Cash transfer from Schwab to Fidelity
Summary of User’s Inquiry and Solutions Discussed:
- The main problem reported by the user is the desire to transfer cash from their Schwab brokerage account to Fidelity and finding a faster method than the typical ACAT transfer, which takes 3-5 business days.
- One solution suggested is to use the ACAT transfer method, which is a standard process for moving assets between brokers.
- Another option discussed is to link the Fidelity account as a checking account in Schwab and initiate an ACH push from the Schwab side, which can expedite the process.
- The Fidelity representatives mentioned that Electronic Funds Transfers (EFTs) typically take 2 to 6 business days but allow for immediate trading once the funds are received.
- For faster access to funds, a bank wire transfer was recommended, as it is collected upon arrival and does not incur any fees from Fidelity.
- The user confirmed that they should classify the Fidelity account as a checking account when linking it in Schwab.
Here’s the full thread
Hi Team, I’m looking for options how to transfer cash from by Schwab brokerage account to Fidelity. From what I understand, I can request an ACAT transfer for the same. I moved some ETFs before using ACAT and it takes about 3-5 business days. Is there a faster method to move the cash? I tried to link the Schwab account as a bank account using Plaid but the system said it doesn’t support such accounts (I have an individual brokerage account at Schwab). Thanks in advance!
Hey there, @ndpian! Thanks for the question. You can always use the ACAT transfer method as you mentioned, or you may also try linking your Fidelity Account to your account at Schwab. To do this, you’d link your Fidelity account as a Checking Account, and use the routing/account info found in the link below (login required).
Direct Deposit Information for Your Accounts: https://digital.fidelity.com/ftgw/digital/direct-deposit-information/
Keep in mind, Electronic Funds Transfers (EFTs) take 2 to 6 business days to complete. We do allow you to trade with these funds immediately once we receive the money line (in unrestricted cash accounts) so if your goal is to invest the funds, this may not be a factor for you.
If you’re wanting to withdraw the funds from your Fidelity account as quickly as possible after transferring, you may consider a Bank Wire, as these are considered collected upon arrival. Keep in mind, other firms may charge a fee for this, but Fidelity will not charge a fee to send or receive wires.
Ways to Deposit Funds to your Fidelity Account: https://www.fidelity.com/customer-service/deposit-money
Hopefully these links answer your question, but if you have any follow-ups, please let us know!
Thanks for the quick reply! Yes my primary use case is investing as soon as my cash is transferred. So to confirm, the best way would be to add Fidelity as a bank in Schwab and trigger an ACH push from Schwab side?
Hi, @ndpian!
I am jumping in on @FidelityEmilio‘s behalf. Yes, you can absolutely try adding us as a bank to your Schwab account. Most firms, generally, do not charge a fee for ETF transfers, and the funds are typically received in 1-3 days, with 2-6 business days being the collection period after we’ve received them. In the event that you encounter an issue with the account not being able to support adding us, you may have to choose one of the other methods @FidelityEmilio mentioned.
Please let us know if you have any questions about that information.
cool thanks a lot for replying!!
qq: should it be a “checking” account for Fidelity when linking in Schwab?
Of course, @ndpian! Yes, the account should be classified as a checking account.
I am happy we were able to help. Don’t hesitate to reach out if you have any other questions! 🟢