Fidelity Cash Management

[highspeed1972]

Hello all,

Current 47 years old in a good field (IT) live in the midwest with a low cost of living. No debt only has child support, rent, and day to day expenses.

TROWE 401K - 350k
TSP - 375K
Fidelity - Roth - 30k
Ally - checking - 3k, savings 140k, self-managed taxable 55k, robo investor 22k

I am thinking of consolidating all of the Ally and possibly TSP into Fidelity. I am looking for everyone's opinion on the Fidelity cash management account. Also, what are the pros and cons? What is everyone's strategy? (funds, how much in each bucket, etc?)

I am holding so much cash because I have flipped a few houses on the side so I have been looking for a deal. When I go to Fidelity I am going to invest the excess into something if a steal comes along I can jump on it.

Thank you so much.

[TNL]

I use the Fidelity Cash Management account as a secondary checking account. My mortgage pulls from it (I keep that separate from my other checking account, which has more transactions of smaller size). I love the Fidelity CMA because there are no ATM fees worldwide as long as you get the cash from an ATM attached to a bank. The interest rate isn't great right now. I was getting 30-40 cents of interest per $1000 pre-pandemic. Now I'm getting like 1 cent per $1000. What else did you want to know?

[ScaledWheel]

I really like the Fidelity CMA/Brokerage connection and we use it as our main account now. I followed these instructions to set it up: https://frugalprofessor.com/cash-management

From a spend tracking perspective, it's a little annoying since money transfers from the brokerarge to the CMA account, making additional transactions, to reconcile. I have the Fidelity Visa card which gives 2% cash back into the brokerage account. I also use the bill pay feature in the CMA account for utilities that I can't put on the credit card.

One thing I did do was to open a separate brokerage account, so we essentially have a Checking and Savings brokerage account. Checking is linked to the CMA and Savings is where taxable investments live.

I like the simplicity of having most of my financial life in one place (401k is elsewhere) and am not trying to optimize an extra 0.25% on my savings account. The online interface is not the best, but also not the worst. Overall I'm happy and see no reason to go elsewhere. There is a ton of discussion on Fidelity in the "one stop shop" thread, though much easier to check out the wiki post for it: https://www.bogleheads.org/wiki/Fidelity:_one_stop_shop

[MotoTrojan]

Fidelity CMA has been amazing for me as it centralized my checking and savings. I have mine setup so direct-deposits/transfers go into a brokerage account which is linked to my CMA; my CMA is setup to auto-pull funds from the brokerage so it generally has a $0 balance at all times. This allowed me to get higher yields on my combined checking/savings via money market funds like SPAXX and SPRXX (it would automatically go into SPAXX but I could transfer to SPRXX for higher yeld).

The fee-free ATM withdrawals makes life very simple in that regard, and even worked in Mexico which was great.

Only con right now is that the yield is essentially 0%... so if I have a lot of cash on-hand I will add to ICSH for a bit more yield but that won't auto-sell of course.

If I were at Ally already I would probably stay for the yield...

[highspeed1972]

One thing is I read that you can have buckets like 2k in the CMA and then 50K say in FFXSX in another account tied to the CMA. I go write a check for 8k it will automatically sell shares of FFXSX and transfer 6K into the account to cover the check I wrote. Is that kinda how that works?

[MotoTrojan]

I like the simplicity of having most of my financial life in one place (401k is elsewhere) and am not trying to optimize an extra 0.25% on my savings account. The online interface is not the best, but also not the worst. Overall I'm happy and see no reason to go elsewhere. There is a ton of discussion on Fidelity in the "one stop shop" thread, though much easier to check out the wiki post for it: https://www.bogleheads.org/wiki/Fidelity:_one_stop_shop

Nice, we have very similar situations (see above). I didn't mention above but I also have all of our IRAs, HSAs, and brokerages at Fidelity and also use the 2% Visa so I agree it is nice to be consolidated.

I will push back on your extra 0.25% statement as right now the spread with Ally is closer to 1% which is significant if you hold much cash at all.

[MotoTrojan]

One thing is I read that you can have buckets like 2k in the CMA and then 50K say in FFXSX in another account tied to the CMA. I go write a check for 8k it will automatically sell shares of FFXSX and transfer 6K into the account to cover the check I wrote. Is that kinda how that works?

Exactly, or as I noted above you can have $0 in your CMA and it will pull for checks, ATM withdrawals, debits, etc... put on the CMA. This requires you to link to a brokerage AND setup what I believe is called the Cash Manager; in the Cash Manager you should see the option to automatically transfer, allowing you to leave $0 in the CMA.

[Vanguard Fan 1367]

Vanguard decided to eliminate their cash management so I moved that to Fidelity. I like their bill pay, their checking, and their HSA. As others say the free ATM is a nice feature.

Hopefully interest rates will rise and I can get some income again on my checking .

[BUBear29]

I love it.

I used to do the two account method (brokerage and CMA) but ran into issues reconciling my accounts in my budget app. So now I use the CMA only and plan to hold two types of balances: fdic balances and SPAXX (once yield returns). It’s a very simple setup and now I have 1 bank account and 1 credit card.

[marcopolo]

One thing is I read that you can have buckets like 2k in the CMA and then 50K say in FFXSX in another account tied to the CMA. I go write a check for 8k it will automatically sell shares of FFXSX and transfer 6K into the account to cover the check I wrote. Is that kinda how that works?

Exactly, or as I noted above you can have $0 in your CMA and it will pull for checks, ATM withdrawals, debits, etc... put on the CMA. This requires you to link to a brokerage AND setup what I believe is called the Cash Manager; in the Cash Manager you should see the option to automatically transfer, allowing you to leave $0 in the CMA.

I don't think it is necessary to set up a separate brokerage account to do this. The CMA account is actually also a brokerage account. You can hold the money market fund right on the CMA and it will auto sell. I use FZDXX, which used to give a little more yield, but they are all essentially 0% now.

I do keep a separate brokerage account at Fidelity for our investments, but I do NOT link that to the CMA account for auto-selling.

[MotoTrojan]

One thing is I read that you can have buckets like 2k in the CMA and then 50K say in FFXSX in another account tied to the CMA. I go write a check for 8k it will automatically sell shares of FFXSX and transfer 6K into the account to cover the check I wrote. Is that kinda how that works?

Exactly, or as I noted above you can have $0 in your CMA and it will pull for checks, ATM withdrawals, debits, etc... put on the CMA. This requires you to link to a brokerage AND setup what I believe is called the Cash Manager; in the Cash Manager you should see the option to automatically transfer, allowing you to leave $0 in the CMA.

I don't think it is necessary to set up a separate brokerage account to do this. The CMA account is actually also a brokerage account. You can hold the money market fund right on the CMA and it will auto sell. I use FZDXX, which used to give a little more yield, but they are all essentially 0% now.

I do keep a separate brokerage account at Fidelity for our investments, but I do NOT link that to the CMA account for auto-selling.

Yes this is all correct. The only problem with only using the CMA account is that my paycheck (via direct-deposit) would come into the lower interest CMA and I would have to go and manually move it to the money market, where-as my brokerage will automatically deposit into SPAXX. I like automation.

This brokerage is solely used for my cash though (I'll hold some t-bills or bond-funds but no other investments) so no security risk there; I have a separate brokerage for taxable investments.

[vtMaps]

I have both Fidelity CMA and Ally savings and checking. I do NOT carry the Fidelity ATM/Debit card because there is no way to turn off the debit function (or set the debit limit to $0). Ally's ATM/Debit card allows you to set a $0 limit on the debit function.

--vtMaps

[marcopolo]

One thing is I read that you can have buckets like 2k in the CMA and then 50K say in FFXSX in another account tied to the CMA. I go write a check for 8k it will automatically sell shares of FFXSX and transfer 6K into the account to cover the check I wrote. Is that kinda how that works?

Exactly, or as I noted above you can have $0 in your CMA and it will pull for checks, ATM withdrawals, debits, etc... put on the CMA. This requires you to link to a brokerage AND setup what I believe is called the Cash Manager; in the Cash Manager you should see the option to automatically transfer, allowing you to leave $0 in the CMA.

I don't think it is necessary to set up a separate brokerage account to do this. The CMA account is actually also a brokerage account. You can hold the money market fund right on the CMA and it will auto sell. I use FZDXX, which used to give a little more yield, but they are all essentially 0% now.

I do keep a separate brokerage account at Fidelity for our investments, but I do NOT link that to the CMA account for auto-selling.

Yes this is all correct. The only problem with only using the CMA account is that my paycheck (via direct-deposit) would come into the lower interest CMA and I would have to go and manually move it to the money market, where-as my brokerage will automatically deposit into SPAXX. I like automation.

This brokerage is solely used for my cash though (I'll hold some t-bills or bond-funds but no other investments) so no security risk there; I have a separate brokerage for taxable investments.

That is a good point. We no longer have paychecks, so did not think about that.

[BUBear29]

One thing is I read that you can have buckets like 2k in the CMA and then 50K say in FFXSX in another account tied to the CMA. I go write a check for 8k it will automatically sell shares of FFXSX and transfer 6K into the account to cover the check I wrote. Is that kinda how that works?

Exactly, or as I noted above you can have $0 in your CMA and it will pull for checks, ATM withdrawals, debits, etc... put on the CMA. This requires you to link to a brokerage AND setup what I believe is called the Cash Manager; in the Cash Manager you should see the option to automatically transfer, allowing you to leave $0 in the CMA.

I don't think it is necessary to set up a separate brokerage account to do this. The CMA account is actually also a brokerage account. You can hold the money market fund right on the CMA and it will auto sell. I use FZDXX, which used to give a little more yield, but they are all essentially 0% now.

I do keep a separate brokerage account at Fidelity for our investments, but I do NOT link that to the CMA account for auto-selling.

Yes this is all correct. The only problem with only using the CMA account is that my paycheck (via direct-deposit) would come into the lower interest CMA and I would have to go and manually move it to the money market, where-as my brokerage will automatically deposit into SPAXX. I like automation.

This brokerage is solely used for my cash though (I'll hold some t-bills or bond-funds but no other investments) so no security risk there; I have a separate brokerage for taxable investments.

If you analyzed your balances and cash uses, you will likely find that there is a typical amount (more or less) that comes out of your account monthly. So you could invest the excess balances and periodically check your noninvested balance to optimize.

[appliancejunk]

I have both Fidelity CMA and Ally savings and checking. I do NOT carry the Fidelity ATM/Debit card because there is no way to turn off the debit function (or set the debit limit to $0). Ally's ATM/Debit card allows you to set a $0 limit on the debit function.

--vtMaps

I can turn my fidelity cma debit card on/off (lock/unlock) from the website using my phone. Can’t do it from the app yet. So I carry my fidelity debit but simple keep it locked online. I don’t do atm withdrawals very often but if I need to it only takes me a few seconds to unlock the card.

[mervinj7]

I have both Fidelity CMA and Ally savings and checking. I do NOT carry the Fidelity ATM/Debit card because there is no way to turn off the debit function (or set the debit limit to $0). Ally's ATM/Debit card allows you to set a $0 limit on the debit function.

--vtMaps

Have you asked them to set it to zero? I did the opposite. I increased my limit to $1k but turned it off on the website. I just turn it back on when I need cash (very rare).

[Cruise]

I've been a Fidelity customer for over a decade. Whenever I have a need for a special fund, I set up a new account for that purpose. In addition to my various investment, SEP, IRA funds, I have CMA for my business and personal uses. I also have a CMA just for my debit card, and this account is not linked to any other account in a fashion that a stolen card would access any more than in my DebitCard CMA. I just keep a few thousand there, but raise it when I was traveling to a foreign destination in which cash was a frequent need.

When I sold my business, I set up a special CMA for that purpose and the purchaser electronically deposited my fee into that account.

Fidelity has the best and most consistent customer service personnel that I have ever experienced.

[muffins14]

I used to use the CMA plus brokerage combination, but last year I closed the CMA and just got a debit card for my brokerage account.

Above 250k assets I think gets you private client status or something like that, and you get the same fee-free ATM benefit but don’t have to worry about two accounts or transfers between them.

Can also lock the card online for safety as mentioned above.

The simplicity has been great

[JoMoney]

I used to use the CMA plus brokerage combination, but last year I closed the CMA and just got a debit card for my brokerage account.

Above 250k assets I think gets you private client status or something like that, and you get the same fee-free ATM benefit but don’t have to worry about two accounts or transfers between them.

Can also lock the card online for safety as mentioned above.

The simplicity has been great

You can also just use the CMA account as a brokerage account, without having 250k in assets, and "don't have to worry about two accounts or transfers between them".
The CMA account itself is a brokerage account that you can buy stocks, bonds, CDs, mutual funds, etc.. within that account if you choose to.

[F150HD]

Is there a way to get ONLY an ATM card for the CMA? (not a debit card, ATM only) Many brick/mortar banks do this.

Am not a debit card fan. Had a family member have a debit card stolen once, the thief drained their bank account.

And, not interested in just 'turning off' the debit function of a card (if possible). I don't want it to be a debit card in any form.

[anon_investor]

I used to use the CMA plus brokerage combination, but last year I closed the CMA and just got a debit card for my brokerage account.

Above 250k assets I think gets you private client status or something like that, and you get the same fee-free ATM benefit but don’t have to worry about two accounts or transfers between them.

Can also lock the card online for safety as mentioned above.

The simplicity has been great

You can also just use the CMA account as a brokerage account, without having 250k in assets, and "don't have to worry about two accounts or transfers between them".
The CMA account itself is a brokerage account that you can buy stocks, bonds, CDs, mutual funds, etc.. within that account if you choose to.

What is the difference then?

[corn18]

I love my FIDO CMA. Use it for everything along with the 2% cash back CC.

One recommendation: do not transfer all of your TSP. Leave a little in there in case you want to use the funds in the future. I left $3k in my TSP so I have the option of rolling my 401k into my TSP to use the G fund. I probably won't because my stable value fund in my 401k is yielding 2% right now vs. the G fund's smaller number, but nice to have the option.

[heartwood]

Is there a way to get ONLY an ATM card for the CMA? (not a debit card, ATM only) Many brick/mortar banks do this.

Am not a debit card fan. Had a family member have a debit card stolen once, the thief drained their bank account.

And, not interested in just 'turning off' the debit function of a card (if possible). I don't want it to be a debit card in any form.

Best to ask Fidelity directly. I did a couple of years ago and received multiple "no" answers, even after waiting a couple of days for a management response.

BOA lets you adjust the limits on their debit card for ATM use and for daily spending. My daily spend is set to $1.00. My ATM limit is $300.

At Fidelity I have an ATM limit ($520), a purchase limit ($10,000), a teller advance limit ($2500), and a cash transfer limit ($2500). Each is a daily limit. My wife is joint on the account, with a separate debit card, with the same daily limits. There was no option to lower those amounts. There still is no option to do so online.

If possible I would lower the purchase, teller advance and cash transfer to zero or $1, leave ATM at $520.

Please let us know what response you get from Fido.

[JoMoney]

I used to use the CMA plus brokerage combination, but last year I closed the CMA and just got a debit card for my brokerage account.

Above 250k assets I think gets you private client status or something like that, and you get the same fee-free ATM benefit but don’t have to worry about two accounts or transfers between them.

Can also lock the card online for safety as mentioned above.

The simplicity has been great

You can also just use the CMA account as a brokerage account, without having 250k in assets, and "don't have to worry about two accounts or transfers between them".
The CMA account itself is a brokerage account that you can buy stocks, bonds, CDs, mutual funds, etc.. within that account if you choose to.

What is the difference then?

I don't know... I'm guessing probably some more advanced level brokerage stuff (I don't think you can trade options in CMA...?) may not be available in the CMA, and the brokerage account probably doesn't have all the bill-pay, check writing, checking account like features.

[anon_investor]

I used to use the CMA plus brokerage combination, but last year I closed the CMA and just got a debit card for my brokerage account.

Above 250k assets I think gets you private client status or something like that, and you get the same fee-free ATM benefit but don’t have to worry about two accounts or transfers between them.

Can also lock the card online for safety as mentioned above.

The simplicity has been great

You can also just use the CMA account as a brokerage account, without having 250k in assets, and "don't have to worry about two accounts or transfers between them".
The CMA account itself is a brokerage account that you can buy stocks, bonds, CDs, mutual funds, etc.. within that account if you choose to.

What is the difference then?

I don't know... I'm guessing probably some more advanced level brokerage stuff (I don't think you can trade options in CMA...?) may not be available in the CMA, and the brokerage account probably doesn't have all the bill-pay, check writing, checking account like features.

Seems confusing, wonder why they need separate products. I assume of one has both, if there is fraud on the CMA that would prevent the liquidation of your holdings in the brokerage?

[Marseille07]

My understanding is that CMA is a brokerage account, just labeled like a bank account. While it could do what I need, I'd prefer a genuine checking account.

[corn18]

My understanding is that CMA is a brokerage account, just labeled like a bank account. While it could do what I need, I'd prefer a genuine checking account.

Why?

[JoMoney]

...
Seems confusing, wonder why they need separate products. I assume of one has both, if there is fraud on the CMA that would prevent the liquidation of your holdings in the brokerage?

It would probably depend on if you had the CMA linked to the other brokerage and had some sort of auto-sell or margin enabled.
One of the differences, is the 'core' settlement account for the CMA must be the FDIC Bank sweep account option, whereas the core settlement for the brokerage account one can choose a money market fund or the FDIC bank sweep... but you can also buy a money market fund in the CMA and it will be treated as available cash and auto-liquidate as if it was in the bank settlement and is available to withdraw, but you see some funny settlement activity when you make withdrawals from through the CMA to a money market, and any direct deposits go to the bank sweep first then must be moved to the money market if you choose to (which was common when MM funds payed higher interest.)

[JoMoney]

My understanding is that CMA is a brokerage account, just labeled like a bank account. While it could do what I need, I'd prefer a genuine checking account.

Why?

FWIW, I stopped using the CMA because
(A) the money market wasn't paying anything (i'm currently getting 3% on a physical bank checking),
(B) I needed a relationship with a bank that could get me a medallion signature (FIdelity's branch have been closed during COVID panic),
and (C) I need/want a bank statement of my money flows that is separate from all my investment and retirement accounts. While I like the consolidated accounts and statements from Fidelity, I don't want to show my statements from that account(s) to a potential landlord or other purposes.

... I also on occasion have cash to deposit, and it's just easier to have a physical bank.

[Marseille07]

My understanding is that CMA is a brokerage account, just labeled like a bank account. While it could do what I need, I'd prefer a genuine checking account.

Why?

A brokerage account is under different rules / regulations than a banking account (I'm not sure if FDIC applies, for example). Also, ACH quick linking didn't work on some institutions and I had to do the micro-deposit dance.

I mean, there are genuine checking products out there, why would you go for a pseudo-checking product first? It would make sense if you use Fidelity as a one-stop shop or something, but that's not my use case at the moment.

[anon_investor]

My understanding is that CMA is a brokerage account, just labeled like a bank account. While it could do what I need, I'd prefer a genuine checking account.

Why?

FWIW, I stopped using the CMA because
(A) the money market wasn't paying anything (i'm currently getting 3% on a physical bank checking),
(B) I needed a relationship with a bank that could get me a medallion signature (FIdelity's branch have been closed during COVID panic),
and (C) I need/want a bank statement of my money flows that is separate from all my investment and retirement accounts. While I like the consolidated accounts and statements from Fidelity, I don't want to show my statements from that account(s) to a potential landlord or other purposes.

... I also on occasion have cash to deposit, and it's just easier to have a physical bank.

Can you even make a cash deposit at Fidelity?

[Cruise]

Is there a way to get ONLY an ATM card for the CMA? (not a debit card, ATM only) Many brick/mortar banks do this.

Am not a debit card fan. Had a family member have a debit card stolen once, the thief drained their bank account.

And, not interested in just 'turning off' the debit function of a card (if possible). I don't want it to be a debit card in any form.

The workaround that I use is to have a separate sub-account for my Fidelity debit card in which I only keep a relatively minor amount. I only use the debit card for ATMs. Never a problem for me.

[JoMoney]

My understanding is that CMA is a brokerage account, just labeled like a bank account. While it could do what I need, I'd prefer a genuine checking account.

Why?

FWIW, I stopped using the CMA because
(A) the money market wasn't paying anything (i'm currently getting 3% on a physical bank checking),
(B) I needed a relationship with a bank that could get me a medallion signature (FIdelity's branch have been closed during COVID panic),
and (C) I need/want a bank statement of my money flows that is separate from all my investment and retirement accounts. While I like the consolidated accounts and statements from Fidelity, I don't want to show my statements from that account(s) to a potential landlord or other purposes.

... I also on occasion have cash to deposit, and it's just easier to have a physical bank.

Can you even make a cash deposit at Fidelity?

Not directly with Fidelity, but you could get someone to write you a check, or a bank cashiers check ((not money order) you could mobile deposit it or send that in. While I never used it, I did check and saw that the debit card shows as eligible to receive those GreenDot MoneyPak deposits that can be bought at 7-11 and elsewhere.

[anon_investor]

My understanding is that CMA is a brokerage account, just labeled like a bank account. While it could do what I need, I'd prefer a genuine checking account.

Why?

FWIW, I stopped using the CMA because
(A) the money market wasn't paying anything (i'm currently getting 3% on a physical bank checking),
(B) I needed a relationship with a bank that could get me a medallion signature (FIdelity's branch have been closed during COVID panic),
and (C) I need/want a bank statement of my money flows that is separate from all my investment and retirement accounts. While I like the consolidated accounts and statements from Fidelity, I don't want to show my statements from that account(s) to a potential landlord or other purposes.

... I also on occasion have cash to deposit, and it's just easier to have a physical bank.

Can you even make a cash deposit at Fidelity?

Not directly with Fidelity, but you could get someone to write you a check, or a bank cashiers check ((not money order) you could mobile deposit it or send that in. While I never used it, I did check and saw that the debit card shows as eligible to receive those GreenDot MoneyPak deposits that can be bought at 7-11 and elsewhere.

That is annoying. I always maintain a brick and mortar bank account for cash deposits, notary/signature guarantee services. There are Fidelity and Schwab offices in my town, but neither appear to take cash deposits. It seems that the Fidelity CMA has the same limitations for cash deposit as any online bank account.

[Cruise]

Is there a way to get ONLY an ATM card for the CMA? (not a debit card, ATM only) Many brick/mortar banks do this.

Am not a debit card fan. Had a family member have a debit card stolen once, the thief drained their bank account.

And, not interested in just 'turning off' the debit function of a card (if possible). I don't want it to be a debit card in any form.

The workaround that I use is to have a separate sub-account for my Fidelity debit card in which I only keep a relatively minor amount. I only use the debit card for ATMs. Never a problem for me.

Just adding some more information about your protections using an debit card:

https://www.consumer.ftc.gov/articles/0 ... ebit-cards

[F150HD]

Just adding some more information about your protections using an debit card:

https://www.consumer.ftc.gov/articles/0 ... ebit-cards

Thanks. Did read that info years ago. Regardless, if one gets breached it could cause other things to bounce (auto pay on mortgage or the like) so the damage isn't just about the actual transactions themselves as it snowballs. Also this doesn't negate the time/hassle/stress of having to clean it all up. All easily preventable by not having a debit card.

[Cruise]

Just adding some more information about your protections using an debit card:

https://www.consumer.ftc.gov/articles/0 ... ebit-cards

Thanks. Did read that info years ago. Regardless, if one gets breached it could cause other things to bounce (auto pay on mortgage or the like) so the damage isn't just about the actual transactions themselves as it snowballs. Also this doesn't negate the time/hassle/stress of having to clean it all up. All easily preventable by not having a debit card.

If you just use the card for the ATM functions with a separate CMA subaccount only for these functions, there will be no "snowball" effect. Use other CMA subaccounts for other functions.

[Marseille07]

Can you receive wire transfers in CMA? Not an everyday thing but stuff like this can come up once in a while.

[JoMoney]

Can you receive wire transfers in CMA? Not an everyday thing but stuff like this can come up once in a while.

Yes, you can also send them, and FIdelity doesn't charge a fee to receive or send wire transfer (although the other bank sending/receiving might).

[F150HD]

If you just use the card for the ATM functions with a separate CMA subaccount only for these functions, there will be no "snowball" effect. Use other CMA subaccounts for other functions.

Thanks. I did email Fido about getting an ATM only card. No huge plans to use it frequently but will see what I hear back.

[Marseille07]

Can you receive wire transfers in CMA? Not an everyday thing but stuff like this can come up once in a while.

Yes, you can also send them, and FIdelity doesn't charge a fee to receive or send wire transfer (although the other bank sending/receiving might).

Thank you. Oh well, it was an option to stick with it but I ended up closing it. They also mysteriously denied some feature I didn't apply for (not intentionally, anyway), which offended me somewhat.

[Cruise]

If you just use the card for the ATM functions with a separate CMA subaccount only for these functions, there will be no "snowball" effect. Use other CMA subaccounts for other functions.

Thanks. I did email Fido about getting an ATM only card. No huge plans to use it frequently but will see what I hear back.

There is no ATM card from Fidelity. Only a debit card that you can exclusively use for ATMs if you follow the suggestions I have given.

[VictorStarr]

If you just use the card for the ATM functions with a separate CMA subaccount only for these functions, there will be no "snowball" effect. Use other CMA subaccounts for other functions.

In addition to having a separate CMA account you can lock a debit card.
My debit card is almost always in a locked state, I unlock my card using Fidelity mobile app, withdraw cash and immediately lock it.

[VictorStarr]

If you just use the card for the ATM functions with a separate CMA subaccount only for these functions, there will be no "snowball" effect. Use other CMA subaccounts for other functions.

In addition to having a separate CMA account you can lock a debit card.
My debit card is almost always in a locked state, I unlock my card using Fidelity mobile app, withdraw cash and immediately lock it.

You can use two tier approach - Brokerage/Savings account with a bulk of funds and CMA account that holds relatively small balance.
Do not use automatic overdraft protection. Instead, you have two options:
- do not connect your CMA to the Brokerage, manually add funds into CMA
- use "Minimum Target Balance" with low target amount.

In my case, I store 1-2 month of expenses in Brokerage/Savings account and have around $1-2K in CMA.
Checks, debit card and Venmo are enabled only for the CMA account. Debit card is always locked.
CMA and Brokerage/Savings accounts are connected by Minimum Target Balance" (see Fidelity Cash Manager for details).