Arbitration

[Zigner]

I suspect that this is beyond what a local branch can assist with. It can't hurt to try, though.

 

[Excel915]

I just called to make an appointment and they are refusing to take any appointment unless it involves going there to speak about investments. I would have to go through a service team. I already can hear them telling there isn't anything they can do without the letter.

 

[quincy]

Read through your agreement to see what options are now available to you. Or you can hire an attorney in your area to look into the matter for you. Sometimes all it takes is a strongly worded letter from a lawyer to let someone or some entity know you are done playing games.

 

[Excel915]

Ok.

 

[xylene]

IMHO, what you did and are doing IS extremely suspicious, and Fidelity is going to go full cover on their interests..

If the money is in your account, what's the problem? Why do you need the check reversed?

In the future be less hasty with your money.

 

[Zigner]

IMHO, what you did and are doing IS extremely suspicious, and Fidelity is going to go full cover on their interests..

What seems suspicious about using a mobile app to deposit a check?

If the money is in your account, what's the problem? Why do you need the check reversed?

The money is in the account, but Fidelity has frozen the funds. The only reason the OP would want to reverse the check is so that s/he would be able to gain access to the funds.

In the future be less hasty with your money.

I don't believe that depositing one's own money in one's own account is "hasty".

 

[PayrollHRGuy]

I also agree if the check has cleared don't try and redeposit it.

I have no idea what s3t of laws Fidelity had to follow but if this were a bank they would have had to give you access to your funds already.

If the money is in your account, what's the problem?

Because the account is frozen.

 

[quincy]

If you read the Fidelity customer agreement, there is a nice little clause that says, “... be aware that we may freeze your account or suspend certain privileges, features, or services at any time without notice.”

 

[PayrollHRGuy]

https://www.fidelity.com/go/join-fidelity-investments?imm_pid=700000001008875&immid=100742&imm_eid=ep6543813693&gclid=CjwKCAiAl-6PBhBCEiwAc2GOVG4kcb7rjqKFjYp3SjVVNxpNZUHu9Z-Rx-d5aHq9Zr3aR_cxmM3KVxoCmPYQAvD_BwE&gclsrc=aw.ds
The Cash Balance in the Fidelity Cash Management Account is swept to an FDIC-insured account at one or more Program Banks where it earns a variable rate of interest. The deposit at the Program Bank is not covered by SIPC.


FDIC Regulations...
https://www.fdic.gov/regulations/laws/rules/6500-3215.html#:~:text=In general, $100 of a,00 p.m.) on that day.
C--10--Cash Withdrawal Limitation


We place certain limitations on withdrawals in cash. In general, $100 of a deposit is available for withdrawal in cash on the first business day after the day of deposit. In addition, a total of $400 of other funds becoming available on a given day is available for withdrawal in cash at or after (time no later than 5:00 p.m.) on that day. Any remaining funds will be available for withdrawal in cash on the following business day.

 

[Zigner]

https://www.fidelity.com/go/join-fidelity-investments?imm_pid=700000001008875&immid=100742&imm_eid=ep6543813693&gclid=CjwKCAiAl-6PBhBCEiwAc2GOVG4kcb7rjqKFjYp3SjVVNxpNZUHu9Z-Rx-d5aHq9Zr3aR_cxmM3KVxoCmPYQAvD_BwE&gclsrc=aw.ds
The Cash Balance in the Fidelity Cash Management Account is swept to an FDIC-insured account at one or more Program Banks where it earns a variable rate of interest. The deposit at the Program Bank is not covered by SIPC.


FDIC Regulations...
https://www.fdic.gov/regulations/laws/rules/6500-3215.html#:~:text=In general, $100 of a,00 p.m.) on that day.
C--10--Cash Withdrawal Limitation


We place certain limitations on withdrawals in cash. In general, $100 of a deposit is available for withdrawal in cash on the first business day after the day of deposit. In addition, a total of $400 of other funds becoming available on a given day is available for withdrawal in cash at or after (time no later than 5:00 p.m.) on that day. Any remaining funds will be available for withdrawal in cash on the following business day.

This really doesn't seem to have anything to do with the OP's situation. The OP deposited a check, the check cleared, and now Fidelity has frozen her account due to fraud concerns.

 

[xylene]

OP made an extremely large mobile deposit and attempted to reverse the deposit with like 72 hours because of a fraud hold on a possibly suspicious transaction in order to avoid a 3 day bank hold.

That's suspicious and that's being hasty with money.

Brokerages have FinCEN obligations on source of funds. We aren't privy to the OPs deposit pattern either.

Even if totally innocent this is still foolish and this hassle easily prevented.

 

[Zigner]

OP made an extremely large mobile deposit and attempted to reverse the deposit with like 72 hours because of a fraud hold on a possibly suspicious transaction in order to avoid a 3 day bank hold.

That's suspicious and that's being hasty with money.

Brokerages have FinCEN obligations on source of funds. We aren't privy to the OPs deposit pattern either.

Even if totally innocent this is still foolish and this hassle easily prevented.

I think you may be misunderstanding what happened here. The way I understand it is that the OP deposited the money and by the next business day Fidelity had already frozen the funds due to possible fraudulent activity. The OP wasn't trying to retrieve the funds to avoid a hold.

I don't think it was suspicious or hasty, but I do admit that I don't know the OP's deposit patterns, as you pointed out. I'm not sure that this is foolish, nor do I believe that this could have been anticipated in order to make it "easily prevented".

 

[quincy]

Excel915 purposely deposited the $5000 check in the Fidelity account because Excel915’s regular bank account would not accept a mobile deposit of that size. But Excel915 expected to be able to access the money after deposit. Fidelity instead froze the account.

Fidelity will probably unfreeze the account once Fidelity is assured that the check is genuine. If there is some suspicion it might not be genuine, the hold on the funds is longer than the typical 3 days.

 

[xylene]

I think you may be misunderstanding what happened here. The way I understand it is that the OP deposited the money and by the next business day Fidelity had already frozen the funds due to possible fraudulent activity. The OP wasn't trying to retrieve the funds to avoid a hold.

I don't think it was suspicious or hasty, but I do admit that I don't know the OP's deposit patterns, as you pointed out. I'm not sure that this is foolish, nor do I believe that this could have been anticipated in order to make it "easily prevented".

Get check made out to you and deposit check in bank, check clears, write check (or its electronic equivalent) to made out to brokerage. That's easy. And basically eliminates the source of funds concern.

The correct way to handle the fraud hold would be to to work with the brokerage to address the fraud hold, not immediately demand a reversal of the check, which is a 3rd party check made out to the OP and not Fidelity. That's suspicious and hasty.

 

[xylene]

Excel915 purposely deposited the $5000 check in the Fidelity account because Excel915’s regular bank account would not accept a mobile deposit of that size.

OPs bank being wiser than Fidelity does not make the OP smart for operating this way.