Is the reason you want to have a separate brokerage, from the CMA with the checks, because you're worried about checking fraud? I wonder how much of a risk that really is? There's been a lot of discussion recently in the thread about fraud with the debit card. But you can open a CMA and not get the debit card. I think you can also have check writing on a regular brokerage.Do the other aspects of the plan work?
I think I would be tempted to just open a regular brokerage or a CMA, put the money in whatever money market I want, and only have check writing available on that account. If it's in the CMA, as far as I understand, Fidelity will automatically pull money from funds in a money market, to cover checks written against the core/cash position.
But if you're really concerned about security, then your scheme does seem more secure. I think other people here have more experience than I do with the sort of thing you're talking about, in a Fidelity account.
Statistics: Posted by cb474 — Tue Jun 11, 2024 4:08 am — Replies 6664 — Views 1287718