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this post was submitted on 20 Dec 2024
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They're fantastic. :)
The only negative stories I've heard are from people who really push the boundaries, like people day trading and whatnot. If you're a regular user looking for a bank alternative, you should be good.
Just know their branches don't really have any banking services, so you can't go there to withdraw or deposit cash, get a cashier's check, etc. I keep an account w/ a local institution and transfer money as needed for banking services.
I had a negative experience when initially setting up my account, because of TikTok. This group of kids who called themselves "Fidelity Boyz" discovered that you could deposit a fake check and immediately withdraw the money.
So many people did this that they had to severely lock things down. For most customers, money transferred in either via check or via ACH pull (telling Fidelity to take the money from an account at another bank), was subject to a 16 business day (three weeks and one day) hold. Direct deposits (e.g. paychecks) were not affected, and ACH pushes (when you tell another bank to send the money to Fidelity) were eventually fine too.
It was a big pain. The money I transferred was in limbo for a long time, after I had already switched all my auto-pays over to Fidelity, so I had to switch them all back until the money cleared.
Now that that's over, it's great. I love that they reimburse ATM fees worldwide, and I'm a big fan of their basket portfolios product since it makes it so easy to rebalance a portfolio. Saves me from having to manually do a bunch of calculations, and I love that it has a fixed monthly price instead of being percentage based like roboadvisors.