Fidelity is headquartered in Boston and is the 104th largest bank in the state of Massachusetts. It is also the 4,379th largest bank in the nation. It was established in 2000 and as of December of 2021, it had grown to 40 employees at 2 locations. Fidelity has a B+ health rating.
Smart Investing
I signed up with Fidelity Persona Trust Company 2 years ago and created my ROTH IRA account. The goal was to save for retirement since I didn't have a 401K account. I became interested in stocks a few months ago, and Fidelity has been great in helping me through the process. With the lowest fees amongst its competitors, I knew investing through Fidelity was the smart move. One time, a trade glitched and it charged me more than I had wanted to buy. I contact customer service, and they were quick to alleviate the issue for me.
Fidelity Bank
I opened up a cash management account (a checking account) with Fidelity about four years ago. I was looking for a bank that could offer investor services, plus allow me to open a checking account. I was referred to Fidelity by family members who have banked with them for a number of years. They were very satisfied with them, and also needed a place where they can invest in a good range of stock and mutual funds while maintaining a checking account. Obtaining such an account is very important to me, as I desire to build my financial foundation with investments in solid stock and having a checking account in one place.
My experience with Fidelity has been very nice. I am very satisfied with their customer service, their website and how easy it is to navigate it, and the range of services to manage your account. Depositing money to Fidelity from my job has been seamless and the money shows up in my account normally two to five business days. I am very satisfied with the timing it takes to see the money in my account. My account page gives us tabs for us to check all accounts, see how much the investment account is gaining or have lost due to the stock, and it allows us to easily check pending deductions and credits.
Fidelity has probably one of the best website and customer account pages that I have experienced. The deposits get there quickly, seamlessly, and processed in good time.
Fidelity Cash Management
The Fidelity Cash Management account is checking account with so many great features. First and foremost I travel abroad for 180 days a year and guess what? The account refunds all ATM fees, even international fees. Many times the ATM fees abroad are over $6.00 per transaction and Fidelity refunds that amount in the account the next business day. There is no limit to my knowledge of the amount of fees that can reimbursed. They also give you free checks for the account, but I've never actually written one. Secondly you can remotely deposit checks into you account with your phone. Just endorse the check and take a picture of the front and back with your phone. The funds are available for use the next business day. It's that simple. My grandmother sent me a check while I was abroad for my birthday and I had no problem depositing the check, even though I wasn't in the US. I've only had to call their customer service a couple times and I've never had to wait for a customer service rep. They are kind, respectful, and knowledgeable. They also verify your credentials much more in depth than most banks I've dealt with in the past. I appreciate that, knowing that someone else (not even my own father who knows most things about me) wouldn't be able to access my bank information. I have several bank accounts but Fidelity is the primary account I use. I've never had any fees from them (I don't think they charge any fees) and would recommend them to anyone.
using fidelity for online banking
I have my only checking account thru fidelity. I use it pay bills with checks and also use online bill pay. I have their app on my phone and use it to check my account and also to do check deposits to my account. They let my use any ATM to get cash and they refund any fee I am charged. So far I am very happy with them. I also have investment accounts and a credit card with them. I like having all my accounts in 1 place as it makes it easy to check on them and move money between them. The only down side so far is that I can't deposit cask thru an ATM. Sometimes I charge a bill and friends give me cash for their share and now I need to find places to spend the cash instead of using my credit card which gives me 2% cash back.
Online Checking/IRA Account Review
I have a checking account and IRA from Fidelity. Customer service has always been good with Fidelity. When I call, I quickly get a human on the phone and they have been able to resolve my issues. The online checking account has several things I like: 1) they offer free checks; 2) the website is free to navigate; 3) i can withdrawal from any ATM for no fees; 4) there is no cap on the number of withdrawals i can make. I also like how Fidelity is a one-stop shop. I can do my checking and other investments there. I also like the IRAs because of the different investment funds i can participate in. Fidelity has both actively managed funds and more index like funds with LOW expense ratios. It's a positive to have an option to invest in either.
Data as of Q4 2021
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 35206 |
| Year Established | 2000 |
| Employees | 40 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 26.33% |
| Return on Equity - YTD | 27.51% |
| Annual Interest Income | $1.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2021vs Q4 2020 | $67.7MM$102.9MM |
| Loans | Q4 2021vs Q4 2020 | $0$0 |
| Deposits | Q4 2021vs Q4 2020 | $500.00K$500.00K |
| Equity Capital | Q4 2021vs Q4 2020 | $55.6MM$99.0MM |
| Loan Loss Allowance | Q4 2021vs Q4 2020 | $0$0 |
| Unbacked Noncurrent Loans | Q4 2021vs Q4 2020 | $0$0 |
| Real Estate Owned | Q4 2021vs Q4 2020 | $0$0 |