Downloading new Fidelity Cash Management Account

steveogetsatis

I have a Fidelity IRA set up as an account on my Win Q Deluxe 2020 and have had no trouble updating by Web Connect. I've just opened a Cash Management Account at Fido, which I understand to be just the cash component of a brokerage account. I've also opened a Fido Visa credit card account. I haven't tried a download yet.

Two Qs: (1) Before doing anything, don't I need to Add Account and set up the new Fido brokerage account using the CMA's number? (2) Fidelity explains here (https://bit.ly/2YTtAfE) how Q will recognize a Fido CMA as a checking account. My question is whether I do this before I attempt a download.

Thanks.

NotACPA

Fido's CMA is a brokerage type account. Fidelity is an investment firm, not a bank, and thus can't legally offer checking accounts.

BUT they can offer "Share Drafts" (legally different from checks, but not materially so for most purposes). 

In Q, after you've set up the TAXABLE brokerage account (this isn't available for Retirement type accounts), you can indeed "Show cash in a checking account" but you don't need to create that checking account yourself.  When you select "Show cash ..." Q will create the account itself.

Since it doesn't really exist, this simulated checking account isn't separately downloaded.  Rather, when you download into your brokerage account, Q will "automagically" move any cash transactions to this pseudo-account.

steveogetsatis

And it "automagically" worked, in this order: I input my username/PW, data for both my IRA and the new taxable account was downloaded, the new taxable account was created, and the data for the new account moved there. I then edited the new account to "Show cash" and the "pseudo" checking account transactions were moved to a separate account. Thanks for your help.