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Fido

MaxBialystockMaxBialystock
edited December 2012 in Fund Discussions
Was doing some looking earlier tonight. They have an office in West Hartford, not far from me, maybe 40 minutes. Of my 9 funds, there is NTF on 5 of them. The others look as if there is a $75 TF attached, when buying shares. In this case, the shares have been purchased already. What I am considering is a TRANSFER, to put everything under one roof at Fido. Will that involve a $75 fee for those four particular funds of mine?

The funds which are NOT NTF are: MAPOX, MSCFX, PREMX and TRAMX. So it's Mairs & Power and TRP.

Comments

  • beebee
    edited December 2012
    If you venture toward the land of steady habits (CT) check out Max's Oyster Bar around the corner from Fido...A Max worth crossing paths with.
    maxrestaurantgroup.com/oyster/
  • fundalarmfundalarm
    "transfer in-kind" from your current account should not cause the $75 fee. Purchasing additional shares might cost $5, which is nothing unless you're dealing with tiny amounts. Reinvest the dividends and capital gains which is also free and leads to increased positions.
  • InvestorInvestor
    You can call the office and they can tell you if they can transfer in kind.

    I think Fidelity will not have problem receiving and sometimes they will even reimburse you that the other place might charge for transferring out.
  • MaxBialystockMaxBialystock
    OK, I'll give them a call. Thanks for the Oyster Bar recommendation, bee!
  • MaxBialystockMaxBialystock
    .....Decided not to do it. After speaking a few minutes with the Rep., I got told that the funds in question which are NOT ntf would carry a $75.00 online purchase trans. fee. (And that the cheapest way to buy new shares would be online.) Simply transfering in kind incurs no fee, that much was clear. Can you reimburse me for the trans. fee at the other end when I open an acct. with Fido? ... Um, do you know how much the transaction fee will be from those funds you own?

    I'm just not willing to do all this research to try to get a simple yes or no answer. He as much as told me that a $5.00 fee (mentioned above) applies--- somehow--- AFTER you're already an acct. holder. So, it's not going to happen soon. Thanks for the encouragement, folks, but...
  • rmt
    Max,
    $5 fees is for additional purchases for the I class funds. This is after you already have an existing position.
  • MaxBialystockMaxBialystock
    OK, rmt.
  • MarkMark
    It's $5 for all the funds IF you set up additional purchases on an automatic basis. For example, I do this for a transaction fee fund in which I make large periodic purchases. I set up an auto purchase, let it happen, then a few days later I cancel any future automatic purchases. A minor hassle and a few seconds of my time is worth $70.
  • InvestorInvestor
    Reply to @MaxBialystock:

    I am surprised you did not get a good representative that could answer your questions. That one conversation should not discourage you.

    Did you call the office or national number online? Try the other one.

    $5.00 fee is for with automatic investment plan. You set it. A few days after the purchase cancel it. There are also promotion that they give 100 fee-free transactions when you move funds to Fidelity (I think this applies to taxable accounts only).

    While a few of your funds are TF. There is a wide list of NTF funds available for you to choose if you wish to make changes. Sometimes another share class is available for NTF purchase as well.

    Once you move the accounts in one place, you will have much less hassle. You will get one set of paperwork for your tax filings. You can make changes easily within your account.
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