I am in the process of looking for a new checking account and stumbled on this. They give you a gold card, waive the fees, you need 2500 to open the account and they automatically deduct your charges every month which is what I do anyways. Would this maybe be a good thing for me to get into. Does anyone know if there is a fee if your account goes under 2500 dollars and also can anyone that has one shed some light on how it works or if it even works that great, for me? Or how a fidelity account works in general? Thanks in advance.
That doesn't sound like a good option. I'm sure there are fees if yur balance drops below 2500. and wht if you don't want all of your charges paid that month?
$2500 is what is required to open the Fidelity account. $5000 is the minimum balance you must have in your Fidelity account in order to apply for the Amex gold card. Once the gold card is opened, you do not have to maintain a specific balance in order to keep the card open. The annual fee for the gold card is paid by fidelity. If you close your fidelity account, Amex will close the gold card. Amex DOES pull your credit for his product, just like any other new application. This really isn't a "credit" card, it is a delayed "debit" card. You know how when you use a debit card, the money is automatically pulled from your checking account? This is the same except that there is one debit from your checking account at the end of the cycle for the total of all the transaction made using the card. having a $2500 balance does not make the difference in having fees or not. Here are the fee details: Annual Account Maintenance Fee1 Certain accounts will be subject to an annual fee of $50.00 normally assessed in November. This fee will not be assessed if any of the following conditions are met: â?¢ The household has $30,000 or more in assets in eligible Fidelity retail accounts. â?¢ The household has generated two or more stock, option, fixed-income or FundsNetwork transaction fee fund trades in the 12 months prior to the valuation date. â?¢ The only positions in the account are Fidelity funds.2 â?¢ All eligible accounts in the household have suppressed delivery of paper statements and trade confirmations. â?¢ The customer has a retirement savings account, such as a 401(k), through his/her employer maintained through Fidelity.3 â?¢ The customer has rolled over assets to a Rollover IRA from an employer-sponsored retirement plan maintained through Fidelity after January 1, 1998.4 1 The Annual Account Maintenance Fee applies to brokerage accounts including the Fidelity Account, IRA, SEP-IRA and Roth IRA accounts that have been open for more than one year as of the valuation date. The fee will be deducted from your core account. Fidelity may redeem shares of your Fidelity Money Market Mutual Fund positions if there are insufficient funds in the core account to pay this fee or for non-retirement accounts, Fidelity may create a debit balance in non-retirement accounts to collect this fee. The fee does not apply to Fidelity SIMPLE IRA Accounts, Keogh, non-prototype brokerage, CIT Accounts, Portfolio Advisory Services Accounts, Employee Stock Plans, Employee Investment Services Accounts, or BrokerageLink Accounts. The fee is waived for customers in Premium Services, Private Access and Active Trader Services. 2 Fidelity Accounts that have only held positions in the Fidelity Family of mutual funds in the 12 months prior to valuation are not subject to the annual account maintenance fee. However, "each fund" or "each position" may be subject to the Fidelity mutual fund small balance fee. 3 This waiver applies to any participant in a retirement plan for whose benefit an account is maintained through Fidelity Institutional Retirement Services Company (FIRSCo) or Fidelity Investments Tax Exempt Services Company (FITSCo). 4 This waiver applies to any Fidelity IRA to which a participant rolls over an eligible distribution from a retirement plan maintained through FIRSCo or FITSCo on or after January 1, 1998.
btw - the fee details in my previous post are for the fidelity brokerage account, not the amex account.
