How can I change my Fidelity Cash Management account to "banking"?

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Wbrehm
Wbrehm Member ✭✭
Fidelity Cash Management account (which is a checking account) is categorized under "investing-brokerage". I would like to change it in Quicken so it is a cash account that falls under banking. Under settings it is a brokerage account with no option for cash account. Is there a way to do that?

Answers

  • Jon
    Jon SuperUser, Mac Beta Beta
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    You can't. Even though the primary purpose of the CMA is to function like a checking account, you can use it to purchase securities as well so it has to be treated like an investment account, which means it's going to get lumped in with other investment accounts.

    There are a couple feature requests over in the suggestion forum to make the sidebar more customizable, you might want to add your vote to those.

    https://community.quicken.com/discussion/7907009/feature-request-allow-accounts-to-be-organized-into-folders

    https://community.quicken.com/discussion/7907965/add-an-option-to-re-order-accounts-in-the-sidebar
  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    edited February 2022
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    And, legally, a Fidelity CMA account is NOT a checking account ... even though it functions as if it were one.  It's a "Share draft" account against your MMF holdings ... not cash.
    Fidelity Investments is a brokerage firm, not a bank, and BY LAW they cannot offer checking accounts ... only a bank can do that.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • Wbrehm
    Wbrehm Member ✭✭
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    Thanks for the above comments. I voted on the above links.
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