Best "Local" Bank For Brokerage CMA Users

[Kistle]

Not sure that title is worded the way I wanted, but the question is...for those who have moved to a brokerage, i.e. Fidelity Cash Management Account for Direct Deposit, Bill Pay, Checking, etc...what is the best and lowest fee "local" bank option for services such as ATM access, Cash Deposits, Cashier's Checks, Notary, etc...?

Are there banks that are positioning themselves to fill the gap for these services as more people move to higher yielding CMA accounts for general transactional banking needs?

Thanks

[anon_investor]

Not sure that title is worded the way I wanted, but the question is...for those who have moved to a brokerage, i.e. Fidelity Cash Management Account for Direct Deposit, Bill Pay, Checking, etc...what is the best and lowest fee "local" bank option for services such as ATM access, Cash Deposits, Cashier's Checks, Notary, etc...?

Are there banks that are positioning themselves to fill the gap for these services as more people move to higher yielding CMA accounts for general transactional banking needs?

Thanks

Just find a bank a local branch with low deposit requirements that is convenient to go to and has all the "in-person" services you need.

[stan1]

I'd start with a credit union that has a local branch near you. Note that some will now only do notarizations for matters relating to their credit union, not anything you ask. If you want international ATM fee reimbursement I'm sure some might have a few ideas. There's not a lot of reasons to pull cash out any more in many places. Use Apple Pay or contactless which works well most of the time.

If you do this part of the objective is diversification and convenience. Both should have value to you.

[Kistle]

Good answers and good points.

I have a local wealth/estate planner that will do notary, so I really just need access to ATM, Cashier's Checks and Cash Deposits, all relatively infrequently.

Some buddies are recommending Community America Credit Union. Will take a look.

[3000]

Not sure that title is worded the way I wanted, but the question is...for those who have moved to a brokerage, i.e. Fidelity Cash Management Account for Direct Deposit, Bill Pay, Checking, etc...what is the best and lowest fee "local" bank option for services such as ATM access, Cash Deposits, Cashier's Checks, Notary, etc...?

Are there banks that are positioning themselves to fill the gap for these services as more people move to higher yielding CMA accounts for general transactional banking needs?

Thanks

I don’t know of any that are putting themselves out there to fill the gap for those using brokerages/CMAs.

Your best bet is to find a local credit union, regional bank, or big bank that is convenient for you and doesn’t charge fees that works best for you.

For me there are three big banks and a credit union I could utilize because they’re close to where I live (I’m a member of the credit union). Another option open to me is if I was not a member of the local credit union I could still use their ATM to withdraw and deposit cash to an account I have at another credit union that is not local to me at all. Some credit unions are part of the co-op network. I’ve been thinking of closing the local credit union account because I just don’t use it.

[technovelist]

Not sure that title is worded the way I wanted, but the question is...for those who have moved to a brokerage, i.e. Fidelity Cash Management Account for Direct Deposit, Bill Pay, Checking, etc...what is the best and lowest fee "local" bank option for services such as ATM access, Cash Deposits, Cashier's Checks, Notary, etc...?

Are there banks that are positioning themselves to fill the gap for these services as more people move to higher yielding CMA accounts for general transactional banking needs?

Thanks

You shouldn't need a local bank for ATM services if you have the Fidelity CMA, as I'm pretty sure that includes ATM fee reimbursement, so you can use any ATM you want.

[RetiredAL]

I do not use CMA.

My bank is Wells Fargo. Checking is free with a $500 monthly minimum balance or a $500 direct deposit -- mine is my SS. Includes BillPay at no charge. It's been years and years since I last did a Cashier's Check. No charge for using their Notary, but you must do so by appt. Very well integrated with their Credit Cards and Wells Trade Brokerage Account.

In settling my Dad's Estate last year, not a single grumble as I passed thru low 6 figures transfers.

[NYCaviator]

Good answers and good points.

I have a local wealth/estate planner that will do notary, so I really just need access to ATM, Cashier's Checks and Cash Deposits, all relatively infrequently.

Some buddies are recommending Community America Credit Union. Will take a look.

Chase or BoA since your needs are very simple. Free if you have direct deposit, excellent digital services, and they are ubiquitous in almost every part of the country.

I’m not a fan of CUs, as many have become dinosaurs in this digital banking age. They had a place when banks charged a lot of fees, but these days most of the CUs I’ve looked into had the same poor interest rates and same fees as the big banks, but with much worse digital features.