[USER]

I just got off the phone with fidelity. Transferred $7K to traditional IRA on 1/3 (for Roth backdoor conversion) and the funds won’t become until 1/28!

I was told that the clearing house is putting a hold on funds availability across the entire industry.

I just recently moved all my accounts from vanguard to fidelity and vanguard never had this kind of hold, so I’m not sure if it’s true that this applies to the entire industry or if this is what fidelity does or it’s just my account!

Note that my accounts are considered as high net worth, overall with other investment accounts over 2M.

Anyone else experiencing the same thing?

[Amy]

You probably transferred money into Fidelity using ACH pull—initiating the transfer at the receiving institution. You will need to wait for that money to settle before it will be allowed to leave the receiving account.

With an ACH pull, the receiving institution can’t trust that the money exists in the sending account until settlement.

Use ACH push in the future—initiate the transfer at the sending institution.

Your money will be available immediately upon arrival in the receiving account.

The receiving institution trusts that the sending institution wouldn’t transfer money that doesn’t exist.

[Tara]

I don’t understand this either although I have not had a problem yet. Every month I use the transfer tab in Fidelity and move money from an external checking account into my Fidelity accounts (Roth IRA/brokerage/Solo 401K).

Is this considered pulling or pushing?

[Zach]

I literally just transferred 1.5k into my Fidelity IRA an hour ago and bought ETFs immediately.

I’ve always had immediate access to any funds I transfer in instantaneously and I am not a high roller VIP or anything.

Not sure why you are having trouble.

[Megan]

Yes. Best to PUSH into Fidelity vs PULL.
Fidelity has throttled pills and also check deposit limits.

[Ron]

These days, I deal with vanguard, Schwab and Fidelity. It always takes me 2 weeks to transfer accts from one institution to another.

My longest transfer ever was from Merrill/Bank of America and it took 6 weeks for some stupid reason in 2016.

[Holly]

Be aware also that even if you try to do a PUSH, some banks don’t okay nice with Fidelity’s CMA account and won’t connect.

[Kat]

I recently did exactly the same transaction at Vanguard and the wait was only 1 week

[Author]

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