Been less active here recently so sorry if this has been brought up.
You cant get answers out of the Fidelity specialists on reddit.
The rep I spoke with on the phone was super shakey, fumbling his words, and stuttering.
I've only seen one thing about some check fraud scheme.
It's suspicious. We are at some very uncertain times in the financial sectors right now and part of me is thinking Fidelity is over leveraged or having liquidity issues. I started moving settled funds out of my accounts. I know theres always gonna be shady **bleep** happening in banking, I dont feel like I'm being dramatic. But I was using the CMA as a interest bearing account where my mortgage comes out of. Funds wont be available until 10/22 per the rep, which is past the grace period. Not to mention earning rates on those accounts are coming down. So no more deposits with them for a bit til they get that situated.
Anyone else bothered by this?
My personal Fidelity CM/Brokerage wasn't affected but I'm seeing a 30 day hold on a transfer into on one of my business Fidelity accounts. That one is just a brokerage account, without cash maagement. The transfer was from the same account I've been transferring into that Fidelity account with for years too. I'll be using IB instead once this clears up and the funds can be transferred out. Fidelity should have at least communicated with us on this instead of placing extended freezes without any notification. I wouldn't have even known if I hadn't checked the Available for Withdraw section.
Oh yeah BTW it's due to the check/ACH fraud wave that Fidelity experienced. I posted a WSJ article about it in another part of the fico forums. They basically put restrictions on a ton of accounts to try and protect against future fraud. Seems like they were extremely broad about which accounts they locked down.