Fidelity Bank %26 Credit Union Financial Addendum. Union Fidelity Federal Credit Union is a full-service nonprofit cooperative financial institution. Our main goal is to serve our members in the best possible way. Union Fidelity Federal Credit Union is also committed to providing the best possible products and services.
In addition to online banks, community banks and credit unions, many brokerage firms have begun to offer their customers a range of financial services similar to those found in conventional banks and Fidelity is one of them. Brokerage firms don't have as many branches as most major banks, so in the days before online banking, they found it difficult to offer services that required initial branch visits, such as direct deposit or bill payment. Some brokerage firms partner with third parties to offer their customers credit cards that can give a boost to a person's investment account. Changes in the financial services industry have given consumers more choice, meaning you can choose the banking relationship that works best for you.
Some brokerage firms allow their clients to link current and other bank accounts to their investment accounts. Please note that you will no longer be subject to or under the protection of the privacy and security policies of the Fidelity Bank website. Traditional banking features can even be added to brokerage accounts, allowing you to write checks, pay with a digital wallet, or pay bills directly from your investment account. Fidelity refunds ATM fees charged by other institutions across the country (note that for out-of-country transactions, a 1% foreign transaction fee applies).
For additional information, see the FDIC Disclosure Document of the Fidelity Cash Management Account (PDF). We recommend that you read and evaluate the privacy and security policies of the site you are accessing, which may be different from those of Fidelity Bank. You can now get some basic banking services in the same place where you have your investment accounts. As a result, banks across the country are closing branches, claiming high operating costs and declining customer traffic.
Transactions will be hedged from a backup source, such as a Fidelity brokerage or margin account, or declined. As with most cash management accounts, Fidelity “sweeps its customers' deposits with these banks and deposits receive FDIC insurance by extension.