Fidelity Cash Management check clearing and transfer times

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Post Reply
Topic Author
intluser
Posts: 7
Joined: Thu Feb 13, 2014 2:33 pm

Fidelity Cash Management check clearing and transfer times

Post by intluser »

I traditionally use a Fidelity Cash Management account as my main checking account. I also have an account with Citi as a brick and mortar just in case. When I make a deposit or transfer within Citi, the funds are available within a day. However, with Fidelity, a check takes 3 - 4 business days to clear and about the same for an cash transfer which is becoming a hassle. I like the ease of use of the Fidelity Cash Management account, but the delays are really crippling.

Anyone else experience the same?
bondsr4me
Posts: 1584
Joined: Fri Oct 18, 2013 7:08 am

Re: Fidelity Cash Management check clearing and transfer times

Post by bondsr4me »

when I use Fidelity to wire money, it's always been same day wire transfer.
If I wire transfer to Schwab, it almost always shows up in Schwab balance the same day.
When I have wired to Vanguard, the VG balances don't reflect the wire until the next day; kinda leaves ya hanging.
HomeStretch
Posts: 6041
Joined: Thu Dec 27, 2018 3:06 pm

Re: Fidelity Cash Management check clearing and transfer times

Post by HomeStretch »

As you are using Fidelity CMA as your main checking account (which I assume means using Bill Payfor monthly bills), can you find a faster/easier way to fund it regularly than using checks? What is the source of the checks for funding the CMA?

Consider:
1) use payroll direct deposit to send some/all of net pay to Fidelity CMA.
2) use wire transfers - Fidelity CMA has free incoming/outgoing wires. How about the check funds source?
User avatar
TomatoTomahto
Posts: 12138
Joined: Mon Apr 11, 2011 1:48 pm

Re: Fidelity Cash Management check clearing and transfer times

Post by TomatoTomahto »

I bounced a check for the first time since college (I’m almost 70 now) because of the delays at Fidelity (actually UMB bank). I still use it, but have reverted to my wife’s old BoA account for most checking and bill pay. The concept outweighs the reality.
I get the FI part but not the RE part of FIRE.
trigger08
Posts: 116
Joined: Wed Aug 15, 2007 1:58 pm
Location: HK

Re: Fidelity Cash Management check clearing and transfer times

Post by trigger08 »

Where is the money coming from that is going into Fidelity by check? If there is a way to switch that to an electronic payment/transfer, it will probably go faster. For example, it is faster to push from Ally into Fidelity than to initiate the transfer from Fidelity as a pull out of Ally. I had a push from Ally hit my Fidelity CMA this morning and the full amount (4 figures) is available for trade or withdrawal immediately.
User avatar
TomatoTomahto
Posts: 12138
Joined: Mon Apr 11, 2011 1:48 pm

Re: Fidelity Cash Management check clearing and transfer times

Post by TomatoTomahto »

trigger08 wrote: Wed Apr 07, 2021 9:10 am Where is the money coming from that is going into Fidelity by check? If there is a way to switch that to an electronic payment/transfer, it will probably go faster.
I had a large amount EFT from BoA to Fidelity CMA on two consecutive days. They total was just over $100k, and they didn’t free the funds for iirc 4 days. This led to me being embarrassed by a purchase failing at Vanguard (who reacted in a relaxed way).

I asked Fidelity and they said that UMB will hold on amounts that total to >$100k. I asked why with BoA who is presumably good for it, but that didn’t matter.
I get the FI part but not the RE part of FIRE.
Topic Author
intluser
Posts: 7
Joined: Thu Feb 13, 2014 2:33 pm

Re: Fidelity Cash Management check clearing and transfer times

Post by intluser »

HomeStretch wrote: Wed Apr 07, 2021 8:54 am As you are using Fidelity CMA as your main checking account (which I assume means using Bill Payfor monthly bills), can you find a faster/easier way to fund it regularly than using checks? What is the source of the checks for funding the CMA?

Consider:
1) use payroll direct deposit to send some/all of net pay to Fidelity CMA.
2) use wire transfers - Fidelity CMA has free incoming/outgoing wires. How about the check funds source?
Yes, I am currently using my Fidelity CMA account as a main account. I was transferring funds from my Marcus savings to Fidelity for some bills. Since it was an electronic cash transfer of a few grand, thought it would be a day a two. I put the request in Friday, says it will clear this Friday and my funds are running low on the Fidelity account. It's just a pain to switch all the auto bill pay back to Citi.
Topic Author
intluser
Posts: 7
Joined: Thu Feb 13, 2014 2:33 pm

Re: Fidelity Cash Management check clearing and transfer times

Post by intluser »

HomeStretch wrote: Wed Apr 07, 2021 8:54 am As you are using Fidelity CMA as your main checking account (which I assume means using Bill Payfor monthly bills), can you find a faster/easier way to fund it regularly than using checks? What is the source of the checks for funding the CMA?

Consider:
1) use payroll direct deposit to send some/all of net pay to Fidelity CMA.
2) use wire transfers - Fidelity CMA has free incoming/outgoing wires. How about the check funds source?
It's not a payroll account, it's my savings account. Wire fees from or two Citi or Marcus cost $$$
Topic Author
intluser
Posts: 7
Joined: Thu Feb 13, 2014 2:33 pm

Re: Fidelity Cash Management check clearing and transfer times

Post by intluser »

trigger08 wrote: Wed Apr 07, 2021 9:10 am Where is the money coming from that is going into Fidelity by check? If there is a way to switch that to an electronic payment/transfer, it will probably go faster. For example, it is faster to push from Ally into Fidelity than to initiate the transfer from Fidelity as a pull out of Ally. I had a push from Ally hit my Fidelity CMA this morning and the full amount (4 figures) is available for trade or withdrawal immediately.
Thought that two, but no, still five business days.
HomeStretch
Posts: 6041
Joined: Thu Dec 27, 2018 3:06 pm

Re: Fidelity Cash Management check clearing and transfer times

Post by HomeStretch »

intluser wrote: Wed Apr 07, 2021 1:22 pm
HomeStretch wrote: Wed Apr 07, 2021 8:54 am As you are using Fidelity CMA as your main checking account (which I assume means using Bill Payfor monthly bills), can you find a faster/easier way to fund it regularly than using checks? What is the source of the checks for funding the CMA?

Consider:
1) use payroll direct deposit to send some/all of net pay to Fidelity CMA.
2) use wire transfers - Fidelity CMA has free incoming/outgoing wires. How about the check funds source?
It's not a payroll account, it's my savings account. Wire fees from or two Citi or Marcus cost $$$
What I meant was if you are paying all your bills out of Fidelity CMA, consider having your payroll check deposited into the CMA and then transfer any excess to Marcus and/or Citi by wire (if free). If not, use ACH or check.
User avatar
tfb
Posts: 8382
Joined: Mon Feb 19, 2007 5:46 pm
Contact:

Re: Fidelity Cash Management check clearing and transfer times

Post by tfb »

intluser wrote: Wed Apr 07, 2021 1:21 pm I was transferring funds from my Marcus savings to Fidelity for some bills.
Start the transfer at Marcus. It'll be available the next day or on the same day.
Harry Sit, taking a break from the forums.
Topic Author
intluser
Posts: 7
Joined: Thu Feb 13, 2014 2:33 pm

Re: Fidelity Cash Management check clearing and transfer times

Post by intluser »

tfb wrote: Wed Apr 07, 2021 3:18 pm
intluser wrote: Wed Apr 07, 2021 1:21 pm I was transferring funds from my Marcus savings to Fidelity for some bills.
Start the transfer at Marcus. It'll be available the next day or on the same day.
Done that before, still takes two or three days to clear.
User avatar
tfb
Posts: 8382
Joined: Mon Feb 19, 2007 5:46 pm
Contact:

Re: Fidelity Cash Management check clearing and transfer times

Post by tfb »

intluser wrote: Sun Apr 11, 2021 4:05 pm
tfb wrote: Wed Apr 07, 2021 3:18 pm
intluser wrote: Wed Apr 07, 2021 1:21 pm I was transferring funds from my Marcus savings to Fidelity for some bills.
Start the transfer at Marcus. It'll be available the next day or on the same day.
Done that before, still takes two or three days to clear.
From Marcus? Or from somewhere slower such as Ally? Try it again from Marcus. My transfer started at Marcus arrives on the same day if I request it early enough in the morning, and it's immediately available at Fidelity. Fidelity doesn't hold the money if the transfer is initiated from outside.
Harry Sit, taking a break from the forums.
Post Reply