Just received a Debit card from fidelity but i don’t know how to put money into my account
Here’s a summary of the main issue and solutions discussed in the conversation:
- Main Problem: The user, Dan, is seeking ways to deposit money into his account without having a bank account.
- ATM Deposits: Dan can only use an ATM to deposit money into his account since he does not have an active bank account.
- Check Deposits: Fidelity confirmed that they accept check deposits, and Dan can use mobile check deposits as a method to fund his account.
- Cashier’s Checks: Dan was informed that he would need to obtain a cashier’s check from a bank to deposit cash, as Fidelity does not issue them.
- Using Venmo: Dan can connect his Venmo account to fund his Fidelity account without incurring fees.
Overall, Dan has several options to fund his account, including using ATM deposits, cashiers’ checks, mobile check deposits, and Venmo transfers.
Here’s the full thread
is the only way to put money into my account through an ATM? i don’t have a bank account yet.
Yes Dan. Since you don’t have an active bank account you will have to make a use of an ATM depositing into your account.
Hi there, @dan.
While Fidelity is not able to accept the deposit of physical cash, we do offer a variety of other deposit methods that can be used for funding your account. I’ve included a link below for you to review all of your choices.
Depositing Money Into Fidelity: https://www.fidelity.com/customer-service/deposit-money
We’re a great resource for general questions, so please don’t hesitate to follow up with us if there is anything that we can clarify. 🟢
Hi thank you for the response! I just called a fidelity representative and they said the only way to get cash into my account is go to a physical bank location and exchange my money for a cashiers check to deposit into my account. Is this true?
I can confirm that we can accept check deposits. You can learn more about mobile check deposits here: https://www.fidelity.com/mobile/mobile-check-deposit 🟢
What’s the best way to get a cashiers account without paying a fee for it (or is it even possible)
or could I have someone else make it for me and I just upload it to my account
Great questions, @dan!
Since Fidelity does not issue cashier’s checks, you’ll need to work with your bank to review this process.
Please feel free to follow up here if any other questions come up. 🟢
Would I be able to send it from a Venmo account to my cash management account?
With no fees?
You certainly can, @dan!
The following link will walk you through how to connect Venmo to your Fidelity account.
Venmo and your Fidelity accounts: https://www.fidelity.com/security/third-party-app-protection/venmo
🟢
Thank you
And if I open a brokerage account and just keep my money in there, it will be autosweeped and earn interest i believe. Would that interest that I make be taxable?
Is it possible to lose money that is autosweeped
You’re welcome!
Yes, when you deposit money into your Fidelity account, the cash goes into your account’s core (cash) position. All Fidelity brokerage accounts have a core position. The core position acts as a wallet, holding all of your account’s uninvested cash.
The core position in a brokerage account is held in a money market mutual fund, most commonly The Fidelity Government Money Market Fund (SPAXX). Money market mutual funds, like SPAXX, accrue interest daily and pay it out on the last business day of each month.
You will receive tax form 1099-INT next year showing the taxable interest.
As some additional information, money market funds are fixed-income mutual funds that invest in debt securities characterized by short maturities and minimal credit risk. Money market funds seek stability to maintain their net asset value (NAV) at $1.
You can learn more about money market funds here: https://www.fidelity.com/learning-center/investment-products/mutual-funds/what-are-money-market-funds
We’re here to help if you have other questions! 🟢