Withdrawal Restrictions on New Fidelity Account
Here’s a summary of the main problem and the solutions discussed:
- Main Problem: The user is unable to withdraw money from their new account, receiving a message stating that withdrawals are not possible.
- Solution: The inability to withdraw may be due to a collection period for recently deposited funds, which typically lasts 2 to 6 business days.
- Advice: Users can check when their deposit will be fully collected by navigating to the “Cash Management” section on Fidelity.com.
- Recommendation: If the user is still facing issues after the collection period, they should contact Fidelity directly for assistance.
Here’s the full thread
my account is new and I want to withdraw my money out, but it says cannot withdraw money from this account
Thanks for reaching out to us on Discord this afternoon, @User#0541.
As there could be many reasons behind this, I’ll outline a likely scenario based on your situation.
If you recently deposited funds into your account, there are collection periods that are important to understand. 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 collections timeframes, Electronic Funds Transfers (EFT) can take 2 to 6 business days (not including weekends or holidays) to fully collect, and check deposit collection periods can vary. 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
In addition, you can see when your deposit is expected to collect on Fidelity.com by following the steps below:
1. Click “Accounts & Trade” in the top left corner and select “Cash Management” in the dropdown
2. Choose your specific account in the left column
3. Review the “Upcoming Activity” tab
Keeping that in mind, if you’d like us to review your account to determine the reason you’re unable to make a withdrawal, please reach out to us on a trusted channel through the link below.
Contact Us: https://www.fidelity.com/customer-service/contact-us
As always, feel free to let us know if you have questions!
so if I wait for a few days I should be able to withdraw?
@FidelityAidan
Great question, @User#0541. I’m happy to help.
That is likely the case if you deposited funds via Electronic Funds Transfer (EFT) to the account. As mentioned, deposits by this transfer method do go through a collection period of 2 to 6 business days.
Generally, when the funds are fully collected, the deposit amount will be reflected in your “Cash Available to Withdraw” on the “Balances” tab of Fidelity.com.
Please let us know if there’s anything else we can clarify!🟢
@User Not Found i just wanted to ask if withdrawing money is different with a junior isa account
Hi @User#0541, can you please clarify the type of account you have with us? Generally, the type of account you have with us does not effect the withdrawal process. 🟢
Junior Isa
@User Not Found it has been 6 days since I put money into my account and it says cannot withdraw money, call this number
In this scenario, we recommend calling the number in the message you received so that they can help review the account.
Please let us know if there’s anything else we can help with. 🟢