For the CMA to use a brokerage account as an overdraft source you need to set cash manager to do that. There is no fee for the overdraft feature.Need clarification.
So for each our sons, we have a CMA account/brokerage account titled to our trust. I keep zero balance in their CMA side, rather their balance is maintained in their brokerage side in FDLXX. The settlement fund SPAXX currently has a $0.19.
I’m ready to teach them about debit cards. So if we go withdraw $20, let’s say, and I have a zero balance in their CMA, is that gonna be withdrawn from the brokerage automatically? Is there an overdraft fee? I can’t remember the nuances of this as we’ve never physically tried to withdraw cash. I want to maintain a zero balance in their CMA if everything could be handled with their brokerage (FDLXX).
If the ATM charges a fee (some Allpoint ATMs do not) it will be reimbursed. I do not know in which account the ATM fee reimbursement will be put in though.
Statistics: Posted by 3000 — Mon Apr 01, 2024 12:53 am — Replies 6070 — Views 1041844