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Fidelity and UMB?



unregistered

Sub: Fidelity and UMB?
Sun, 15/07/2012 04:18

i opened a mysmartcash acct with fidelity. i linked paypal to it and the routing number shows up as UMB...is that what i put on a direct deposit form? Does UMB use Chexsystems?



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mca
mca

Debt Samaritan
Posts: 713
Credits: 14575.230979602

Sub: #1 closing of accountsSun, 07/15/2012 - 04:18



From what I have been able to put together from what others are telling me, it seems that the bill pay service that they offer might have something to do with the closure of the accounts in the past. The only reason I say this is because it seems that some who started to use the bill pay service were closed right away and others who didn't were not.


They are using the lead company who checks the banking background called MSI. I contacted MSI and they said they use : checksystems, Lexis -Nexis and telecheck to evaluate accounts opened by Fidelty. If there are negatives, they 'suggest' to Fidelty to take appropiate action(s).

mca

my list of non-chex banks and credit unions is located at http://www.chexsystemsvictims.com


Unregistered

Sub: #2 I opened a Fidelity Cash Management account 3 months ago and havSat, 07/14/2012 - 21:18



I opened a Fidelity Cash Management account 3 months ago and have since received my fidelity visa check/debit card and an order of checks. The checks list Fidelity with "UMB Bank".
It's been 3 months and they so far have not closed my account (I am on chex systems with 2 banks) now I'm a little concerned about adding direct deposit to it.
So far so good.. but this "even after 2 years" comment is what's keeping me from doing direct deposit yet.


mca
mca

Debt Samaritan
Posts: 713
Credits: 14575.230979602

Sub: #3 Fidelity has closed MANY accountsWed, 01/26/2011 - 05:52



Update" To date: Fidelity has closed MANY accounts reported to chexsystems, They continue to check accounts randomly and have closed accounts that are in good standing and more than 2 years old. Beware and do NOT have all of your money in this account if you have been reported to chexsystems.

mca

my list of non-chex banks and credit unions is located at http://www.chexsystemsvictims.com


Unregistered

Sub: #4 fidelity has the final say on whether or not they close your accSun, 01/16/2011 - 02:22



fidelity has the final say on whether or not they close your account.... umb is just a third party bank hired by fidelity to take care of their checking account business....

samething for the SWAP thingy.... those banks have no say at all.... just banks hired by fidelity to take care of their business....


mca
mca

Debt Samaritan
Posts: 713
Credits: 14575.230979602

Sub: #5 Fidelity is not a non chex option any longerFri, 01/07/2011 - 17:50



Recently I had several people tell me that they opened the MySmart Cash Account at Fidelity and it was closed shortly after. Apparently they are now using a company called MSI I contacted MSI and they said they use : checksystems, Lexis -Nexis and telecheck to evaluate accounts opened by Fidelty. If there are negatives, they 'suggest' to Fidelty to take appropiate action(s).

This is an option that has helped so many for a long time but is now being removed from my Chex-friendly list. I am hoping that it does not cause any problems for those that have already opened accounts .. we are watching the situation closely and I will report any news that I find out

mca

my list of non-chex banks and credit unions is located at http://www.chexsystemsvictims.com


mca
mca

Debt Samaritan
Posts: 713
Credits: 14575.230979602

Sub: #6 FidelityWed, 10/20/2010 - 05:08



Here is an email that may help to explain it better


[FONT=Consolas][SIZE=3][QUOTE]
Thank you very much for the opportunity to address your email regarding our different Fidelity Accounts, and the FDIC core position available within the Fidelity MySmart Cash Account. We do appreciate you wanting to open a Fidelity MySmart Cash Management Account and a Fidelity Business Account.

Fidelity does not offer FDIC insured accounts, however we do offer SIPC account protection and additional coverage explained below. The MySmart Cash Account sweep option is FDIC insured through outside banks. Fidelity will assign a Program Bank List to your Fidelity MySmart Cash account, regarding the core position in the MySmart Cash Account. The banks on the list below will be eligible to receive your MySmartCash Balances for the FDIC holding:

-RBS CITIZENS NA
-WELLS FARGO NA
-BANK OF AMERICA
-FIFTH THIRD BANK
-SUN TRUST BANK
-UNION BANK NA

Here is a link on our Web site that allows you to view this information:

[URL="https://accountsetup.fidelity.com/ftgw/aong/aongapp/fdicBankL ist?type=mySCA"]https://accountsetup.fidelity.com/ftgw/aong/aongapp/fdicBankL ist?type=mySCA[/URL]

Currently the Fidelity Business Account does not offer the FDIC core position, however we do offer other Tax-free Money Market positions in addition to our Fidelity FCash core position which is taxable.

Below is the link showing the current 0.07% Fidelity FCash rate, one of the Fidelity Business Account core options, as of June 2, 2010. Also, when scrolling down you can click on either the FMOXX or FTEXX tax-free core positions for the Fidelity Business Account, including the link to view our seven state core positions:

[URL="http://personal.fidelity.com/products/trading/T rading_Platforms_Tools/fa..."]http://personal.fidelity.com/products/trading/T rading_Platforms_Tools/fa...[/URL]

Here are the steps to open a Fidelity MySmart Cash Account online, and to download the Fidelity Business Account which you would mail to us:

1. Access [URL="http://www.fidelity.com/"]http://www.fidelity.com [/URL] and then click on the "Open an Account" link at the top right portion of our Web site 2. Then, click on the tab "All Accounts" in the middle of the page to then scroll down and click on "Open Online" to the right of the MySmart Cash 3. Choose the Individual or Joint account option for a non-retirement account 4. Click "Next" to get started; you receive the new account number as part of the online application

Here is the link showing what a Fidelity Business Account offers:

[URL="https://scs.fidelity.com/accounts/aong/fidelity_account_ business_more.sh..."]https://scs.fidelity.com/accounts/aong/fidelity_account_ business_more.sh...[/URL]

Fidelity also offers SIPC and additional protection to your Fidelity Accounts, should Fidelity become insolvent. This coverage does not provide market fluctuation protection. Here is that link to view on our Web site:

[URL="http://personal.fidelity.com/global/c ontent/protecting-our-clients-asset..."]http://personal.fidelity.com/global/c ontent/protecting-our-clients-asset...[/URL]

For additional questions or guidance concerning our Fidelity MySmart Cash Account and Fidelity Business Account, please contact a Fidelity Investments Associate at 800-343-3548. Our Investment Associates are available during the hours listed below. All times are Eastern.

Monday through Wednesday, 7 a.m. - 1 a.m.
Thursday and Friday, 7 a.m. - midnight
Saturday, 8 a.m. - 10 p.m.
Sunday, 8 a.m. - 1 a.m.
[/QUOTE][/SIZE][/FONT]

mca

my list of non-chex banks and credit unions is located at http://www.chexsystemsvictims.com


Unregistered

Sub: #7 can someone one please explain these sweeps? Does that mean thaTue, 10/19/2010 - 08:58



can someone one please explain these sweeps? Does that mean that the sweeping bank could close my fidelity account????????????????????????????????


Unregistered

Sub: #8 MCA, do these sweeps mean that it could lead to an account clThu, 10/07/2010 - 11:45



MCA,

do these sweeps mean that it could lead to an account closure? B of America is listed on chexsystems for me...


mca
mca

Debt Samaritan
Posts: 713
Credits: 14575.230979602

Sub: #9 mysmart cash accountWed, 10/06/2010 - 23:19



Fidelity does not offer FDIC insured accounts, however they do offer SIPC account protection and additional coverage explained below. The MySmart Cash Account sweep option is FDIC insured through outside banks. Fidelity will assign a Program Bank List to your Fidelity MySmart Cash account, regarding the core position in the MySmart Cash Account. The banks on the list below will be eligible to receive your MySmartCash Balances for the FDIC holding:

-RBS CITIZENS NA
-WELLS FARGO NA
-BANK OF AMERICA
-FIFTH THIRD BANK
-SUN TRUST BANK
-UNION BANK NA

mca

my list of non-chex banks and credit unions is located at http://www.chexsystemsvictims.com


G Smith
G Smith
Posts: 3
Credits: 184.3

Sub: #10 I list it as Fidelity Investments when I set up direct deposit wTue, 10/05/2010 - 09:43



I list it as Fidelity Investments when I set up direct deposit with it. I would imagine UMB does use Chexsystems, but your account is not technically with UMB (from what I understand). It is Fidelity's account with UMB, and your portion of that account is serviced by Fidelity.

Someone please feel free to correct me if I am wrong, but this is how I understand it.


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