Fidelity Account - How fast will checks cash?

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mindgap
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Fidelity Account - How fast will checks cash?

Post by mindgap » Fri May 17, 2019 12:13 pm

Hi,

I’m in the fence to move my business account from BOA to Fidelity. I sometimes need to cash checks from clients. I somewhere read here that it takes Fidelity quite a long time to process checks (4-7days).

What are your experiences? Especially with doing the mobile check deposit through the app.

Thanks!

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indexfundfan
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Re: Fidelity Account - How fast will checks cash?

Post by indexfundfan » Fri May 17, 2019 12:33 pm

My experience with mobile deposit -- posts the same business day, but can only withdraw after 4 business days.
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gpburdell
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Re: Fidelity Account - How fast will checks cash?

Post by gpburdell » Fri May 17, 2019 2:06 pm

I've noticed it will usually post the same business day if it's early enough in the day. You will usually even get a memo credit on a weekend. I never really paid attention to when it becomes available to withdraw, but I'm willing to bet it's variable based on different factors.

What I like about Fidelity mobile deposit, is you can have very high limits. I've seen banks like Capital One and SunTrust limit mobile check deposit to 10k or less. With Fidelity, my mobile deposit limit is 200k. This limit does vary by person from what I understand. Not that I need a limit this high usually but it did come in handy a few months ago when I sold a house and the proceeds was over 100k. I was able to deposit the check through the Fidelity app easily.

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mindgap
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Re: Fidelity Account - How fast will checks cash?

Post by mindgap » Fri May 17, 2019 2:15 pm

indexfundfan wrote:
Fri May 17, 2019 12:33 pm
My experience with mobile deposit -- posts the same business day, but can only withdraw after 4 business days.
So in the worst case I would scan a check on Friday and would have to wait until next Thursday to withdraw my money? That seems kind of long in case you need the money to pay bills, etc.

Also, is it possible to send money to other bank accounts like my personal checking account through Zelle or something similar?

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whodidntante
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Re: Fidelity Account - How fast will checks cash?

Post by whodidntante » Fri May 17, 2019 2:23 pm

Fidelity does not cash checks.

In my experience they seem to process the check images at about 11 am eastern of the current/next business day. This makes the funds available to trade. I have an old and heavily used Fidelity account with no bounced checks or adverse events of any kind, but funds availability for withdraw is still about four business days. Other people say it's faster, but I don't know if they are talking about the same thing that I am.

I consider that very slow but it's not that important to me. I can withdraw effectively as much as I need by incurring a margin debit. It wouldn't be a big deal to pay their scandalous interest rates until the funds clear, occasionally.

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indexfundfan
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Re: Fidelity Account - How fast will checks cash?

Post by indexfundfan » Fri May 17, 2019 2:26 pm

mindgap wrote:
Fri May 17, 2019 2:15 pm
indexfundfan wrote:
Fri May 17, 2019 12:33 pm
My experience with mobile deposit -- posts the same business day, but can only withdraw after 4 business days.
So in the worst case I would scan a check on Friday and would have to wait until next Thursday to withdraw my money? That seems kind of long in case you need the money to pay bills, etc.
Correct, if you deposit during business hours on Fri, you can only withdraw on Thu the following week.
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whodidntante
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Re: Fidelity Account - How fast will checks cash?

Post by whodidntante » Fri May 17, 2019 2:27 pm

mindgap wrote:
Fri May 17, 2019 2:15 pm

Also, is it possible to send money to other bank accounts like my personal checking account through Zelle or something similar?
I'm going to assume you care about big money, i.e., more than you can get from an ATM.

Your options are to do a free wire transfer or to take a cash advance on your debit card at a bank branch. Fidelity does not participate in Zelle. I see they have a Paypal link now but I don't know what good that would do me.

Cyclone
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Re: Fidelity Account - How fast will checks cash?

Post by Cyclone » Fri May 17, 2019 2:35 pm

Are you sure you can use the Fidelity account for a business? I have no idea, but I would check first.

MarkerFM
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Re: Fidelity Account - How fast will checks cash?

Post by MarkerFM » Fri May 17, 2019 4:38 pm

They actually have an account specifically for businesses.

123
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Re: Fidelity Account - How fast will checks cash?

Post by 123 » Fri May 17, 2019 4:48 pm

Be aware that there are some types of checks that Fidelity will not accept (via mobile deposit or otherwise) which may differ from what Bank of America will accept. There may also be daily limits on mobile deposit at Fidelity that differ from those at Bank of America. Best not be be surprised if you're planning to close the BOA account.
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mindgap
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Re: Fidelity Account - How fast will checks cash?

Post by mindgap » Fri May 17, 2019 9:22 pm

123 wrote:
Fri May 17, 2019 4:48 pm
Be aware that there are some types of checks that Fidelity will not accept (via mobile deposit or otherwise) which may differ from what Bank of America will accept. There may also be daily limits on mobile deposit at Fidelity that differ from those at Bank of America. Best not be be surprised if you're planning to close the BOA account.
What kind of checks are you talking about. I thought there is only one type of check. Or do you mean amount wise?

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Leif
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Re: Fidelity Account - How fast will checks cash?

Post by Leif » Sat May 18, 2019 10:32 am

Slow as molasses between deposit and available to withdraw. Takes about 1 week. I've not noticed any difference between mobile vs. investment center deposit. I've generally had good luck with mobile deposits, however just this week it failed (after 3 tries) so I took the check to an investment center. Consider your distance to the nearest investment center.

Not recommended if you need fast turn around on check deposits.

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