[Keefelane66]

When transferring my RMD from Fidelity there routing number for our bank is different than routing number provided for checking account
Electronic Transfer appears within minutes.
Using the routing number on checking account takes hours.

[dblwyr]

Originally Posted by frayedends

Oh yeah, another good point. I keep getting paper statements in the mail and I read them looking for a "go paperless" option. None to be found. I have no need for the paper statements.

SS Checks must be made available no later than one day after deposit, so they cannot delay federal checks.

[retiredguy123]

Originally Posted by Keefelane66

When transferring my RMD from Fidelity there routing number for our bank is different than routing number provided for checking account
Electronic Transfer appears within minutes.
Using the routing number on checking account takes hours.

Something doesn't sound correct. If you are transferring money into your bank, the bank has one routing number for all incoming electronic transfers. When I log in to Fidelity, and click on "manage bank accounts" it shows my bank account numbers and the single routing number for the bank. You can link bank accounts to Fidelity and make electronic transfers to the bank, but those transfers should all use the same bank routing number for all accounts within that bank. Another bank will have a different routing number.

[CoachKandSportsguy]

Originally Posted by LuvNH

I agree with you. This was not a gypsy roofing outfit, it was a long time local business and I think that helped them to get their money. However, it was extremely embarrassing for me to hear that the bank would not honor my check even with plenty of money to cover the amount. As I said earlier, their answer to me was that they were taking care of elderly customers from being scammed.

If someone there had commonsense, they could have called my home and spoken to me and I would have even gone to the bank to present myself and my I.D. I see it as lack of customer care.

This is why I don't do business with small local banks, they want just regular everyday business so that they don't have to pay for all the extras and complications and digital security for abnormal business above the average daily value of daily local business.

Totally agree with that conclusion and solution!

[CoachKandSportsguy]

Originally Posted by retiredguy123

Something doesn't sound correct. If you are transferring money into your bank, the bank has one routing number for all incoming electronic transfers. When I log in to Fidelity, and click on "manage bank accounts" it shows my bank account numbers and the single routing number for the bank. You can link bank accounts to Fidelity and make electronic transfers to the bank, but those transfers should all use the same bank routing number for all accounts within that bank. Another bank will have a different routing number.

Hmmm, . . . not sure why a bank CAN'T have more than one routing number based upon business needs.. .

There is an implied one to one relationship between the routing number to a bank, in which case, a bank should be able to have a different routing number for a different legal entity of the holding company, which still conforms to one legal entity bank to one routing number.

[retiredguy123]

Originally Posted by CoachKandSportsguy

Hmmm, . . . not sure why a bank CAN'T have more than one routing number based upon business needs.. .

There is an implied one to one relationship between the routing number to a bank, in which case, a bank should be able to have a different routing number for a different legal entity of the holding company, which still conforms to one legal entity bank to one routing number.

I agree, but if you are transferring money from Fidelity to your checking account, the routing number on your checks should be the most direct route. That is the number that Fidelity tells you to enter when you link an account.

[CoachKandSportsguy]

Originally Posted by retiredguy123

I agree, but if you are transferring money from Fidelity to your checking account, the routing number on your checks should be the most direct route. That is the number that Fidelity tells you to enter when you link an account.

Fidelity is not the receiving bank. If the receiving bank has a better routing number, you can override fidelity's suggestion and directions. There are always exceptions to standardized instructions applicable to 99.99% of transactions, which is how most operational processes are created..

the most direct route may not be the fastest route, don't confuse the two concepts

[Chi-Town]

Thinking about moving my accounts to the Bank of Dave.

[golfing eagles]

Originally Posted by Chi-Town

Thinking about moving my accounts to the Bank of Dave.

You should consider the Village of Stu as well

[Pugchief]

Can someone explain why you think you need a "local" bank in 2024? Unless you have a need to deposit cash frequently, you can literally do the other 99.9% of your banking online. I used to use Schwab, now Fidelity. Free ATM including reimbursement of fees, free wire transfers, free bill pay, no fees for most basic needs.

All of my bills are auto-debited using the routing number on the checks (Fidelity uses UMB Bank as their checking back-end, and the rep told me to use that routing number). You can transfer $100,000 per day in or out electronically via ACH. If you need to send more, you can wire it for free. Easy to use online interface. And balance earns 5% currently (that's why I switched from Schwab). And if you really need to do something in person, there is a branch in LSL.

The only thing more unnecessary than a local bank is one of the too-big-to-fail megabanks that rape you on fees and have nearly destroyed the US economy on more than one occasion. They don't deserve your business IMHO.

[Pugchief]

Originally Posted by Chi-Town

Thinking about moving my accounts to the Bank of Dave.

If only that were an option....

[New Englander]

Originally Posted by Pugchief

Can someone explain why you think you need a "local" bank in 2024?

Yes, Citizens First gives me free popcorn.

[CoachKandSportsguy]

Originally Posted by Pugchief

And if you really need to do something in person, there is a branch in LSL.

Fidelity in LSL is only for planning, can't do anything else there, i just tried to do a transaction there, and was told no transactions here.

Fidelity's visa card department is worthless. They didn't flag phony transactions, they had extensive paperwork to fill out and send in snail mail to dispute obviously fraudulent transactions. Cancelled that card as soon as the person explained to me how to do it.

[photo1902]

Originally Posted by New Englander

Yes, Citizens First gives me free popcorn.

Best post of the day

[kingofbeer]

Originally Posted by frayedends

We opened a Citizen's first account when we bought down there for our part time home. Figured it's easy to pay the mortgage and keep a separate account for all our Florida expenses.

But I'm thinking of dumping them. First, when I do an external transfer from my bank up here in MA, I can only do $2K each time. It takes them 3 business days to post an electronic tranfer, which is absurd. Not only that, they remove it from my bank here immediately. So what they are doing is keeping the 2K for 3 days, and making interest off it before they post it. Never had this issue with banks up here.

The 2K limit is frustrating as I have to make multiple transfers to keep my balance high enough for mortgage and all expenses. I'm not down there to make larger deposits in person.

Anyhow, just a gripe. Other banks you prefer?

Suggest that you put your cash in Discover Bank. Savings rate is 4.35%. They do not charge to print checks. External transfers are very quick with them too.