It seems like this deal is mainly attracting people who have no intention of investing at Fidelity and just want their money back as soon as possible. That's fine, but I have a question for those of you who are actually Fidelity customers:
Has anyone who has over $100k invested in their Fidelity account tried taking it out (capital gains, whatever) and re-depositing it back in for this promotion? Or better yet, just call them, threaten to do this, and get the miles without doing anything? That's what I'd like to do and I'd like to hear if anyone else has done that.
Based on this quote it seems that there is some unspecified period where we cannot do this:
Originally Posted by
PlanoFlyer
so if you transfer money OUT of Fidelity well BEFORE you sign up for the promo, they apparently do a "look back" and net that out of your inbound transfer. I w/drew a negligible amount (10k) from Fidelity (for another purpose). A week or so later, read about the promo, signed up and transferred 100k in. They only counted it as 90k. Their own rules define net asset value as of close of business eastern time and doesn't mention an arbitrary look back. Sadly, I have had my Fidelity accounts since the 80's! (YES, over 25 years, and this may have me think twice about keeping open after 6 mos).
Anyone have any information on what this might be exactly?
By the way, for all you deal-seekers out there: Fidelity is not some shady company trying to keep your money. They are a legit brokerage firm and they actually have great products. Moreover, investing your money for retirement (not earning 0.01% on your cash) is important. The Fidelity cash management account is a checking account with free checks and an ATM card that reimburses all ATM and forex fees. The Fidelity Amex is a card that gives you a straight 2% return on all your purchases. Both are free with no annual fee when you have a brokerage account. Tell me what bank or credit card company offers that in today's world?
I honestly have no idea why everyone is in such a rush to get their money out of Fidelity. I just sock it in there as soon as possible whenever I have extra cash on hand.