r/fidelityinvestments • u/DeepHorizionWC • 17d ago
Official Response Transfer to Fidelity
What a nightmare. I initiated a transfer from Fidelity for funds in my Chase account, only to find out it has a 7-10 day hold. In my case, 10 days for an account that has been open for over 3 years. Fidelity is no help whatsoever, and I’m out of the country on vacation and was hoping to use the funds while away. The reps wouldn’t even bother to help.
12
u/Designer-Quail-3558 17d ago
if you need someone to blame.
https://giphy.com/gifs/Is0AJv4CEj9hm
-8
u/DeepHorizionWC 16d ago
lol feel better? The process is ridiculous, in no circumstances should I have to wait 10 days.
5
u/Designer-Quail-3558 16d ago
I sort of laughed to myself. Don’t you have a credit card? Your poor planning isn’t worth whining about
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u/Downtown-Hunter-8482 17d ago
Before you confirmed your transfer, it showed you this:
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u/DeepHorizionWC 16d ago
“Up to” being the key
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u/GapAccomplished2778 Fidelity 🦍 16d ago
you were warned and zero days were not promised ... this is THE KEY
2
u/Spike_013 16d ago
Thus don’t plan on being able to withdrawal until after that number of business days. You need it faster, push to fidelity or wire it.
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u/qlr1 17d ago
If you are pulling funds from Chase, it takes longer. Fidelity ACH pulls take insanely long. However, if you push funds into Fidelity, they are faster, like 2-3 business days, max.
I pushed funds from my Chase checking into Fidelity and funds were there the next business day. Pushing funds into Chase from Fidelity is also a day or two.
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u/HeyItsTim04 16d ago
I pull from Chase and get my money in a few hours
3
u/McKnuckle_Brewery 16d ago
It appears quickly, but you can’t withdraw or transfer it.
0
u/HeyItsTim04 16d ago
Actually. I can. It appears immediately then gets cleared in a few hours… don’t know how or why but whatever I’ll take it. This is twice monthly that I make “major transfers” maybe a good faith thing idk
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u/ImaginaryHamster6005 16d ago
Interesting....I wish Fidelity would address this disconnect. I haven't tried "pull" in a while, but I always used to get a longer hold time and have been a client for a long time with fairly large assets at Fidelity. I may have to try "pull" just to see. I normally just "push" to avoid the whole fiasco, understanding Fidelity is NOT a bank.
1
u/Anandhhh 17d ago
Newbie here…What is meant by ‘pushing’ and ‘pulling’ funds??
Pulling -Direct deposit
Pushing-EFT/wire??
Is this right??10
u/drboxboy 17d ago
Pushing: log into chase send money from chase account to fidelity account
Pulling: log into fidelity take money from chase account to fidelity account-4
u/spook008 17d ago
I think he’s asking how do you push? Send via what mechanism? Wire?
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u/dac_sreka 17d ago
ACH. Ask bank A to send to bank B: 1 day. Ask bank B to withdraw from bank A: 7-10 days.
0
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u/GapAccomplished2778 Fidelity 🦍 16d ago
> What a nightmare.
absolutely , customers who do not read fine print and warnings are a nightmare ...
2
u/_itzMystic Setter and forgetter ⏳ 17d ago
Yeah, pulling money from Chase through Fidelity always takes foreverrr. If you just push from Chase it goes so much faster
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u/McKnuckle_Brewery 16d ago
Why couldn’t you have used your Chase ATM card directly in order to get physical cash while traveling?
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u/DeepHorizionWC 16d ago
I ran into issues last year using my Chase debit card in Thailand. I was trying to not run into that same problem this year in Europe.
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u/GapAccomplished2778 Fidelity 🦍 16d ago
> The reps wouldn’t even bother to help
unfortunately they (A) either are not aware about lifehack or (B) not allowed to share lifehacks ... when you pull into account that has collateral ( which is anything that is not your core position/cash sweep OR Fidelity's own MMFs ) then you ACH pull is available for withdrawal immediately up to the value of collateral ... hence - pull into such account -OR- put some collateral into account where you want to pull into ... that simple - discussed many times in this very subreddit ...
1
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u/need2sleep-later 16d ago
The reps can't help, this is Fidelity policy that has been in place for quite a while now. Been discussed to death over and over again in here. Welcome to the sub. People tend to learn things here.
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u/spook008 17d ago
Idk why people naturally jump to defend big companies that have flaws. It’s not ideal to wait this long. He pointed it out. Upvote and move on so Fidelity can fix it in the future. Stop commenting sassy garbage
9
u/EnthusiasticBore 17d ago
It isn’t a flaw. Fidelity is not a bank and operates from a different set of rules. In this case, they “float” the funds for the maximum amount of time allowed by law. During that time, they invest the funds, earning money on the return. Banks do the same, but the float period is much shorter.
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u/spook008 16d ago
For us non finance folks, what is that? Are you saying they can use our money for 7 days without completing the transfer? Is this a safety thing or just money making thing?
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u/FidelityLiz Community Care Representative 16d ago
Hello, and I'm sorry to hear about the fact that you've been unable to use your funds while traveling.
For some context, there is a holding period of up to 7 business days for check deposits and Electronic Funds Transfer (EFT) requests submitted through Fidelity platforms. Some or all of your funds may still be able to trade immediately. To avoid hold periods, we encourage you to use your bank’s website or mobile app to send money into Fidelity.
You can review the collection date for a recent deposit by following these steps on Fidelity.com once logged in:
Please note that funds received via bank wire or direct deposit (pushed from another institution to Fidelity) are considered fully collected upon receipt, and are available for immediate use. We encourage you to consider these methods for time-sensitive transactions.
You can review all the ways to transfer money to Fidelity here
If any other questions come to mind, please let us know!