Their Cash Management Account is a brokerage account that mimics a checking account. ATM fees reimbursed domestically and internationally, free wires, accepts ACH and wires, can keep up to $1.25M in it and still have FDIC coverage through underlying sweep to partner banks. No monthly fees or account minimums. PNC issues their debit card. You can hold securities in the account if you want to, but are not required to. You can also overdraft using margin or other financial instruments if desired, but again, not required to.
They are a high quality financial services provider.
Fidelity does not have easy online wires. Or at least, I couldn't figure out how to wire a payment recently; it seemed possible to do it over the phone, but I didn't want to read wiring instructions over the phone. Schwab was easy to wire payments with at least when I last did it in 2018ish. Schwab website says outgoing wires are $15 if placed online; if you have a large enough balance, the wire fee is waived. Fidelity wires are free, one of my credit unions charges $25 (in person or by phone), the other charges $30 or $40 (online form available which I haven't used or in person), depending on your balances.
I've done a fair number of wires, but I still need about nine more before I earn my top hat and monocle.
I have been very happy with Charles Schwab. They offer an “Investor Checking” account which comes with a brokerage account also (you don’t have to use the brokerage account if you don’t want to).
Good mobile app, website, and pays a little interest as well as covers ATM fees.
+1 for Schwab. An ATM in a foreign country ate my debit card. One call, which was connected to a real human in less than a minute, and they overnighted a new card to my hotel.
I would agree, with the exception of wires. When we bought a house, we had no idea if the wire would land in time, and they couldn’t promise anything or even give a status. It was like shooting money into a black hole and hoping it shows up when and where you expect it.
I’ve used point for a while and I’ve liked it. I’ve heard ally is good and some people I know use PNC and Chase but I have’t had the best experience with them.
Chase is solid. Capital One is probably good too since they're probably ahead of the others in terms of technology adoption. I don't like any online only banks like Ally, etc. Capital One was moving away from their branches but I think they still have the Cafes so it's kind of similar (?)
BofA is OK, not the best but not the worst, though it is gradually improving they are just slow to push changes from what I hear.
And the lack of proper MFA for any of them means they are all kind of sub-par!
I have been pretty happy with BofA. The mobile app is modern and wires and ACH can all be done online. I gripe though is that you cannot do either of those from the mobile app. You need to login to the website via a computer.
18 comments
[ 3.5 ms ] story [ 32.3 ms ] threadThey are a high quality financial services provider.
https://www.nerdwallet.com/article/banking/fidelity-cash-man...
I've done a fair number of wires, but I still need about nine more before I earn my top hat and monocle.
Good mobile app, website, and pays a little interest as well as covers ATM fees.
I also quite like Schwab.
- Monzo - Revolut - Starling
BofA is OK, not the best but not the worst, though it is gradually improving they are just slow to push changes from what I hear.
And the lack of proper MFA for any of them means they are all kind of sub-par!