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.
The Finance Buff has an article that explains how ACH works and comes to the same conclusion.
https://thefinancebuff.com/ach-transfer-push-pull.html
Thanks for the cool article. I’ll check it out!
I had the opposite experience where a push from BoA to Fidelity took 3 weeks to settle and Fidelity agents recommending doing pulls from Fidelity instead to have less hold time. I’ve since done that and had no issues (though I’ve not timed them)
I think there was a whole scandal around Fidelity changing hold times a few months ago and I was in that time frame. Ref https://www.doctorofcredit.com/alert-fidelity-cash-management-account-extended-hold-times-billpay-cancellations/