What you’ve described aligns with Fidelity Cash Manager’s current behavior regarding the Minimum Target Balance policy. Fidelity generally treats non-core MMF funds as cash in most areas, but the Cash Manager tool seems to be an exception. Cash Manager (with the Minimum Target Balance) ignores non-core MMF.I have experienced unexpected behavior from the Fidelity CMA Cash Manager tool. It appears that I misunderstood how it would handle non core Money Market Funds held in the CMA account. While it will gladly liquidate non core CMA funds in a linked brokerage account to generate cash needed to cover a transfer triggered by the "cash" balance in the CMA falling below the Minimum Target Balance specified in the Cash Manager tool setup, it will not recognize those same MMFs in the CMA as cash in deciding whether or not the Minimum Target Balance is available.
In my experience, the Cash Manager feels underdeveloped and has remained largely unchanged despite its quirks. I’ve found that Fidelity CSRs often have limited insight into its functionality, sometimes offering conflicting explanations.
After using Cash Manager for several years, I ultimately opted to manage transfers manually. With the addition of SPAXX as a core account option in CMA, the need for Cash Manager has become even less compelling.
Statistics: Posted by VictorStarr — Wed Nov 13, 2024 1:45 am — Replies 6 — Views 524
