Definitions
- Account
- Bank Name
- Bank Routing Number
- Cash Amount
- Checking Account Number
- Cost Basis/Share
- Date Acquired
- Driver's License Number
- Electronic Funds Transfer
- Electronic Funds Transfer Purchase
- Electronic Funds Transfer Redemption
- Eligible Positions
- Eligible Shares
- From
- Select
- Status
- Tax Filing State
- Tax Lot
- To
You can use Electronic Funds Transfer to move money between your Fidelity and bank accounts. For information about contributing to or withdrawing from your IRA, see IRA Contributions and IRA Withdrawals. For information about contributing to or withdrawing from your annuity, see Transferring Money to and from Your Annuity.
Setting Up Electronic Funds Transfer
- What can I do with Electronic Funds Transfer?
- What are the eligibility requirements for making immediate deposits with Electronic Funds Transfer?
- How do I add Electronic Funds Transfer to a Fidelity account?
- Are there charges for adding or using Electronic Funds Transfer?
- How long do I have to wait to use Electronic Funds Transfer after adding it to my account?
- How can I make deposits to or withdrawals from an account?
Using Electronic Funds Transfer
- Why don't all of my accounts display on the Transfer Money/Shares page?
- Why can't I select one of the banks listed on the Transfer Money/Shares page?
- What should I know about the transaction amount displayed on the Pending Transfer page?
- Why is the dollar amount I entered when requesting a transfer invalid?
- Can I sell specific lots of mutual fund shares when requesting a transfer?
- How do transfers into and out of PAS accounts work?
- When will my Electronic Funds Transfer be completed?
- How can I check the status of a request to Transfer Money or Transfer Shares?
- How can I cancel an Electronic Funds Transfer request?
- Why do I have to wait to make my first withdrawal transfer?
- Why do I need a driver's license?
- How do I delete a bank account?
Limitations and Maximums
- What limitations and maximums apply to my account?
- What are the minimums and maximums for online cash transfers?
- What are the gift and generation-skipping transfer tax and annual exclusion limits?
Related Help Topics
Top
Setting Up Electronic Funds Transfer
What can I do with Electronic Funds Transfer?
You can electronically transfer money between your bank and your Fidelity Account using Electronic Funds Transfer.You can use Electronic Funds Transfer with your Fidelity mutual fund, brokerage, Portfolio Advisory Service® (PAS)accounts, or college savings plan account.
- For brokerage accounts, Electronic Funds Transfer allows you to transfer cash between your bank andFidelity Brokerage account's core account.
- For mutual fund accounts, Electronic Funds Transfer allows you to transfer cash from your bank accountto buy additional shares of an existing mutual fund or to transfer the proceeds from selling shares to your bank account.
- For mutual fund and brokerage IRAs, Electronic Funds Transfer allows you to transfer cash from yourbank account to make an annual contribution to your Traditional, Roth, or Rollover IRA. You can also take distributions fromyour IRA online.
- For PAS accounts, Electronic Funds Transfer allows you to transfer cash between your bank and your Fidelity managed account. For distribution requests, the appropriate mutual funds will be liquidated.
- For College Savings Plan accounts, Electronic Funds Transfer allows you to transfer cash from your bankaccount to an existing College Savings Plan account. To withdraw from a College Savings Plan account, please call a Fidelity Representative at 800-544-1914. Any deposit will be used to purchase additional units of a portfolio, provided you have not exceeded the contribution cap for the plan.Amounts exceeding the cap may be returned to you.
Top
What are the eligibility requirements for making immediate deposits with Electronic Funds Transfer?
Eligible customers can make immediate deposits to their Fidelity accounts if they meet the following requirements:
- Non-Retirement Accounts
If you're an existing customer with an Individual, Joint, or Custodial brokerage or mutual fund account,you must meet the following eligibility requirements:You must have an existing account relationship with Fidelity Brokerage Services LLC (FBS) and/or anaccount serviced by Fidelity Service Company Inc. (FSC), for at least the prior six months, and you musthave maintained an aggregated balance of $1,500 for the prior three months, in any Individual or JointFidelity Accounts or in any Traditional, Roth, Rollover, SEP, and SIMPLE-IRAs, and Keogh plans maintainedby FBS or FSC.
Your existing accounts must not include any 401(k)s, 403(b)s, 457, 401(a), college investment trust accounts,and accounts managed by Strategic Advisers Inc, but Fidelity may include other assets at its discretion.In addition, you must not currently maintain any Existing Accounts that have certain account restrictionsimposed by FBS.
If you're a new customer (with no existing accounts), you must open an account online and receive an account number.
- Traditional, Rollover, and Roth IRAs
You must be an existing customer who does not currently maintain any existing accounts that have certain accountrestrictions imposed by FBS.
Top
How do I add Electronic Funds Transfer to a Fidelity account?
You can add Electronic Funds Transfer to most Fidelity Accounts including brokerage and mutual fund retirement and non-retirement accounts.The bank account you use must be a checking, NOW, non-passbook savings, or Money Market Deposit Account (MMDA).
You can add Electronic Funds Transfer:
- Online using the Electronic Funds Transfer Setup page on Fidelity.com for most Fidelity Accounts. Eligible brokerage and mutual fund customers may also request to transfer money from their bank checking account to Fidelity. However, the money is not usually available for withdrawal for four to six business days.
If you add Electronic Funds Transfer online, the bank account you specify must be a checking account. To add the serviceand specify a different type of bank account (e.g., non-passbook savings, NOW account), you can complete and returnan Electronic Funds Transfer Form to Fidelity.
- With an Electronic Funds Transfer Form that you fill out and return to Fidelity for any ofthe eligible Fidelity and bank account types
Top
Are there charges for adding or using Electronic Funds Transfer?
There are no charges for adding or using Electronic Funds Transfer and Fidelity keeps Electronic Funds Transfer active, no matter how seldom you use it. Pleasenote that some banks may charge a fee to use this service. In addition, some banks may delete the feature after six months of inactivity.
Top
How long do I have to wait to use Electronic Funds Transfer after adding it to my account?
For brokerage and mutual fund accounts, after the establishment process is complete, you can use Electronic Funds Transfer to immediately transfer money to Fidelity to purchase stocks, bonds, options, and mutual funds, or contribute to an IRA. However, the money is not usually available for withdrawal for four to six business days.
For Portfolio Advisory Services (PAS) accounts, you can use Electronic Funds Transfer to immediately transfer money to Fidelity.
You can withdraw money from and deposit money to your Fidelity or PAS account using Fidelity.com once your bank has been verified. If you completed and returned a form, you can begin to use Electronic Funds Transfer 7 to 10 calendar days after Fidelity receives your form.
You can view the status of your Electronic Funds Transfer set up on the Bank Information page.
Top
How can I make deposits to or withdrawals from an account?
For complete details on how to deposit cash or transfer securities you hold in a Fidelity Account, visit Accounts & Trade > Transfer Money/Shares and click "Compare ways to make deposits and withdrawals."
Top
Using Electronic Funds Transfer
Why don't all of my accounts display on the Transfer Money/Shares page?
The accounts included in the From drop-down list are associated with your Social Securitynumber. The list of accounts to which you're allowed to transfer depends on what type of From account you select.
Top
Why can't I select one of the banks listed on the Transfer Money/Shares page?
Your listed banks cannot be selected if the status is:
- Pending Bank Verification
Fidelity has received your Electronic Funds Transfer Form and is in the process of establishing and verifying Electronic Funds Transfer for your account.If the verification completes successfully, the bank account status is Active - Deposit/Withdrawal. - Inactive - Unavailable for Electronic Funds Transfer
The bank information cannot be verified. Call a Fidelity representative at 800-544-6666 for assistance. - Active - Deposit to Fidelity Account Only
You have just completed the online setup process. Currently, you can only transfer from the bank to make a deposit to yourFidelity Account.
Top
What should I know about the transaction amount displayed on the Pending Transfer page?
The amount specified in the Quantity column on the Pending Transfers page is an estimated figure based on the distribution amount you requested. The amount includes any taxes withheld based on your tax withholding election or the government tax agency’s specified tax withholding requirements. However, the amount does not include any account or mutual fund fees that may be incurred when the transfer is executed. Once your transaction has settled you can visit account History and the trade confirmation on the statements tab, if applicable, for details on the amount of the final transaction.
Top
Why is the dollar amount I entered when requesting a transfer invalid?
- The amount you entered could fail to meet the minimums or exceedthe maximums for the type of account.
- The format of the dollar amount could be invalid. The amount must bea whole number (e.g.,1000 not 1000.50).
Top
Can I sell specific lots of mutual fund shares when requesting a transfer?
Yes. When selling shares of a mutual fund position to initiate a transfer in a mutual fund or IRA account, you can select sharesfrom your available tax lots. Fidelity includes the tax lot information on your order confirmation. You can only specify tax lots ifyour cost basis is currently being tracked using the Average Cost Single Category method. To specify tax lots, you enter the sharequantity, date acquired, and cost basis per share for each lot you wish to sell on the Enter Tax Lots page.
Top
How do transfers into and out of PAS accounts work?
Money transferred into a PAS account is generally invested in your Core account first and then allocatedto the funds in your model portfolio on the business day following the transfer. If other tradingactivity is taking place within the portfolio on the day of a deposit, it will take an additional day for the funds to buyinto your model portfolio.
Requests to transfer money out of a PAS account must be received by noon ET for blended portfoliosfor processing that day. Any transactions entered after noon ET are initiatedthe next business day. If other trading activity is taking place within the portfolio on the day of a withdrawal, it willtake an additional day for the funds to be sold from your model portfolio. Requests to transfer money out of a PASaccount must be received by 4 p.m. ET for Fidelity-only portfolios for processing that day. Funds aretransferred two to three business days following the transfer request.
Top
When will my Electronic Funds Transfer be completed?
Identify your account type and the time you initiated your transfer. You will find the estimated time of completion based on this information.
| Account Type From a bank into a From a bank into a From one Brokerage Brokerage Account Brokerage Account Mutual Fund Only Account Brokerage Account to | Set Up Time Before 4:00 p.m. ET Before 4:00 p.m. ET Before 9:00 p.m. ET Before noon ET Before 4:00 p.m. ET Before 4:00 p.m. ET Before 4:00 p.m. ET | Estimated Completion Same business day Same business day Same business day Same business day Same business day In two business days In two business days |
The funds from an Electronic Funds Transfer transaction are generally deposited in your Fidelity account or bank account one to three business days after you place the request. However, you can immediately use the money you are in the process of transferring to buy stocks, bonds, and Fidelity mutual funds.
Electronic Funds Transfer requests are not processed on Saturday, Sunday, or New York Stock Exchange and bank holidays.
Please note that because Fidelity does not control when another financial institution will process a transaction, we can only estimate the completion date based on the part of the transaction we control. For example, if you request a transfer from a bank to a Mutual Fund Only Account at Fidelity before 4:00 p.m., ET on a day of business and Fidelity receives the transfer by 4:00 p.m. ET, the funds will be posted to your account on the same business day. If, however, Fidelity does not receive the transfer request by 4:00 p.m., the transfer will post to your Fidelity account the next business day.
Top
How can I check the status of a request to transfer money or transfer shares?
- For brokerage account transfers, view the Pending Transfers page.
- For mutual fund account orders, view the Orders page.
- For PAS account transfers (cash only), view the Orders page.
You can see up to 90 days of Electronic Funds Transfer requestsin history. For additional assistance, call a Fidelity representative at 800-544-6666. For PAS accounts, call a PAS representative at 800-544-3455.
Top
How can I cancel an Electronic Funds Transfer request?
Attempts to cancel Electronic Funds Transfer requests are performed on a best-effort basis. There is no guarantee that a transfer can be canceled.
- For Electronic Funds Transfer requests for eligible mutualfund accounts, you can select Attempt to Cancel from the Orders page, or you may call a Fidelity representative at 800-544-6666 to attempt to cancel the request.
- For brokerage account Electronic Funds Transfer requests, view the Pending Transfers page or call a Fidelity representative at 800-544-6666 between 7 a.m. and 4 p.m. ET on business days.
- For a College Savings Plan account Electronic Funds Transfer request, call a Fidelity representative at800-544-1914 between 7 a.m. and 4 p.m. ET on business days.
- For PAS accounts,call a PAS representative at 800-544-3455. You must make cancellation attempts on business days between 9 a.m.and noon ET for blended portfolio accounts, and between 9 a.m. and 4 p.m. ET for Fidelity-only portfolios.
Top
Why do I have to wait to make my first withdrawal transfer?
Fidelity validates bank account information through a test transaction (prenote) process that takes seven to ten business days. Fidelity will send an electronic check to your bank to verify that the ABA routing number and checking account number provided are valid.
Your bank account will be activated in Electronic Funds Transfer as soon as your information is verified. Activated accounts appear on the Bank Information page.
Top
Why do I need a driver's license?
In order to verify your identity and ownership of your bank accounts, you may need to provide a government-issued identification number.
A driver's license or state-issued I.D. number is requested for verification purposes when you attempt to add Electronic Funds Transfer to your account online.
If you do not have a driver’s license, you can add Electronic Funds Transfer by completing a form and sending it to Fidelity. To access the form, select Get a Form under Before You Begin on the Electronic Funds Transfer Setup page.
Top
How do I delete a bank account?
If you are no longer using a bank account, you can delete that bank account from any Fidelity account to which it is linked. Go to the Bank Information page, locate your desired Fidelity account and Bank Name, keeping in mind you may have multiple accounts from a single bank linked to this account. Make sure the account and routing number are correct, and then click the Delete link under the Action column. You will need to verify this deletion on the next page.
You can only delete a bank account from one Fidelity account at a time. To delete the same bank account from more than one Fidelity account, you must delete it from each account separately by simply clicking the link on the Delete Bank Account Confirmation page entitled, Delete this bank from other Fidelity accounts. This link will return you to the Bank Information page.
Top
Limitations and Maximums
What limitations and maximums apply to my account?
The maximum withdrawal amount using Fidelity.comor telephone is $100,000 per account. For withdrawals greater than $100,000, requests must be made via acompleted paper form. To get a copy of the form, contact a Fidelity representative at 800-544-6666.
For brokerage IRAs, only one withdrawal per day may be processed.
For eligible mutual fund IRAs, you may have morethan one withdrawal request processed at a time, provided the withdrawals are from different mutual funds.
If you have updated your mailing address within thepast 15 business days, a withdrawal sent by check must be less than $10,000. However, a withdrawal of up to$100,000 may be directed to:
- An eligible bank account if you are currently signedup for the Electronic Funds Transfer service on your IRA
- A Fidelity non-retirement account with the same SocialSecurity Number (SSN) as the originating IRA
Top
What are the minimums and maximums for online cash transfers?
- The minimum amount for a brokerage account transfer is $10. The maximum transferinto your Fidelity brokerage account is $100,000.
- The minimum amount for a mutual fund accounttransfer is $250, or the mutual fund's minimum, whichever is greater. The maximum transfer into your Fidelitymutual fund account is $250,000.
- The minimum amount for a Portfolio AdvisoryServices (PAS) account is $250. The transfer amount out of a PAS accountcannot be more than 25% of the account's net worth.
Top
What are the gift and generation-skipping transfer tax and annual exclusion limits?
A person can give up to $13,000 (or $26,000 if married and filing jointly) per year in cash per beneficiary without incurring gift or generation-skipping transfer tax liability.
- Contributions beyond the $13,000 limit are considered taxable transfers. However, the lifetime gift tax exemption of $1,000,000 might cover any excess if the beneficiary is one generation below you.
- Any excess over $3,500,000 is subject to federal gift tax.
- If the beneficiary is two or more generations below you, a federal generation-skipping transfer tax might also apply in addition to the gift tax (subject to an exemption of $1,120,000).
- The first $13,000 in gifts to any person is not included in the total amount of taxable gifts made during the year. The first $133,000 in gifts to a spouse who is not a valid U.S. citizen is not included in the total amount of taxable gifts.
Special accelerated gifting rules apply to 529 College Savings Plan accounts. You can contribute up to $65,000 (or $130,000 if married and filing jointly) per beneficiary to a 529 College Savings Plan account in a single year.
- To avoid federal transfer taxes or using any portion of the applicable federal transfer tax exemption and/or credit amounts, no additional annual exclusion gifts and/or generation-skipping transfers to the same beneficiary can be made over the 5-year period.
- The transfer must be reported as a series of five equal annual transfers on IRS Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return.
- If the donor is deceased before the 5-year period elapses, the amount allocated to the remaining calendar years following the date of death is included in the donor's estate.
- Contributions to UGMA/UTMA 529 Plan accounts are not eligible for accelerated gifting. Although the funds are invested in a 529 plan, the account is still considered a custodial (UGMA/UTMA) account, and UGMA/UTMA rules apply.
Transfers from UGMA/UTMA accounts into UGMA/UTMA 529 Plan accounts are not subject to gift tax.
Top
Related Help Topics
- IRA Contributions
- IRA Withdrawals
Top
