Fidelity Branches: Can You Deposit Cash?

Fidelity is a brokerage and investment company that offers products and services to help people buy and sell investments like stocks, mutual funds, and bonds. While Fidelity does provide cash management services, there are some limitations to the ways in which money can be deposited into a Fidelity account. This paragraph aims to introduce the topic of whether Fidelity Investment branches accept cash deposits and will explore the various methods through which individuals can deposit money into their Fidelity accounts.

Depositing physical cash at Fidelity branches is not possible

One way to indirectly deposit cash into your Fidelity account is by using a third-party financial institution. You can deposit cash into an account at a bank or credit union that accepts cash deposits and then transfer the funds electronically to your Fidelity account. This two-step process allows you to ultimately use your cash funds within your Fidelity account, even though Fidelity itself does not accept cash deposits.

Another option is to use a mobile payment app, such as Venmo or PayPal, to transfer funds from another account into your Fidelity account. This method can be a convenient way to move money without having to physically visit a bank branch.

Additionally, you can deposit cash into a Fidelity Cash Management Account via select ATMs. However, it's important to note that not all ATMs may facilitate this. For instance, attempts to deposit cash at a PNC ATM have been reported as unsuccessful.

Fidelity offers a range of other ways to add money to your account, including electronic funds transfers, wire transfers, mobile deposits, and direct deposits from employers. These methods provide flexibility and convenience for managing your financial assets.

It is important to note that some of these methods may have specific requirements or limitations, such as daily maximum contribution amounts for certain accounts. It is recommended to refer to the official Fidelity website or consult a Fidelity representative for detailed and up-to-date information on depositing funds into your Fidelity account.

Depositing cash into a Fidelity account via ATM is not possible

Fidelity does not accept cash deposits at its branches either. This means that if you want to deposit cash into your Fidelity account, you will need to use an alternative method or service.

One option is to deposit the cash into a bank account that does accept cash deposits and then transfer the funds electronically to your Fidelity account. You can also use a mobile payment app, such as Venmo or PayPal, to transfer funds from a cash deposit to your Fidelity account.

It is important to note that when transferring funds to your Fidelity account, you will need to link your bank account first. Additionally, there may be transaction fees associated with depositing cash into your Fidelity account, so be sure to review the relevant information before proceeding.

While the inability to deposit cash directly into a Fidelity account via ATM may be an inconvenience for some, the company offers a range of alternative deposit methods to suit different needs and circumstances. By utilising these options, you can efficiently manage your investments and maintain accurate financial records.

Depositing cash into a Fidelity account via electronic funds transfer is possible

Depositing cash into a Fidelity account via electronic funds transfer (EFT) is possible. EFTs are digital transfers of money from one account to another, allowing Fidelity account holders to transfer funds between their bank account and Fidelity account using the Automated Clearing House (ACH) network.

To deposit money via EFT, you need to link a bank account to your Fidelity account. You can then transfer money from your bank account to your Fidelity account. EFTs are generally received within 1-3 business days, although the funds may be available for trading immediately. There is no fee charged by Fidelity for sending or receiving EFTs, but the receiving bank may charge a fee. There is no limit to the number of EFTs you can submit per business day, and the minimum deposit amount for each EFT is $0.01 for non-retirement and retirement accounts. The maximum amount per day on Fidelity.com is $100,000 for withdrawals and $250,000 for deposits.

In addition to EFTs, there are several other ways to deposit money into a Fidelity account. These include setting up payroll direct to an eligible Fidelity account, depositing a check via mobile upload or mail, transferring money from one Fidelity account to another, or using a third-party payment app such as Venmo or PayPal.

Depositing cash into a Fidelity account via wire transfer is possible

Once your bank account is linked, you can start the wire transfer process. To wire money to Fidelity from an outside bank or other vendor, you need to initiate the transaction with the institution you're sending money from. It's important to note that wire transfers typically have a daily transfer limit of $1 million per client and a minimum amount of $100.

While wire transfers are a convenient way to deposit money into your Fidelity account, there are also other methods available, such as electronic funds transfers (EFTs), depositing checks, or using third-party payment apps like Venmo or PayPal. Each method has its own advantages and limitations, so it's essential to review and choose the one that best suits your needs.

Depositing cash into a Fidelity account via mobile check deposit is possible

• Open the app and select "Transact" at the bottom of the screen.
• Select "Deposit Checks" and agree to the terms of use.
• Choose the account where you want the deposit to go.
• Enter the check amount and sign the check.
• Take clear photos of the front and back of the check.
• Submit the photos, and you're done!

There are specific types of checks that are accepted through this service, including cashier's or bank checks, Federal Reserve checks, U.S. Treasury checks, and institutional checks, such as those from a workplace retirement plan (e.g., 401k).

Additionally, there are checks that are not accepted, such as those made payable to cash, those in a foreign currency or drawn on a foreign bank, and stale-dated checks (generally dated more than 180 days prior to receipt).

It is recommended to keep the paper check until you have confirmed that the deposit has been successfully credited to your account. Deposited checks typically appear in the Account History as "Check Received."

Please note that while you can deposit checks into most Fidelity brokerage accounts and IRAs, there are specific types of IRAs eligible for this service, including Traditional Rollover and SEP (Simplified Employee Pension Plan).

Frequently asked questions