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.

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