do I still need USAA checking

[audreyh1]

Yes, the fee to buy is quite steep ($75). No fee for selling or reinvesting distributions.

However buying and selling the Vanguard ETFs is commission free at Fidelity, so that would seem to be the most cost efficient way to do it unless you are interested in a mutual fund that doesn’t have an equivalent ETF.

 

[stephenson]

I remember the "Old USAA" fondly - but it was for their low price insurance - if I recall they insured only officers/families in the military services?

Then they decided they needed to be big and do everything - and, the one thing I liked about them was gone forever.

Even their insurance rates are rarely competitive - and, I have several friends who have had issues following car accidents - and home damage. This never happened with the "Old USAA."

Now - I would never use them as a financial institution - they are not competitive in any way that I am able to discern.

 

[perinova]

Don’t know.

But since the CMA is actually a full brokerage account with a cash management wrapper (really I think that’s mostly a FDIC insured bank core, plus maybe more debit card perks), you can buy any other security in there. You should also be able to transfer securities in kind from another Fidelity brokerage to fund it.

I expect the overdraft protection can only be filled by MM Funds in the linked brokerage account anyway. So just keep sufficient MM funds in the CMA directly. And as I mentioned above, Fidelity will automatically draw from MM funds when the core is depleted. I use that convenient feature all the time.

I started to use the CMA account at Fidelity, and I am pretty happy about how it works. I have to say though, I am a little bit wary about having the investment account at my fingertip when I login to do small cash management activities.

 

[Dash man]

I keep my checking account with USAA because all of our bills are set for auto pay. Too much hassle to switch. I also like that USAA doesn’t put a “hold” on any funds I deposit. The credit card gives me 1 1/2% cash back which is fine. We dropped our savings accounts years ago.
We insure four of five properties with USAA. They won’t insure our Jersey Shore house, but they do insure our Florida condo on the beach, except for windstorm damage, which we have to use Citizens for.
We love the checks we get from them twice per year from the Subscriber Savings Account. The senior bonus for being with them for more than 40 years is particularly nice!

 

[audreyh1]

I started to use the CMA account at Fidelity, and I am pretty happy about how it works. I have to say though, I am a little bit wary about having the investment account at my fingertip when I login to do small cash management activities.

Good to hear.

Just treat it as a cash account that has some decent MM fund options and leave more complex securities in a regular brokerage account.

I have separate Fidelity accounts each with their specific role. Transfers between are instantaneous. It’s sweet.