The Wednesday Morning Weekly.
Until now, when transferring money from another bank to Fidelity, I typically logged into the Fidelity portal and initiated an ACH Pull. This always resulted in a 7 to 10 day hold on the cash before I could transfer it out again. I have all my hub accounts as well as accounts I am working all setup in the Fidelity portal. I consistently did ACH Pulls from Fidelity to transfer money from hub account to Fidelity. I never really did any ACH pushes from my hub accounts to Fidelity.
A few days back a gentleman from RJ’s Profitable Content Pro discord channel shared with me that if I instead pushed the money from the external bank to Fidelity, there would be no hold on the money. The reasoning being the remote bank couldn’t cancel the transfer.
Well I tested this out. I logged into Discover Savings — one of my hubs — and setup an external link to Fidelity Cash Management account. After the link was established I did a test ACH Push from Discover Savings to Fidelity Cash Management. The datapoints follow:
2024-06-22 (SAT): ACH Pushed $6000 from Discover Savings to Fidelity CMA.
2024-06-24 (MON): Logged into Fidelity and didn’t yet see the $6K incoming transfer.
2024-06-25 (TUE): Logged into Fidelity and saw the $6K is now processing.
2024-06-26 (WED): Logged into Fidelity and I saw that the $6k was no longer processing. Then I went to the Transfers page and saw the FULL $6k available for transferring out. 🤯
This is a major game changer for me. I am sure many reading this are like, “duh”, already knowing this. But I figured there might be many others like me that didn’t know this. So I decided to write this article.
Special thanks to the gentleman on Profitable Content Pro discord channel for turning me onto this. Again, previously I was pulling from Fidelity and it took like 7 to 10 days to clear; now there is no wait with the push instead after the initial transfer processing!
Feel free to share your related datapoints below in the comments section.
Other related Fidelity News: Fidelity CMA Now Offers SPAXX for Core Position
This is my Wednesday article for this week. In the future I plan on writing up one main article per week, which I’ll make available each Wednesday. That way readers have something to look forward to reading here on this blog. I plan on scheduling them to be published at 3AM EST every Wednesday morning. While reading the weekly article, readers will probably notice a few other smaller articles I’ve thrown in throughout the week, which they might want to read as well.