Can’t transfer to bank
Summary of User’s Issue and Solutions Discussed:
- Main Problem: The user, Semaas, is unable to transfer funds from their Fidelity account to their bank account.
- Account Type: Semaas has a personal brokerage account with Fidelity.
- Possible Reasons for Transfer Issues: Semaas may have recently deposited funds or needs to sell some securities before withdrawing funds.
- Collection Period: Funds may be subject to a collection period, typically taking 2 to 6 business days depending on the deposit method.
- Immediate Options: To avoid collection periods, Semaas can use bank wires or direct deposits, which are fully collected upon receipt.
- Additional Resources: Fidelity provided links for understanding deposit methods and avoiding cash trading violations.
Here’s the full thread
I have a good bit of money in fidelity and I would like to transfer it to my bank account but it will not let me
Which bank are you transferring to and what type of fidelity account do you have?
Thank you for reaching out, @Semaas.
In order for us to best assist you, what type of account do you have with us? For example, is it a personal investing account, like a brokerage account or an IRA, or a workplace plan, like a 401(k)?
Please let us know and we’ll follow up with the relevant information you need. 🟢
Personal brokerage account
It sounds like you either recently deposited funds or you need to sell some securities before you can withdraw any funds. To elaborate, when you deposit funds to your Fidelity accounts, some methods have a collection period. During the collection period, the funds are not available to withdraw from the account; however, Fidelity allows clients to place trades for most securities online with uncollected funds immediately, subject to security type and up to certain dollar limits. To review collection timeframes, electronic funds transfers (EFT) can take 2 to 6 business days to fully collect, and check deposit collection periods can vary. Still, most are fully collected within 2-6 business days.
If you wish to avoid collection periods, bank wires and direct deposits are fully collected upon receipt. You can learn more about deposit methods below:
Depositing Money Into Fidelity: https://www.fidelity.com/customer-service/deposit-money
You can see when your deposit is expected to be collected by reviewing your “Balances” tab. Here you will see the date that the deposit will be fully collected and appear in your “Available to Withdraw” balance. However, you are generally able to place trades with the funds you recently deposited as long as it shows in your “Available to Trade” balance. Keep in mind that if you are trading on uncollected funds, you’ll want to be aware of potential cash trading violations. We’ve included a link below with further details and examples.
Avoiding Cash Trading Violations: https://www.fidelity.com/learning-center/trading-investing/trading/avoiding-cash-trading-violations
If there is anything we can clarify or if additional questions pop up, please don’t hesitate to ask! 🟢