I haven’t had a “bank account” in a decade plus.
Every penny to my name is in brokerage accounts, one of which operates identically to a checking account.
Everyone’s situation is unique but I think most people should probably ditch their “bank account”.
Rebuttals welcomed.
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@minitoar
SIPC + additional private coverage the firm provides on top through the private market.
No brainer trade.
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@peteryanni
Yep! Just give your depositor your account and routing number and direct deposit just like a traditional “bank account”.
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@SJD10304
Credit union gave me a better rate on my mortgage for which I have a checking/ savings account and have been a member for over 25yrs. While I could have borrowed against my portfolio and went on margin. My mortgage interest is tax deductible which I will take.
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@Huskies15Uconn
Same for me. I have my mortgage through a credit union. My wife deposits $25 a paycheck into a checking account there for some play money.
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@SJD10304
Can you cut checks, make ACH payments, do stop payments, send international wires, send domestic wires, have multiple approvals out of brokerage accounts?
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@SJD10304
Brokerage accounts are insured upto $500,000 by SPIC. Which is far weaker than FDIC. It ain’t even a government guarantee.
You need a bank account to send money to during a collapse.
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@SJD10304
The depositors accounts got saved for svb but unsecured debt and shareholders will lose and won’t recoup losses. I’m sure those were in brokerage accounts.
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@QoolQuote
Yep, but we’re talking about a “bank account”, an account where one is not typically buying stocks and if they are then they’re as dumb as the C-suite team at SVB.
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@SJD10304
Steve unless I missed your explanation, could you please elaborate on your reasoning?
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@Angel591870201
4-5% on cash, no fees, SIPC & additional private market insurance (which almost all large custodians provide) > FDIC, plus private > public (
@Fidelity
)!
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