Personal Finance (Not Investing) • Any downsides to the Fidelity CMA?

Based on my experience,

• You can't deposit cash. If you do a lot of cash related transaction (say some sort of side gig). You can't show up with cash and deposit it.
• You can't use Zelle. If you hang out with other parents, they often send eachother Zelle money to cover kids expenses.
• It may be tricky to link an account to another services. When I attempt to link the CMA to my 529, I discovered that you cannot do this online because Fidelity doesn't support plaid. I then attempt to use paper form only to discovered that I can't use the account number in my profile. I have to get the Electronic transfer account number.
• The CMA account can't be managed by an advisor.

Some have mentioned the ability to link their Fido CMA to Zelle via their debit card on the Zelle mobile app.

You can get checks for your CMA and use the 9 digit account number from the checks if the longer 13 digit account number doesn't work.

Statistics: Posted by anon_investor — Wed May 01, 2024 8:31 pm — Replies 30 — Views 2673

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