Fidelity isn't a bank, but they sure act a lot like a bank with the CMA account. Arguably enough like a bank that it will work as a bank for most people. Othe

Fidelity isn't a bank, but they sure act a lot like a bank with the CMA account. Arguably enough like a bank that it will work as a bank for most people. Other brokerages do the same sorts of things, Fidelity isn't alone in this. Schwab went a different way and decided to just buy a bank. Instead of like the BOA/Chase versions, where they bought a brokerage.