Struggling to Deposit Cash into My Fidelity Youth Account
Main Problem:
- The user is unable to deposit paper money into their Fidelity Youth account, with multiple attempts at ATMs resulting in transaction denials.
Solutions Discussed:
- Physical cash cannot be deposited directly into brokerage accounts at Fidelity ATMs or branches.
- Parents or guardians can transfer funds from their Fidelity accounts to the teen’s account.
- Deposits can be made via electronic funds transfer (EFT) or bank wire if the teen has their own bank account.
- Checks can be deposited using the mobile check deposit feature or by mail.
- Teens can transfer funds from digital payment apps like Venmo, PayPal, or CashApp to their Youth account.
- For cash deposits, the user can consider depositing cash into a bank account first and then linking that account to Fidelity via EFT.
Here’s the full thread
Youth account depositing
Hello! I’m having an issue with depositing paper money to my debit card. I have tried going to multiple banks and ATMs, including ones affiliated with Fidelity, but no luck. After hitting the “deposit” button on the ATMs and then putting money in, it just says that the “transaction has been denied.” In the past, I have successfully put money on my account through online means, so that is not the issue. Has anybody has faced this issue, and if so, hoe have you resolved it?
Fidelity doesn’t accept deposits made with a credit or debit card. We do accept electronic funds transfers (EFTs), bank wires, checks, automatic investments, and transfers from Fidelity or non-Fidelity accounts.
Hi there, @Y3ll0wn1nj4. Thank you for bringing your question to our Discord. Before we dive into some information, we want to thank you for your interest in adding funds to your account and investing with us. I can certainly provide some clarity on this.
While we offer some features that a bank does, Fidelity Investments is a brokerage and investment company, and this does change the way we function in comparison to a typical bank. One of those differences is that physical cash cannot be deposited into brokerage accounts at an ATM or a Fidelity branch.
That said, there are a number of ways to deposit funds to a Fidelity Youth account:
• The parent/guardian can transfer cash from the parent’s Fidelity account(s) to the teen’s Fidelity account
• The account can also be funded by electronic funds transfer (e.g., ACH) if the teen has their own bank account or bank wire
• The account can receive checks by using the mobile check deposit feature or depositing using the US Mail
• Teens can transfer funds from digital payment apps (e.g., Venmo, PayPal, CashApp) to their Youth account
To learn more about funding Youth Accounts, click here to view the account funding and money movement section of the FAQs.
The Fidelity Youth Account FAQs: https://www.fidelity.com/go/youth-account/faqs
If your specific need is to deposit physical cash into your Fidelity account, you may consider depositing the cash into a bank account and then linking that account to your Fidelity account via Electronic Funds Transfer (EFT). You can review deposit methods at the link below.
Depositing Money Into Fidelity: https://www.fidelity.com/customer-service/deposit-money
Remember, we’re here if you need us going forward! As always, don’t hesitate to reach out if you have any future questions. 🟢