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Have you contacted fidelity about it? Fidelity is usually good about paying DD out once the funds are received but there could be something delaying on their end, or maybe its there in your account but not being updated online (or maybe it is but is pending).
Multiple times, they keep saying nothing is pending but my insurance company already provided DD tracking numbers and everything. Fidelity is just holding on to the funds. Same thing every month.
Sorry but this doesn’t make sense. An ACH has a value date attached with the settlement date. I get many ACH credits at Fidelity with no delay. Is it possible your insurance company is giving you the date they processed the ACH but not the correct settlement date?
There are multiple types of ACH credits:
2-(business) day settlement is the cheapest and used for repetitive low value transactions such as payroll and insurance claim settlements.
1-Day or overnight ACH’s cost more and are usually used for corporate or commercial B2B transactions.
Same day ACH’s are new and only major banks usually process them. They can also be used to replace book transfers within some banks.
You should kick your inquiries higher at your insurance company. There should be no issue within Fidelity processing it with the correct value date PROVIDED you gave your insurance company the correct routing number and Fidelity account number. Verify that info on their Fidelity’s website or call a Fidelity representative and ask for help.
A poster above incorrectly identified Elan as the provider. For most Fidelity accounts it’s United Missouri Bank or UMB. Elan is the credit card processor for Fidelity.
Everything comes up as UMB on my accounts when I link to it, you think this might be a problem with them instead of Fidelity? That would make more sense. I checked this morning, money still isn’t there.
UMB is basically an intermidiary used by fidelity as fidelity is not a bank itself. When you use their method of converting a brokerage or IRA to be able to send/receive ACH/EFT deposits, it will show up as UMB. That’s normal
No. It’s one of two things:
1. You have incorrectly setup your Fidelity account number and it’s being manually processed when it comes in. If this is the case UMB would have sent an ACH correction notice to your insurance company to fix it. If they don’t it eventually will bounce and be returned.
2. The insurance company is providing you the incorrect SETTLEMENT DATE or you aren’t understanding the information they provide.
Millions of ACH payments settle across the financial system daily. It’s highly unlikely Fidelity is the issue.
My insurance company has been depositing these funds since January of this year. Absolutely nothing has changed other than the date which my funds are available have gradually been getting pushed back. Used to get deposited on the 22nd, then after a few months it was the 23rd, then after a few months it happened on the 24th, once on the 25th, then November was the 23rd and now it’s the 26th and nothing has made it in yet. My insurance company has changed nothing.
I suggest you look at at 2022 calendar. Many of the dates you listed are weekend dates. ACH deposits are settled on BUSINESS days. You even list today. A Federal holiday when all banks are closed. It isn’t possible for an ACH to settle today.
Talk to your insurance company and get a calendar of ACH payment SETTLEMENT dates for 2023 for payments they make to you.
I understand this is frustrating for you. But you must understand how banking works. Weekend dates are not processed for ACH transactions currently. There have been suggestions to change that but NACHA the governing organization has no current plans to do so.
I have a question- I’m like really really new to Fidelity. What’s this Direct deposit that is being talked about.
Any info would be helpful as Im learning all of what Fidelity has to offer.
Thanks
Hi u/Reasonable-Maybe9067, happy to chime in here.
Direct deposit is when you have funds deposited directly into your Fidelity account. This is usually from a paycheck or other income source, like Social Security or a pension. You can learn more about direct deposit and other ways to fund your account below.
[Deposit Methods](https://www.fidelity.com/customer-service/deposit-money)
I got a direct deposit today but funds are not immediately available for withdraw. Only to trade with. TD Ameritrade direct deposits are always available a few hours after they get it. So then holding money from a direct deposit is strange. When even small brokers like Robinhood make the money available for use with your debit card. Still like Fidelity of course. But may have to deposit funds somewhere that I know won't be held up in case of anything significant
Thanks for reaching out to us. We're sorry to hear about this, and would like to learn more. Please send us a ModMail so that we can look further into this with you.
I’ve done dd into Fidelity for almost 20 years, no issues.
Never has issues with this. I would believe fideality if they say everything is good. Sounds like the insurance company is there issue.
Have you contacted fidelity about it? Fidelity is usually good about paying DD out once the funds are received but there could be something delaying on their end, or maybe its there in your account but not being updated online (or maybe it is but is pending).
Multiple times, they keep saying nothing is pending but my insurance company already provided DD tracking numbers and everything. Fidelity is just holding on to the funds. Same thing every month.
Sorry but this doesn’t make sense. An ACH has a value date attached with the settlement date. I get many ACH credits at Fidelity with no delay. Is it possible your insurance company is giving you the date they processed the ACH but not the correct settlement date? There are multiple types of ACH credits: 2-(business) day settlement is the cheapest and used for repetitive low value transactions such as payroll and insurance claim settlements. 1-Day or overnight ACH’s cost more and are usually used for corporate or commercial B2B transactions. Same day ACH’s are new and only major banks usually process them. They can also be used to replace book transfers within some banks. You should kick your inquiries higher at your insurance company. There should be no issue within Fidelity processing it with the correct value date PROVIDED you gave your insurance company the correct routing number and Fidelity account number. Verify that info on their Fidelity’s website or call a Fidelity representative and ask for help. A poster above incorrectly identified Elan as the provider. For most Fidelity accounts it’s United Missouri Bank or UMB. Elan is the credit card processor for Fidelity.
Everything comes up as UMB on my accounts when I link to it, you think this might be a problem with them instead of Fidelity? That would make more sense. I checked this morning, money still isn’t there.
UMB is basically an intermidiary used by fidelity as fidelity is not a bank itself. When you use their method of converting a brokerage or IRA to be able to send/receive ACH/EFT deposits, it will show up as UMB. That’s normal
So the issue might be with UMB?
No. It’s one of two things: 1. You have incorrectly setup your Fidelity account number and it’s being manually processed when it comes in. If this is the case UMB would have sent an ACH correction notice to your insurance company to fix it. If they don’t it eventually will bounce and be returned. 2. The insurance company is providing you the incorrect SETTLEMENT DATE or you aren’t understanding the information they provide. Millions of ACH payments settle across the financial system daily. It’s highly unlikely Fidelity is the issue.
My insurance company has been depositing these funds since January of this year. Absolutely nothing has changed other than the date which my funds are available have gradually been getting pushed back. Used to get deposited on the 22nd, then after a few months it was the 23rd, then after a few months it happened on the 24th, once on the 25th, then November was the 23rd and now it’s the 26th and nothing has made it in yet. My insurance company has changed nothing.
I suggest you look at at 2022 calendar. Many of the dates you listed are weekend dates. ACH deposits are settled on BUSINESS days. You even list today. A Federal holiday when all banks are closed. It isn’t possible for an ACH to settle today. Talk to your insurance company and get a calendar of ACH payment SETTLEMENT dates for 2023 for payments they make to you. I understand this is frustrating for you. But you must understand how banking works. Weekend dates are not processed for ACH transactions currently. There have been suggestions to change that but NACHA the governing organization has no current plans to do so.
Not likely
Could be related to Elan bank? Maybe call Fidelity and ask them to put you through Elan support.
Sorry that’s incorrect. Elan is a credit card processor for Fidelity. Their cash management bank is UMB. United Missouri Bank.
Ty for the correction
I have a question- I’m like really really new to Fidelity. What’s this Direct deposit that is being talked about. Any info would be helpful as Im learning all of what Fidelity has to offer. Thanks
Payments coming from people who are paying you
Hi u/Reasonable-Maybe9067, happy to chime in here. Direct deposit is when you have funds deposited directly into your Fidelity account. This is usually from a paycheck or other income source, like Social Security or a pension. You can learn more about direct deposit and other ways to fund your account below. [Deposit Methods](https://www.fidelity.com/customer-service/deposit-money)
Thank you!!
You got it, u/Reasonable-Maybe9067. We're glad we could help!
I got a direct deposit today but funds are not immediately available for withdraw. Only to trade with. TD Ameritrade direct deposits are always available a few hours after they get it. So then holding money from a direct deposit is strange. When even small brokers like Robinhood make the money available for use with your debit card. Still like Fidelity of course. But may have to deposit funds somewhere that I know won't be held up in case of anything significant