Fidelity is making it hard for my daughter to fund a Roth

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Mursili
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Fidelity is making it hard for my daughter to fund a Roth

Post by Mursili » Wed Apr 10, 2019 11:01 pm

My daughter turned 18 not long ago and has been working for several years. I suggested she open a Roth and fund it with her 2018 earnings.

I helped her go online and open a Roth IRA account at Fidelity, but we were not able to fund the IRA from her checking account because Fidelity could not "verify" her ownership of the account online. It was some sort of error message to that effect. An alternative method was to print out a form, fill it out, sign it and submit a voided check to link the accounts. She did that.

My daughter got a text saying that the accounts were linked. She went online a day later and tried to fund the IRA. She got an error that the transaction could not be processed. She messaged Fidelity from the browser and the representative said that her EFT was supposed to "go active" (or something like that) the next day.

She went online the next day and got the same error when trying to fund the IRA. She called Fidelity. This time the representative said that she needed to provide a copy of her driver's license for them to verify her ownership of the account. She could fax it (we know no one with a fax machine around here) or mail it in. She made a copy and wrote a short letter and mailed it into Fidelity. She realizes now that she forgot to put her account number in the letter. That was three days ago.

I have been with her when she has tried these things, so it is not just that she is misunderstanding the communications.

She still gets the same error when trying to fund the IRA.

Have other people had such trouble giving their money to brokerage firms? Are their firms that will allow her to fund a Roth IRA before the 15th?

I have quite a bit of money at Fidelity, but this is not helping reaffirm my confidence in them.
When it comes to havoc, no one wreaks like me! - Dr. Heinz Doofenshmirtz

MathWizard
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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by MathWizard » Wed Apr 10, 2019 11:05 pm

Mursili wrote:
Wed Apr 10, 2019 11:01 pm
My daughter turned 18 not long ago and has been working for several years. I suggested she open a Roth and fund it with her 2018 earnings.

I helped her go online and open a Roth IRA account at Fidelity, but we were not able to fund the IRA from her checking account because Fidelity could not "verify" her ownership of the account online. It was some sort of error message to that effect. An alternative method was to print out a form, fill it out, sign it and submit a voided check to link the accounts. She did that.

My daughter got a text saying that the accounts were linked. She went online a day later and tried to fund the IRA. She got an error that the transaction could not be processed. She messaged Fidelity from the browser and the representative said that her EFT was supposed to "go active" (or something like that) the next day.

She went online the next day and got the same error when trying to fund the IRA. She called Fidelity. This time the representative said that she needed to provide a copy of her driver's license for them to verify her ownership of the account. She could fax it (we know no one with a fax machine around here) or mail it in. She made a copy and wrote a short letter and mailed it into Fidelity. She realizes now that she forgot to put her account number in the letter. That was three days ago.

I have been with her when she has tried these things, so it is not just that she is misunderstanding the communications.

She still gets the same error when trying to fund the IRA.

Have other people had such trouble giving their money to brokerage firms? Are their firms that will allow her to fund a Roth IRA before the 15th?

I have quite a bit of money at Fidelity, but this is not helping reaffirm my confidence in them.
Vanguard has removed taking a check from their options for finding a ROTH. Somebody else it the money this year.

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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by livesoft » Wed Apr 10, 2019 11:12 pm

My daughter easily opened a Roth IRA at Fidelity. I asked her to "Go down to the Fidelity office and tell them that you want to open a Roth IRA." So that's what she did. The only snafu was the rep misspelled the name of the beneficiary she designated even though the name was common and never misspelled anywhere in the world.
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Mursili
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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by Mursili » Wed Apr 10, 2019 11:15 pm

livesoft wrote:
Wed Apr 10, 2019 11:12 pm
My daughter easily opened a Roth IRA at Fidelity. I asked her to "Go down to the Fidelity office and tell them that you want to open a Roth IRA." So that's what she did. The only snafu was the rep misspelled the name of the beneficiary she designated even though the name was common and never misspelled anywhere in the world.
In fact the last representative suggested that we go to the nearest Fidelity office and they would fax in the copy of her driver's license to the correct people (yes, they would still fax something...). Then he realized that that office was 100 miles away from where we live. My daughter is a full-time student and works just about full-time. I thought that it would be easy to interact with Fidelity online. I guess I was wrong.

Thanks, though.
When it comes to havoc, no one wreaks like me! - Dr. Heinz Doofenshmirtz

clip651
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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by clip651 » Wed Apr 10, 2019 11:32 pm

How about a Roth at her current bank (just a Roth savings account) since she is trying to get it done by the 15th? She can move it to Fidelity or elsewhere later.

quantAndHold
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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by quantAndHold » Wed Apr 10, 2019 11:54 pm

Any UPS store or Fedex store or mailbox place will have a fax machine.

Kaladin333
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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by Kaladin333 » Thu Apr 11, 2019 12:14 am

I had the same exact issue when I attempted to open an account online. I became so frustrated that I called and closed the account without ever being allowed to fund it. My account was easily funded at Vanguard.

Scrapr
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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by Scrapr » Thu Apr 11, 2019 12:44 am

There are multiple on line fax services that are free

I use faxzero.com. Attach a file (picture) and send. Check your e mail to send it. Get a confirmation when sent

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LiveSimple
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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by LiveSimple » Thu Apr 11, 2019 2:12 am

Try another firm, such as Charles Schwab.

sixtyforty
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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by sixtyforty » Thu Apr 11, 2019 4:26 am

I had both my niece and nephew open Roth accounts at Charles Schwab. They created the account and funded it through the Schwab App on their iPhone.
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RickBoglehead
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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by RickBoglehead » Thu Apr 11, 2019 5:07 am

Scrapr wrote:
Thu Apr 11, 2019 12:44 am
There are multiple on line fax services that are free

I use faxzero.com. Attach a file (picture) and send. Check your e mail to send it. Get a confirmation when sent
I would never email a picture of my driver's license like that.

Keep in mind that if you use nearly any phone to take a picture of your license, that is now backed up in the cloud. Remember to delete it once the process is complete, if you go this route.

To the OP, you should examine the account registration of the funding account as compared to the account registration of the Fidelity account, and then to your daughter's driver's license. Any brokerage firm is going to have issues if the first two don't match. If the driver's license then doesn't clear things up, you have this issue.
Last edited by RickBoglehead on Thu Apr 11, 2019 6:18 am, edited 2 times in total.
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CyclingDuo
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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by CyclingDuo » Thu Apr 11, 2019 5:32 am

Mursili wrote:
Wed Apr 10, 2019 11:01 pm
My daughter turned 18 not long ago and has been working for several years. I suggested she open a Roth and fund it with her 2018 earnings.

I helped her go online and open a Roth IRA account at Fidelity, but we were not able to fund the IRA from her checking account because Fidelity could not "verify" her ownership of the account online. It was some sort of error message to that effect. An alternative method was to print out a form, fill it out, sign it and submit a voided check to link the accounts. She did that.

My daughter got a text saying that the accounts were linked. She went online a day later and tried to fund the IRA. She got an error that the transaction could not be processed. She messaged Fidelity from the browser and the representative said that her EFT was supposed to "go active" (or something like that) the next day.

She went online the next day and got the same error when trying to fund the IRA. She called Fidelity. This time the representative said that she needed to provide a copy of her driver's license for them to verify her ownership of the account. She could fax it (we know no one with a fax machine around here) or mail it in. She made a copy and wrote a short letter and mailed it into Fidelity. She realizes now that she forgot to put her account number in the letter. That was three days ago.

I have been with her when she has tried these things, so it is not just that she is misunderstanding the communications.

She still gets the same error when trying to fund the IRA.

Have other people had such trouble giving their money to brokerage firms? Are their firms that will allow her to fund a Roth IRA before the 15th?

I have quite a bit of money at Fidelity, but this is not helping reaffirm my confidence in them.
You can send a FAX from your iPhone with any of the eFAX apps.
https://itunes.apple.com/us/app/fax-fro ... 31264?mt=8

And you can scan a document using the app Notes that comes on your iPhone.

We set up both our kids Roth IRA's at Fidelity years ago when they were in high school so they could save some of their part-time income money in the IRA's. As with anything, waiting until close to April 15th can increase the stress level of getting it all done properly. I would be persistent on the phone and make sure it gets done in the next couple of days so that it is funded by the IRS deadline.
"Everywhere is within walking distance if you have the time." ~ Steven Wright

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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by obafgkm » Thu Apr 11, 2019 6:20 am

clip651 wrote:
Wed Apr 10, 2019 11:32 pm
How about a Roth at her current bank (just a Roth savings account) since she is trying to get it done by the 15th? She can move it to Fidelity or elsewhere later.
I agree. Then she can transfer the IRA to another institution at her leisure and no rush.

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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by MikeG62 » Thu Apr 11, 2019 7:34 am

My 23 year old daughter opened a Roth at Fidelity this year with no problems or issues. She did have a brokerage account so the transfer was immediate.

Honestly, I’d consider Fidelity being really careful about linking an external account to be a “good” thing. Makes me feel better knowing they scrutinize linked accounts closely and err on the side of caution when they are not 100% sure or comfortable.

I’d either call them or swing by a local office (if one is near you) and see if they can help get it done.
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Wiggums
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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by Wiggums » Thu Apr 11, 2019 7:55 am

I opened a joint brokerage account at fidelity and funded it using my checking account without any issues.

Also got the fidelity Visa card. It took a few days for the credit card view to show up on my fidelity logon. if you are impatient, you can create a logon with Elan, the credit card administrator to see your transactions as they occur and set up alerts, etc.

zuzimb
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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by zuzimb » Thu Apr 11, 2019 8:30 am

I had a similar issue with Vanguard when I tried setting up a Roth there at 19. Ended up having to do everything by mail, and had a phone verification "interview". Took probably a month or so, from online application failure to actually invested (I was in no rush though).

I had an issue with my credit reports and social security number. Get a copy of her credit reports as there might be something on those that needs correcting. Once I got those cleaned up I haven't had an issue opening accounts.

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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by tfb » Thu Apr 11, 2019 2:47 pm

Mursili wrote:
Wed Apr 10, 2019 11:01 pm
Have other people had such trouble giving their money to brokerage firms? Are their firms that will allow her to fund a Roth IRA before the 15th?
Linking an account and transferring funds electronically is nice but not required for funding the IRA. She can write a check from her bank account and deposit it to her Roth IRA through the mobile app, or if that fails, by mail with this deposit form, marking the "prior year" box:

https://www.fidelity.com/bin-public/060 ... t-slip.pdf
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sschoe2
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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by sschoe2 » Thu Apr 11, 2019 3:07 pm

Time to try another firm, your daughter gave them every opportunity to fix things the fact they can't means it's time to fire them. Tell her to go to Schwab or Vanguard. Funding an IRA should not be this difficult. Imagine if you had a real complex problem.

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beyou
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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by beyou » Thu Apr 11, 2019 3:12 pm

If she is recently 18, do you have a joint checking acct with her from when she was a minor ?
If so you may be the primary and her a secondary. Sometimes they check the primary and see it's you not her and reject as not having same name.

I contacted my bank where I had joint checking with kids, after they turned 18 and got them to change primary to my child,
for just this reason, so they can setup ACH/EFT easily in their name. Next step is to contact my bank and take my name off the account,
when I am ready to cut them off and stop transferring $ to their checking acct from mine.

lakpr
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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by lakpr » Thu Apr 11, 2019 3:12 pm

sschoe2 wrote:
Thu Apr 11, 2019 3:07 pm
Time to try another firm, your daughter gave them every opportunity to fix things the fact they can't means it's time to fire them. Tell her to go to Schwab or Vanguard. Funding an IRA should not be this difficult. Imagine if you had a real complex problem.
Opening a new account at any brokerage will get you scrutinized due to the “KYC” rules, and the OP’s daughter is under the gun to contribute before April 15th deadline. Only two business days left.

The best solution at this time is to go to the bank where you have checking or savings account, and open a Roth IRA CD. She can always roll that CD into Fidelity at a later time, for now opening and funding the account is of critical importance, not necessarily to invest it

guymontag
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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by guymontag » Thu Apr 11, 2019 3:51 pm

Mursili wrote:
Wed Apr 10, 2019 11:01 pm
Have other people had such trouble giving their money to brokerage firms? Are their firms that will allow her to fund a Roth IRA before the 15th?
Fidelity gave me a similar headache attempting to fund my accounts, Vanguard and Schwab were a breeze. Unfortunately I have to deal with Fidelity to use my HSA otherwise I would not use them at all. I find VG and CS to have great personal service and a great layout on apps/website but not so much with Fidelity... :sharebeer

nix4me
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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by nix4me » Thu Apr 11, 2019 4:17 pm

My 18-year old had equally hard time at Vanguard opening a Brokerage. If they have no history - it seems they just make it impossible almost. Took a month mailing forms back and forth. Ridiculous.

NMBob
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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by NMBob » Thu Apr 11, 2019 4:55 pm

MikeG62 wrote:
Thu Apr 11, 2019 7:34 am
My 23 year old daughter opened a Roth at Fidelity this year with no problems or issues. She did have a brokerage account so the transfer was immediate.

Honestly, I’d consider Fidelity being really careful about linking an external account to be a “good” thing. Makes me feel better knowing they scrutinize linked accounts closely and err on the side of caution when they are not 100% sure or comfortable.

I’d either call them or swing by a local office (if one is near you) and see if they can help get it done.
I would argue the opposite. I don't think money laundering should make it a circus act to open an account. As far as security...the account is either not open or has a balance of zero dollars with no other previously established links, so I am not sure what is being so cautiously protected in making the first link established a goat rope.

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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by dratkinson » Thu Apr 11, 2019 5:55 pm

Fax. When I need one, I use the free fax machine at my public library.



Your daughters 2018 Roth IRA contribution. At this late date, I would not count on Fidelity to resolve its issues in time. Instead I'd open her 2018 Roth at your/her local bank as a 6mo CD... just to get her 2018 contribution on the books.

Call the bank first, ask what you need to bring so everything is taken care of on the first visit.

The only gotcha is to ensure the bank correctly marks the contribution for year 2018.

Then in 6mos, transfer her Roth to Fidelity... after Fidelity gets it ducks in a row.


Disclosure. When I was younger, all of my IRA contributions were made through my local bank. Recall the process took ~15 minutes and I funded each contribution with a personal check. And I walked out with the IRA contribution paperwork.


Ask the bank if she should delay filing her taxes (request an "extension of time to file") so the bank has time to complete its processing of her Roth contribution, so her tax return and the bank's Roth paperwork on her can be matched by the IRS.
d.r.a, not dr.a. | I'm a novice investor, you are forewarned.

zeal
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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by zeal » Thu Apr 11, 2019 7:18 pm

Mursili wrote:
Wed Apr 10, 2019 11:01 pm
My daughter turned 18 not long ago and has been working for several years. I suggested she open a Roth and fund it with her 2018 earnings.

I helped her go online and open a Roth IRA account at Fidelity, but we were not able to fund the IRA from her checking account because Fidelity could not "verify" her ownership of the account online. It was some sort of error message to that effect. An alternative method was to print out a form, fill it out, sign it and submit a voided check to link the accounts. She did that.

My daughter got a text saying that the accounts were linked. She went online a day later and tried to fund the IRA. She got an error that the transaction could not be processed. She messaged Fidelity from the browser and the representative said that her EFT was supposed to "go active" (or something like that) the next day.

She went online the next day and got the same error when trying to fund the IRA. She called Fidelity. This time the representative said that she needed to provide a copy of her driver's license for them to verify her ownership of the account. She could fax it (we know no one with a fax machine around here) or mail it in. She made a copy and wrote a short letter and mailed it into Fidelity. She realizes now that she forgot to put her account number in the letter. That was three days ago.

I have been with her when she has tried these things, so it is not just that she is misunderstanding the communications.

She still gets the same error when trying to fund the IRA.

Have other people had such trouble giving their money to brokerage firms? Are their firms that will allow her to fund a Roth IRA before the 15th?

I have quite a bit of money at Fidelity, but this is not helping reaffirm my confidence in them.
Just went through very similar scenario with Fidelity--the easiest way to communicate with them is by phone, second easiest is their secure email process:
1) Log in to Fidelity's website.
2) Click "Customer Service" at the top left. Then scroll down and click "Contact Us" by the picture of the phone, and click "Email us a secure message" (or something like that).
3) Put the reference number in the subject line. Reference number should be found on the communication that they sent to her in which the document was requested.
4) Attach the PDF of the requested document to this email (I used the free "Adobe Scan" app to get our document on the computer).
5) Brief message describing why you're sending the email... And send! I believe they'll send an automated message at some point afterward saying "we received your message and we'll review it" or something.

After I sent the documentation, I received an email from them the next afternoon saying they'd reviewed our document and removed the restriction from the account. I then logged in and made the transfer, no errors. Had I gotten an error, I would've called Fidelity customer service immediately and explained what I had done and why I wanted to get it done before April 15th. They have always been good to me--any hiccups resolved usually same day or next day at latest. Don't worry--you may have to make a few calls to them in the next couple days, but I'm sure they'll be able to help her get her Roth IRA funded before the deadline. Because of your short time frame available, I would definitely request they escalate the process as much as possible--be pushy but not rude!

If I'm not mistaken they're available over weekends too--take advantage of it! Good luck and let us know how it goes!

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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by Trader Joe » Thu Apr 11, 2019 7:26 pm

Mursili wrote:
Wed Apr 10, 2019 11:01 pm
My daughter turned 18 not long ago and has been working for several years. I suggested she open a Roth and fund it with her 2018 earnings.

I helped her go online and open a Roth IRA account at Fidelity, but we were not able to fund the IRA from her checking account because Fidelity could not "verify" her ownership of the account online. It was some sort of error message to that effect. An alternative method was to print out a form, fill it out, sign it and submit a voided check to link the accounts. She did that.

My daughter got a text saying that the accounts were linked. She went online a day later and tried to fund the IRA. She got an error that the transaction could not be processed. She messaged Fidelity from the browser and the representative said that her EFT was supposed to "go active" (or something like that) the next day.

She went online the next day and got the same error when trying to fund the IRA. She called Fidelity. This time the representative said that she needed to provide a copy of her driver's license for them to verify her ownership of the account. She could fax it (we know no one with a fax machine around here) or mail it in. She made a copy and wrote a short letter and mailed it into Fidelity. She realizes now that she forgot to put her account number in the letter. That was three days ago.

I have been with her when she has tried these things, so it is not just that she is misunderstanding the communications.

She still gets the same error when trying to fund the IRA.

Have other people had such trouble giving their money to brokerage firms? Are their firms that will allow her to fund a Roth IRA before the 15th?

I have quite a bit of money at Fidelity, but this is not helping reaffirm my confidence in them.
I would try Vanguard instead. I have never had this problem. Good luck.

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Mursili
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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by Mursili » Thu Apr 11, 2019 10:18 pm

tfb wrote:
Thu Apr 11, 2019 2:47 pm
Mursili wrote:
Wed Apr 10, 2019 11:01 pm
Have other people had such trouble giving their money to brokerage firms? Are their firms that will allow her to fund a Roth IRA before the 15th?
Linking an account and transferring funds electronically is nice but not required for funding the IRA. She can write a check from her bank account and deposit it to her Roth IRA through the mobile app, or if that fails, by mail with this deposit form, marking the "prior year" box:

https://www.fidelity.com/bin-public/060 ... t-slip.pdf
I am sorry for not being able to respond to so many responses. I can respond to this one, though. One of the Fidelity reps told us that this was a possibility - that is, using a check to deposit funds into the account. She was not able to log into her account through the mobile app, and then the next Fidelity rep said that that approach would not work unless they had a copy of her driver's license.

We have tried just about everything. Unfortunately, I have been traveling this week and the rest of the family has been too busy to solve this. I imagine that we have just about run out of time.

I would have not thought that it would take weeks to fund a Roth. Some people are glad that Fidelity is cautious. I am glad as well since I have plenty of money there, but I do not understand the caution with regard to RECEIVING funding.

Some people have suggested that we should have started sooner, but we are quite busy and I never thought that Fidelity would have made it so time consuming.

We will see how it works out.
When it comes to havoc, no one wreaks like me! - Dr. Heinz Doofenshmirtz

MikeG62
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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by MikeG62 » Fri Apr 12, 2019 7:53 am

Mursili wrote:
Thu Apr 11, 2019 10:18 pm

I would have not thought that it would take weeks to fund a Roth. Some people are glad that Fidelity is cautious. I am glad as well since I have plenty of money there, but I do not understand the caution with regard to RECEIVING funding.
I am one of the ones who prefers Fidelity take a cautious approach, but getting different answers from different people at Fidelity is unacceptable.

I also don’t really understand the need for a drivers license. Both of my daughters have accounts at Fidelity (brokerage and Roth IRA’s) and never did they have to provide a license to open them (although both were in their early 20’s when opening them). This too I’d find annoying.

WRT the comment about their being cautious linking accounts for “inbound”, my guess is a link is a link. So once established, that link could be used to channel money out of Fidelity (maybe harder to do with a Roth, but nonetheless an active external account). So I’d want to understand from Fidelity what the issue is with linking the account. Is there something with the form of ownership of the two accounts not being the same? If not that, does she need a brokerage account at Fidelity to establish the link to the external account - can they not link a Roth directly to an external account?

Seems odd that Fidelity would make it difficult to get money in without some reason for all the hoop jumping. They’ve always been more than happy and accommodating when receiving funds from me or anyone in my family.
Real Knowledge Comes Only From Experience

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BL
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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by BL » Fri Apr 12, 2019 9:02 am

dratkinson wrote:
Thu Apr 11, 2019 5:55 pm
Fax. When I need one, I use the free fax machine at my public library.



Your daughters 2018 Roth IRA contribution. At this late date, I would not count on Fidelity to resolve its issues in time. Instead I'd open her 2018 Roth at your/her local bank as a 6mo CD... just to get her 2018 contribution on the books.

Call the bank first, ask what you need to bring so everything is taken care of on the first visit.

The only gotcha is to ensure the bank correctly marks the contribution for year 2018.

Then in 6mos, transfer her Roth to Fidelity... after Fidelity gets it ducks in a row.


Disclosure. When I was younger, all of my IRA contributions were made through my local bank. Recall the process took ~15 minutes and I funded each contribution with a personal check. And I walked out with the IRA contribution paperwork.


Ask the bank if she should delay filing her taxes (request an "extension of time to file") so the bank has time to complete its processing of her Roth contribution, so her tax return and the bank's Roth paperwork on her can be matched by the IRS.
+1
Just open the 2018 Roth IRA at your bank and deposit the money for 2018 today or no later than April 15. Good idea to call ahead. I believe it could be in a savings account or perhaps a CD. Can you perhaps lend her the amount so she doesn't run out of money if both transactions go through? The second one could be changed to 2019 or it could be undone. Even if there would be a closing fee to move it out of the bank, it would be worth doing if she can't get it done at F by Monday.

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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by sschoe2 » Fri Apr 12, 2019 9:57 am

nix4me wrote:
Thu Apr 11, 2019 4:17 pm
My 18-year old had equally hard time at Vanguard opening a Brokerage. If they have no history - it seems they just make it impossible almost. Took a month mailing forms back and forth. Ridiculous.
I'd had minimal trouble opening a Vanguard account. The only annoyance was they only allowed linking one account for the first month so to get money from savings to Vanguard I had to transfer it to my checking account first. Otherwise it was a pretty simple process. Opening an IRA shouldn't be like applying for a mortgage with 20 forms and verifications. Time to move on so someone who has their crap together.

I don't feel comfortable giving my money to companies that can't even do simple things and makes you jump through all kinds of pointless hoops. I went through that dealing with Bank of America and finally had to file a CFPB complaint to get them to stop being obstinate and incompetent. Not something I would want to volunteer for.

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Mursili
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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by Mursili » Sat Apr 13, 2019 4:38 pm

So here is what went down after my original post...

My daughter made a copy of her driver's license (front side only) and sent it to the address given to her by a Fidelity representative on the phone with a nice letter asking for her account to be freed up.

My daughter kept trying to use the now existing EFT option to fund her Roth. Each time she got an error that was not very understandable. This continued for over a week.

Finally we got a notice from Fidelity that my daughter needed to send in a copy of her ID and they provided a post-paid envelope. My daughter did this, but by this time it was too late to use Fidelity to solve the problem.

My daughter called the credit union with which she has her accounts. They initiated transferring money into a Roth for her, but demanded that she approve some documents via Docusign or some such. She got an email with the documents to sign and she signed them electronically last night.

My wife called me and asked if they should leave it at that and I said to call one more time to make sure that everything was set up correctly. The next representative (at the credit union) said that the person who my daughter spoke to yesterday just left the company and no one can see what he was working on. That representative sent the forms out to be signed again, but there was a problem with that as well. My wife says that, after nearly and hour on the phone, everything was moved around to where it was supposed to be.

This last experience makes me think that Fidelity was not providing horrible service, but was rather par for the course. My daughter's Roth has been placed into a savings account equivalent. Now I need to see what can be done at that institution. I would prefer to have the IRA in a total stock sort of fund.

Does anyone have experience in investing in mutual funds through credit unions? Should she stay at the credit union or should she transfer the IRA to a brokerage firm at her earliest convenience?
When it comes to havoc, no one wreaks like me! - Dr. Heinz Doofenshmirtz

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CyclingDuo
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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by CyclingDuo » Sat Apr 13, 2019 5:19 pm

Mursili wrote:
Sat Apr 13, 2019 4:38 pm
So here is what went down

This last experience makes me think that Fidelity was not providing horrible service, but was rather par for the course. My daughter's Roth has been placed into a savings account equivalent. Now I need to see what can be done at that institution. I would prefer to have the IRA in a total stock sort of fund.

Does anyone have experience in investing in mutual funds through credit unions? Should she stay at the credit union or should she transfer the IRA to a brokerage firm at her earliest convenience?
Transfer IRA to a brokerage firm at her earliest convenience for the win!
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DonIce
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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by DonIce » Sat Apr 13, 2019 5:23 pm

Mursili wrote:
Sat Apr 13, 2019 4:38 pm
Should she stay at the credit union or should she transfer the IRA to a brokerage firm at her earliest convenience?
Transfer to a brokerage. There are plenty and if one makes it difficult for you, there's always another. Fidelity failed but there's Vanguard, Schwab, Etrade, Ally, Chase, and many others. Sorry for the crappy experience your daughter had, hopefully it doesn't turn her off investing!

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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by Russ68 » Sat Apr 13, 2019 5:35 pm

I had the exact same experience as the OP with Fidelity when my daughter turned 18 last November. Frustrating to say the least.

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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by kaneohe » Sat Apr 13, 2019 6:10 pm

dratkinson wrote:
Thu Apr 11, 2019 5:55 pm
.........................................................................

Ask the bank if she should delay filing her taxes (request an "extension of time to file") so the bank has time to complete its processing of her Roth contribution, so her tax return and the bank's Roth paperwork on her can be matched by the IRS.
how will filing an extension help?

"You can make contributions for 2018 by the due TIP date (not including extensions) for filing your 2018 tax return. This means that most people can make contributions for 2018 by April 15, 2019"

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TimeRunner
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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by TimeRunner » Sat Apr 13, 2019 6:21 pm

See this SEC "Fast Answer" for why any US broker-dealer (not just Fido) would ask for this information: https://www.sec.gov/fast-answers/answer ... fohtm.html

TLDR: Times and requirements have changed since you or your loved ones last opened an account.
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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by zeal » Sat Apr 13, 2019 10:51 pm

For the record the problem is definitely not just Fidelity--we had the same run-around with Vanguard when opening my wife's Roth IRA there. The reason we had to jump through all these "identity verification" hoops is because A) my wife had no prior accounts at Vanguard or Fidelity, B) we were opening the accounts online (in person it's easy to verify your new customer's identity--compare driver's license to their face), and C) she has had 1 financial account her whole life (checking/savings at our local credit union--no loans, no credit cards, no credit score... Nothing). This is why a lot of young people have this same problem--everything is automated nowadays so when a computer tries to open a new account for someone and can't complete a background check due to lack of data/history it spits out a red flag.

I like Fidelity and Vanguard but I must say Fidelity really took the edge here. Vanguard's process took way longer because their website is very buggy (login errors, site is down errors, errors when trying to activate online account access) so we had to do everything by mail--which, by the way, they gave us 3 different addresses for where to send things (pretty confusing) so it ended up taking a month whereas Fidelity took just a few days to sort it all out via their great website and secure email option.

Regardless of how difficult it was at one versus the other, I'm glad we are done with the process and I am happy we use both. I suspect we will always keep some money with each company so we don't have to go through all of that again!

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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by mariezzz » Sun Apr 14, 2019 2:00 am

Scrapr wrote:
Thu Apr 11, 2019 12:44 am
There are multiple on line fax services that are free

I use faxzero.com. Attach a file (picture) and send. Check your e mail to send it. Get a confirmation when sent
I wouldn't do this with personal information like drivers license, SSN, etc. You have no idea what that intermediary company is doing with it.

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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by dogagility » Sun Apr 14, 2019 6:08 am

Mursili wrote:
Sat Apr 13, 2019 4:38 pm
Should she stay at the credit union or should she transfer the IRA to a brokerage firm at her earliest convenience?
Transfer to a low-fee brokerage.
FWIW, I opened up two IRAs for my under 21 daughters recently at Fidelity. No issues, but they each had a relationship with Fidelity (credit card) prior to opening their IRAs. Two more data points.
Taking "risk" since 1995.

student
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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by student » Sun Apr 14, 2019 7:26 am

zeal wrote:
Sat Apr 13, 2019 10:51 pm
For the record the problem is definitely not just Fidelity--we had the same run-around with Vanguard when opening my wife's Roth IRA there. The reason we had to jump through all these "identity verification" hoops is because A) my wife had no prior accounts at Vanguard or Fidelity, B) we were opening the accounts online (in person it's easy to verify your new customer's identity--compare driver's license to their face), and C) she has had 1 financial account her whole life (checking/savings at our local credit union--no loans, no credit cards, no credit score... Nothing). This is why a lot of young people have this same problem--everything is automated nowadays so when a computer tries to open a new account for someone and can't complete a background check due to lack of data/history it spits out a red flag.
I think this is a very good observation and it explains why different people have different experiences.

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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by RickBoglehead » Sun Apr 14, 2019 8:31 am

mariezzz wrote:
Sun Apr 14, 2019 2:00 am
Scrapr wrote:
Thu Apr 11, 2019 12:44 am
There are multiple on line fax services that are free

I use faxzero.com. Attach a file (picture) and send. Check your e mail to send it. Get a confirmation when sent
I wouldn't do this with personal information like drivers license, SSN, etc. You have no idea what that intermediary company is doing with it.
Not to mention that the picture of your license taken with your phone or tablet now likely resides on iCloud or Google Photos...
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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by SchruteB&B » Sun Apr 14, 2019 8:32 am

I opened a custodial IRAs for both my teens at Schwab, most recent one this year, and had zero hassles or run around. They did not have any existing relationship with Schwab.

-ryan-
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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by -ryan- » Sun Apr 14, 2019 8:43 am

When I was working as an investment advisor rep we would constantly submit paperwork to open/fund accounts to our custodian and it would come back as 'not in good order' about half of the time. The most common problem was that people were attempting to use a joint bank account to fund their investment account, but neglected to name the other joint holder and have them sign the document. Other problems were similar little mistakes in the paperwork that triggered the forms to get flagged, and it became a hassle getting them corrected and through the process. We were always glad when paperwork would go through the first time!

We also had to get copies of driver's licenses to open accounts, so that appears to be common now.

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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by dratkinson » Sun Apr 14, 2019 2:32 pm

Mursili wrote:
Sat Apr 13, 2019 4:38 pm
So here is what went down after my original post...

My daughter made a copy of her driver's license (front side only) and sent it to the address given to her by a Fidelity representative on the phone with a nice letter asking for her account to be freed up.

My daughter kept trying to use the now existing EFT option to fund her Roth. Each time she got an error that was not very understandable. This continued for over a week.

Finally we got a notice from Fidelity that my daughter needed to send in a copy of her ID and they provided a post-paid envelope. My daughter did this, but by this time it was too late to use Fidelity to solve the problem.

My daughter called the credit union with which she has her accounts. They initiated transferring money into a Roth for her, but demanded that she approve some documents via Docusign or some such. She got an email with the documents to sign and she signed them electronically last night.

My wife called me and asked if they should leave it at that and I said to call one more time to make sure that everything was set up correctly. The next representative (at the credit union) said that the person who my daughter spoke to yesterday just left the company and no one can see what he was working on. That representative sent the forms out to be signed again, but there was a problem with that as well. My wife says that, after nearly and hour on the phone, everything was moved around to where it was supposed to be.

This last experience makes me think that Fidelity was not providing horrible service, but was rather par for the course. My daughter's Roth has been placed into a savings account equivalent. Now I need to see what can be done at that institution. I would prefer to have the IRA in a total stock sort of fund.

Does anyone have experience in investing in mutual funds through credit unions? Should she stay at the credit union or should she transfer the IRA to a brokerage firm at her earliest convenience?

Have you heard this systems management expression? "We don't have enough time to do it right, but we do have enough time to do it over."

Once problems begin to arise then you know you need to work them face-to-face with a human. The above recommendation to call first, then go in person to daughter's CU was to avoid additional problems and delays---show another document, sign another form, do this other thing. All of which can be handled immediately in person.


Now that your daughter's has safely made a contribution to her CU Roth IRA savings account for 2018, before the tax filing deadline, the pressure is off, and you (plural) have the luxury of being able to proceed more slowly.

This is correct, right? Your daughter has successfully made a 2018 Roth IRA contribution? The CU paperwork clearly indicates this was a 2018 contribution to a Roth IRA, right? If there is any remaining problem, you have only Monday to get it fixed. For any remaining problem, I'd walk into her CU and get the problem fixed in person; I would not trust any online, email. or phone call fix. Any remaining problem, not fixed on Monday, means your daughter missed the deadline to contribute to a Roth IRA for 2018.


Her money can sit in her CU Roth IRA savings account until Fidelity gets its problems resolved.


After Fidelity gets its problems resolved and her Fidelity Roth IRA account is opened and ready to be funded, then ask Fidelity to initiate the process of transferring the money in her CU Roth IRA savings account to her Fidelity Roth IRA account mmkt/settlement fund. To do this, Fidelity will need her CU routing number and her CU Roth IRA savings account number.

Suggestion. Call daughter's CU and ask them what's the easiest way to get her CU routing number and CU Roth IRA account number. If it's available online, great. If not, then your daughter can walk in and ask a teller for the numbers; they'll print a copy for her.

N.B. CU account numbers are different for a checking account, normal savings account, Roth IRA savings account, traditional IRA savings account.... Submitting the wrong account number to Fidelity will cause a problem and delay the process. Fidelity will want the account number for your daughter's CU "Roth IRA savings account" to complete the process of moving her CU Roth IRA money to her Fidelity Roth IRA account.


Do not pursue buying equities in her CU Roth IRA. The options offered will be sub-optimal, expensive, and need to be undone later. Better to do nothing and avoid the expense now and hassle of undoing later.


After her CU Roth IRA money is in her Fidelity Roth IRA mmkt/settlement fund (moved there by Fidelity as a result of your daughter's request to do so), then buy her preferred equities.



Disclosure. Many here report it's easy to file for Medicare online. But I didn't trust myself to do it correctly, so I filed for Medicare by walking into a SS office---I wanted the extra hand-holding to ensure I answered all questions correctly and completed the process on the first attempt. I was shooting for "one and done". I got it. It required ~2 hours of my time---travel to/from SS office, waiting to be seen, then being seen.

A friend tried to file for Medicare online, but a problem prevented him from doing so. After which SS believed someone was trying to breech his account so locked it out so it could not be accessed online.

Long story short. A month passed and his phone calls and emails were not working. In frustration, he visited a SS office and learned the problem was caused by SS's Medicare section having his name's middle initial wrong. (His middle initial was correct in his SS record, but wrong in his Medicare record.) It turns out that SS humans, working at the SS office, are more flexible at identifying/resolving problems than online SS machines.

Bottom line. When time is tight and problems arise and you have a local office, it's faster to walk in and resolve all issues, in person, in one visit. It's also better if you need/want the extra hand-holding if this is the first time you've done something.
d.r.a, not dr.a. | I'm a novice investor, you are forewarned.

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Mursili
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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by Mursili » Sun Apr 14, 2019 10:03 pm

dratkinson wrote:
Sun Apr 14, 2019 2:32 pm
Have you heard this systems management expression? "We don't have enough time to do it right, but we do have enough time to do it over."

Once problems begin to arise then you know you need to work them face-to-face with a human. The above recommendation to call first, then go in person to daughter's CU was to avoid additional problems and delays---show another document, sign another form, do this other thing. All of which can be handled immediately in person.


Now that your daughter's has safely made a contribution to her CU Roth IRA savings account for 2018, before the tax filing deadline, the pressure is off, and you (plural) have the luxury of being able to proceed more slowly.

This is correct, right? Your daughter has successfully made a 2018 Roth IRA contribution? The CU paperwork clearly indicates this was a 2018 contribution to a Roth IRA, right? If there is any remaining problem, you have only Monday to get it fixed. For any remaining problem, I'd walk into her CU and get the problem fixed in person; I would not trust any online, email. or phone call fix. Any remaining problem, not fixed on Monday, means your daughter missed the deadline to contribute to a Roth IRA for 2018.


Her money can sit in her CU Roth IRA savings account until Fidelity gets its problems resolved.


After Fidelity gets its problems resolved and her Fidelity Roth IRA account is opened and ready to be funded, then ask Fidelity to initiate the process of transferring the money in her CU Roth IRA savings account to her Fidelity Roth IRA account mmkt/settlement fund. To do this, Fidelity will need her CU routing number and her CU Roth IRA savings account number.

Suggestion. Call daughter's CU and ask them what's the easiest way to get her CU routing number and CU Roth IRA account number. If it's available online, great. If not, then your daughter can walk in and ask a teller for the numbers; they'll print a copy for her.

N.B. CU account numbers are different for a checking account, normal savings account, Roth IRA savings account, traditional IRA savings account.... Submitting the wrong account number to Fidelity will cause a problem and delay the process. Fidelity will want the account number for your daughter's CU "Roth IRA savings account" to complete the process of moving her CU Roth IRA money to her Fidelity Roth IRA account.


Do not pursue buying equities in her CU Roth IRA. The options offered will be sub-optimal, expensive, and need to be undone later. Better to do nothing and avoid the expense now and hassle of undoing later.


After her CU Roth IRA money is in her Fidelity Roth IRA mmkt/settlement fund (moved there by Fidelity as a result of your daughter's request to do so), then buy her preferred equities.



Disclosure. Many here report it's easy to file for Medicare online. But I didn't trust myself to do it correctly, so I filed for Medicare by walking into a SS office---I wanted the extra hand-holding to ensure I answered all questions correctly and completed the process on the first attempt. I was shooting for "one and done". I got it. It required ~2 hours of my time---travel to/from SS office, waiting to be seen, then being seen.

A friend tried to file for Medicare online, but a problem prevented him from doing so. After which SS believed someone was trying to breech his account so locked it out so it could not be accessed online.

Long story short. A month passed and his phone calls and emails were not working. In frustration, he visited a SS office and learned the problem was caused by SS's Medicare section having his name's middle initial wrong. (His middle initial was correct in his SS record, but wrong in his Medicare record.) It turns out that SS humans, working at the SS office, are more flexible at identifying/resolving problems than online SS machines.

Bottom line. When time is tight and problems arise and you have a local office, it's faster to walk in and resolve all issues, in person, in one visit. It's also better if you need/want the extra hand-holding if this is the first time you've done something.
The nearest CU branch is the same two-hour-each-way drive that would also get her to the "local" Fidelity office. She already had a relationship with this CU and so we figured it would be lower risk to fund the Roth IRA at this institution once problems arose with Fidelity. After plenty of time one the phone, the money has been moved and the representative of the CU said that is was made as a 2018 contribution. I do not think that being at the branch in person would make the situation more certain.

Anyway, it cannot happen with all of our schedules. Unfortunately, we live in a small town with limited choices for financial services. Perhaps we should have encouraged my daughter to open an account at a local institution, but we have never had a need to do so - except for using safe deposit boxes. We did not anticipate this difficulty after decades of interacting with these institutions over the phone and the network without such problems.

Thanks to everyone for their input. We will start working to move the Roth IRA to a brokerage firm once we get our heads above water for a time. Most likely after the end of the school year.
When it comes to havoc, no one wreaks like me! - Dr. Heinz Doofenshmirtz

JBTX
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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by JBTX » Mon Apr 15, 2019 12:43 am

A week ago we tried to open 2018 Roth ira for 18 yr old daughter at Fidelity. Ended up getting same identity verification problems. Tried again today. Same problems. Oddly enough I tried it on Chrome vs Firefox and was able to get account set up today. But now the issue is I have only 1 day to fund it. Eft likely won't work. Will probably have to be wire transfer. It's only for a few hundred dollars.

Last week I waited quite a while on phone before I got through. Today waited 1.5 hrs and never got through. I understand it is the busiest time for them, but it is pretty frustrating when I have sizable stake at fidelity I can't get through and execute a Roth IRA for my kid.

Sure, I should have done this a while ago, but life happens.

HomeStretch
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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by HomeStretch » Mon Apr 15, 2019 1:28 am

JBTX wrote:
Mon Apr 15, 2019 12:43 am
But now the issue is I have only 1 day to fund it. Eft likely won't work. Will probably have to be wire transfer.
The IRA contribution can be made by check via mobile deposit using the Fidelity app. Just did this today and the contribution showed up immediately in the IRA account.

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dratkinson
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The CU CO-OP shared branch network.

Post by dratkinson » Mon Apr 15, 2019 4:30 am

Mursili wrote:
Sun Apr 14, 2019 10:03 pm
...

The nearest CU branch is the same two-hour-each-way drive that would also get her to the "local" Fidelity office. ...
Glad it worked out for you.


I didn't know your daughter's CU was 2-hours away. That changes my answer, but only slightly.


Try this next time. If her CU is part of the CU CO-OP shared branch network, then she is able to use the services of a local CU that is also part of the CU CO-OP shared branch network, to conduct her banking business against her CU account.


I've used CU CO-OP shared branch locations to access my CU account when traveling and needed cash.


I've never tried to contribute to an IRA at my CU from a remote CU CO-OP shared branch location, but it can't hurt to ask if it can be done.


When I move to a new city, I find/use a local CU CO-OP shared branch location to withdraw/deposit money as I establish myself locally and settle in. And if the new CU offers better services than my old CU, then I move my account to the new CU. If not then I keep my old CU account, but access it locally from the CU CO-OP shared branch location.


So no matter where I go, a local CU CO-OP shared branch location means I'm always physically close to my old CU account.

Search: http://www.google.com/search?q=CU+CO-OP ... ch+network


Ask your daughter to search locally and find a CU CO-OP shared branch location. It will give her another method of accessing her CU account. So if she again needs personal service to speed up her banking business, she might be able to get it without the need to drive 2-hours.
d.r.a, not dr.a. | I'm a novice investor, you are forewarned.

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Wiggums
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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by Wiggums » Mon Apr 15, 2019 4:37 am

HomeStretch wrote:
Mon Apr 15, 2019 1:28 am
JBTX wrote:
Mon Apr 15, 2019 12:43 am
But now the issue is I have only 1 day to fund it. Eft likely won't work. Will probably have to be wire transfer.
The IRA contribution can be made by check via mobile deposit using the Fidelity app. Just did this today and the contribution showed up immediately in the IRA account.
+1

JBTX
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Re: Fidelity is making it hard for my daughter to fund a Roth

Post by JBTX » Mon Apr 15, 2019 10:08 am

Wiggums wrote:
Mon Apr 15, 2019 4:37 am
HomeStretch wrote:
Mon Apr 15, 2019 1:28 am
JBTX wrote:
Mon Apr 15, 2019 12:43 am
But now the issue is I have only 1 day to fund it. Eft likely won't work. Will probably have to be wire transfer.
The IRA contribution can be made by check via mobile deposit using the Fidelity app. Just did this today and the contribution showed up immediately in the IRA account.
+1
Thanks for the idea. I called fidelity this morning and got through right away. They ended up doing an ACH and the guy insisted it showed as showing up and credited to account today. I could have also moved some directly from my accounts but I have them frozen and don't have my passwords away from home ( at work).

:oops:

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