$1,500 trade/exchange submitted overnight, 18th-19th May, '22. The record shows it pending on evening of the 19th. Waiting until the next morning to see it has executed is not a rare thing. (Timeliness, promptness? Who cares about THAT?????) But now, on the evening of the 20th of May, that transaction still is not showing up, after I log-in. TRP has a "secure message system." I sent a message. Still no reply. Is that because they don't give a shit? Don't have enough people hired to do this stuff in a timely manner? Or is it just easier to blame the victim, warning about periods of high volatility and high call volume, and high message volume--- resulting in delays in getting a reply to my concern? Shit. Just..... SHIT. What am I supposed to DO? Shit. They can't manage $1,500???????? More shit. Just plain shit. Shit. ..... EDITED to add: the thing showed up, finally. 2:00 a.m. Hawaii Time, Saturday. 21st May, 2022. Someone can delete this, if they choose.
Speaking of banks, I'm becoming more and more unhappy with JP Morgan Chase- to the point where we are actively considering going through the major hassle of changing the automatic deposits of our pension and SS monthly deposits to another institution.
About 1-2 times every year, I have made the mistake of not clicking the final Submit screen because of some distractions (phone call or door bell or honey-do this) and then the order didn't go through. So, I now ALWAYS check the order status screen after the entry to see if the order is pending, and again at Fido and Schwab around 8:30-9:00 PM Central if their account updates are delayed.
My local Schwab branch doesn't have a notary, but my regional bank on the same block does. The bank provides the service for free, even if you're not a customer. Nor does the local Schwab office actually provide a signature guarantee. It sends the paperwork to some other office to get stamped. For me, it turned out that location isn't everything.
Regarding access to cash - it is faster if you pull the cash than if you push it. If you pull into a brokerage, it should be available for trading within a day. I think that at Fidelity the cash is also available for withdrawal about as quickly, though I keep enough "pocket change" there that quick access to a couple hundred bucks is not something I've paid attention to.
For nearly all purposes, Fidelity's arrangement with UMB Bank enables its accounts to function like bank accounts. SS checks can be deposited, cash can be shuttled easily. (One may run across the oddball institution that refuses to work with anything but a real bank; the last time I had that problem was a decade ago.) Service tends to degrade through branch and wholesale acquisitions. From Home Savings (itself acquired in 1993 by The Bowery Bank [see Joe DiMaggio commercial here] which had rebranded as Home Savings), to WaMu in 1998 (H.F. Ahmanson parent acquired), to the GFC takeover by JPMorgan Chase, the smaller (but not small) fish kept getting swallowed.
Does your Chase branch still provide safe deposit boxes?
Yes, that building does in fact house a good-sized deposit box room, and for almost fifty years we have enjoyed a free safe deposit box in association with our checking account, in which we typically have around 50k. (I know that's ridiculous, but income piles up there faster than it can be easily redeployed, especially in the last few years where nothing is paying any interest anywhere.)
The point here is that JP Morgan Chase has had the use of a lot of our money for a very long time. And now, not satisfied with that, they have decided to charge for the safe deposit box. Strike one.
Regardless of the fact that our joint ownership checking account and another savings account are in the names of both my wife and myself, JP Morgan Chase has maintained that it is so difficult to allow both of us electronic access that evidently incredible amounts of paperwork would be required to allow such access. Therefore only I am allowed to have access. Strike two.
That bank also has at various times arbitrarily informed me that i needed to have a new password in order to access the account information. OK, that's pretty standard, but: where previously I could access that information from identical computers running identical software at either our SF home or at our Russian River weekend place they no longer allow me access from the Russian River computer unless they send me a new code via telephone- not via email. The catch? The only telephone number that they will send the secret code word to is... yes... the San Francisco phone number. Strike three.
OK, for a workaround Schwab, among many other financial institutions, offers a very convenient "consolidated" financial presentation, where Schwab gathers information from all of our mutual funds and other banks. That worked great, since all that I really need is a general overview of the account amounts. A couple of weeks ago, guess what? No info update from JP Morgan Chase: "they no longer participate in this program". Strike four.
At this point the only thing keeping us there is the anticipated hassle to redirect our SS and pension deposits. I'm sure that's not going to be any fun, especially since we are very leery about close contact inside buildings due to potential Covid exposure.
It's not as if we don't have a lot of other options to Morgan Chase- Schwab's bank is half a block away from JP Morgan, and we also have accounts at First Republic bank, also close and where the BS is minimal and the service is exceptional.
Have a good one, Derf
If First Republic can set up an automatic monthly "pull" for the amount of the SS & pension deposits I can just keep a few k in Morgan and let things run. I'll let MFO know how that works out.
Edited to add: @yogibearbull has advised us that when rates actually peak or fall, PRFRX will act like a short-term HY fund. That will not be tasty. For such a contingency, I'm looking at the likes of PRCPX.
Otherwise..... I see a 3% CD at NAVY FCU if you qualify for membership. And for political reasons, I can't recommend Israel Bonds, but their rates are often attractive. Never a default. I made good money on one of their 10-year zero-coupon bonds, years ago.
A quick glance, and I see 4.17% on a 10-year bond. And 3.4% for 3 years..... And it's in DOLLARS, not shekels.
"Break a leg."
That makes two of us ! Last buy had a one day 3% swing ! In the wrong way & the slide continues.
Have a good day, Derf
Link to MFO JPM post.