Personal Finance (Not Investing) • Fidelity as a one stop shop

I'm slowly moving more of my bill pay over to Fidelity, and started using a second brokerage account like a traditional checking.

This process made me realize I was making too many "hops" or transfers with my money. For investments, are folks doing direct paycheck deposits into brokerage, or doing transfers from other accounts (Fidelity or outside)?

Paycheck direct deposit into brokerage to use the core MMF & bill pay. DW’s paycheck into CMA. We use CMA for ACH push or pull so that helps fund it for various monthly transfers and any surplus gets transferred to the brokerage.

My paycheck is the only place that has the brokerage account number for ACH. Everything else uses CMA for ACH. If Fidelity Bill Pay has to mail a check they use your account number but with a different prefix than the numeric one they give you for ACH or check writing. If I ever encounter fraud with the brokerage account I know that number has only been exposed/authorized for three things (paycheck direct deposit, Fidelity Bill Pay and Fidelity Visa payments).

Here is my plan:
- investment brokerage for investments (t-bill auto rolls and monthly ETF and mutual)
- "spend" brokerage for my ACH pulls (paycheck pushed here)
- CMA for any odd checks that I need to write (mainly real estate taxes, or contractors), or ATM. (Firewall from Investment and Spend)

I'm just trying to complete the last piece, which is how to fund my month investments, and was curious what others were doing. I'm not aware of a way to use funds from one account to purchase in another (unless it's a linked OUTSIDE account).

Statistics: Posted by classicindexer — Fri Mar 15, 2024 10:06 pm — Replies 5945 — Views 996380