A lot of people like to use the Fidelity Cash Management Account in place of an ordinary checking account. Unfortunately, beginning a few days ago the account has been wonky with deposits, transfers and bill payments.
Many people are seeing recently that their Fidelity Cash Management Account (CMA) is holding funds on their ACH pulls into the account. When initiating from within a Fidelity a pull from an external bank account, Fidelity will quote an availability date of a few weeks later instead of the typical timeframe of a day or a few days. Even funds pushed into the Fidelity account from an outside account are occasionally getting held up for a few people.
Many reports indicate mobile check deposits being even more problematic with long hold times until the checks clear.
Most surprisingly, some people report getting their bill payments cancelled, e.g. if you have your mortgage set up to be paid from within the Fidelity bill payment system it might not actually get paid.
These measures are all likely fraud algorithms trying to keep criminals at bay. That said, it’s frustrating that Fidelity isn’t doing a better job communicating with their customers. If this continues it can render the CMA no longer suitable as a checking account alternative. Note: many have noted that only transfers to the CMA are sometimes slow while transfers to the brokerage account directly don’t seem to have these issues.
All of these issues seem to be affecting more often those CMAs which are on the newer side. You can read more about user experiences in this DoC comments thread and on this long Reddit thread. Let us know your own experiences in the comments below.
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Anyone run into this with Fidelity?
I previous added my Live Oak Bank savings account to Fidelity by their sending two test deposits to Live Oak and verified, it is still connected.
Today I wanted to add a second Live Oak Bank savings account but Fidelity now says: "We tried to link your bank using your account and routing number, but need more information to verify your account" and says to use Finicity but Live Oak isn't supported by Finicity.
I've connected two different accounts at other banks before without any problems and most of the times didn't even need to send test deposits or use Finicity on the second account.
Yeah, they changed their procedures.
#1982361
I pulled funds into Fidelity which posted on 2/7, and those funds are showing an available date of 2/21 whereas previously I was having the 3-week holds.
Hopefully this is a sign of a trend back to the previous standard hold times(5 days?).
Because getting punched 2 times is still better than getting punched 3 times in the face @guest_1927335 @guest_2003421 Wishful thinking
I concur and experience the same result. Initiated a Fidelity pull ($10) a few days ago from an external acct. and hold time is now at 2 weeks where before they held it for 3 weeks. Let hope they keep reducing it and bring it to 1-2 days hold. P2 acct. never experienced any hold delays issues when pulling any amount. Not sure how some of us were targeted with the issue.
Sadly, Fidelity has become unusable for daily banking. Maybe that was their aim? Can anyone point me to a real bank?
all of you saying fidelity is great. they suck!! i have an account....and not new...and i transferred just mere $250 and 3 weeks hold. this bank is a JOKE. on top of that very clunky website. i hate it
Fidelity isn't a bank. It's a brokerage. When you transfer money into your Fidelity account, the transfer is processed by Chase bank (for wire transfers) or UMB bank (for ACH transfers). When you transfer money out of your Fidelity account, the transfer is processed by UMB bank.
Yes, but the withdrawal hold times being discussed are definitely a function of fido's risk management.
What else are you doing that would be considered abnormal?
Don't be a troll please
If I'm a troll, I would post anonymously. I have pulled larger amounts without extended hold time. People are doing something which Fidelity does not like.
Fidelity isn't calling the shots. It's Fidelity's partner banks, Chase and UMB, who call the shots. Those banks process incoming and outgoing transfers, not Fidelity. Fidelity is a brokerage, not a bank.
Restricted account may be related to AI triggered abnormal activity, but long hold doesn't looks like related to the abnormal behavior.
For any reason, certain account is in the whitelist, it will not experience the long hold.
1-2 business day hold account can be considered in the whitelist.
Before last September, up to 6 business day hold was normally used. There may be an exceptional 10 business day hold.
After September, what I can observe over the DPs are 1, 2, 16, 21 business days hold.
Now, Fidelity shows on the app as up to 10 business day hold.
It looks like return to normal.
But, I'm still wondering how many account will see the 10 business day hold.
I think it will be related to the asset balance of the account.
If the mobile check deposit limit is $1000, I don't think this account is in the whitelist.
If $500,000, it has the high chance of in the whitelist.
They're watching you, lol.
#1982061
Fidelity has become increasingly annoying when adding a linked bank account via the trial deposit option. It keeps telling me "We tried to link your bank using your account and routing number, but need more information to verify your account." with different bank accounts I haven't added to Fidelity yet. I don't trust Finicity (you login to your bank account using their system) because there is a lawsuit against them for selling users online bank account information but it seems like they're pushing many people to use Finicity.
Agreed. What's the point of offering micro-deposit linking when they then insist upon the Finicity BS?
Supposedly you can fill out an EFT form and send it to them in a message, to manually link a bank. https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/electronic-funds-transfer-and-bank-wire.pdf
With account balance of $650K, pulled in $200K. All funds were available after 2 days.
Hello xxxxx, we are unfortunately experiencing these extended hold times on EFTs initiated on the Fidelity platform. These long hold times are a result of the large amount of check and EFT Fraud that was happening throughout the end of the year. Due to this the clearing house the funds have to go through before they fully hit your fidelity has extended those settlement times. We are working on getting those hold times down as soon as possible and there are a few other ways to transfer funds to your accounts in a more timely manner we can go over as well.
Bank wires sent from your bank continue to receive and settle same day/next business day if after 4pm est.
EFT's sent from your bank rather than initiated on the Fidelity side have the normal 1-3 day receipt time and 3-6 day settlement of funds.
Wrong. EFTd $20k in to new CMA from NavyFCU.
23 DAY HOLD. NO EXPLANATION.
The new CMA might be the reason. Most places put longer holds on new accounts.
What is everyone using as a direct deposit hub now for bonuses?
I have 2 cash transfer from a credit union and Fidelity is holding it for 2-3 weeks as soon as I have a years all money cleared I closing after years of being with them might have been ok if they were up front but they just keep it not telling your customers about it we do not live in Russia or China do we? I hope everyone pulls there money out of Fidelity
Just got a 25 day hold time when I pushed $5000 to my brokerage account in the Fidelity app from my bank account, won't clear until Dec 22nd unless that changes. I feel like they're doing this for interest reasons and not fraud. Having billions held up for weeks is earning them a lot of interest to make up for their failed business decisions (Fidelity Bloom, etc.).
If you used the Fidelity app, that is called a pull and not a push.