"Clark does think it’s a good idea to park your cash at more than one financial institution."

It seems the issue isn’t CMA but basically Fidelity. They are very vigilant about anti-money laundering and Know Your Customer. That sounds good, but when you automate the process with sensitive trip-wires and create lots of collateral damage, that’s not fine. All financial institutions do it… but when you can’t even open a CFPB case, when you’re hard-wired into binding arbitration… well, we know how that usually turns out in favor of.

Medallion Signature is a b**ch. In 2007, while cashing out out much of my mutual funds at AMPF (Ameriprise) at the beginning of the crisis, I transferred several $100K out to a FDIC account (after all the AMPF MMA was locked out, that did not inspire confidence to say the least). Boy, did they put obstacles, like the medallion, all along, even though I had an “advisor” there. They obviously thought my money was theirs. They obviously got fired by me after the transfers.

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Yes I understand banksters behaving badly. Recently had one that I traded with for 5 years to up and shut my accounts apparently because they didn’t like my address. They must know where you live, even if your camper trailer moves from park to park regularly. Bank LIED and said they notified me. And they LIED by saying my check was in regular mail with no tracking. I got that one in writing and we will see if CPSB does anything which I highly doubt.

An issue with Fidelity? I am astonished. Was at war with them for years when they were custodian for 401k at Multinational Hi-Tech. First they said my socialist number was my account number, and refused to issue me a proper account. Then they refused to send regular (say quarterly) statements because MHT “sponsor” set it up to be online-only. Even after an Act of Congress they still mis-behaved. Now their credit card issuer refuses to do with me in spite of 800+ credit scores, because they don’t like my address!

The Medallion thing I have had suggested one time, by Vanguard. This was in trying to clean out an Estate, an account that even existed because Clark suggested the company. In spite of duly authorized Estate documentation and notarized signatures, they wanted Medallion and it was a royal pain to clean dregs out of the account. I circumvented the medallion BS by ordering the Estate account moved to Schwab. Getting to “know” any one bankster is a very odd thing after doing most banking with USAA for decades…

Oh and yes, I agree with the topic – more than one financial institution. You never know what one is going to do to show their @$$ and you need a backup!

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A post just appeared today on Reddit about Fidelity about their transition services after the death of an account holder. It seems they are much, much slower than Schwab in getting a check out to the beneficiaries. They just drag their feet. Ugh, who needs that?