Ok thanks so much for sharing!All I can say is that I've got a big stack of ledger entries at this point that say "REDEMPTION FROM CORE ACCOUNT FIMM TREASURY ONLY PORTFOLIO: INSTL CL (FRSXX) (Cash)". So far so good! (Maybe keep a stash of FDLXX as insurance if you're worried?) In the face of imprecise documentation of how this stuff works I'm happy to keep doing it, and FRSXX shows up in previously posted lists of "here are the Fido MM funds that auto-liquidate" (that were generated I'm-not-sure-how), but who knows? As long as it shows up as part of the "Available to withdraw" balance I'm very comfortable with it though.I’m going to try auto liquidation thanks for your DP. Interestingly on the Fidelity Reddit when I used mod mail to ask they said FRSXX does NOT auto liquidate.
The one thing that could have tripped somebody up is that if you glace at the fund on the face of it it says "Institutional", but it's not actually an SEC Institutional fund (by the classification of the 2016 rule changes, where everything is Institutional, Government, or Retail), it's just a regular Government fund with a confusing name for the high-entry-point share class. I could see somebody at Fidelity answering questions in a hurry seeing the word "Institutional" and thinking "oh, no, that has a floating NAV and wouldn't work at all!"
I didn't ask about this exact thing specifically but I get the impression from talking to Fidelity people about other kinds of hyper-optimization games that they're not terribly concerned; the ultimate difference for them is trivial. I cared enough to nail down FRSXX because I need to hold a relatively fat stack of cash for a little bit, and it's at Fido for convenience, but if they want to annoy customers by shutting this kind of thing down my holdings are one wire transfer away from sitting in FRSXX at WellsTrade instead, and hey maybe I'd like them enough to drop Fido completely. (Or, for that matter, going down the street to Vanguard for VUSXX and picking up another five basis points on the expenses.) They put some barriers up, most people are going to be happy with FDLXX or FZDXX depending on their tax situation, and maybe the truly motivated find a slightly better deal. This happens to be an entire forum full of the truly motivated!
Statistics: Posted by need403bhelp — Sat Aug 24, 2024 5:30 pm