bank account for brokerage

JER's Avatar


10 May, 2019 01:06 PM

I have opened a pseudo "banking" account with my brokerage. It is a new account at same level as existing brokerage account. I would like to set this up as a "bank" account in Moneydance but am unable to do so. When I get to page for "online banking" and/or "online billpay" accounts the selections are gray'd out and won't accept input. Only selection allowed is to cancel. I am able to set up as a brokerage account, but this is clumsy as it treats checks written as a "xfr" from my existing unrelated checking account (different bank altogether); and in general has transaction types that are not applicable to bank checking.

  1. 1 Posted by sth on 11 May, 2019 06:18 PM

    sth's Avatar

    I have checking accounts at brokerages. These are not really pseudo checking since they allow checks to be written against a balance and are "real" checking accounts. As such create a new checking account independent of the brokerage account (not sure what you mean by "at the same level").

    Then link the checking account to the brokerage bank which is usually a separate corporate entity for legal reasons.

  2. 2 Posted by John Roling on 13 May, 2019 11:32 AM

    John Roling's Avatar

    Therein is the problem I would guess.   Both accounts are brokerage accounts at Fidelity.   Both are "Fidelity Investments" for purposes of online banking.  I will check with them, but I do not believe there is a separate corporate entity associated with using a brokerage account as a checking account.   (They do offer a CMA.  That might be different.)
        On Saturday, May 11, 2019, 1:18:21 PM CDT, sth <[email blocked]> wrote:

  3. 3 Posted by sth on 14 May, 2019 01:55 AM

    sth's Avatar

    Ah, Fidelity is not setup for online banking. I gave up and closed my fidelity checking account. You can try complaining, it does work when enough of us do it.

  4. System closed this discussion on 13 Aug, 2019 02:00 AM.

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