So why did fidelity mail me a debit card too?

Anonymous — Fri, 09 May 2014 03:55:32 GMT

@Christina_xyt wrote:
@mongstradamus wrote:
@Christina_xyt wrote:
@Anonymous wrote:
Several months ago, I opened my Fidelity CMA/brokerage acct/AMEX in one shot too. Actually just activated my debit card this week and put a couple hundred in the CMA account. Read that Fidelity refunds all ATM fees, so I figured it'd be a nice backup to have if I'm out instead of searching for ATMs from my bank.
wait what? So you can access ANY ATM from that card without any charge????????? that sounds like a good deal??
I think its actually anywhere in the world and they reimburse you any atm fees you get. Yes its pretty darn nice to have. Its an lot better deal than most of the brick and mortar banks.
so I have never and any othe debit card except the boa debit card. I have never withdrawn money from any ATM that is not BOAs.. So (pls don't laugh at me :/) is the ATM fee the only charge you will get when you take money out from an ATM that is not associated with your bank card? If so, thrusting this fideliTy debit card, I can withdraw money from whatever ATM and will not have any extra charge? (refund = no charge for me)

If you withdraw from ATMs, sometimes you get hit by a fee from the ATM's bank, and your bank. Fidelity doesn't charge for you using another bank's ATM, and refunds the fee that ATM will charge. I also have used BofA for a while and have never been charged a fee from BofA for a foreign ATM, but it'll be nice to use random downtown ATMs without sweating the $5-10 fees those ATMs charge.

Re: So why did fidelity mail me a debit card too?

mongstradamus — Fri, 09 May 2014 03:55:54 GMT

@celluloid17 wrote:
@Christina_xyt wrote:
@celluloid17 wrote:
So you have to open a brokerage account along with the CMA??? I thought you were able to just open the CMA on its own.

I'm planning on opening a CMA with Fidelity tomorrow and get that all squared away early so I'll be ready to app for the Amex card next month on June 23. I can't wait to obtain the Fidelity Amex, it's really the last card out there that I want that fits my spending needs. I'm itching to app now, but opening the CMA will hopefully calm that itch for this month so I can hold out until next month (I'm waiting until my recent accounts age a bit more).

When I opened the CMA, I had to open brokerage or another account (don't remember what it was) I am fine with more than one as long as they don't have any maintainer fee or minimum balance fee or whatever like that
Good to know! If I have to open an account that has fees then I'll have to sadly pass on the Amex. I suppose I'll find out tomorrow!

somebody could correct be i beleive there are no min balance or fees for CMA. Most people just use it because you have to send amex fidelity cash back to it , then you can transfer from CMA to their main bank

Re: So why did fidelity mail me a debit card too?

Anonymous — Fri, 09 May 2014 03:57:31 GMT

@celluloid17 wrote:
@Christina_xyt wrote:
@celluloid17 wrote:
So you have to open a brokerage account along with the CMA??? I thought you were able to just open the CMA on its own.

I'm planning on opening a CMA with Fidelity tomorrow and get that all squared away early so I'll be ready to app for the Amex card next month on June 23. I can't wait to obtain the Fidelity Amex, it's really the last card out there that I want that fits my spending needs. I'm itching to app now, but opening the CMA will hopefully calm that itch for this month so I can hold out until next month (I'm waiting until my recent accounts age a bit more).

When I opened the CMA, I had to open brokerage or another account (don't remember what it was) I am fine with more than one as long as they don't have any maintainer fee or minimum balance fee or whatever like that
Good to know! If I have to open an account that has fees then I'll have to sadly pass on the Amex. I suppose I'll find out tomorrow!

I had $0.19 in my brokerage account for about 5 years and no fees (since then I've moved investments there!)

Re: So why did fidelity mail me a debit card too?

Christina_xyt — Fri, 09 May 2014 04:07:41 GMT

@celluloid17 wrote:
@Christina_xyt wrote:
@celluloid17 wrote:
So you have to open a brokerage account along with the CMA??? I thought you were able to just open the CMA on its own.

I'm planning on opening a CMA with Fidelity tomorrow and get that all squared away early so I'll be ready to app for the Amex card next month on June 23. I can't wait to obtain the Fidelity Amex, it's really the last card out there that I want that fits my spending needs. I'm itching to app now, but opening the CMA will hopefully calm that itch for this month so I can hold out until next month (I'm waiting until my recent accounts age a bit more).

When I opened the CMA, I had to open brokerage or another account (don't remember what it was) I am fine with more than one as long as they don't have any maintainer fee or minimum balance fee or whatever like that
Good to know! If I have to open an account that has fees then I'll have to sadly pass on the Amex. I suppose I'll find out tomorrow!

Definitely agree. I'd appreciate if you can come. Back here and let me know once you find out.. Since I was kinda in a rush to open the card and that account. Didn't really dig into it too much.. >.< I only know CMA doesn't have any annoying fee.

Re: So why did fidelity mail me a debit card too?

IWOL — Fri, 09 May 2014 04:33:41 GMT

The CMA account and the brokerage account do not have any monthly maintenance fees nor do they have a minimum blaance requirement.

There is no limit to the ATM fee reimbursments. I was just looking at my account and I have had $319 in ATM fee reimbursements in the lastt 12 months. I use the CMA account as one of my primary checking accounts so the ATM fee reimbursements really add up.

The only thing you can't do with the CMA account is make cash deposits.

One other point that might be of intersest is that Fidelity credits my direct deposit on Thursdays in my CMA account. At B of A and Chase my direct deposit only shows up Friday. Not a big deal but it's nice that shows up a day early.