Understand and resolve Good Faith Violations on Fidelity accounts, with guidance on trading rules, avoiding violations, and managing unsettled funds to maintain account compliance.
Summary of User’s Problem and Solutions Discussed: The user reported that their deposited check went into their investments value instead of their cash balance. One suggested solution is to wait approximately 3 days for the check to be processed. Fidelity mentioned that checks deposited through the Mobile Check Deposit feature take 2-6 business days to…
Here’s a summary of the main problem reported and the solutions discussed: Main Problem: The user deposited a check, but instead of the funds going into their cash balance, they appeared as available to invest. Wait for Settlement: It is suggested to wait approximately 3-5 days for the deposited check to fully settle and for…
Main Problem: The user, Batilda, is uncertain about when the proceeds from her stock sale, initiated on June 28, will be available in her bank account. Solution Explained: The proceeds from the sale will first deposit into her core position and are not automatically transferred to an external bank account. Steps to Transfer Funds: To…
Summary of User’s Issue and Solutions Discussed: The main problem reported by the user, Cocoa, is being flagged as a Pattern Day Trader (PDT) despite only trading shares bought the previous day or earlier. Fidelity provided a contact link for Cocoa to reach the margin team and discuss the PDT issue: Contact Fidelity. Cocoa confirmed…
Summary of User’s Problem and Solutions Discussed: The user, loobles, is receiving a notice to deposit funds into their account due to a day trade minimum equity call, despite having no negative balances or margin balance. Fidelity explained that if a user has made at least 4 day trades within a 5-day period, their account…
Main Problem: The user accidentally received a Good Faith Violation (GFV) and is unsure when it will be removed from their account. Solutions Discussed: GFVs remain on the account for a rolling period of 12 months. If three GFVs are accumulated within 12 months, the account will be locked for trading with settled funds for…
Summary of User’s Issue and Solutions Discussed: The user, samTN, reported receiving a restriction on day trading for 90 days due to multiple Day Trade Calls, despite believing they had not violated the intraday margin requirements. Fidelity’s representative explained that Day Trade Calls occur when trades exceed intraday buying power and highlighted the consequences of…