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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I was fine with extended hold times since as a revolving door there's always enough available balance in my Fidelity accounts to do what I need. However, now it appears linking external accounts is going to be a pain going forward.
Trying to link Christian Community CU account to Fidelity. First enter routing and account #s, of course it wants to go through Finicity. Fine, but after that Fidelity wants a document upload. Thankfully applied end of March and already had a statement, so I upload that. OK, the page says it'll take a few days. A few minutes later the activity status tracker page says upload required.
https://digital.fidelity.com/ftgw/digital/activity-status-tracker/
I didn't hesitate and uploaded the statement again. However, had I checked email first I would've seen the message from Fidelity stating the document had missing/incorrect info (has member # but not the ach #s, maybe that's the reason?). Anyway, another 5-10 minutes later the status page linked above shows the request is "complete", and there's also another email that says "We're working to link your accounts" which will take 1-5 business days.
... So I have no idea if they actually approved the new account link or not.
I never thought I'd say I miss Plaid, but here we are. Fidelity was great because linking accounts was almost always seamless. I don't see a comparable alternative for a primary hub, somewhere that I can easily link new accounts to move $ in for funding or out after DDs arrive.
The killing blow will be when Fidelity enforces current and/or lifetime limits on the number of linked accounts, or if they stonewall non-EWS banks completely like Schwab does after a certain point.
Regardless, the crapification of Fidelity as a hub is a huge bummer.
Just wanted to follow up, today Fidelity sent an email alert for an account document which says the EFT link for the Christian Community CU checking was approved and will be effective on 4/11.
Today I began linking the CCCU savings. Went through Finicity first instead of attempting to use routing and account numbers, selected the savings, then Fidelity said they'd send two trial deposits.
I suppose Fidelity doesn't need another doc upload because the system knows it's the same institution already linked via a different account.
Either way I'm probably not going to attempt linking any new accounts (> 10 days old) to Fidelity in the future unless I have a statement or direct deposit authorization form handy just in case.
• What day did you apply to Christian Community CU?
• What day were you approved?
• What day did you try to link CCCU as an external on Fidelity?
I've found that trying to link too soon causes errors that then become impossible to undo. I have been waiting 8 days (5 business days) before trying to link any external bank to Fidelity and have had no problems since allowing more time.
See #2019409.
Good luck, @guest_2039707!
3/28 - applied and approved
4/7 - linking CCCU to Fidelity
I do the same as you, waiting 5+ business days to link accounts (I wait 2-3 weeks with Treasury Direct). Here I'm just concerned that Fidelity will be sticklers with requiring document uploads in the future. Will they want us to fax these documents, too? :p
Plus, depending on when an account is opened a person may not get a statement for up to one month, which can throw a wrench into trying to fund an account within 30 days for example. Going forward I'm going to collect direct deposit authorization forms where available to use as my verification document in lieu of a statement.
I know Fidelity has a pdf for EFT authorization that you can complete and upload, but AFAIK the only reason to go that route is if someone wants to avoid Finicity. That method still requires a statement, voided check, or deposit slip.
https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/electronic-funds-transfer-and-bank-wire.pdf
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.
Update to my previous.
Been trying to link additional bank accounts in order to easily transfer funds from Fidelity for bank bonuses but have been unable to do so for a while now. Tried Chase last month and PNC today but have been unable to do so. Neither would connect through finicity or even allow me the option to send test deposits.
I contacted them through chat and got the following explanation:
"Due to a spike in fraud attempts across brokerage and banking institution, certain banks are no longer sharing information with third party services such as Finicity (like Chase, and PNC). When this happens a paper form must be filled out instead".
When I asked about sending test deposits, they said:
"Even with entering the account and routing information, we often have to digitally verify this information and request access to the account information from both you, and the bank. Since we are not able to do that, we have to use the form instead".
Don't know if this is just a Fidelity thing given the other problems discussed in this post, especially since I was able to link my Chase and Live Oak accounts to Fidelity without a problem.
Can anyone confirm if they've experienced this with any other bank other than Fidelity? @guest_1950544
When did you open your PNC account?
On 3/4 and tried to link on 3/5 and yes, understand that most are now saying to wait a week; however, when I tried to link another account that I've had over two weeks, I got the same message.
Here's the discussion I've had with others:
https://www.doctorofcredit.com/hub-accounts-ach-transfers-capabilities-fees-limits-across-financial-institutions/#comment-2019661
I had no problem linking PNC this week... but I haven't been using Fidelity much. Last account linking I think I did was Etrade/Morgan Stanley a couple of months ago.
I typically fund my account before trying to link other accounts.
https://www.doctorofcredit.com/pnc-up-to-250-400-checking-bonus/#comment-2033380
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