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07-16-2018, 09:32 AM
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#1
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Recycles dryer sheets
Join Date: Sep 2008
Posts: 401
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Linking Accounts?
Every time, I log into my accounts I get the icon that wants me to link my bank account.
I am not sure if this is a good idea but just wonder how many of actually do it ?
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07-16-2018, 09:47 AM
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#2
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Thinks s/he gets paid by the post
Join Date: Feb 2007
Posts: 2,612
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Your account at your broker?
It can be a good idea if you need to move money out of your broker to your bank or vice versa.
- Rita
__________________
Only got A dimple, would have preferred 2!
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07-16-2018, 09:53 AM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,145
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I have my bank account linked to my brokerage - only at my brokerage though, not the other way around.
__________________
Retired since summer 1999.
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07-16-2018, 10:02 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Sep 2016
Location: Acworth
Posts: 1,214
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I have my bank account linked to my brokerage account. Makes ACH transfers from my bank account to the brokerage very easy.
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07-16-2018, 11:16 AM
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#5
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Recycles dryer sheets
Join Date: Sep 2008
Posts: 401
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So if my bank account is link at broker place, it is probably the safest way to transfer money.
I have 3 accounts only, bank account to write checks, Vanguard and Schawb with a Debit card.
Will you just set up a link from Schawb and Vanguard to transfer money when needed or go to the bank account.
Which will you prefer?
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07-16-2018, 11:30 AM
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#6
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2017
Location: City
Posts: 10,351
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@HR63, why three accounts? I just have a Schwab checking account and the debit card. I use the bill pay option for virtually all of my monthly bills and use the debit card for almost all other purchases. About the only checks I write are to my friend's wine shop, just to save him the 2-3% fee for taking a card.
I do have a couple of other places that I transfer to and from; these are set up at Schwab as well. The setup takes a couple of days because they actually ACH a few pennies to make sure the transfer path is working, asking me to independently check the accounts to see the transfer. Then, when I actually make a transfer, I get an immediate email confirming it and telling me to contact them immediately if there is an issue. It all seems pretty safe to me.
With Schwab's blanket protection against all fraudulent activity, I don't worry a bit about this.
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07-16-2018, 12:12 PM
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#7
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Thinks s/he gets paid by the post
Join Date: Jul 2012
Location: Texas
Posts: 3,024
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We do most normal banking activities using a Fidelity cash management account (bill pay, direct deposit, ATM via debit card, check writing, etc). It's a regular taxable brokerage account with all the cash management features enabled and only a cash balance in FZFXX. We have a second taxable brokerage account that holds securities and has the cash management features disabled.
However, we do occasionally need a brick and mortar bank for certain things like notary services and depositing or withdrawing large amounts of cash. So we have a Wells Fargo checking that sees very little activity. I keep $1500 parked there to avoid fees. We also keep our cash allocation in an Ally savings account.
Quote:
Originally Posted by audreyh1
I have my bank account linked to my brokerage - only at my brokerage though, not the other way around.
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Same here. We have our Ally savings and Wells Fargo checking accounts linked to the Fidelity CMA but only at Fidelity. We only initiate transfer transactions from the Fidelity side regardless of which way the money is flowing.
__________________
Retired at 52 in July 2013. On to better things...
AA: 85/15 WR: 2.7% SI: 2 pensions, SS later
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07-16-2018, 12:26 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Nov 2011
Posts: 3,902
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If you do a lot of xfers, linking accounts will make that easier. Otherwise a link is a potential security risk since if someone gains access to one account they can also access money in the other.
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07-16-2018, 01:50 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Apr 2013
Location: Gosport, IN
Posts: 1,218
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Our brokerage account and out online savings account are linked to our bank account
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07-16-2018, 01:51 PM
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#10
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Recycles dryer sheets
Join Date: Sep 2008
Posts: 401
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Quote:
Originally Posted by GrayHare
If you do a lot of xfers, linking accounts will make that easier. Otherwise a link is a potential security risk since if someone gains access to one account they can also access money in the other.
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This is the main problem that I am having with linking accounts.
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