Fidelity to Offer Checking Accounts

Mutual fund manager Fidelity is moving into consumer banking by launching a checking account, the Financial Times reported on its Web site on Friday.

The MySmartCash account is linked to a debit card, the FT reported, and while Fidelity's {FNF} brokerage customers are expected to be the main users of the account, it is available to anyone.

The debit card could be used at about 1 million ATMs, and Fidelity would repay any ATM fees charged, the report said, citing Sanjiv Mirchandani, president of Fidelity's growth business.

The report said Mirchandani would not say how many had applied for the account, which was launched last month.

Fidelity was not immediately available for comment.