This is interesting, I checked and my FSIXX transfer was almost 2 weeks ago, and ME didn't pull it back until today. Good to hear that Fido has no issue with the transfer, more than likely means they will let me keep FSIXX. I already have 5 figures in FSIXX (that amount still appears to be in FSIXX) in my Fido CMA but less than $100 in FSIXX in my other Fido accounts. I do not see any reverse of transations in my other Fido accounts, and it looks like only $10 of FSIXX was taken from Fido and returned to CMA. I guess ME was never supposed to transfer the FSIXX but their system wasn't set up to prevent it, and they manually pulled it back.Here's what I've found out with my call to Fidelity and the chat with ME.That's strange. I moved most of the FSIXX out of the account I transferred in, but I just moved enough back in case the ACATS transfer is reversed.Weird, I also am now seeing an ACATS reversal on my CMA activity for the amount transferred in ($10), but I have a much larger balance than that now in FSIXX and the FSIXX held in my other Fidelity accounts show no such activity.
Weird my ME now also shows $10 in FSIXX that I didn't have before as I only hold TTTXX there.
I wonder if it's initiated on the Fidelity or Merrill Edge side.
Fidelity has no issue accepting and holding the security. They advised that the reversal was at the request of ME. They didn't push it back to them voluntarily.
ME Rep: "That specific one is a money market fund that we wouldn't transfer. You can liquidate it and have the cash transferred. Trade can liquidate it for you.
Stilllurking: Is there a reason why it did transfer then?
ME Rep: There are money market funds that we will not allow to transfer out even though in this case it is Fidelity.
The ME Rep advised to contact their trading department to confirm. I asked additionally if it's specific to this or all of their MMFs in the CMA, and the Rep referred me back to their trading department.
Hopefully Fidelity doesn't liquidate the high entry funds that have a low balance. I'm sure those with a 100K minimum have been purchased by BHs and someone can chime in if they are now below that threshold. $1M is a barrier too high for me, at least in a MMF but maybe this backdoor was enough to keep FSIXX at Fidelity.
One thing I have noticed is that when FSIXX settled on Tuesday and I placed trades to move FDLXX to FSIXX, I see that I do have the full amount in FSIXX that I traded from FDLXX, but the position in FDLXX still remains in the CMA account as of today. I'm going to wager it will consolidate tomorrow but it's a nice double dip if the exact same money is in both funds simultaneously earning interest. I guess I do wish it were $1M in the MMFs.
I have been using FSIXX in my Fido CMA just like I had been with FDLXX previously. I have had several ACH payments go through successfull with FSIXX auto liquidating.
Statistics: Posted by anon_investor — Thu Aug 01, 2024 12:19 pm — Replies 174 — Views 31072
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