Bank vs Brokerage?

Badfinger

Member
My son is going through is application packet. It is asking for a bank or credit union account number to which to deposit his pay electronically.

Can anyone confirm that you could also use a brokerage (i.e. Fidelity Investments) account number and routing number?
 

Jcc123

5-Year Member
My son is going through is application packet. It is asking for a bank or credit union account number to which to deposit his pay electronically.

Can anyone confirm that you could also use a brokerage (i.e. Fidelity Investments) account number and routing number?
Will he be able to have daily access to this account for expenses?
 

MidwestDad

Member
Any account at a financial institution with a standard nine digit ABA routing number will be OK - its just a standard ACH electronic transfer.
I use this to transfer funds between bank and brokerage accounts all the time; most brokerages are set up to accept payroll deductions as part of their automatic savings plans.
However I would call Fidelity first and make sure this specific account can accept 3rd party payroll deposits.

Disclaimer - this is not official knowledge from SA; just standard SOP for inter-institutional transactions.
 

Insider

5-Year Member
My son is going through is application packet. It is asking for a bank or credit union account number to which to deposit his pay electronically.

Can anyone confirm that you could also use a brokerage (i.e. Fidelity Investments) account number and routing number?
When Admissions added this functionality to the appointee kit (it's new this year), USAFA/FM specifically stated that account must be a bank or credit union. I suggest you call the number listed on the page (Cadet Pay) for clarification before attempting to use a brokerage account. If it turns out to be unusable your cadet could go without pay for several months.

- Insider
 

Badfinger

Member
My son is going through is application packet. It is asking for a bank or credit union account number to which to deposit his pay electronically.

Can anyone confirm that you could also use a brokerage (i.e. Fidelity Investments) account number and routing number?
Will he be able to have daily access to this account for expenses?
Well, he has a ATM/Debit card, can request check-writing and apply for a credit card associated with his account as well. ATM fees are reimbursed world-wide. He also has some stocks in his brokerage account and a Roth IRA with them. And there is a Fidelity office in COS, basically on the other side of the interstate from the USAFA. It is all good!

He also has a savings account at our local Randolph-Brooks Federal Credit Union. He will probably end up using that account for now.

What I don't want for him is to end up with multiple accounts and multiple financial institutions at various locations across the country, at least at this time.
 

Replevin

USAFA Alumnus
This is anecdotal, but I think most cadets get USAA accounts. The USAA app has a feature where they can send money to other USAA account holders instantly. They use it a lot for food runs, club fees, shopping and what not.
 
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