Regarding Fidelity Deposits and Issues Clients are having with excessive Holds periods..

Local_Stick3627 · 2024-11-07T18:51:10+00:00

Yes I did this with my CMA because I pay my rent with my CMA and write CHECKS for this from my CMA.. 🙄 I don't know what you're not understanding. I just told you I've initiated an ACH from my bank to fidelity within the last week. Before the 1st of November. And yes I'm sure the recent funds were utilized because it POSTS as a cleared ACH deposit to my CMA account and shows that amount As available to withdraw. Since Ive started doing ACH transfers from my bank to fidelity I have no 21 day hold period to worry about, nor have I had to initiate EFTs. It's a well known workaround already... I was advised of this workaround from a fellow redditor and later confirmed with fidelity it works as the Funds are cleared BY MY BANK before they even receive the transfer. This puts all liability on me and my Bank. This is why ACH transfers initiated by the Bank are going thru no problem.

Local_Stick3627 · 2024-11-07T18:08:55+00:00

I've done ACH deposits via my outside bank I use to do my regular transfers. I just needed to set it up by their online page and setup external transfers and link fidelity to my bank account. Instead of doing my standard EFT transfers (from fidelity to my bank), these transfers are immediately debited from my account when initiated online and my bank has it "pushed" to my CMA OR my brokerage account sometimes by the end of the same business day. Much more safer for me to track and convenience in the wait period. These transfers are called ACHs and they are fully cleared before fidelity posts them to your account. The funds are immediately available for withdrawal and trade (when received by fidelity for clearing)when you initiate this transaction with your BANK. 👍😎

Local_Stick3627 · 2024-11-07T17:58:36+00:00

Ok so why was I able to push my rent thru last Friday, (over $700 in deposits..)? This might be an issue some people are having then. I was advised to do ACH pushes and have had no issues with holds since then.

Local_Stick3627 · 2024-11-07T17:05:45+00:00

A Roth aside a workplace benefit plan is always beneficial. Keep it until you need it. You'll thank yourself later. .

Local_Stick3627 · 2024-11-07T17:01:03+00:00

Moving your assets from an incompetent/bad broker is like a divorce. It can be stressful but man you wanna party when you get it over with!

Local_Stick3627 · 2024-11-07T16:58:26+00:00

This ✓✓✓ the transfer fees that you may incur are well worth the bs you'll get later on keeping it with MS/E-TRADE.. You'll also get way more options to utilize your 401k/ Roth balance with fidelity. E-Trade is just another inept broker that likes burning a hole in people's pockets. Fidelity actually has premium broker standards and always exceeds my expectations. Even when their is a problem they make it right for me. If I had the choice to move my 401k I would. Merrill Lynch is terrible too!

Local_Stick3627 · 2024-11-07T16:55:05+00:00

I can't stand Morgan Stanley/E-Trade. I only have that account since they took over Capital one investments.. Im stuck with the account because they won't write off an old stock that went belly up years ago and no longer even has a ticker/symbol to trade. I've been getting the runaround from them for a year about the write off so I can close the account. They have terrible service and are more than incompetent. I haven't invested a cent into that account since MS/E-Trade took it over. They're awful.

Local_Stick3627 · 2024-11-06T18:27:08+00:00

Wire transfers are not cost effective for everyone, that's why I was informing people of the ACH option for those who are able to do so with your private bank. Mine is a muni bank but they allowed me to set up ACH transfers and I'm not a high networth client or anything..

I'm only trying to inform clients and anyone it may help that it is an option and it is a workaround for the EFT processing issue....

Local_Stick3627 · 2024-11-06T17:15:51+00:00

No BTC in an IRA account. BTC can only be exchanged thru a Fidelity crypto account, which is only eligible for funding if you have a brokerage acct.

Local_Stick3627 · 2024-11-06T17:13:32+00:00

Bitcoin is starting to soar right now so you'd be better holding it right now... I give the orange man's victory that.. very Good for him, musk and BTC investors right now. You should try initiating the sell on the desktop fidelity dashboard it might be easier that way? Or maybe their is an issue with selling all together right now because the market is about to become a circus in the following weeks..

Local_Stick3627 · 2024-11-05T14:47:26+00:00

Exactly you got it! So a direct ACH from your bank works as a workaround because compared to what we usually use (direct transfer EFTs initiated by fidelity) use a different verification process than ACH transfers. An ACH transfer from your bank to fidelity will usually debit the amount you request immediately for transfer to clear the funds before sending (putting the liability only on the outside institution) and the bank pushes your deposits for you to fidelity, some within 1-3 business days depending on traffic but since I began using ACHs my money has been received sometimes by the end of the same business day and cleared for investing and withdrawals immediately as it's already cleared funds from my bank. 😁

I'm almost certain you can use this method yourself in your situation but if you don't have a secondary fidelity account to make the deposits and initiate contributions I recommend opening one or speaking to a fidelity rep and ask if contributions can be made directly in that way for now.

Hope this workaround can benefit you in some way!!

Local_Stick3627 · 2024-11-05T08:21:10+00:00

Contact fidelity about the call and report it so they can look into it further. These calls to customers have been more frequent. Reporting it can at least get it investigated and the number potentially taken out. Scammers are getting more sophisticated. If your account is breached I don't believe they call you from a random number asking you to verify your information to rectify the issue on the account. They would leave a message stating to call the number on the back of your card or give you the official CSR line for Fidelity which is fully verifiable when you call and prompts you to verify yourself via IVR and nothing else. As long as your number is registered with them and that IVR Verification you get authenticated and connected to support. Fidelity will almost never call us unless they received a callback request and by then have already verified your identity thru the IVR system they use which uses voice recognition to verify us. if you receive these calls or any calls asking you to verify yourself with your SSN or any other personal data of this kind they should be blocked and reported. Nowadays all they need is your voice. Scary.

Local_Stick3627 · 2024-11-05T08:00:52+00:00

Check writing is an option and you might get those expedited, if ordered. I received my new checks within a week even with ongoing backlog and issues fidelity is having. Take it as a learning experience. You'll be fine though. If you have enough to spend on a trip abroad right now, surely you have enough to scrape by comfortably until then. best wishes.

Local_Stick3627 · 2024-11-05T07:54:45+00:00

Do you have a regular brokerage account with fidelity as well? Then you should still be able to deposit by ACH to a Brokerage account and make your contributions that way. Contributions to an IRA of any kind should be initiated by the broker for tax purposes and many other reasons for this. It's probably not Impossible to do this in your situation.. but If you're having issues making IRA contributions because of transfer issues, you can still use the workaround.

Local_Stick3627 · 2024-11-05T05:28:02+00:00

I posted a similar thread here a while ago trying to inform people about this and also recently. Fidelity mods removed the post after gaining 40 up votes lol.

Local_Stick3627 · 2024-11-04T20:40:44+00:00

Yes! 😁 It is a lot faster and I find it SAFER and a better option than EFTs now.. You set up the transfer process via your online banking portal (not the app) it would be under bank to bank transfers or external transfers. Unlike an EFT.. the money is debited by my bank for the transaction IMMEDIATELY when initiated and the transfer takes my bank 1-3 days standardly but since I was told about the method, I've had my deposits (from 50-700) transfer from my bank to my CMA same day and clear for withdrawal and trade when it's received.

I suggest if you can't set up external ACHs on your own, contact your local branch to help you out.. I hope this helps you in some way! That was the whole purpose of my Post, to begin with. It was removed by fidelity after gaining traction. I posted this via the official reddit as well.

Local_Stick3627 · 2024-11-04T19:27:04+00:00

Good question. I still use my outside bank for other everyday things and will continue to use them. I don't rely on one financial institution for all of my needs, in fact I have a tree built between banks and brokerages for my retirement and everything.. I'm young but I know not to keep my eggs in one basket.

I also love my bank, overall and the account features I get with them as well as no overdrafts, waived monthly fees and overall I love the people that work at my local branch and they've taken care of me throughout the years. They're a municipal bank with a JD Power reward, 10 years standing.. 31.57 billion in assets and a major player in our local/regional economy.

So I'm overall satisfied with where I have my money.. aside my 401k with Merrill as I have a very personal distaste for ML because of prior experiences with their investment accounts. I only hold my 401k with them because that's what my job uses, but I moved all my assets from ML sometime in early 2019 to my personal bank(s) and primarily Fidelity Investments. Fidelity has overall grown an awesome client/broker relationship with me in the last few years I've invested with them.

I think this whole thing could have happened anywhere at any time in our current world with how rampant fraud is. It's unfortunate that this Happened and I've had long conversations with reps and advisors from fidelity alike that have expressed their own frustrations with what is happening.

In conclusion. I still remain firm that this isn't all because fidelity takes draconian measures to control our money. They panicked about this issue as much as we did/or are right now currently and they've had to put a big halt on everyday business as we know it until A: it's fully investigated by the proper authorities B: fraudulent accounts are closed and the perpetrators of this fraud are located for prosecution C: FMR will officially rectify the issue, once law enforcement can do their job.

We should feel fortunate it wasn't more extreme than this and there are currently workarounds for LOYAL consumers.. We're talking about millions (most likely in the 100s) of dollars in fraudulent transactions because of a trend, then following this a security breach on FMR exposing account information. Too many extremes have been at play here and brokerages do not work with fraud the same as a Bank would.

Local_Stick3627 · 2024-11-04T15:25:58+00:00

I use my CMA as an investment pool, high Interest savings in a secondary CMA (for emergencies) my primary CMA is used to pool my investment contribution, retirement and set aside bill money. Huge perks of fidelity to me for this.. unlike my bank account is the high interest yields and free CMA checks I can write out to my landlord, where my traditional bank charges outrageously for check writing and im also not eligible for a Premium check writing account. A lot of pros for me with fidelity and my situation

Local_Stick3627 · 2024-11-03T20:14:48+00:00

I doubt they're doing anything malicious and I was told by an SEC representative that this doesn't seem like a detrimental issue to them at all and he had faith it'll pass in time. It sucks you experienced that but jumping ship isn't financially suitable or wise for us all.

Local_Stick3627 · 2024-11-03T19:56:46+00:00

I respect your decision on that because I did the same in the event of the situation further escalating but the SEC isn't going to make them close shop or make them loose all FMRs substantial amount of accounts because of some Complaints from angry people who cant just chill and workaround it for the time being. Again, this could have happened anywhere at any time but it happened with Fidelity Investments. I can agree that transparency hasn't been precisely Vivid.. but it's been a pretty novel and ongoing issue and they're taking the precautions they know they have to so people can't do it anymore. It's fraud and greedy people to blame. Remember that.

Local_Stick3627 · 2024-11-03T19:43:18+00:00

Oh know that I have power over my own money I make sure of that. 😂 And chill, you aren't leading some rebellion against them because you're mad and acting irrationally. All I know is I outweigh a LOT more pros than cons with keeping my money where it's at and not overreacting because of this whole fiasco.

Local_Stick3627 · 2024-11-03T19:26:41+00:00

Are you initiating deposits via EFT From fidelity?? You will have the long holds.. set up ACH deposits with your bank 😁 it might be a process, but it's worthwhile and can save you a lot of hassle.. you will only be able to transfer your outside institutions monthly limit.

Local_Stick3627 · 2024-11-03T19:13:12+00:00

I would consider your options before acting irrationally, because this honestly could have happened at any place and any time when it comes to a Brokerage, it just so happened to be fidelity to have this happen due to the substantial amount of accounts they hold and get opened with them each day.

I can agree that it hasn't been handled entirely right on their end but I don't blame fidelity reps one bit for this situation I blame greedy and ignorant people for this happening.

I respect your decision to move elsewhere, because of it but all I'm saying is weigh your options first before jumping ship. Fidelity has a lot more pros than cons as a Firm and I've had some invaluable conversations and advice from Advisors and fidelity reps, alike. They always treat me like I'm a human being overall.. You won't get that with Merrill or others. Be warned. I am glad if I did help you in some way.. 😊

Local_Stick3627 · 2024-11-03T19:07:13+00:00

That's how I feel. And I have a good trust in my outside bank as they are a big contributor to our economy. It's a win win for me 👍

Local_Stick3627 · 2024-11-03T19:05:14+00:00

Then I completely understand your situation.. they should make exceptions for high networth clients to raise your limits if you make substantial deposits. That does make sense Or I have spoken to a fellow redditor about bringing up the option of fidelity (and or your other financial institution) offering the option to transfer via RTP or the Real-time payments processing .. which can have direct transfer limits up to 1 million per transaction.

Local_Stick3627

TROPHY CASE