New Brokerage Account, Can’t Link Bank
Here’s a summary of the main issue and solutions discussed in the conversation:
- Main Problem: The user, Storm, is unable to link their bank account to their newly opened Fidelity brokerage account, receiving an error message indicating ineligibility.
- Suggested Solutions:
- Another user suggested that the issue might be related to temporary fraud restrictions affecting new accounts, and recommended contacting Fidelity support for clarification.
- Storm considered creating a Cash Management account as an intermediary, but was advised against it due to existing fraud holds on such accounts.
- Fidelity representatives confirmed that linking an external bank account is possible with a Cash Management Account and encouraged contacting support for assistance.
- Ultimately, Storm resolved the issue after some time, indicating it may have been related to the verification process for their new account.
Here’s the full thread
Hello! I have just turned 18 and I decided to open up a Fidelity brokerage account to hopefully start investing. I believe I was successful in opening my brokerage account but every time I try to do Add Funds > Link Bank I get this message “Your accounts aren’t eligible to link to a bank or recipient”. Is linking a bank the right thing to do if I want to add funds from my bank right into the Brokerage account? Can you not link directly the bank and brokerage account, do you need to make a “Cash Management” account that is like an intermediary or something? Any help would be greatly appreciated! (Also I am not sure if this is important, but without doing anything else than just creating my brokerage account, it somehow has my workplace’s 401k plan as an option to enroll in for another account.)
I can’t be sure if it’s related and a quick call to Fidelity support might help you confirm but due to the temporary fraud restrictions a lot of features for new accounts are being suppressed. I have a new account and account linking with Chase won’t work right now. Look up check fraud Chase and check fraud Fidelity and you’ll get some articles with details.
Do you think it would be good to try and create a different account type like the “Cash Management” one and try linking my bank to that one and transfer from that to the brokerage one?
No I have a cash management and that’s where the bulk of the fraud holds are. I wouldn’t create another new account in a short period of time because that might be even worse. I would call support and explain what’s happening and get them to confirm if it’s a fraud hold. They can’t lift them until an account audit is completed but they can verify that’s your problem.
Hi, @Storm
You can link an external bank account to a Cash Management Account (CMA). However, since you are experiencing trouble, we recommend giving us a call so we can look into this with you.
Contact Us: https://www.fidelity.com/customer-service/contact-us
Link a Bank: https://www.fidelity.com/customer-service/money-movement 🟢
Thank you for the information! But when I logged back into it today it worked. I assume it just needed time to verify my identity and everything since it was a new fidelity account? Either way it worked and the information was still very informative!
Hi there, @Storm, that’s great news! Glad to hear everything worked out. Please don’t hesitate to reach out whenever you need us. We’re here and happy to help. 🟢