Rated 5 out of 5 by stchsi Great Product
I have been Fidelity customer for more than 35 years and have found customer service to be best of all fund houses. About 6 months ago my local bank announced a "New, simplified fee structure". Nice way of saying they were imposing fees on my checking account. I closed the account and replaced with a Fidelity CMA and have been amazed. It has worked exactly as stated, no longer pay any ATM fees ever, and so far have more than $400 in spending rebates. Rebates are flat 2% and go into CMA automatically. Still have one local bank and if they even think about charging a monthly fee, account will be closed. Great service!
July 3, 2013
Rated 5 out of 5 by charles25 Only way to go
Fidelity's CMA is easy to use with electronic deposits using a tablet or cell phone with camera, reimbursed ATM fees, bill pay, and excellent customer service that Fidelity is known for. My CMA funds are invested in a few institutions to provide a greater degree of FDIC protection. I tie my CMA into Fullview where I monitor the activity in my CMA, brokerage, IRA, 401(k), and Fidelity American Express accounts. Fidelity's AMEX pays 2% on all purchases.
June 13, 2013
Rated 5 out of 5 by Scotty75FL Leave your brick and mortar bank behind
I have had a Fidelity Cash Management account for about 6 years. At the beginning I was wary, thinking I would need services from a local branch that would not be available. I slowly transitioned to relying solely on this account and about 2 years ago said good bye to my traditional bank. The service associated with this account is extraordinary; what you would expect from Fidelity. Here are the perks:
1. I travel frequently. When I need cash I can use any ATM knowing I will get unlimited rebates on ATM fees. This saves me about $20 monthly.
2. If you have any paychecks direct deposited, the money becomes available the minute it is received by this bank. Essentially, if I am due to get paid on the 15th of a month, my Company processes payroll on the 14th. While most of my colleagues do not see their money until the 15th I will see my pay mid morning, shortly after payroll is processed.
3. I was concerned that without a branch if I should loose my ATM card I would be unable to access funds for many days while this was replaced. This is not the case. If I loose my card they can wire money to anywhere in the world and overnight a new card to me. This service does noe exist from any traditional bank I know of.
4. I do all of my banking via their new upgraded mobile application. For most of my payees using their bill pay service funds are received electronically the next day.
5. I had one issue of fradulant use of my debit card. This was picked up by their security department and a replacement card was sent overnight to me.
6. The only thing missing for me is the ability to deposit cash into my account.
Where Fidelity wins in my relationship is that due to this exceptional cash management system they have easily earned my investment business. I recently have come into a position where I can begin investing in IRA and traditional brokerage account. I am not looking any further than growing this great relationship they have built with me through this product.
Don't be afraid, take the leap and leave your old bank behind.
April 19, 2013
Rated 5 out of 5 by Batmanbanking Easy and Helpful
We love having a Fidelity Cash Management Account! It has eased our money handling through online banking that is fast, secure, and reliable. The free checking and all the other great services (especially the free ones) are a huge blessing to us. Thanks so much! We look forward to many more years as satisfied Fidelity customers!
March 24, 2013
Rated 5 out of 5 by Jordan#82 Excellent
I love what fidelity has done with the Cash Management account. There are a lot of features to this account such as full view that I really like to use as well as the free ATM withdrawals. I also like the fact that I can invest and use my account as a regular checking account. I have all my accounts with Fidelity (even workplace savings) and plan to continue to use them. I have given several referrals to family and friends to open a cash management account, I should be their official sponsor! :)
March 20, 2013
Rated 5 out of 5 by Gammapod Convenient and Connected
I started this account to replace my normal bank account, and it has everything I could ever want. Since I also use Fidelity to do my investing, I can easily transfer money between my accounts. I can easily pay my bills and accept payments online. With the mobile app, depositing checks is ludicrously simple and convenient. The one place where this account falls short is the lack of a way to deposit physical cash, but that becomes less of an issue every year. I highly recommend this account to anyone who wants to cut off your tie to a physical bank and move everything online.
March 18, 2013
Rated 5 out of 5 by Happy Fidelity Year #2 How do you spell awesome? FIDELITY
Migrating from standard Bank Accounts to a consolidated Fidelity Cash Management Account was one of our smartest, smoothest moves in years!!!
Fidelity Customer Service is awesome.
Convenience features (photo deposits) is great.
$0 ATM fees is terrific.
I set up Cash Mgmt Account (1) as normal check writing, bill paying; Cash Mgmt Accoutn (2) for annual budgetary expenses; Brokerage Account for Investing; IRA for self and spouse.
The dashboard is best way to see all Funds and the Customer Service folks are a true delight. They actually speak English too!!!!!
September 30, 2012
Rated 5 out of 5 by DV Excellent solution for all banking needs
This account has allowed me to close ALL my conventional bank accounts. No more going to the bank for me, all transactions are done on-line including check deposits. ATM withdrawals anywhere, no fees.
Bill pay made easy - all utilities, credit cards, mortgages, you name it.
Customer Service among the best, security - keep up the good work!
April 26, 2012
Rated 5 out of 5 by KR You guys are simply Amazing
I love Fidelity. I love the brokerage service, the savings account my Amex Fidelity CC, and the debit Card which pays back my atm Fees. Amazing job!
March 6, 2014
Rated 5 out of 5 by Household Expenses House Expense Acct.
This is my house expense acct. Paying bills from this acct.
March 4, 2014
Rated 2 out of 5 by Karen 51 Check writing and deposits
With my previous on-line bank I could enter a check when I wrote it and it was listed under "pending". This allowed me to keep track of my spending and commitments with out having to go back and forth between the computer and paper.
I also could deposit checks remotely using my smart phone. This account is MUCH less convenient,
February 24, 2014
Rated 5 out of 5 by Will81 What Else Do You Need?
This is exactly what a FREE checking accounts should be. They quickly refund ANY ATM fees and there are no hidden fees. The only disadvantage is you can't deposit cash. That was a deterrent for me at first, but then I realized, I haven't needed to deposit cash in years and if I do I can get a money order.
February 24, 2014
Rated 1 out of 5 by Portland Mark Not satisfied
Overall, I was extremely unsatisfied with Fidelity's Cash Management Account. After trying it for several weeks I have elected to close my account and move back to my traditional bank. Transactions took too long to be cleared, causing Fidelity to send out a billpay check - which was funded when it was mailed - and then later bounce the check when it was deposited. The reason stated is because the checks I had deposited to fund the check had not cleared yet. Not acceptable to me when the check that had not cleared had been mailed to them 10 days prior for deposit. Fidelity cannot compete with my credit union, which would credit the check as soon as it was received, without waiting 2-4 days (or more) for it to "clear."
February 20, 2014
Rated 1 out of 5 by Jack Burton Stay Away From This Account
I switched my direct deposit from my old bank to Fidelity's cash management account. The test deposit from my employer was made without any issues. I received a physical paycheck for my current pay period. I deposited the check using my smartphone. Little did I know that Fidelity will not be making the funds from my paycheck available until 4 business days. The customer service rep and the supervisor stated that since it is the first deposit they need to hold the check for verification. Really. I have been a customer for three years and you received a test deposit from the same employers that is on the check but they need to verify it. Regular people live and survive on paychecks. If you are considering opening this account I strongly suggest that you do not. Fidelity should not market this as an alternative to brick and motor accounts because there is no incentive. They do not provide bank checks and have customer service reps that seem to read off of scripts. This account was a bigger let down than Clear Pepsi.
February 18, 2014
Rated 1 out of 5 by mdm87 Absurd Hold Times on Deposits
Fidelity likes to hold deposits for close to two weeks under the guise of "initial funding risk mitigation." I made a deposit on 2/10 - they're saying it won't be available until 2/21. ACH deposits reject within 3 days - why the extra holdup? I've had direct deposits (albeit not large sums of money) going into this account every week for months. Now I put a little bit more money in and they hold onto it. They should start opening brick and mortar banks so they can more traditionally irritate their so-called "valued" customers.
February 18, 2014
Rated 5 out of 5 by Betty in Texas Love my Cash Management Accounts
I'm in the process of getting rid of my other checking accounts. Our investment accounts are with Fidelity and I like the convenience of being able to transfer money easily from IRAs, etc. to a checking account. It's a big deal being reimbursed for ATM fees. Means we don't have to worry about finding one for our bank. Can pay bills from my phone and check on all my accounts with just one app. We are retired and like to RV, so this is all terrific. Get all our bills electronically, so life goes on normally while we're on the road. Help is just a phone call away, if we need it.
February 15, 2014
Rated 1 out of 5 by BAYAGko ISININGIT
THIS ACCOUNT BEEN CREATED BY RISK GROUP DEPT WITH OUT ANY NOTIFICATION OR APPROVAL OF THE ACCOUNT OWNER, THAT HAVING A DIFFICULT TIME UNDERSTANDING SOME TRANSACTION AND MISTAKENLY DISPUTE NUMEROUS NO. OF AMOUNT OF WITHDRAWALS, WHICH IS POORLY EXPLAIN BY THE CREDIT CARD DEPT. REPRESENTATIVE."OWNER FELT SO STUPID AND DISRESPECTED BY BOTH DEPARTMENT
February 9, 2014
Rated 1 out of 5 by Beware12 Constantly denied access to funds
My debit card was consistently denied. I perform much charity work & was constantly denied debits at major chains even though thousands of dollars are kept in my account. , A third party controls these actions, not Fidelity.
I do not recommend Cash Management.
February 5, 2014
Rated 5 out of 5 by Rich T. Terrific tool!
This tool helps guarantee that I keep my assets with Fidelity
February 5, 2014
Rated 2 out of 5 by Paul check deposit warning
Tried the deposit option of using a mobile device to deposit a check with a brand new tablet. The first check needed to be photographed 8 times before it was accepted. Second check went through the first time and was rejected via email a couple days later. When this happpens you cant resubmit as the system thinks the check is already in process. I contact Fidelity to have a human being look at the image and complete the transaction, but they cant. Tomorrow I'll deposit the check in my good old fashioned bank on the corner.
February 4, 2014
Rated 4 out of 5 by JO "n" KY How To Make it Better!!
Fidelity Cash Management(FCM) is valuable financial tool and I use it daily. FCM and my Fidelity credit cards are an vital part of my day-to-day financial management. If this service included a monthly advisory of your FICA score the package would be complete.
February 3, 2014
Rated 5 out of 5 by KJK deposit limitation
I have had the Cash Management Account for one month & am mostly satisfied with the features. I was planning to eventually leave my bank behind. However, I recieve a couple of money orders each month & have found that they cannot be deposited.
I was hoping there was a workaround, but customer said no.For now, I will need to keep an account @ the old brick & mortor
January 31, 2014
Rated 2 out of 5 by annaide dissatisfied user
Just started using Cash Management Account. It will take more than a week for the money to be transferred from my bank account to Fidelity. What an unpleasant surprise and I will be late for paying my credit card this month!!! Called customer service and the lady who answered my questions (I only asked for clarification and didn't request anything or blame anyone) was very rude and unhappy. This is the worst customer service I have received so far from financial instituions. Might give it another chance but seriously considering closing the account.
January 23, 2014
Rated 2 out of 5 by Disappointed007 Be Warned
They advertise this as an easy way to handle your cash and to perform everyday banking, but you will have to wait at least 30 days before all of the features they advertise are activated on the account.
In addition there are a lot of rules around deposits and when the money is available for you to use, so read all of the fine print. In my case it took almost 10 days for a bank to bank transfer to clear my account. Also make note that the billpay they use is a service company that's not part of Fidelity and they don't intermix their services well. I had money pending in my account to cover the expenses, but the billpay service, after paying my bills, took the money back from the vendors I paid since the billpay company couldn't get to my money. I have to admit I have never had these types of issues with traditional banks, and I am seriously considering going back to the "old fashioned but at least works" way of doing things
January 23, 2014
Rated 2 out of 5 by Meme Mash-up Experience
This is a review for the Fidelity Cash Management Account. First, I will say I have had my account for probably over a year. Using it for small deposits and transactions. I finally decided to use this account as my primary checking account and set-up my direct deposit to this account. I recently deposited my two payroll checks into the account AFTER meeting with two in-branch representatives that assured me that based on the amounts of the checks they would be cleared by Friday (this was on a Wed.).. I asked them if they were sure because I surely needed access to my funds by that Monday (not even realizing Monday was a holiday).. They assured me it would be cleared before then. Of course, Friday came and they were NOT cleared. I called and chatted customer service and a representative contacted the Operations Department which assured me my checks would be cleared that evening. They were not. On Monday, of course they were not. On Tuesday, they were not. On Wednesday, the were not. If I had been told or provided the proper information, I could have cashed the checks on the issuing bank. This type of thing I have a very low tolerance for. The representative tried to tell me that they are not a bank and so... Well, to me it doesn't matter WHAT you are, you are a investment and financial institution that should NOT give out MISINFORMATION to my face and over the phone. It's Negligent. Everyone has obligations they need to honor and a simple "I don't know WHEN these checks will clear" would have been better than the string of lies I was told over and over.
Apart from that.. the outgoing electronic transfers are pretty fast and I've never had a problem with any bill pay I've done with the account.
I just don't think I will be able to use this account as my main checking account as I had hoped, but I will give it one full month of transactions before I make a decision to undo my direct deposits.
January 23, 2014
Rated 2 out of 5 by Mesoguy Not as good as a bank
There are things I like about this account, but I cannot recommend it for people who use cell-phones for deposits, or who use Quicken to pay bills...
The three problems (below) may cause me to close it and move the activity back to my bank (whom I detest).
This is unfortunate, as the account also has advantages:
1) It is integrated with my investment accounts and transfers are easy and quick.
2) The debit card works at any ATM with no fee.
The problems are:
1) Check deposit by cell phone app: If I deposit a check and there is a problem, I am not allowed to try again. I have to mail it to Fidelity or drive over there. This has now happened twice in the last year, and is unacceptable. I'm told they are working to fix this. I hope they do. Also, when the deposit fails, I get an email but it doesn't identify which deposit except by a reference number. I really shouldn't have to record that every time I enter a deposit - adequate information could be kept and made viewable on the web site. Problems I have had: the picture of the check wasn't good enough; the amount on the check reportedly didn't match what I told the app when I deposited it.
2) Using Quicken to pay bills. With my bank, Quicken can direct the bank to pay bills, and it costs me nothing. With Fidelity, I have to pay $10/month to Quicken Bill Pay in order for it to work.
3) Since the account is held in an intermediary bank, customer support is not as good as should be. This isn't the fault of the telephone agents, it's that they don't have adequate knowledge and access for this hybrid account.
January 21, 2014
Rated 1 out of 5 by fix this!!! went out of your way with this one
have 2 accounts with bill pay. entered my payees for future use under the brokerage account because my direct deposit has not kicked in. mortgage payment coming up so I tried to schedule a payment via my individual account. found out fast, your payees don't show up in both bill pay accounts, yup got to create another list. tried 3 times to enter mortgage info into 2nd account and it disappears when you hit submit button. great system to waste your time and aggravate yourself. almost as good as fidelity's ability to co-mingle transactions in your history folder so you cant reconcile. makes me watch whats going on twice as much
January 21, 2014
Rated 5 out of 5 by davidc Excellent service by Fidelity
I always receive excellent service when calling in on my account. Regards, David Clay
January 11, 2014
Rated 2 out of 5 by DisappointedCustomer Snail's Pace Banking in the Electronic Age
This is the third time I've opened an account online. The other financial institutions provided account information immediately, which allowed me to execute transactions the same day. In comparison, this has been opened for over 5 days and has yet to provide any checking account information. The purpose of funding this account was to pay tuition. I now understand this account can't be used for such purposes will be closing it as soon as the most recent wire transfer (which appears to have a 48 hour processing time) has completed.
January 8, 2014
Rated 5 out of 5 by bmiller1 One stop shop!
I love the easy online banking. I can easily do direct deposit, write check, invest, pay bills, etc. Very convenient for me. This is way better than traditional bank. I don't ever need to walk into the bank to do business.
January 8, 2014