Well, that's interesting, it does look like it will be a seperate "checking account" that can link to multiple different fidelity accounts. From my own narrow desire for a "unified account", this is disappointing, but the ability to spiderweb it with multiple Fidelity accounts is pretty cool. I also like the apparant ability to sweep cash both in and out of the smartcash checking.

stook2001, you were very fortunate to get a CSR on chat that had even that much advanced information about this new Fidelity product, as i have chatted with two seperate csrs recently, and neither one has any information at all about it (other then it was coming soon)....I really hope it does launch on Aug 1st, as i can't wait to check it out!

I've had my brokerage with Fidelity for a long time (and they are top-notch) and it would be great to do all your banking with them, also...key points for me (for this to be good) is: 1) decent apy on checking account 2) no balance requirements 3) unlimited atm rebates....if it really has all that, this could be outstanding...

Even though they have no official announcement yet, they have updated their Glossary pages with "mySmart" phrases. Please scroll down to mySmart... on this page.

http://personal.fidelity.com/products/checking/?bar=c

I think this will be available from 1st Aug ... Jus talked to a rep. Funny part is ... he didn't know about this link

Here's a better link:

Fidelity mySmart Cash Account
http://personal.fidelity.com/accounts/aong/sca_learn.shtml.cvsr

3.50% APY - cool
No ATM Fees & 3rd party fees refunded - HOT!

*yawn* I thought Fidelity was pretty good as it was. Outside of Dolmar's servants and Dolmar's valets does any typical FWFer really use cash? I sometimes have the same $20 bill in my wallet for a month or more.

I'll keep my GMAC 5.3% to write (the rent) checks and for the $6/month refund which is $6 more than I use every month.

I'll keep my FSLXX for the 5.17% rate and instant access to securities.

I guess free ATM rebates isn't a big enough draw to put money in at 3.5%. I can't believe the fervor this is causing.

I think you guys are not understanding the benefit of Fidelity's Self Funded Overdraft Protection.

Basically you can have $1 sitting in your 3.5% MyCash account and everything else sitting at 5.xx% in a Fidelity Money Market account. Whenever there is a debit on your Fidelity checking account, the cash will automatically be withdrawn from the 5.xx% Fidelity Money Market account. So the interest rate should be pretty competitive (even better than Charles Schwab's 4.25%)

I might be wrong, but I think that is how it works.

mySmart Cash ManagerSM Self Funded Overdraft Protection

As part of mySmart Cash Manager, Self Funded Overdraft Protection helps fund mySmart Cash AccountSM debit requests if the debit requests (i.e., from a debit card, direct debit, Fidelity BillPay®, check disbursement, wire, or other cash transactions) exceed the mySmart Cash Account's available cash balance.

* If there is inadequate cash in the mySmart Cash Account, mySmart Cash Manager Self-Funded Overdraft Protection looks for sufficient funds to cover the debit request in the first Fidelity Funding Account. Self-Funded Overdraft Protection looks for available cash, available margin loan, and non-core money market positions in your first Funding Account. If there are enough available funds to satisfy the debit request, Self Funded Overdraft Protection moves them to your mySmart Cash Account and satisfies the debit request.

* If there are insufficient funds to satisfy the debit request in your first Fidelity Funding Account, Self Funded Overdraft Protection earmarks any available funds and then searches the second Fidelity Funding Account for the difference. If sufficient funds are found, Self Funded Overdraft Protection moves them to your mySmart Cash Account and satisfies the debit request. If there are insufficient funds to satisfy the debit request in your first and second Fidelity Funding Accounts, mySmart Cash Manager Self Funded Overdraft Protection looks for the difference in your third Fidelity Funding Account, and then your fourth, etc., until enough funds are found to satisfy the debit request, or there are no more Fidelity Funding Accounts.

* If there are insufficient funds to satisfy the debit request in your entire Fidelity Funding Account hierarchy, mySmart Cash Manager Self Funded Overdraft Protection does not move any money, and the debit request is processed in the same way as other insufficient fund transactions.

ScootyPuffSr said:ChinaMeng said:I think you guys are not understanding the benefit of Fidelity's Self Funded Overdraft Protection.

Basically you can have $1 sitting in your 3.5% MyCash account and everything else sitting at 5.xx% in a Fidelity Money Market account. Whenever there is a debit on your Fidelity checking account, the cash will automatically be withdrawn from the 5.xx% Fidelity Money Market account. So the interest rate should be pretty competitive (even better than Charles Schwab's 4.25%)

I might be wrong, but I think that is how it works.


I already do that with bill-pay and writing checks from my core account which is always zero and my FSLXX which auto-triggers to cover.

I may be missing something but the only real benefit to me would be the ATM rebates. However, I guess I'm the only one who doesn't take advantage of it and already has a $6/month 5.3% account which beats a 3.5% account anyway.

Right, but this will not be a 3.5% account but a 5.17% account (or whatever rate FSLXX is)

ScootyPuffSr said:ChinaMeng said:I think you guys are not understanding the benefit of Fidelity's Self Funded Overdraft Protection.

Basically you can have $1 sitting in your 3.5% MyCash account and everything else sitting at 5.xx% in a Fidelity Money Market account. Whenever there is a debit on your Fidelity checking account, the cash will automatically be withdrawn from the 5.xx% Fidelity Money Market account. So the interest rate should be pretty competitive (even better than Charles Schwab's 4.25%)

I might be wrong, but I think that is how it works.


I already do that with bill-pay and writing checks from my core account which is always zero and my FSLXX which auto-triggers to cover.
I have been doing this too using this "unofficial" feature.

I guess MyCash just makes this feature "official".

It seems that a fraudulent debit request can trigger "the self-funded protection" and steal not only the cash but also the MMF. Does Fidelity email you upon such an automatic money move from FSLXX?

Fidelity’s banking functions are impressive. Thank you the Fatwalleters for discussing them.

Yoroku