Need help getting money to go in my actual cash balance not available to invest section
Summary of User’s Problem and Solutions Discussed:
- The main problem reported is that funds deposited via check are not transferring to the user’s cash balance; they remain in the “available to invest” status for an extended period.
- One reason for the delay is that checks usually have a collection period to ensure they clear, which can take 2 to 6 business days.
- Fidelity allows clients to trade with uncollected funds, but withdrawal is restricted until the collection period is complete.
- To avoid collection periods, users can opt for bank wires or direct deposits, which are fully collected upon receipt.
- Users can track when their deposits are expected to be collected by checking the balance tab in their account.
Here’s the full thread
Hey guys I’m wondering how to make my money actully go into my balance not my available to invest account because I need to transfer some money btw I use the youth app
Able to invest is the same thing as cash. Fidelity youth’s core account (basically cash) is SPAXX, a money market fund.
I have this same problem I deposited some money with a check and it’s won’t transfer over to cash balance it’s just been sitting in my available to invest
Its waiting a few days to make sure the check clears and the person who is paying the check actually has that money in there account
It’s been sitting for over a week and it’s from my old bank so they definitely have that money
Well I definitely did
I know, thats happened to me before too, but it is just what happens. This is one way banks make money, by getting a few extra days of interest. Fidelity assumes the risk and give you the money early but you are unable to withdraw it to cash until the time has completed otherwise people would take advantage of this and start laundering money and stuff
If that makes sense
We appreciate you reaching out, @Joe. I’m happy to discuss deposit timeframes.
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 in your balance tab by expanding the line item.
If there is anything we can clarify or if additional questions pop up, please don’t hesitate to ask! 🟢