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I'd like to easily move money between brokerage account and savings/checking accounts. And use the same account to recurve paycheck, pay credit cards and mortgage. Some brokerages like ibkr, fidelity have debit cards, and can do billpay and paycheck deposit, but I'm afraid of moving there fully because they are not banks and I'm afraid of fraud. Other option is square cash app, which you can do all things in one place. But still not a bank and Im afraid of fraud. Any other good options exist?
SOFI
Charles schwab
They are all FDIC or SDIC insured as long as you don’t go over insured limit.
I was about to offer CashApp. But if you want something more traditional, you can used banks brokerages and wealth management services. But they suck.
Cash app and PayPal I think have fraud issues. I'm really hesitant to go down that route.
Citi has it but heard very bad reviews for it's brokerage accounts I maintain an account at nearby branch (key bank) with bare minimum deposit. I use my brokerage ETrade for active banking.
Does your paycheck go to e trade? And mortgage credit card bills etc?
Yes and yes. So far, I never had to visit KeyBank although I have it. I am afraid I will forget the login soon 😂
Why do you need to move money instantly? Even if you're day trading, you shouldn't need to move money that quick to pay your credit cards or mortgage unless you're gambling everything. Separate your banking,. trading and investing
It's not about that. Sometimes, you make a decision to buy some shares and want to execute immediately. Relying on external transfer takes 2-3 days of time and stock price may change in a big way. It's better to have readily accessible money
You really should have two liquid pools of money for that @Lyft IMHO but to each their own
Yeah I don't think we should have 2 pools of money. Also I'm really lazy. So wear ends up happening is some 40k is lying in my savings account in capital one. If there was a button that said buy index funds with this money if likely have done it 6 months ago
Schwab does this, and since you are a googler you can have rsu’s through there also.
This makes a lot of sense. I just opened a Schwab account.
Ally
Bank of America / Merrill Lynch
I actually have this. The money transfer is not instant between them but it's a good option.
It is instant for me.. not sure what you are talking about… though I am not a big fan of Merrill lynch.. there has been times when I couldn’t login because market was sliding and too many users were logged in…