Why this happens to me？

ByAmara5

  • Main Problem: Viviani is unable to place an order due to a requirement for cash collection on stock and option orders trading below $3 per share, which can take 4-6 business days.
  • Solution Discussed: Electronic Funds Transfer (EFT) deposits are typically fully collected within 2-6 business days, and placing trades for certain securities requires cash to be collected before the trade can be executed.
  • Efficient Transfer Method: Fidelity suggests using a bank wire for same-day settlements if received before 4 p.m. ET, or transferring settled funds from another Fidelity account, which are typically available immediately.

Here’s the full thread
Viviani
07/19/2023 at 00:55:10 PDT
(313112) This order cannot be placed. Stock orders and open option orders trading below $3 per share require clearing and cash collection from the most recent deposit, which typically takes 4-6 days.
FidelityMarian
07/19/2023 at 06:09:35 PDT
Great seeing you back on our channel, @Viviani! You would receive this error if you are placing a trade for certain securities that require cash to be collected for the trade. As a reminder, Electronic Funds Transfer (EFT) deposits are typically fully collected within two to six business days. This doesn’t include weekends and holidays. While Fidelity allows clients to purchase securities using uncollected deposits, some securities require all cash to be collected. Let us know if you have any additional questions. 🟢
Viviani
07/19/2023 at 19:27:08 PDT
That means they will work after 2-6 business days, right? That means I can deposit cash and other bank transfers without this happening, right?
Viviani
07/19/2023 at 22:06:41 PDT
Which transfer method should I choose to be more efficient next time?
FidelitySean
07/20/2023 at 06:08:47 PDT
Thanks for following up on this. There are a few different ways to deposit funds with us. A bank wire will settle same-day when received prior to 4 p.m. ET. You can also transfer settled funds from another Fidelity account, and those will typically be available immediately. Learn more about depositing funds with us here: https://www.fidelity.com/customer-service/deposit-money Thanks for choosing Discord for your service questions! Glad to have you here. 🟢

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