Bank vs Brokerage?

[Badfinger]

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]

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]

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]

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]

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]

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.