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PRFRX switch to TUHYX

edited May 21 in Fund Discussions
$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.

Comments

  • edited May 22
    .
  • Some of my recent trades might have been better if they hadn’t gone through.:)
  • hank said:

    Some of my recent trades might have been better if they hadn’t gone through.:)

    ;)

  • Sorry to hear of your trading problems-presumably at TRP. I've regretted some trades I've made, but I've never regretted opening my Fidelity brokerage account in 1993.
  • I have to comment (well, I don't really have to, but it's a figure of speech) that while I don't use TRP, VG or Fidelity my impression from absorbing extensive MFO commentary over the last year or so is that Fidelity is the way to go. We use Schwab mainly because they have an office one block away from our home, but I really don't do all that much trading anymore. Those trades that I have done (via their web site) have gone very smoothly. Also, because they have a bank, it's very easy to shuttle cash back and forth between other banks, although the three day wait until it is "available" seems unnecessary and excessive.

    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.
  • edited May 22
    Yes, and this is the first time such a thing has happened to me in the T-IRA. When I looked at the date and share prices, it was all correct, in the end. I was going to open a Fido brokerage, just around the time were were preparing to move--- AGAIN--- out of Noise Central. We are happier HERE, now... Anyhow, the ponderous amount of paper and steps required by Fido turned me away. My TRP BROKERAGE activity has been perfect-a-mundo, so far. Sorry to hear @Old_Joe about JPM. I like to find Credit Unions where I live and I've lived in 800 places. I even have a joint with my son, in the L.A. burbs. Here on the island, we have Navy and Hickam. (But with Hickam, you must live on the island to be eligible.) With Navy, I'm disappointed with some rules changes. It doesn't actually affect me, but the changes tell me something that is not a positive thing going on. So now, instead of depositing checks with Navy and waiting for the hold to come off, we take cash over to them and deposit it that way. My SS and pension go by Dir. Dep. to Navy, still. My PRISX owns all of those big "Bankster" banks, the ones I love to hate. Still waiting for any hint that investing in that fund was a good idea.....
  • I find that Fido account typically updates after 8:30 - 9:00 PM Central but Vanguard and TIAA never do until the next morning. Friday was options expiry day with high volume, so that could be the reason for TRP delay in posting account update.

    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.
  • msf
    edited May 22
    Old_Joe said:

    ... my impression from absorbing extensive MFO commentary over the last year or so is that Fidelity is the way to go. We use Schwab mainly because they have an office one block away from our home, but I really don't do all that much trading anymore. Those trades that I have done (via their web site) have gone very smoothly. Also, because they have a bank, it's very easy to shuttle cash back and forth between other banks, although the three day wait until it is "available" seems unnecessary and excessive.

    Similar to you, I have a Schwab office four short blocks from home. The nearest Fidelity is over in the next county. But I found that I virtually never walk in to a branch. When I do, it's for things like a notarization or signature guarantee.

    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.)
    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.
    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?
  • I’m kinda amazed how fast Fido can do an etf and get cash to my local bank. Beats TRP by a day or more.
  • Our bank, Westfield Bank of Ohio (7 locations) isn't even open on Saturdays and both the lobby and drive-thru close at 5 pm on Fridays (4 pm M-TH). I'm sure their reasoning is because of electronic banking options far fewer people bother to go to actual branches. My employer might be the last in Ohio to still cut paper checks, but even at that I can deposit through the bank app on my phone if I can't get to the bank by 5 pm.
  • Physical branches are still necessary for many transactions, especially mortgage application. We helped our kids to start their banking accounts in the local credit union - a much easier experience than doing it online.
  • Sven said:

    Physical branches are still necessary for many transactions, especially mortgage application. We helped our kids to start their banking accounts in the local credit union - a much easier experience than doing it online.

    Indeed!
  • @ Crash. The bigger question is why TUHYX and why now? Care to share? As a PRFRX shareholder like you I am curious.
  • @msf- Hello there. How interesting that you mentioned the Home Savings / WaMu / JPMorgan Chase transition: there is a large building exactly one block from our home which has in fact housed two of our checking and savings accounts through all three of those transitions in succession.

    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.

  • @Old_Joe : Make sure your SS & pension are present in statements from newly redirected account if you decide to go forth before closing out from JPM. Speaking from experience.
    Have a good one, Derf
  • edited May 22
    Thanks for that @Derf- damned good advice. As I was writing about this I wondered if another bank, First Republic for instance, could set up an automatic cash transfer each month from JP Morgan. If they can do that, I can just leave things the way that they are and just use Morgan as a transit point. I'm going to check on that this week.
  • old joe Perhaps you could have Schwab pull the money from JP Morgan each month. I have Fidelity and Schwab pull/push money to BOA NFCU Capital One as needed. If JP Morgan closes your checking account, perhaps have your SS and pension direct deposited in your Schwab checking account. Hopefully, First Republic can supply you a safe deposit box.
  • edited May 23
    Unfortunately Morgan seems to have the only safe deposit boxes in the neighborhood other than possibly BofA, which is just as bad if not worse.

    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 May 23
    You can set up auto (repeating) transfer under Transfer money from Chase to another bank account when you choose Standard (as opposed to Real-time) Delivery method which gets the money in the other bank account 1-2 business days after the transfer date. For smaller repeating amounts you can use Zelle which is quicker. Real-time transfers are instantaneous but are limited to $5k per transfer and can not be set up to repeat. I would set up a test repeating transfer to make sure it is to your satisfaction.
  • edited May 23
    larryB said:

    @ Crash. The bigger question is why TUHYX and why now? Care to share? As a PRFRX shareholder like you I am curious.

    Hello! @larryB .... I'm SURE I'm doing this all wrong. I'm reducing cost basis in TUHYX. It's truly beat-down. Yield is higher than PRFRX. Often I feel like it's rearranging Titanic's deck-chairs, because in the T-IRA I'm married to TRP. I'm lately starting to exercise the freedom the BROKERAGE offers. Yes, PRFRX is down some, but to me, it's not terrible. Look at OTHER bond funds, eh? I'm holding my bonds "just because." I can't bear the idea of being 100% in equities. I'm building cash, outside the Market. I like the monthly "reward," the dividends from my bond funds. Total Return is what matters in the end, but I'm about at the limit of my comfort zone right now, with 66% in stocks. Also, 7% held as cash by the Fund Managers. 27% bonds.

    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.
  • Hello Crash. Other than Equities? That is the question this year. Positions I held last year. SJNK…. PFXF. VWEHX. SCHP. PRFRX. IUSB. Since my Equity allocation is way smaller my need to do something with “the rest “ is greater. For me losing money on the safe side of the portfolio is almost unacceptable. 0.00 year to date is looking better than I would have thought. You can’t fight the river.
  • edited May 23
    larryB said:

    Hello Crash. Other than Equities? That is the question this year. Positions I held last year. SJNK…. PFXF. VWEHX. SCHP. PRFRX. IUSB. Since my Equity allocation is way smaller my need to do something with “the rest “ is greater. For me losing money on the safe side of the portfolio is almost unacceptable. 0.00 year to date is looking better than I would have thought. You can’t fight the river.

    As ever, my timing is impeccable when it comes to making changes or buying new stuff. I'm down, YTD by -14%. That really smells. So.... your equity slot is smaller than your bonds. The standard wisdom is not holding up. Bonds are not a safe haven in this downturn. So, I'm thinking that it's not a bad idea to reduce cost basis and grow yield, with bonds being beat-up so badly. Most of them, anyhow. There's nowhere to run. Cash won't give you any dividends. I've seen advice which would direct us into dividend-paying equities, rather than bonds. PRDGX is down -15% ytd, but that just means this may very well be a great entry-point. And it throws off quarterly dividends. Over 3 and 5 and 10 and 15 years, it looks damn good. I'm not in it just because it's full of companies I love to hate.

    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.
    https://www.navyfederal.org/checking-savings/savings/certificates.html

    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.
    https://www.israelbonds.com/Offerings-Rates/Current-Rates.aspx
    "Break a leg."
  • @BaluBalu- thanks for your suggestions. I'm going to check all of this out, and I'll let you folks know how things work out.
  • I'll be interested, OJ.
  • @Crash : "As ever, my timing is impeccable when it comes to making changes or buying new stuff"
    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
  • crash I just bought my first CD at Fidelity- new issue Goldman Sachs 3% yield maturity date of 5/2025. I'd rather get 3% for 3 years than deal with bond fund chaos. I'll have to ask Fidelity how to buy CD's priced on the secondary market since that requires limit orders !
  • Glad for the tip! @carew388. and HELLO, @Derf.
  • edited May 27
    For anyone who may be interested I've posted an update on our "relationship" with JP Morgan Chase:

    Link to MFO JPM post.
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