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Due to the high fees charged by most US banks for withdrawing money from an ATM internationally, South America Mission recommends the using Fidelity’s mySmart Cash Account which charges no ATM fees and reimburses all ATM fees charged by the ATM itself.

You can find out more about the mySmart Cash Account at Fidelity’s website, www.fidelity.com, under:

Investment Products > Cash Management > mySmart Cash Account

or by clicking here: http://personal.fidelity.com/products/checking/?bar=c

Checking Account Features:

• No ATM fees
• Fidelity will reimburse all ATM fees charged by other banks
  ***See note below
• No minimum balance required or initial deposit
• No monthly fees
• Free online bill pay
• Free Visa check card
• Free checks and deposit slips
• FDIC Insured account
• Withdrawal foreign currency directly from the ATM at the best possible exchange rate
• Higher interest yield on cash balance than standard checking accounts

***Due to the way many ATMs in South America report the withdrawals, at times, the banks are unable to identify the fee charged by the ATM automatically. In this case, you can call Fidelity and they will reimburse you $2-$2.50 for each withdrawal. You can avoid this hassle if you primarily withdraw money from banks such as BCP who do not charge fees for using their ATM.

How do I set up a mySmart Cash Account with Fidelity?

1. Go to the mySmart Cash Account page: http://personal.fidelity.com/products/checking/?bar=c
2. Click the blue button on the right that says “Open an Account”
3. You will be lead through a series of steps to setup the account. The whole process only takes 15 minutes and doesn’t require an initial deposit.
4. You need the social security numbers of the account owners, employer name and address and a printer to set up checking (this can also be done later).

** * You may contact Fidelity at 1-800-544-6666 with any questions about the account or setup process.

How are they able to reimburse ATM fees?

Fidelity is primarily an investment firm therefore own no local bank branches or ATMs. This savings enables them to reimburse ATM usage fees charged by the ATMs.

If there are no local branches how do I deposit money?

• Fidelity provides free deposit slips and prepaid, preaddressed envelopes for mailing in deposits. You also have the option of downloading a deposit slip form online and mailing it in.
• Setup paychecks to be directly deposited into you Fidelity account
• Send a check via online billpay or a handwritten check directly to Fidelity. ***Hand written checks cannot exceed $1000.00.
• Write the check out to Fidelity Investments and mail it to: P.O. Box 770001, Cincinnati, OH 45277-0003
• Include the mySmart Cash account number and routing number in the memo line. You may also want to include the account holder’s name.
• Transfer money to and from another bank (transfers can take up to 5-8 business days to process). See below for more details.

How do I transfer money into my Fidelity Account from another bank?

With Fidelity you can easily transfer money to and from another bank account, which you own, without being charged fees by Fidelity, although some banks may charge money for receiving transfers from Fidelity. Once a bank account is set up you can schedule regular transfers to occur the day after you receive your paycheck with Automatic Investments. Your initial transfer will take 7 to 10 business days to process and additional transfers can take up to 5 to 8 business days to complete, depending on the bank.

To set-up a bank account for transfers:

1. You need the account number and the routing number of the bank account you wish to transfer money from (this can be found on the bottom of a check or deposit slip). You may also need the number of your driver’s license or other state-issued ID.
2. To set up bank information go here: http://personal.fidelity.com/misc/framesets/eft_frameset.shtml and click Enroll in EFT which is located in the box on the right. (If you don’t have a State ID, you can still enroll by mail using the Non-Retirement Account Form link at the bottom of the page.)
3. Next, click Add Bank for the account you wish to transfer money to.
4. Choose between the options of setting up the bank information and transferring money at the same time, or just setting up the bank information for future transfers.
5. Fill in the required information.

To transfer money:

1. Log into your Fidelity account, to the left where it shows your account’s balance click Select Action and choose Transfer Money/Shares. If not set up, you can set up your bank account here.
2. In the dropdown menu under From, choose the appropriate bank account.
3. Follow the instructions given.

What other banks offer equivalent checking accounts?

Charles Schwab, www.schwab.com, offers a nearly identical checking account. With Charles Schwab, however, you have to open a Free Brokerage Account along with the checking account. Charles Schwab offers a higher interest rate on the cash balance in the account than Fidelity, but some of Charles Schwab’s features require more paperwork than does Fidelity’s.

Find out more about Charles Schwab’s High Yield Checking Account here: http://www.schwab.com/public/schwab/banking_lending/checking?cmsid=P-990750&lvl1=banking_lending&lvl2=checking&

E*TRADE, www.etrade.com, offers a equivalent checking account to Fidelity called Max-Rate Checking. The main difference being that E*TRADE charges a $15 monthly fee for average monthly balances less than a $5,000 and $100 minimum deposit to open the account. The monthly fee will be waived if the account holder 1) sets up a direct deposit of $200 or more per month or 2) maintains at least $50,000 in combined E*TRADE Bank/Investment accounts.

Find out more about E*TRADE’s Max-Rate Checking Account here: https://us.etrade.com/e/t/banking/checking