Not sure if anyone has heard about the new 16 day+ holding period for new funds going into Fidelity, but I was recently considering the Fidelity credit card due to the no FTF.
I currently have the Wells Fargo Active Cash so I’m in no rush, but with all the negative talk around Fidelity on the banking side, I’m curious if anyone is considering moving their spend to a different 2% card
Not a Fidelity customer but I am curious about the issues Fidelity is having. What is going on?
Verne said:
Not a Fidelity customer but I am curious about the issues Fidelity is having. What is going on?
In an effort to combat a wave of check fraud, they’re holding deposits for up to 4 weeks before they’re made available for withdrawal.
@LILY
The goal of preventing check fraud is great. I follow r/scams and there are lots of reports of check fraud scams so it’s definitely happening. On the other side, 4 weeks? Wow. That is nuts.
Verne said:
@LILY
The goal of preventing check fraud is great. I follow r/scams and there are lots of reports of check fraud scams so it’s definitely happening. On the other side, 4 weeks? Wow. That is nuts.
The biggest issue is that they didn’t disclose the policy change. So people can’t get at their cash and it’s causing them to miss bill payments.
@LILY
Sounds like a disaster for both the customers and Fidelity.
@LILY
Shouldn’t that only be affecting people who use checks?
Mikel said:
@LILY
Shouldn’t that only be affecting people who use checks?
It’s also affecting ACH pulls (but not direct deposits or pushes)
Mikel said:
@LILY
Shouldn’t that only be affecting people who use checks?
It’s also affecting ACH pulls (but not direct deposits or pushes)
Only on some people, has not touched me.
Mikel said:
@LILY
Shouldn’t that only be affecting people who use checks?
Check deposits and ACH pulls are affected. (Check deposits are the same thing as an ACH pull.) If you ACH push from another institution there are no holds because the originating bank is liable.
Mikel said:
@LILY
Shouldn’t that only be affecting people who use checks?
I’ve had no issues pushing to my CMA
Verne said:
Not a Fidelity customer but I am curious about the issues Fidelity is having. What is going on?
Fidelity is having a midlife crisis, and it doesn’t seem to be going well.
Verne said:
Not a Fidelity customer but I am curious about the issues Fidelity is having. What is going on?
@Firth
My favorite comment there is the “where is the ‘addressing your concerns’ part”. Funny enough they have not replied even to that comment. It’s so shitty to just remove people’s posts about their issues and asking them to post in this “megathread” and then have nobody answer or help the people that comment there.
@Willoughby
Yeah I had heard nothing about it, and the Fidelity mods responded to a thread I had posted regarding opening a CMA account and they were happy to respond to that… only when people commented the warnings did I find out the situation.
@Firth
I don’t have the card (and am sort of glad now that I don’t 
) but am pretty displeased with the whole situation with Fidelity right now.
@Firth
How does this affect the credit cards though? I know for the card you get rewards in the fund, so sounds like you can’t withdraw it for a few weeks then which isn’t that bad unless you’re for some reason needing to withdraw your rewards every week or in a short time period. Which you should just use a different card that deposits to a bank account instead.
The issues there are not with the credit card though. So if you are using just the credit card, you shouldn’t really be affected by that whole mess they have created there.
I don’t have their credit card since I have better options, but I do use them as my “bank”, so I am pretty disappointed with how they are dealing with the fraud issues. But even more disappointed with how they are dealing with customer feedback, removing posts and asking people to post in a single thread that nobody on their side monitors.
Fidelity is not a bank they’re just pretending to be one. Love my brokerage account though.
Wesley said:
Fidelity is not a bank they’re just pretending to be one. Love my brokerage account though.
The only thing I have with them is my brokerage account, does affect those too or just the checking account? I haven’t made a deposit in the brokerage for a while.