[Split from "Fidelity as a one stop shop" thread - locked or restricted Fidelity account issues]

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
glitchy
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Re: [Split from "Fidelity as a one stop shop" thread - locked or restricted Fidelity account issues]

Post by glitchy »

I occasionally read the reddit megathread that mirrors this thread, and while I'd call the usual reddit poster less well-informed than around here it is an official Fidelity support channel and they sometimes post useful things.

A couple of days ago they explicitly said "There is a holding period of up to 10 business days for check deposits and Electronic Funds Transfer (EFT) requests submitted through Fidelity platforms": https://www.reddit.com/r/fidelityinvest ... /?sort=new

Assuming it's correct this should be a welcome policy change vs 16 days for those still affected! Still idiotic that I have to find crumbs like this on reddit and not on their own page about funds availability, though.
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heartwood
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Re: [Split from "Fidelity as a one stop shop" thread - locked or restricted Fidelity account issues]

Post by heartwood »

Is there a very short cheat sheet on how it works at Fido?

I'm about to transfer $2k from BOA checking to Fido CMA. I've had no problems in the last several months, both pulling and pushing, with either FIDO or BOA as the starting site. Pulling from BOA, originated at FIDO, is preferable but not if it creates a hold.

After skimming the posts here and reddit, is the current advice to initiate from BOA, pushing to Fido to avoid holds?

Please ELI5! start site, push, pull, no explanation needed, just how to do it!
Northern Flicker
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Re: [Split from "Fidelity as a one stop shop" thread - locked or restricted Fidelity account issues]

Post by Northern Flicker »

Seems that a way to avoid the three main issues would be:

1. No paper check deposits directly to Fidelity.

2. No paper checks drawn on the Fidelity account.

3. No ACH pull transactions originated at Fidelity.

4. No debit card on the Fidelity account.
Rugby23
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Re: [Split from "Fidelity as a one stop shop" thread - locked or restricted Fidelity account issues]

Post by Rugby23 »

FWIW I recently (this month) mobile deposited a check for $4k to my Fidelity CMA. There was the warning of taking up to 10 days to settle, but in reality it was maybe 3 days.
swlightn
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Re: [Split from "Fidelity as a one stop shop" thread - locked or restricted Fidelity account issues]

Post by swlightn »

heartwood wrote: Fri Jan 31, 2025 12:13 am Is there a very short cheat sheet on how it works at Fido?

I'm about to transfer $2k from BOA checking to Fido CMA. I've had no problems in the last several months, both pulling and pushing, with either FIDO or BOA as the starting site. Pulling from BOA, originated at FIDO, is preferable but not if it creates a hold.

After skimming the posts here and reddit, is the current advice to initiate from BOA, pushing to Fido to avoid holds?

Please ELI5! start site, push, pull, no explanation needed, just how to do it!
Yes, initiate from BOA, ACH push to Fidelity will be okay, but not 100% because there is chance of an account restriction.
ACH push is usually not causing an account restriction.
Mobile check deposit can cause it.
PersonalFinanceJam
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Re: [Split from "Fidelity as a one stop shop" thread - locked or restricted Fidelity account issues]

Post by PersonalFinanceJam »

glitchy wrote: Sat Jan 18, 2025 7:20 pm I occasionally read the reddit megathread that mirrors this thread, and while I'd call the usual reddit poster less well-informed than around here it is an official Fidelity support channel and they sometimes post useful things.

A couple of days ago they explicitly said "There is a holding period of up to 10 business days for check deposits and Electronic Funds Transfer (EFT) requests submitted through Fidelity platforms": https://www.reddit.com/r/fidelityinvest ... /?sort=new

Assuming it's correct this should be a welcome policy change vs 16 days for those still affected! Still idiotic that I have to find crumbs like this on reddit and not on their own page about funds availability, though.
The same messaging has been appearing at the top of the transfer page (before submitting) as well for at least a couple of weeks now. Even says to avoid holds to initiate the transfer from your bank instead of Fidelity.
swlightn
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Re: [Split from "Fidelity as a one stop shop" thread - locked or restricted Fidelity account issues]

Post by swlightn »

Northern Flicker wrote: Fri Jan 31, 2025 1:12 am Seems that a way to avoid the three main issues would be:

1. No paper check deposits directly to Fidelity.

2. No paper checks drawn on the Fidelity account.

3. No ACH pull transactions originated at Fidelity.

4. No debit card on the Fidelity account.
1 seems the most dangerous one. It can cause account restriction and shut down sometimes.
3 seems cause a long delay only. Now, Fidelity said up to 10 business day hold.

2 may be okay if that is no bounced.
Also, drawn from high balance account does not matter much.

4 having a debit card is not a problem, but debit card request was rejected several times for me.
Later Fidelity posted $250 balance is needed to request a debit card.
After adding $250, debit card was shipped properly.
I usually lock debit card most of the time unless use it.

More important thing will be the balance of the account.
Mobile check deposit limit seems related to the balance of the account.
I saw it is changing from 100k->1k->500k.
Once this limit shows 500k, I think this account is safe to use.
v330
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Re: [Split from "Fidelity as a one stop shop" thread - locked or restricted Fidelity account issues]

Post by v330 »

I have an annoying HSA situation that I'm looking for some advice on.

This year, I decided to make my HSA contribution through my employer's payroll (using Optum as the provider), versus directly contributing at Fidelity (I reconsider annually based on my status versus the Social Security wage base).

I sent my first $100 to get the account established and my employer announced they'll be switching benefits providers. So I need to remove this $100 or Optum will start charging me 12% ($1/mo) to maintain the account. There's a $25 transfer fee; the employer won't cover or reimburse anything.

It sounds like Fidelity is still throwing a fit over paper checks. Is there any way to do the HSA rollover contribution online, or is it still only through the paper form? I already have plenty of settled cash in brokerage and CMA accounts.

Am I less likely to have a problem if I send a cashier's check? Or should I just reimburse myself the $100 from Optum against past expenses and not risk it?
glitchy
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Re: [Split from "Fidelity as a one stop shop" thread - locked or restricted Fidelity account issues]

Post by glitchy »

v330 wrote: Sun Feb 02, 2025 1:57 pm It sounds like Fidelity is still throwing a fit over paper checks.
FWIW I have had no problem recently, and other reports suggest similar in many cases. I deposited a four-digit personal check last week and it was all available by the time I remembered to go check on it two days later.

I'm sure there are some people that are still under heightened scrutiny, and who knows you may be one of them, but as far as blanket polices go they seem to have chilled out quite a lot.
swlightn
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Re: [Split from "Fidelity as a one stop shop" thread - locked or restricted Fidelity account issues]

Post by swlightn »

v330 wrote: Sun Feb 02, 2025 1:57 pm I have an annoying HSA situation that I'm looking for some advice on.

This year, I decided to make my HSA contribution through my employer's payroll (using Optum as the provider), versus directly contributing at Fidelity (I reconsider annually based on my status versus the Social Security wage base).

I sent my first $100 to get the account established and my employer announced they'll be switching benefits providers. So I need to remove this $100 or Optum will start charging me 12% ($1/mo) to maintain the account. There's a $25 transfer fee; the employer won't cover or reimburse anything.

It sounds like Fidelity is still throwing a fit over paper checks. Is there any way to do the HSA rollover contribution online, or is it still only through the paper form? I already have plenty of settled cash in brokerage and CMA accounts.

Am I less likely to have a problem if I send a cashier's check? Or should I just reimburse myself the $100 from Optum against past expenses and not risk it?
I'd rather reimburse it.

Another way is indirect transfer.
You can reimburse $100 and deposit $100 for the different HSA account.
You can do it once in a year for indirect transfer.

Main problem is that Fidelity HSA does not support mobile check deposit.
You can either deposit check at the Fidelity office or sent it over mail.
It should be done in 60 days.

BTW, broker to broker transfer is done by paper check for HSA account.
It will be treated different than personal check deposit.
It is available right away as direct deposit.
$25 fee over $100 is quite big.

You can chose reimburse for previous medical expense or indirect transfer.
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tuningfork
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Re: [Split from "Fidelity as a one stop shop" thread - locked or restricted Fidelity account issues]

Post by tuningfork »

Northern Flicker wrote: Fri Jan 31, 2025 1:12 am Seems that a way to avoid the three main issues would be:

1. No paper check deposits directly to Fidelity.

2. No paper checks drawn on the Fidelity account.

3. No ACH pull transactions originated at Fidelity.

4. No debit card on the Fidelity account.
Anecdotes:

On Friday I made a $10K EFT deposit from my online savings bank account to my Fidelity brokerage account. I pushed from the bank because when I tried to initiate a pull from Fidelity, it told me there could be a hold of up to 10 days, and I wanted it available at Fidelity ASAP. That $10K was at Fidelity available for trading or transfer out on Monday, one business day later.

On Saturday I deposited a $15K paper bank draft into Fidelity using the mobile app. It showed up as a pending deposit on Monday, and available for trading on Tuesday. The originator of the bank draft said that it could take 10 to 14 business days for it to settle, so I was surprised it was available so quickly.

These tend to confirm #3 and contradict #1, at least for my situation.
vtMaps
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Re: [Split from "Fidelity as a one stop shop" thread - locked or restricted Fidelity account issues]

Post by vtMaps »

tuningfork wrote: Tue Feb 04, 2025 8:37 am On Saturday I deposited a $15K paper bank draft into Fidelity using the mobile app. It showed up as a pending deposit on Monday, and available for trading on Tuesday. The originator of the bank draft said that it could take 10 to 14 business days for it to settle, so I was surprised it was available so quickly.
It is normal for it to be immediately available for trading, but was it available to withdraw or transfer out of the account? --vtMaps
"Truly, whoever can make you believe absurdities can make you commit atrocities" --Voltaire, as translated by Norman Lewis Torrey
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tuningfork
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Re: [Split from "Fidelity as a one stop shop" thread - locked or restricted Fidelity account issues]

Post by tuningfork »

vtMaps wrote: Tue Feb 04, 2025 9:52 am
tuningfork wrote: Tue Feb 04, 2025 8:37 am On Saturday I deposited a $15K paper bank draft into Fidelity using the mobile app. It showed up as a pending deposit on Monday, and available for trading on Tuesday. The originator of the bank draft said that it could take 10 to 14 business days for it to settle, so I was surprised it was available so quickly.
It is normal for it to be immediately available for trading, but was it available to withdraw or transfer out of the account? --vtMaps
I initiated a transfer out to my bank and the available amount for the transfer included the deposits. I didn't actually complete the transfer, so I don't know if something later would have blocked it.
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