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Fidelity Youth Account Transfer Time
Posted on 10/22/24 at 9:40 pm
Posted on 10/22/24 at 9:40 pm
Set up a youth account and at first it didn’t take long to transfer from my bank acct to my fidelity acct, then to my sons youth acct.
Now it’s taking 4-5 weeks for the cash in my fidelity acct, after transferring from my bank, to settle and available to transfer to the youth acct to start earning that interest.
Anyone know a way around this or am I stuck with the waiting period?
Now it’s taking 4-5 weeks for the cash in my fidelity acct, after transferring from my bank, to settle and available to transfer to the youth acct to start earning that interest.
Anyone know a way around this or am I stuck with the waiting period?
3
Posted on 10/23/24 at 10:17 am to meeple
Why not transfer from your bank straight to the youth account? No need in funneling it through your account.
Posted on 10/23/24 at 1:50 pm to meeple
quote:
Now it’s taking 4-5 weeks for the cash in my fidelity acct, after transferring from my bank, to settle and available to transfer to the youth acct to start earning that interest.
Anyone know a way around this or am I stuck with the waiting period?
That holding time seems way out of the norm. I'd expect 3-5 days for money to move and clear. I'd give them a call and see what the specific holdup on on your account is. 800-343-3548
Posted on 10/23/24 at 6:52 pm to RolltidePA
My wife had this issue too. Took 15 days to clear a minor transfer from existing linked accounts. Getting fed up with Fidelity, may make sla switch
Posted on 10/23/24 at 6:56 pm to meeple
I never had that kind of a wait. Have you tried de-linking your account and then relinking?
Posted on 10/23/24 at 8:30 pm to theRealJesseD
I called and they said it’s temporary due to high levels of fraud. Frustrated because the high interest savings for my son is why I opened with them.
Posted on 10/25/24 at 4:44 am to meeple
That shows you an ineptitude on their AML/KYC (anti money laundering) department. If this was a first time transfer over 10k, maybe. But repeated transfers between verified customers with no red flags such as immediate withdrawal requests? I’ve seen $15k checks drawn ion foreign banks subject to international sanctions take less time than that.
Posted on 10/25/24 at 8:13 am to LemmyLives
If you set up the transfer on the Fidelity side direct from your account it shows up as available if not settled immediately for me. Faster than from your bank. I.e. pull rather than push the funds.
This post was edited on 10/25/24 at 8:14 am
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