Intereseting transaction with Fidelity

PRichardson87 said:

Why not? If the banks or economy collapses your money is useless anyway. At least it's gaining interest however minimal.

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Money Markets are paying ~5%

Boxhead said:

It makes no sense to me to keep large sums of money in a bank.

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You are saying bank as in checking and savings, and not a brokerage house, like Schwab or Fidelity. Or stuffed into your mattress I'm assuming.

I agree, our checking account has just enough.

Kevin said:

That's easy to say, but doesn't really happen overnight, plus there could be fees involved for early withdrawal, or excessive taxes on gains. And who's to say another bank won't be the same or worse?

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I'd still move my money.

I remember getting a cashiers check for $34k from my CU. I needed it to buy a Chevy Tahoe that was on sale. It was painless as far as the actual CU transaction went. But nerve wrecking to buy from a dealer with all of the added cost for a vehicle that was advertised at $28k.

A lot of people get scammed. I have funds at Fidelity and they are great in general. I also like Schwab. My guess is in order of decreasing odds.

1 Conversational.
2 Concerned about a customer being the victim of fraud.


I don't comprehend how pulling money from your own account could amount to money laundering, if laundering was occuring, I would think it would money of suspicious origin going INTO an account.

All taxable transactions from a retirement account are reported.

I am a very chatty person but would never ask why a person was pulling money, but might say "hope it's for something fun" or something like that.

I would not answer the why question posed in the thread, but wouldn't move my money around because of one idiot on the phone unless it was a company policy to ask, and potentially prevent transfers if the right answer was given.