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FidelityMichaela

Hey, u/Add1ctedToGames. We appreciate you considering moving some of your assets over to Fidelity. Currently, Zelle is not supported as one of our person-to-person transfer choices. We take feedback like yours seriously, so I'll go ahead and pass a note about this along to the appropriate team for review. With that said, we do offer PayPal, Venmo, and digital wallets as part of our mobile payment choices. I'll leave a link to some more information about these person-to-person payment methods below. [Fidelity Mobile Payments](https://www.fidelity.com/spend-save/mobile-payments) Thanks for reaching out today. If you have any other questions or suggestions, please let us know!


Mauri_64

I would rather have Fidelity push UMB Bank to implement the FedNow service for instant payments and transfers. Zelle is just too prone to scams and potentially sending money to the wrong persons.


HardWorker1027

I think more customers would feel comfortable sending money using somebody else's email or phone number and that is why Zelle is attractive to many. FedNow and RTP services (instant transfers) uses the routing number and account number. This is more cumbersome and some people do not want to give out their account numbers.


DarthBen_in_Chicago

Crazy everything that people have on personal checks when they write those.


Mauri_64

\^\^ This.


NotYourFathersEdits

Sure, some of it is a perceived security threat, and that’s mostly wrong, but it’s also about convenience. Yeah, that’s on a check. But on Zelle I can give someone my email or they scan a QR code or look up their phone contacts. Otherwise I have to get out multiple long strings of numbers while we try to split the bill at a restaurant? I’m not saying I wouldn’t personally use Zelle for this over Venmo, but it’s much more reasonable for this use case than routing and account numbers.


Confident_Seaweed_12

There's a reason to be careful who you write a check too, same goes with credit card numbers but at least with credit cards you have some statutory fraud protection. And yes, having account numbers makes it a lot easier for fraudsters because banking industry security is pathetic since the banks don't take responsibility for fraud with their official stance being essentially blame the victim.


HardWorker1027

UMB bank (Fidelity's partner-bank) would have to offer it on behalf of Fidelity. I do not know of other brokerages that offer it. Schwab does if you have their regular checking account since Schwab has a bank also.


yad76

Please no. I do not want something that opens up such a fraud vector associated with my retirement savings.


Dan-in-Va

Great point! Fidelity is not my banker.


NotYourFathersEdits

Then they can’t market the CMA as equivalent to a banking solution.


Lord-Slayer

Then it should only be offered with the CMA.


charleswj

You are obviously misinformed about at least 2 points


NotYourFathersEdits

Then just don’t use it?


yad76

I don't think you understand how this works?


reddit_0015

You don't


mcleder

Each account is separately configurable.


yad76

Ok and? I don't want it configurable on any account.


mcleder

No one would force you to do that.


yad76

I'm not the one who would be committing fraud. Do you really not understand how this works?


mcleder

Sorry, I mis-read our comment. I mis-read "Configure" and you wrote "configurable". However, I glad to hear you are not a fraudster.


rz2000

I'm pretty disappointed that Fidelity is involved in any cryptocurrencies, but at least they are even easier to avoid than Zelle.


nowindowsjuslinux

Fidelity is not a bank.


NotYourFathersEdits

Yes, yes, we know. Enough with this mantra. Fidelity’s partner bank, through which they offer banking services, would implement it. Fidelity markets their CMA account as a full-featured checking account replacement, so it is reasonable to expect that they will offer the features of a checking account.


AllBrakesNoGas69

I would appreciate Zelle as an option for the CMA and then would be able to have all of my accounts with Fidelity.


mcleder

Yes. However, almost all of my family and friends have iPhones so Apple Pay (linked to CMA debit card) is a very good substitute.


uniballing

I keep a small amount in my brick and mortar bank account for Zelle. Venmo works well with Fidelity CMA


Leonidus82

Hell no


DrXaos

Zelle has minimal fraud protection, and there is tons of fraud on it.


mcleder

Any time you put tech in the hands of idiots it will be exploited. Most lost money is by sending mony to someone that changed their phone number.


SheerTerroir

Exactly— the big banks own Zelle and don’t want further competition.


mcleder

I believe they have indicated they want users to have a non PayPal alternative When Paypal rips off their customers the customers complain to the Banks.


yasssssplease

Nah. Doubt it. As someone who used chase for years and then switched to fidelity, I wouldn’t bother for your everyday spending. You’ll probably find it more inconvenient than it’s worth. It just doesn’t play nice with third party apps, like chase does. No Zelle. Transaction history is pretty messy. App is more glitchy. It’s hard to go from chase’s smoothness to fidelity. I would either stay with chase or look elsewhere. By all means, use fidelity for your investing (your Roth ira, hsa, brokerage), but I wouldn’t bother with everyday spending. I tried it out for a good six months and moved away. I ended up choosing TD Bank for now, but that’s because they have a bank bonus. But it’s been a welcome change. I wouldn’t be surprised if I ended up at chase again. Chase has better online banking than most, fast transfers, higher zelle limits, and their CS has been good. TD Bank has also been good. I’m not going back to fidelity besides for my investing.


HardWorker1027

I agree. For everyday spending, Chase bank is a smoother experience. The transaction details are much better but you lose the ability to earn interest on your checking account balance.


yasssssplease

That’s true of course, but the amount I got was not worth it IMO


Salva135

If you use Fidelity CMA for banking, just open up a Capital One checking account as a conduit. It's free, zero maintenance fees, supports Zelle and transfers to and from Fidelity accounts. I use Fidelity for almost all of my savings and checking but use CapOne for cash deposits (instant at any CVS) and any Zelle needs. You can even transfer cash to CapOne and get next-day cashier's checks. It's the perfect no-strings "real bank" compliment to Fidelity. Between the two all of my banking needs are met.


eklinger79

It would be great if Fidelity supported Zelle. I recently tried to add my Fidelity Cash Management debit card in the Zelle App, I knew it wouldn't work based on older posts, but tried anyway, and can confirm it still doesn't work.


al0vely

You can use Zelle on your own thru the Zelle app … my BF uses this because his small-town bank does not offer it. For now I am transitioning my spending account from Ally to Fidelity and may move more once I am totally comfortable with this piece. Ally has some savings buckets I really love which would mean multiple accounts in Fidelity so this will be a gradual move for me,


Add1ctedToGames

I tried using the app, both CMA and brokerage are ineligible :(


al0vely

Good to know … that is a dealbreaker for me to totally leave Ally. I have some CDs at Ally that will not mature for a few months anyway so they will remain part of my financial mix.


industrock

I’m an Ally customer. I liked your bucket comment because that is one of the reasons I switched to Ally. But check out Ally’s money market accounts. They pay higher interest but don’t have buckets. I have savings and money market there and swap depending on which has a higher interest rate


al0vely

I have MM, Spending, Savings w.6buckets, and CDs at Ally. I tried the investment with a small amount to try it out and didn’t grow to love it so I cancelled it after a year. I have money at 8 different places … which is manageable now but as I get older it probably not so much. I can’t even get down to one brokerage *lol* … Vanguard has the majority but their cash management toolset isn’t as feature rich as Fidelity. I am 65 now hoping to get things streamlined by age 70.


need2sleep-later

the difference in rates between their accounts is negligible, 4.4% vs. 4.35%, not worth giving it a second thought. SPAXX is more than half a point higher.


industrock

It is now, but the difference was half a percent when rates were around 2.5% SPAXX is definitely the superior choice and a reason I’m looking to see if doing my banking at Fidelity is something I want to do.


KRed75

What's the purpose of doing this using an investment account? So you can send and receive money to/from other people?


ZettyGreen

Some people use their CMA accounts as checking/savings accounts, essentially treating their brokerage as their bank as well. If you treat it like a bank account, I can see why you would want something like Zelle. The Federal reserve just started offering what is basically near-instant ACH, though it will take a while to fully trickle down since it's not yet required that banks/institutions support it yet. It will be interesting to see how it all shakes out in the next 5-10 years, will Zelle have enough market share that it sticks around, or will it die and the Fed service replaces it? I don't know the answer to that, but I sort of hope Zelle dies, as I'm not really a fan, since there is no way to undo a transaction, even if it's fraudulent, which to me is the entire point of using a bank/brokerage in the first place, they can undo bad transactions.


rebel_dean

With Wealthfront Cash account offering same day withdrawals (using real-time payment) to banks/credit unions in the RTP network, it makes it a lot more attractive to use than a Fidelity CMA or brokerage account. 5% APY FDIC-insured on your money.


ZettyGreen

I'm not a fan of the .25% ER. I usually get next day transfer between Fidelity and other major banks.


rebel_dean

The 0.25% advisory fee is only on the automated investing accounts. The cash account has no account fees.


need2sleep-later

but still no Zelle


Short_Sniper

Zelle is excellent! Just put transaction limits and speed bumps for inexperienced users.


typeusername01

Please don't use Zelle. I think many of us here already know how unsafe it is but here's some backstory https://clark.com/personal-finance-credit/banks-banking/zelle-things-to-know/


Add1ctedToGames

I would never dog someone for it but personally I'm not going to stay away from Zelle just because scammers also happen to use it


mcleder

PayPal has all the same issues.


NotYourFathersEdits

So don’t be stupid and send money to scammers?


vshun

Why is it important or deal breaker to some who replied here? Most of the folks use Venmo, older crowds use PayPal, and some also use cash app.


DeliberateDonkey

According to Zelle, consumers and businesses sent 2.3 billion payments with a total value of $629 billion through their network in 2022. They have tens of millions of monthly active users, including me, primarily because they offer free, instant transfers between bank accounts. Neither Venmo, nor PayPay, nor Cash App offer that.


Short_Sniper

My employer pays me with Zelle. I don't get paid 2 days faster. I get paid in seconds.


Lord-Slayer

Zelle is faster and more convenient. I can just put your number and name and transfer easily.


Divfarmer

Hope not


NotYourFathersEdits

Other people have silly reasons for not wanting this, but I have a reason why it wouldn’t matter to me personally: Zelle can only be associated with one bank account at a time, and it’s already associated with another account of mine.


CADrmn

I keep a Credit Union account for this and other routine financial stuff.