The Critic
Thread starter
If true, this doesn't look good:Fidelity's cash management account uses a sweeps system whereby deposits are swept to one of 5 different banks in $245K increments (there are 26 banks who participate), all FDIC insured for $250K meaning balances in the CMA are not only distributed to different banks (in case there are liquidity issues) but also FDIC insured for up to $1.25M.