Confusion Over SPAXX Transactions in My Youth Fidelity Account
Summary of User’s Issue and Solutions Discussed:
- Main Problem: The user has experienced unusual transactions related to SPAXX, resulting in a negative cash balance after funding their Youth Fidelity account and starting to invest.
- Possible Explanation: Fidelity representative clarified that the SPAXX fund is the default core position for transactions in the account, which may help in understanding the transactions.
- Request for Clarification: Fidelity asked the user for more details about specific line items to assist in resolving the confusion regarding their account balances.
Here’s the full thread
i recently created a youth fidelity account and added money to it. when it arrived immediately i started to invest, but later there was weird transactions about spaxx and my cash credit/debit is on negative. i dont know what that means but all the money i added has been taken from my bank and i assume the transactions are complete. is there something to worry about?
Hi @💸. Can you tell us a bit more about the line items you are referring to?
For many Fidelity brokerage accounts, including the Youth account, the Fidelity Government Money Market Fund (SPAXX) is the default core position. The core position is where all transactions are processed in your account, including deposits, trades, and withdrawals.
Do your account balances accurately reflect recent purchases you have made? 🟢