You're right. I rounded up a few days to get 4 weeks, but the actual number is 16 business days. I called Fidelity and was told "for now" they have the 16 day hold on ACH transfers. Wires are immediate. Also, if you have other accounts setup, or have standing instructions with Fidelity, you can get pretty much immediate transfer. Also, a Fidelity to Fidelity Xfer, then the payor can call and give one-time instructions to transfer, if below $100K.16 business days for deposits seems to be the new normal with Fidelity, include a couple of Holidays and then yes, you're at 4 weeks. I think everyone should expect mobile check deposits and ACH pulls into their Fidelity account to be held 16 business days going forward, if you make a deposit and its less then a 16 day hold, consider it a bonus, but don't expect it to happen the next time or come to depend on it being quicker. Even if the last 10 cleared in a day and you've never had a hold, the next 1 might get held and it might be the one that was critical to paying some bill.I just deposited a check at Fidelity using their mobile App. The check was from a relative that also uses Fidelity, so the same bank. Fidelity is saying 4 weeks to withdraw the funds. I know they've experienced check fraud problems, but that's rather extreme. If 4 weeks is the new normal then I don't think Fidelity can be a one stop shop. I hope they get their house in order.
If a 16 business day hold is a problem, then deposit your check somewhere that is subject to Regulation CC compliance.
I drilled down a bit on the "for now" and it seems they are working toward reducing that number. Right now they are in a "stop the bleeding" mode.
Statistics: Posted by Leif — Sun Dec 22, 2024 12:06 pm — Replies 7488 — Views 1460926