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I haven't heard about the money market fund thing. Can you buy money market funds in your cash management account? Or do you have to hold them in your brokerage
by astura 8y ago
I haven't heard about the money market fund thing. Can you buy money market funds in your cash management account? Or do you have to hold them in your brokerage account and they automatically liquidate them and move them to the cash management account when you (say) withdraw cash? Or do you have to get checkwriting privileges on your brokerage account?
Also, free wire transfers? That sounds almost unbelievable.
- whitepoplar 8y agoYes, you can hold money market funds directly in a cash management account. That's what I do. They're treated exactly as cash, so under the tab "Available to withdraw," all money market funds are included in that number.
- astura 8y agoThank you very much! Does the Regulation D six withdraw a month limit apply? Might depend on the money market fund you choose?
- whitepoplar 8y agoNope, does not apply to money market funds as far as I know. You can always double check with Fidelity live chat/phone support.
- whitepoplar 8y agoI just confirmed that Reg D doesn't apply to money market funds in Fidelity cash management accounts, since technically, they're not bank accounts, but brokerage accounts with banking features. This is probably why Schwab doesn't offer the same feature, because Schwab is a bona fide bank and offers true bank accounts to complement their brokerage accounts.