Can I close checking accounts and only use brokerage accounts?
I’m thinking of closing my bank checking account as they all have maintenance fees if not meet certain requirements (like minimum balance, direct deposit etc) plus money doesn’t earn any interest there. It looks like my fidelity brokerage account can do all things what checking account does. Cash is also earning money market interest. Anyone has experience doing all checking account jobs using an investment account?
Can you pay off credit card balances from fidelity? I'm not sure either just checking
Yes. I have a credit card with fidelity. Been using money market funds in investment accounts to pay off the balance. Super neat, they auto liquidate
Like can you use popular credit cards like Chase Sapphire?
Yes, fidelity has a cma, you can get a debit card, they reimburse atm fees etc.
Yeah I do this and it works for the most part. No debit card or checks but I never used those anyways
Can you take Zelle? What about mail checks via bill pay?
I have not had a bank account for decades
Always have two bank accounts. You need the backup in case your account is hacked and you need to pay bills. Happens more often than you think
Banks are FDIC ensured only until 250k and brokerages till 500k.
yes I switched since 2021 to fidelity brokerage acct. Can earn 5% interest on cash sitting idle. Processing times are similar to regular checking acct.
Can you withdraw cash from ATM?
But can you do a salary direct deposit ?
Yes