
I've decided my day-to-day money (checking, money-markets/CDs, short-term savings accounts) is spread out too wide to effectively manage (4 separate accounts to be exact) so over the holiday I am going to be moving it all into a Fidelity
mySmart Cash Account.The goal here is to be able to control everything from Fidelity.com, avoid any and all banking fees, avoid all ATM fees (arrggghh!!!), and allow my cash accounts to earn a healthly 3%+ instead of the .000001% my checking account currently earns. I'll be updating this post as I make the change, and you can follow along using the direct link on the right hand menu.....
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Step 1 is complete - I just finished the online application in under 5 minutes. They needed the usual info, nothing serious, and it looks like I am n ow awaiting a confirmation email once the account has been created. They didn't give me an ETA.
On the same note, here's a blog entry from someone else who did the same exact thing. There are some pretty interesting comments about other options (including Schwabb).
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Got the debit cards in the mail, still waiting for the checks. I adjusted my Direct Deposit - looks Fidelity outsourced this account to a bank in Warsaw, Missouri so that we can be FDIC insured.
I also setup BillPay, which was just as easy as Bank of America.
The only issue I am facing is depositing checks - with Fidelity I have to fill out deposit slips and MAIL the checks into the bank. I may just keep my BOA savings account then transfer the funds electronically to Fidelity each month to make things easier.
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OK, everything is up and running - checks, debit cards, BillPay, really the same features as BOA, but I can access my money everywhere without penalties or fees. I kept my a local BOA checking account for when I need to deposit checks (fairly rare), and then just run a quick EFT every month to Fidelity.
Someone asked about customer service - my direct deposit to Fidelity had an error in the account number, and Fidelity tracked it down and credited my account in under an hour....not bad.