Fidelity as a one stop shop

[techbud]

I pulled money from another (major) bank on 9/13/24 and my account says the funds won't be available to withdraw until 10/8/24. ... holding a deposit for almost a month is unworkable.

If one pulls money into a Fidelity brokerage account and Fidelity imposes a hold on the money, does the money earn dividends in the settlement ("core") position during the hold period?

yes

[NYHawkeye]

About a year ago I moved the remainder of my assets out of Vanguard and consolidated with existing accounts at Fidelity. Got a reasonably nice bonus to do this .

I also opened a CMA and moved my bill pay, etc...from Capital One. I move money quite frequently and have had no issues with CMA other than I notice my mobile deposit limit has been reduced.

Just to be safe I am switching bill pay, etc...back to Capital One until the dust settles. The mobile deposit limit on my Fidelity brokerage accounts remains at $500K so I will use that for larger mobile deposits that don't necessarily need to settle quickly.

[ddurrett896]

About a year ago I moved the remainder of my assets out of Vanguard and consolidated with existing accounts at Fidelity. Got a reasonably nice bonus to do this .

How do you like Fidelity? Do you do a Backdoor Roth IRA and if so, is the process easy?

We've got accounts scattered between Vanguard, Fidelity and Merrill Lynch. Can move 90% of it to Fidelity and leave ML for my company 401K.

[corn18]

About a year ago I moved the remainder of my assets out of Vanguard and consolidated with existing accounts at Fidelity. Got a reasonably nice bonus to do this .

How do you like Fidelity? Do you do a Backdoor Roth IRA and if so, is the process easy?

We've got accounts scattered between Vanguard, Fidelity and Merrill Lynch. Can move 90% of it to Fidelity and leave ML for my company 401K.

Backdoor Roths are easy at Fidelity. I did one for me and one for my wife every year. You can do it all online. I also did mega backdoor Roth, but my 401k is with Fidelity and that was super easy as well. All done online.

[NYHawkeye]

About a year ago I moved the remainder of my assets out of Vanguard and consolidated with existing accounts at Fidelity. Got a reasonably nice bonus to do this .

How do you like Fidelity? Do you do a Backdoor Roth IRA and if so, is the process easy?

We've got accounts scattered between Vanguard, Fidelity and Merrill Lynch. Can move 90% of it to Fidelity and leave ML for my company 401K.

Have been using Fidelity for IRAs, 401K, and brokerage for decades - always been happy with them. Have never done a back door. Probably most comfortable with their systems since we have been using them so long.

Used Vanguard for decades as well and it was OK but a bit tougher to work with at times (primarily setting up and managing trust accounts) so moved to Fidelity. Only other significant account is one my DW has with ML. I personally find Fidelity better but she is not interested in moving those assets at this point as she has an adviser there that she trusts in case something happens to me.

[Northern Flicker]

Auto withdrawals and auto liquidate are two different, but somewhat similar features. Auto liquidate is more similar to overdraft protection.

[w5000]

I thought I was keeping up with this thread -- and I sort of ignored the messages on locked accounts due to the Fidelity response to check writing scams since I wasn't doing mobile deposit of checks. (And I know there was a thread split off for locked account issues.) But yet I find myself caught up in it: I did a ACH pull of funds from another bank account last week, and they are restricted (cannot withdraw) for 16 business days! I suppose it's a small consolation that my account didn't get locked?

If I had only known, I could have done a push from that other bank account to Fidelity. Fidelity should really be warning people that their hold times on pulled funds have been extended.

[Andy12345]

Is fidelity really slow at moving money from outside accounts? I like fidelity and have been using it more and more, but when I need to transfer money from another bank to pay fidelity credit card the process can take up to 6-7 business days. I have transferred money between other banks and it’s usually a two day process. Is there anything I can do to speed up the transfer time at fidelity?

[indexfundfan]

I thought I was keeping up with this thread -- and I sort of ignored the messages on locked accounts due to the Fidelity response to check writing scams since I wasn't doing mobile deposit of checks. (And I know there was a thread split off for locked account issues.) But yet I find myself caught up in it: I did a ACH pull of funds from another bank account last week, and they are restricted (cannot withdraw) for 16 business days! I suppose it's a small consolation that my account didn't get locked?

If I had only known, I could have done a push from that other bank account to Fidelity. Fidelity should really be warning people that their hold times on pulled funds have been extended.

They did say "an additional hold period", though not very effective since it is not in bold nor did they spell out the hold time. Here's a screenshot when you do an ACH pull on Fidelity:



If you have your investments in a margin account at Fidelity, pull the money into the margin account first and then internally transfer the funds to your intended account (e.g. CMA). In that way, the hold is held in your investment account and the cash is available immediately in the CMA.

[Andy12345]

Is fidelity really slow at moving money from outside accounts? I like fidelity and have been using it more and more, but when I need to transfer money from another bank to pay fidelity credit card the process can take up to 6-7 business days. I have transferred money between other banks and it’s usually a two day process. Is there anything I can do to speed up the transfer time at fidelity?

In case anyone is interested I talked to fidelity on the phone. They are saying it will now take 15-25 business days to do ACH. Crazy.

Edit; mean to say checks and EFTs can take 15-25 business days.

[CuriousGeorgeTx]

If one pulls money into a Fidelity brokerage account and Fidelity imposes a hold on the money, does the money earn dividends in the settlement ("core") position during the hold period?

Yes

[CuriousGeorgeTx]

Is fidelity really slow at moving money from outside accounts? I like fidelity and have been using it more and more, but when I need to transfer money from another bank to pay fidelity credit card the process can take up to 6-7 business days. I have transferred money between other banks and it’s usually a two day process. Is there anything I can do to speed up the transfer time at fidelity?

In case anyone is interested I talked to fidelity on the phone. They are saying it will now take 15-25 business days to do ACH. Crazy.

I think this is a Your Mileage May Vary situation. I'm still seeing 1 day (or within day) ACH pushes from Fidelity or pushes from external entities to Fidelity with no holds. I don't have a gazillion with Fidelity, just a CMA "hub" and a couple of brokerage accounts used for short term savings, currently ~$70 k in total assets. Accounts were opened in March of this year. I haven't tried a pull to Fidelity since the current situation flared up, so I can't comment on that.

[Andy12345]

Is fidelity really slow at moving money from outside accounts? I like fidelity and have been using it more and more, but when I need to transfer money from another bank to pay fidelity credit card the process can take up to 6-7 business days. I have transferred money between other banks and it’s usually a two day process. Is there anything I can do to speed up the transfer time at fidelity?

In case anyone is interested I talked to fidelity on the phone. They are saying it will now take 15-25 business days to do ACH. Crazy.

I think this is a Your Mileage May Vary situation. I'm still seeing 1 day (or within day) ACH pushes from Fidelity or pushes from external entities to Fidelity with no holds. I don't have a gazillion with Fidelity, just a CMA "hub" and a couple of brokerage accounts used for short term savings, currently ~$70 k in total assets. Accounts were opened in March of this year. I haven't tried a pull to Fidelity since the current situation flared up, so I can't comment on that.

I don’t know if ACH and EFT are the same thing but I edited my post above. Yes I’m tryin to pull to fidelity from another bank. This will just encourage me to switch fully to fidelity as I like them much more then the other bank.

[lstone19]

I don’t know if ACH and EFT are the same thing but I edited my post above. Yes I’m tryin to pull to fidelity from another bank. This will just encourage me to switch fully to fidelity as I like them much more then the other bank.

ACH (Automated Clearing House) is a type of EFT (Electronic Funds Transfer). EFT is a much more generic term. And within ACH, pulls and pushes are radically different.

Any EFT where funds are pushed (sent) from the financial institution where the funds currently are should have no delay upon reaching the destination since the sending institution will not be sending the funds without knowing they're already in the account (most if not all institutions will not let you enter a push transaction for more than your current balance).

And ACH pull is like depositing a check. The institution requesting the money has no idea if there are actually funds there and won't find out until and unless the request bounces, sometimes days later.

[Andy12345]

I don’t know if ACH and EFT are the same thing but I edited my post above. Yes I’m tryin to pull to fidelity from another bank. This will just encourage me to switch fully to fidelity as I like them much more then the other bank.

ACH (Automated Clearing House) is a type of EFT (Electronic Funds Transfer). EFT is a much more generic term. And within ACH, pulls and pushes are radically different.

Any EFT where funds are pushed (sent) from the financial institution where the funds currently are should have no delay upon reaching the destination since the sending institution will not be sending the funds without knowing they're already in the account (most if not all institutions will not let you enter a push transaction for more than your current balance).

And ACH pull is like depositing a check. The institution requesting the money has no idea if there are actually funds there and won't find out until and unless the request bounces, sometimes days later.

Thank you for this post! It is now obvious that I should initiate the transfer from the bank I’m sending money from. I would not have figured this out without your help.

[tACKJAYE]

Same here. For me, ACH push from the Fidelity - same day. Check deposit limit - Unaffected. ACH push to FI aka DD - unaffected. Deposits via ACH pull - 16 days hold. I believe legally they can't put a hold on the ACH transfers that are coming in aka direct deposits.

Is fidelity really slow at moving money from outside accounts? I like fidelity and have been using it more and more, but when I need to transfer money from another bank to pay fidelity credit card the process can take up to 6-7 business days. I have transferred money between other banks and it’s usually a two day process. Is there anything I can do to speed up the transfer time at fidelity?

In case anyone is interested I talked to fidelity on the phone. They are saying it will now take 15-25 business days to do ACH. Crazy.

I think this is a Your Mileage May Vary situation. I'm still seeing 1 day (or within day) ACH pushes from Fidelity or pushes from external entities to Fidelity with no holds. I don't have a gazillion with Fidelity, just a CMA "hub" and a couple of brokerage accounts used for short term savings, currently ~$70 k in total assets. Accounts were opened in March of this year. I haven't tried a pull to Fidelity since the current situation flared up, so I can't comment on that.

[Marbling]

I don’t know if ACH and EFT are the same thing but I edited my post above. Yes I’m tryin to pull to fidelity from another bank. This will just encourage me to switch fully to fidelity as I like them much more then the other bank.

ACH (Automated Clearing House) is a type of EFT (Electronic Funds Transfer). EFT is a much more generic term. And within ACH, pulls and pushes are radically different.

Any EFT where funds are pushed (sent) from the financial institution where the funds currently are should have no delay upon reaching the destination since the sending institution will not be sending the funds without knowing they're already in the account (most if not all institutions will not let you enter a push transaction for more than your current balance).

And ACH pull is like depositing a check. The institution requesting the money has no idea if there are actually funds there and won't find out until and unless the request bounces, sometimes days later.

Thanks for this post... I knew the difference between ACH "push" and "pull" and which is preferable, but never had read such a succinct, easily understood definition before.

[kojima]

This is a simple question but anyone know why my cost basis total in Fidelity is not always 100% accurate.

For example, let's say quantity of the stock is 100 and the average cost basis is $10. I would expect to see the cost basis total at $1,000 but it's always a few dollars off.

What am I missing here?

[ee_guy]

It could be rounding due to the two digits in the cents for average cost and the large number of shares. Take the total cost and divide by the number of shares. This will give the average cost with more precision. This number is a more precise average cost without rounding the cents.

[lereh]

even though commissions are free, brokers often charge or pass through exchange fees, which are usually a dollar or two and some pennies

[tACKJAYE]

It is 100% accurate. If you enter a limit order or would like to sell fractional shares, you may only be able to enter up to two decimal points. However, when Fidelity executes that order, usually the price is with four decimal points, and shares with three decimal points. Due to this reason, you may see an average a bit different if you have a large quantity of shares.

This is a simple question but anyone know why my cost basis total in Fidelity is not always 100% accurate.

For example, let's say quantity of the stock is 100 and the average cost basis is $10. I would expect to see the cost basis total at $1,000 but it's always a few dollars off.

What am I missing here?

[em4772193]

Is fidelity really slow at moving money from outside accounts? I like fidelity and have been using it more and more, but when I need to transfer money from another bank to pay fidelity credit card the process can take up to 6-7 business days. I have transferred money between other banks and it’s usually a two day process. Is there anything I can do to speed up the transfer time at fidelity?

In case anyone is interested I talked to fidelity on the phone. They are saying it will now take 15-25 business days to do ACH. Crazy.

Edit; mean to say checks and EFTs can take 15-25 business days.

I directly experienced this (EFTs can take 15-25 business days)

That is ridiculous I closed my CMA cut the cards up and burnt the checks. I was ready to roll with it.

I move money all the time like 10k or 20k into Vanguard settlement fund or Money Market (ETF) it's avab within 3 days or sooner.

I really wanted the Fidelity CMA to work for me but it's 2024 no way does an ETF transfer take 15+ days.

They are playing games and holding the money .



.

[anon_investor]

Is fidelity really slow at moving money from outside accounts? I like fidelity and have been using it more and more, but when I need to transfer money from another bank to pay fidelity credit card the process can take up to 6-7 business days. I have transferred money between other banks and it’s usually a two day process. Is there anything I can do to speed up the transfer time at fidelity?

In case anyone is interested I talked to fidelity on the phone. They are saying it will now take 15-25 business days to do ACH. Crazy.

Edit; mean to say checks and EFTs can take 15-25 business days.

I directly experienced this (EFTs can take 15-25 business days)

That is ridiculous I closed my CMA cut the cards up and burnt the checks. I was ready to roll with it.

I move money all the time like 10k or 20k into Vanguard settlement fund or Money Market (ETF) it's avab within 3 days or sooner.

I really wanted the Fidelity CMA to work for me but it's 2024 no way does an ETF transfer take 15+ days.

They are playing games and holding the money .



.

Did you have a newer Fidelity account?

[typical.investor]

Is fidelity really slow at moving money from outside accounts? I like fidelity and have been using it more and more, but when I need to transfer money from another bank to pay fidelity credit card the process can take up to 6-7 business days. I have transferred money between other banks and it’s usually a two day process. Is there anything I can do to speed up the transfer time at fidelity?

In case anyone is interested I talked to fidelity on the phone. They are saying it will now take 15-25 business days to do ACH. Crazy.

Edit; mean to say checks and EFTs can take 15-25 business days.

I directly experienced this (EFTs can take 15-25 business days)

That is ridiculous I closed my CMA cut the cards up and burnt the checks. I was ready to roll with it.

I move money all the time like 10k or 20k into Vanguard settlement fund or Money Market (ETF) it's avab within 3 days or sooner.

I really wanted the Fidelity CMA to work for me but it's 2024 no way does an ETF transfer take 15+ days.

They are playing games and holding the money .



.

Did you have a newer Fidelity account?

Not the person you asked, but the Fidelity Reddit has many cases of long time customers complaining of the same or worse (account being locked). One Fidelity customer of 24 years complained they have been depositing into Fidelity with a check from the same account for years, only to encounter a long hold time now. I see no indication that the recent troubles only apply to new accounts.

[SnowBog]

Is fidelity really slow at moving money from outside accounts? I like fidelity and have been using it more and more, but when I need to transfer money from another bank to pay fidelity credit card the process can take up to 6-7 business days. I have transferred money between other banks and it’s usually a two day process. Is there anything I can do to speed up the transfer time at fidelity?

In case anyone is interested I talked to fidelity on the phone. They are saying it will now take 15-25 business days to do ACH. Crazy.

Edit; mean to say checks and EFTs can take 15-25 business days.

I directly experienced this (EFTs can take 15-25 business days)

That is ridiculous I closed my CMA cut the cards up and burnt the checks. I was ready to roll with it.

I move money all the time like 10k or 20k into Vanguard settlement fund or Money Market (ETF) it's avab within 3 days or sooner.

I really wanted the Fidelity CMA to work for me but it's 2024 no way does an ETF transfer take 15+ days.

They are playing games and holding the money .



.

Did you have a newer Fidelity account?

Not the person you asked, but the Fidelity Reddit has many cases of long time customers complaining of the same or worse (account being locked). One Fidelity customer of 24 years complained they have been depositing into Fidelity with a check from the same account for years, only to encounter a long hold time now. I see no indication that the recent troubles only apply to new accounts.

And just to point out the obvious, no indication that "this is happening to everyone."

I've had a Fidelity account for many years (20 maybe - was initially just an employer 401k) - a CMA/brokerage since probably 2018- so not "new" but not "decades" (ignoring the 401k).

In the past week, I've "pulled" ACH of > $1k - no problems, no delays. I've done a "mobile deposit" of a > $1k check - no problems, no delays*. (Well, maybe a delay - did it over the weekend, and money shows as being available tomorrow - so in the 2–3 business day window).

Yes, some people are running into delays/restrictions. There's a whole host of people attempting to commit felonies - including "legitimate customers" unfortunately. Yes, I'm sure "innocent" people have unfortunately got caught up in some of the delays/restrictions. Yes, I wish Fidelity would do a better job communicating/handling the situation.

But many of us are going along just fine with Fidelity. We recognize that they aren't perfect - I've yet to find a company that is - but they provide me the services that I need. We all get to make our own choices.

[anon_investor]

In case anyone is interested I talked to fidelity on the phone. They are saying it will now take 15-25 business days to do ACH. Crazy.

Edit; mean to say checks and EFTs can take 15-25 business days.

I directly experienced this (EFTs can take 15-25 business days)

That is ridiculous I closed my CMA cut the cards up and burnt the checks. I was ready to roll with it.

I move money all the time like 10k or 20k into Vanguard settlement fund or Money Market (ETF) it's avab within 3 days or sooner.

I really wanted the Fidelity CMA to work for me but it's 2024 no way does an ETF transfer take 15+ days.

They are playing games and holding the money .



.

Did you have a newer Fidelity account?

Not the person you asked, but the Fidelity Reddit has many cases of long time customers complaining of the same or worse (account being locked). One Fidelity customer of 24 years complained they have been depositing into Fidelity with a check from the same account for years, only to encounter a long hold time now. I see no indication that the recent troubles only apply to new accounts.

And just to point out the obvious, no indication that "this is happening to everyone."

I've had a Fidelity account for many years (20 maybe - was initially just an employer 401k) - a CMA/brokerage since probably 2018- so not "new" but not "decades" (ignoring the 401k).

In the past week, I've "pulled" ACH of > $1k - no problems, no delays. I've done a "mobile deposit" of a > $1k check - no problems, no delays*. (Well, maybe a delay - did it over the weekend, and money shows as being available tomorrow - so in the 2–3 business day window).

Yes, some people are running into delays/restrictions. There's a whole host of people attempting to commit felonies - including "legitimate customers" unfortunately. Yes, I'm sure "innocent" people have unfortunately got caught up in some of the delays/restrictions. Yes, I wish Fidelity would do a better job communicating/handling the situation.

But many of us are going along just fine with Fidelity. We recognize that they aren't perfect - I've yet to find a company that is - but they provide me the services that I need. We all get to make our own choices.

I have no issues either and my accounts are newer than yours. I just pushed a >$5k ACH from Ally Bank to Fidelity and there was no hold. I usually initiate from Fidelity a pull from Ally twice a month, have had no issues, normal 2 day hold.

[em4772193]

Is fidelity really slow at moving money from outside accounts? I like fidelity and have been using it more and more, but when I need to transfer money from another bank to pay fidelity credit card the process can take up to 6-7 business days. I have transferred money between other banks and it’s usually a two day process. Is there anything I can do to speed up the transfer time at fidelity?

In case anyone is interested I talked to fidelity on the phone. They are saying it will now take 15-25 business days to do ACH. Crazy.

Edit; mean to say checks and EFTs can take 15-25 business days.

I directly experienced this (EFTs can take 15-25 business days)

That is ridiculous I closed my CMA cut the cards up and burnt the checks. I was ready to roll with it.

I move money all the time like 10k or 20k into Vanguard settlement fund or Money Market (ETF) it's avab within 3 days or sooner.

I really wanted the Fidelity CMA to work for me but it's 2024 no way does an ETF transfer take 15+ days.

They are playing games and holding the money .

No been with Fidelity for over 25 years. 401K, One of my Pensions is in there (NCR), and ESPP all in there. I no longer have a CMA with them.



.

Did you have a newer Fidelity account?

[yaun]

I had the same experience with a Pull EFT being unavailable for withdrawal for more than 20 days. I wrote about that in the other thread. And according to their phone rep, such locks are currently applied system wide because of problems they are facing with scams.

This is now the second time within a year that I experienced extreme hold times. And the biggest problem is that it happens without notification and that it's not at all transparent to the customer. The first time 80k were locked for a month which made me miss an estimated tax deadline. There was no way to get the money out during that period. Back then I assigned it to the fact that the account was just a few months old and moved on. But having this happening again and apparently being a non communicated general rules change (according to their phone rep) makes me lose confidence that CMA is a reliable solution for a checking account.

Assuming worst case, I keep an average of 10k in my checking, with a rate differential to Schwab being 4%, I loose 400$ a year. That money is not worth the hassle and wasted time of dealing with Fidelity CMA problems. Obviously the situation would be different for someone who has everything with Fidelity and would thus experience less friction with EFTs from external accounts.

[hafjell]

Yes, some people are running into delays/restrictions. There's a whole host of people attempting to commit felonies - including "legitimate customers" unfortunately. Yes, I'm sure "innocent" people have unfortunately got caught up in some of the delays/restrictions. Yes, I wish Fidelity would do a better job communicating/handling the situation.

But many of us are going along just fine with Fidelity. We recognize that they aren't perfect - I've yet to find a company that is - but they provide me the services that I need. We all get to make our own choices.

This is a comment based on luck masquerading as wisdom. I had the same experience until September 24th, 2024. Then, without warning, frozen funds. I hope your luck continues.

[anon_investor]

Is fidelity really slow at moving money from outside accounts? I like fidelity and have been using it more and more, but when I need to transfer money from another bank to pay fidelity credit card the process can take up to 6-7 business days. I have transferred money between other banks and it’s usually a two day process. Is there anything I can do to speed up the transfer time at fidelity?

In case anyone is interested I talked to fidelity on the phone. They are saying it will now take 15-25 business days to do ACH. Crazy.

Edit; mean to say checks and EFTs can take 15-25 business days.

I directly experienced this (EFTs can take 15-25 business days)

That is ridiculous I closed my CMA cut the cards up and burnt the checks. I was ready to roll with it.

I move money all the time like 10k or 20k into Vanguard settlement fund or Money Market (ETF) it's avab within 3 days or sooner.

I really wanted the Fidelity CMA to work for me but it's 2024 no way does an ETF transfer take 15+ days.

They are playing games and holding the money .

No been with Fidelity for over 25 years. 401K, One of my Pensions is in there (NCR), and ESPP all in there. I no longer have a CMA with them.



.

Did you have a newer Fidelity account?

How old was the CMA account and how often was it used? I am just trying to see if there is a common thread. I wonder if the restrictions are being triggered by the age/usage of the actual account and not the total assets held in other accounts.

[anon_investor]

Yes, some people are running into delays/restrictions. There's a whole host of people attempting to commit felonies - including "legitimate customers" unfortunately. Yes, I'm sure "innocent" people have unfortunately got caught up in some of the delays/restrictions. Yes, I wish Fidelity would do a better job communicating/handling the situation.

But many of us are going along just fine with Fidelity. We recognize that they aren't perfect - I've yet to find a company that is - but they provide me the services that I need. We all get to make our own choices.

This is a comment based on luck masquerading as wisdom. I had the same experience until September 24th, 2024. Then, without warning, frozen funds. I hope your luck continues.

What caused the freeze? Check deposit?

[Lastrun]

How old was the CMA account and how often was it used? I am just trying to see if there is a common thread. I wonder if the restrictions are being triggered by the age/usage of the actual account and not the total assets held in other accounts.

anon, my Fidelity accounts are both less than 6 months old. I put a data point up earlier in that I PULLED around $50K to my brokerage account from a small local bank and it was all available to withdraw the next morning, so about 24 hours and one old school ACH midnight deadline. The PULL was from a previously linked account with prior pulls in that range. Plenty of money in the brokerage settlement fund prior to the pull.

I wired a mid 4 figure fund from my CMA last week with no issues to a prior recipient of a wire.

I have not paid bills yet, they come up in a week, and I pay those by ACH PULL from the credit card providers. I do not use billpay. So we will see what happens there.

So I just don't think age of accounts is a factor here, or amounts of ACH. As far as I can tell, there is no pattern.

It seems to me that the complaints here and on Reddit have moved from (1) locked accounts with an overwhelmed Fidelity fraud team to, (2) (a) excessive hold times on deposits (push or pull), and (b) issues with the timing of bill-pay payments resulting in late fees.

[anon_investor]

How old was the CMA account and how often was it used? I am just trying to see if there is a common thread. I wonder if the restrictions are being triggered by the age/usage of the actual account and not the total assets held in other accounts.

anon, my Fidelity accounts are both less than 6 months old. I put a data point up earlier in that I PULLED around $50K to my brokerage account from a small local bank and it was all available to withdraw the next morning, so about 24 hours and one old school ACH midnight deadline. The PULL was from a previously linked account with prior pulls in that range. Plenty of money in the brokerage settlement fund prior to the pull.

I wired a mid 4 figure fund from my CMA last week with no issues to a prior recipient of a wire.

I have not paid bills yet, they come up in a week, and I pay those by ACH PULL from the credit card providers. I do not use billpay. So we will see what happens there.

So I just don't think age of accounts is a factor here, or amounts of ACH. As far as I can tell, there is no pattern.

It seems to me that the complaints here and on Reddit have moved from (1) locked accounts with an overwhelmed Fidelity fraud team to, (2) (a) excessive hold times on deposits (push or pull), and (b) issues with the timing of bill-pay payments resulting in late fees.

I have to think there must be a certain combination that is triggering or avoiding these restrictions/lock downs.

I personally have a backup plan (Bank of America/Merrill Edge ecosystem), but my day-to-day activities are based out of my Fidelity accounts. I wonder if any of the people that got locked have regular pay check direct deposits into their CMAs. I have pretty plain vanilla transactions usually, pay check direct deposit and ACH pulls for CC/mortgage payments.

[SnowBog]

Yes, some people are running into delays/restrictions. There's a whole host of people attempting to commit felonies - including "legitimate customers" unfortunately. Yes, I'm sure "innocent" people have unfortunately got caught up in some of the delays/restrictions. Yes, I wish Fidelity would do a better job communicating/handling the situation.

But many of us are going along just fine with Fidelity. We recognize that they aren't perfect - I've yet to find a company that is - but they provide me the services that I need. We all get to make our own choices.

This is a comment based on luck masquerading as wisdom. I had the same experience until September 24th, 2024. Then, without warning, frozen funds. I hope your luck continues.

Just pointing out that while some people - perhaps an increasing number of people due to the massive uptick in attempted criminal activity - might be running into issues, there are others who aren't. They just aren't all posting "yep, mine works fine too." Because it's usually people having issues who are more likely to post, which risks creating an echo chamber. So, I'm just attempting to remind people that there isn't some "everyone is going to be impacted" situation going on.

That isn't to dismiss the impact to you, or to excuse Fidelity. I've been clear and consistent; Fidelity could be handling this better. Fidelity isn't perfect. But find me a company who is... If I quit working with every business that I ever had an issue with - I'd have to move to a self-sufficient commune... But if you think there's a better company for you - great - it is a free country - you can "vote with your feet."

[VictorStarr]

I want to add another data point to my ongoing experience with Fidelity’s hold policies.
As I previously shared here: viewtopic.php?p=8040367#p8040367
Fidelity imposed a 16-business-day hold on a $10 check deposited into my CMA account and lowered my mobile deposit limit to $1,000.

In an attempt to better understand what triggers these extended holds and which accounts are affected, I ran a few experiments:
- First, I deposited a check into my brokerage account. The funds were available to withdraw in two days (09/25/2024 - 09/29/2024), which was business as usual.
- Then, I initiated an ACH pull to both my CMA and brokerage accounts. The funds pulled into my brokerage account became available in two business days (09/30/2024 - 10/02/2024). However, the pull into my CMA resulted in an extended hold until 10/23/2024. Even more frustrating, this also extended the hold on the original check deposited on 09/11/2024 to 10/23/2024. At this point, I feel like I’m competing for the longest known hold of 43 days!

From my experience, it’s clear that both check deposits and ACH pulls to the CMA are triggering these prolonged holds. Fidelity seems to apply its anti-fraud restrictions per account. My CMA is subject to stricter limits (with the decreased mobile deposit limit and extended holds), while my brokerage account still has a $500K deposit limit and standard two-day holds for check deposits and ACH pulls. Frankly, it doesn’t make any sense.

Both of these accounts (CMA and brokerage) are five years old, and I’ve used them for everyday spending the entire time. I’ve been with Fidelity for over 20 years, starting with ESPP and 401K accounts. I have PCG status (with free TurboTax), and multiple accounts, including IRAs, Roth, taxable, two brokerage accounts for spending, three CMAs, two 529s, and a credit card. Fidelity has records of my income and transaction history for the past five years.

Despite this, Fidelity’s fraud department appears to be laughably inconsistent. They’ve restricted access to a $10 check, while in the last three weeks, I’ve been able to:
- Make multiple BillPay payments and direct debits
- Use my debit card linked to the “restricted” CMA
- Initiate an ACAT transfer of a five-digit Fidelity account to Schwab

Situations like this make me extremely glad I maintain accounts with 2+ brokerages and several banks/CUs. Be prepared.

[CuriousGeorgeTx]

I ran a few experiments:

First, I appreciate your enquiring mind and that you shared the results of your experiments. That said, it seems like experimenting at this time is a bit of a gamble. You may incur the wrath of the algorithm and find yourself in purgatory for an unknown and unknowable period of time.

So far, I am unscathed. My CMA “hub” is receiving deposits (pension, SS, dividends from Schwab as paid and making payments (auto drafts from credit cards, Billpays, the occasional check and Zelle (through the CMA Debit Card). I even deposited a couple of non trivial checks (one for 1.1 k, the other for 1.9k), that were fully available in a day or so, but they were in early September, and I think there may be greater scrutiny now.

I have avoided doing ACH pulls. I used to occasionally do a pull from Ally because it was quicker than a push from Ally, but I’m to going to push my luck by trying one now.

[need403bhelp]

FWIW I’ve never done a pull from Fidelity as I don’t want to wait to get my money at all (no hold, not even few days).

Last week I pushed $50k to Fidelity and wired it immediately to brand new recipient when it arrived. To my surprise, they didn’t even call to confirm the wire and just sent it.

So ymmv

[Marbling]

I ran a few experiments:

First, I appreciate your enquiring mind and that you shared the results of your experiments. That said, it seems like experimenting at this time is a bit of a gamble... but I’m to going to push my luck by trying one now.

If gambling when investing is supposed to be bad then how have we now reached the point of gambling on banking services?

[mander75]

I'm looking to simplify my investments at Fidelity to make tax-loss harvesting (TLH) easier. I currently hold FXAIX in my Roth IRA and am considering exchanging it for FNILX as I have VOO in my taxable account.

If I initiate the exchange at 1 PM EST on Monday, will my funds be out of the market temporarily, or will the FXAIX position be exchanged for FNILX the same day (Monday close of business), with FNILX showing up in my Roth IRA on Tuesday?

[lstone19]

For exchanges within a fund family, the sell and buy occur the same day. If you enter an exchange from one fund family to another, it’s really a sell one day and then a buy the next day. True exchanges do not occur across fund families.

[mander75]

For exchanges within a fund family, the sell and buy occur the same day. If you enter an exchange from one fund family to another, it’s really a sell one day and then a buy the next day. True exchanges do not occur across fund families.

Thank you. Does it mean I will be out of the market for 1 full day?

[stilllurking]

For a FXAIX to FNILX transaction, you will not be out of the market at all. The sell happens that evening and a buy for the new fund happens right afterwards. The next morning the amount you had at the close of market the day before in FXAIX will appear in FNILX.

[lstone19]

For exchanges within a fund family, the sell and buy occur the same day. If you enter an exchange from one fund family to another, it’s really a sell one day and then a buy the next day. True exchanges do not occur across fund families.

Thank you. Does it mean I will be out of the market for 1 full day?

How would you be out of the market for a day if the buy and sell occurred the same day (regardless of when it actually posts, the buy and sell occur at the price established at the next market close)? There is never any cash in your settlement position on a true exchange, therefore it is all invested at all times.

[mander75]

For exchanges within a fund family, the sell and buy occur the same day. If you enter an exchange from one fund family to another, it’s really a sell one day and then a buy the next day. True exchanges do not occur across fund families.

Thank you. Does it mean I will be out of the market for 1 full day?

How would you be out of the market for a day if the buy and sell occurred the same day (regardless of when it actually posts, the buy and sell occur at the price established at the next market close)? There is never any cash in your settlement position on a true exchange, therefore it is all invested at all times.

Thanks and my bad. I misread that within the same fund family, the exchange occurs on the same day.

[volstagg]

Thought I'd post my recent experience linking a new bank account to Fidelity for EFT/ACH.

I previously had been using SymantecVIP for 2FA, setup several years ago but switched about a month ago to the more open Authenticator App option they recently introduced. As other's have reported, once I enabled the Open Authenticator App, the SymantecVIP information disappeared from my security center area and I assumed it was just disabled/deleted entirely.

Anyway, when I went to add the new bank and clicked on the add new bank option on the Fidelity web site, instead of asking either for an SMS or the Authenticator App code to start the linking process process, it asked me for my SymantecVIP code. I was a bit surprised and luckily I hadn't deleted the Symantec app from my phone yet.

I entered the 6 digit code from VIP and went through the process of linking the bank no problem. I went back and tested, had the same situation with linking for a wire transfer or any other option that would allow someone to push funds from my account.

At first I was surprised, but after thinking about it, I thought that's even better. While it's likely a bug and will get "fixed" later, right now, not only does someone have to have my username, password and 2FA code from my authenticator app to login, in order to link a bank and push funds out of my account they also need the SymantecVIP code.

Anyway, posting this in case other former SymantecVIP users run into a similar situation, would recommend you don't delete your SymantecVIP app off your mobile device if you switch, just in case.

[VictorStarr]

PSA:
You can improve the yield of cash at Fidelity by using Fidelity Institutional funds - FRSXX and FNSXX.
FRSXX is Treasury only MMF with ER of 0.18% and 7-day yield of 4.87%
FNSXX has an ER of 0.18% and 7-day yield of 4.84%.
FRSXX and FNSXX are available with no minimums at WellsTrade.

I purchased $50 of FRSXX and FNSXX in my Wells Trade account and did partial ACAT to my Fidelity account. Day later I purchased more of FRSXX and FNSXX and moved to my other accounts. So far so good.

It seems that it is safe to keep and use transferred Fidelity Institutional MMF funds at Fidelity.
Fidelity rep (in reddit forum) stated that " Fidelity Investments Money Market Treasury Only Institutional Class (FRSXX) has no additional minimum investment requirement. That means as long as you continue to hold the fund, you may purchase additional shares or have dividends reinvested in any amount".
https://www.reddit.com/r/fidelityinvest ... _fargo_to/

For insurance I keep small holdings of FZDXX and FZCXX.

For more information on Fidelity institutional money market funds check these threads:
viewtopic.php?t=438509
viewtopic.php?p=7908239#p7908239
viewtopic.php?t=417858

[RetiredAL]

PSA:
You can improve the yield of cash at Fidelity by using Fidelity Institutional funds - FRSXX and FNSXX.
FRSXX is Treasury only MMF with ER of 0.18% and 7-day yield of 4.87%
FNSXX has an ER of 0.18% and 7-day yield of 4.84%.
FRSXX and FNSXX are available with no minimums at WellsTrade.

I purchased $50 of FRSXX and FNSXX in my Wells Trade account and did partial ACAT to my Fidelity account. Day later I purchased more of FRSXX and FNSXX and moved to my other accounts. So far so good.

It seems that it is safe to keep and use transferred Fidelity Institutional MMF funds at Fidelity.
Fidelity rep (in reddit forum) stated that " Fidelity Investments Money Market Treasury Only Institutional Class (FRSXX) has no additional minimum investment requirement. That means as long as you continue to hold the fund, you may purchase additional shares or have dividends reinvested in any amount".
https://www.reddit.com/r/fidelityinvest ... _fargo_to/

For insurance I keep small holdings of FZDXX and FZCXX.

For more information on Fidelity institutional money market funds check these threads:
viewtopic.php?t=438509
viewtopic.php?p=7908239#p7908239
viewtopic.php?t=417858

Thanks Victor. I keep some money in WT to have it closer to our checking. Right now it's in VMRXX, so it's good to know other options.

[CashConfessions]

I wanted to share why I will not use Fidelity as a one-stop-shop. Their actions appear to be be all about "security for me, but not for thee."

Background:

(1) I'm an established customer, who has never caused Fidelity any issues.
- I've had at least 6-digits in multiple types of accounts at Fidelity for ~10 years.
- I have never caused Fidelity *any* issues (e.g., no returned deposits, no bounced checks, no overdrafts, etc.)
(2) Fidelity has limited my daily CMA deposits to $1,000 for more than a month, rendering the account effectively useless.
(3) When I went to withdraw money from my CMA, I saw that the daily withdrawal limit was $100,000 from the account -- 100X my deposit limit.

I can't come up with any reasonable explanation why (1) Fidelity doesn't trust me to deposit a check for a mid-range laptop, but (2) has no problem letting me withdraw enough for a (tiny) Midwestern house.

"Enhanced security" should be a two-way street. Fidelity is more concerned with looking after themselves, and is willing to let it's customers fend for themselves.

[GaryA505]

I wanted to share why I will not use Fidelity as a one-stop-shop. Their actions appear to be be all about "security for me, but not for thee."

Background:

(1) I'm an established customer, who has never caused Fidelity any issues.
- I've had at least 6-digits in multiple types of accounts at Fidelity for ~10 years.
- I have never caused Fidelity *any* issues (e.g., no returned deposits, no bounced checks, no overdrafts, etc.)
(2) Fidelity has limited my daily CMA deposits to $1,000 for more than a month, rendering the account effectively useless.
(3) When I went to withdraw money from my CMA, I saw that the daily withdrawal limit was $100,000 from the account -- 100X my deposit limit.

I can't come up with any reasonable explanation why (1) Fidelity doesn't trust me to deposit a check for a mid-range laptop, but (2) has no problem letting me withdraw enough for a (tiny) Midwestern house.

"Enhanced security" should be a two-way street. Fidelity is more concerned with looking after themselves, and is willing to let it's customers fend for themselves.

That's an easy one. They had to shut down the check deposit scam, so they "shot gunned" it by reducing the daily deposit limit to $1000. The $100k you would withdraw is already cleared/settled money.