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Change my Fidelity Cash Management from Brokerage to Banking

JeffinPTC

When I set up this acct in Jan, I selected "Fidelity" and it created a brokerage account. I use this as my primary checking account and don't like the compressed view and limited search in the brokerage account. Before someone responds that brokerages can't offer checking, evidently its actually run by UMB from the info in transfers.

Is there a workaround to change this account to a checking account in QW?

When I search this the only ref I find is to QMac.

Can I create another account manually and make it Checking and then import the old account into it?

Thx

Jeff

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Accepted answers

NotACPA

Fidelity Investments is a brokerage firm … not a bank. By law, they can't issue true "checking" accounts.

BUT, as we both know, a Fidelity MMF works pretty much the same as a checking account. There are, however, some legal differences that very few will ever run across.

BUT, have you tried TOOLS, Account List, clicking Edit adjacent to your taxable Fidelity account and checking "Show cash in a checking account"? This is only available with taxable brokerage accounts … but it will move all of the cash transactions in your brokerage account to a pseudo-checking account that acts in Q just like a regular checking account.

Naturally, as with any big changes in Q, take a backup before you do that.

All comments

NotACPA

Fidelity Investments is a brokerage firm … not a bank. By law, they can't issue true "checking" accounts.

BUT, as we both know, a Fidelity MMF works pretty much the same as a checking account. There are, however, some legal differences that very few will ever run across.

Naturally, as with any big changes in Q, take a backup before you do that.

[Deleted User]

@JeffinPTC Fidelity offers a Cash Management Account that provides banking-like features, including FDIC insurance through a Deposit Sweep Program. While Fidelity itself is not a bank, it partners with UMB Bank, NA for processing certain transactions, such as direct deposits

That is why you see UMB Bank, NA listed as the processing bank instead of Fidelity. However, Fidelity remains the primary institution managing the account.

To change the investment account register view to "Two line" go to Edit→Preferences→Investments and change the List Display to "Two line"

SRC1954

Unfortunately, suggestions above do not work with Quicken Mac. Quicken Mac needs to allow us to see our Cash Management Account as a Cash account. Quicken Simplifi already does so.

[Deleted User]

@SRC1954 to get the appropriate responses for your Quicken Mac issue, please start a new thread in a Quicken Mac category so it can attention from other Mac users.

JeffinPTC

Thx NotaCPA

Your advise about the cash account seems to have worked.

I now have a brokerage acct: Fidelity Cash xxxxxx

and a Banking Acct: Fidelity Cash xxxxxx-Cash

The brokerage acct still has the interest payments from Fidelity in it but they are listed as transferred into the cash account with a zero balance in the Brokerager acct.

Dollar amount is within a few, but I'm used to hunting for Easter Eggs with QW.

Cali, your two line advice helped too.