Do you have a check from Fidelity Investments and need to turn it into cash? Perhaps it's a distribution from your brokerage account, a withdrawal from an IRA, or even a payment from a Fidelity-managed trust. Whatever the reason, getting your hands on that money can seem a bit daunting if you're not familiar with the process. But fear not! This comprehensive guide will walk you through every step of cashing a check from Fidelity Investments, making it a smooth and straightforward experience.
Understanding Your Fidelity Check
Before we dive into the "how-to," let's quickly understand what a Fidelity check typically is. Unlike a personal check drawn on a traditional bank account, a Fidelity Investments check is often a distribution from a brokerage account, mutual fund account, or a cash management account held with Fidelity. This means the funds are coming directly from your investments or cash held within your Fidelity accounts.
Step 1: Identify the Type of Check You Have - Are You Ready to Cash It?
This might seem obvious, but it's the crucial first step! Take a good look at the check. Is it addressed to you? Is it a single payee check, or are there multiple payees?
Is it a personal check from Fidelity, or a corporate check? Most checks from Fidelity Investments will clearly indicate "Fidelity Investments" or "Fidelity Brokerage Services LLC" as the issuer.
Check the "Pay to the Order of" line. Does it exactly match your legal name as it appears on your identification? This is paramount! Any discrepancies could cause delays or rejection.
Is the check still valid? Look for the date on the check. Most checks are valid for 180 days (6 months) from the date of issue. If it's older than that, it might be considered "stale-dated" and could be rejected.
Engage with me right now: What kind of check are you holding in your hand? Is it a large amount or a smaller one? Knowing this can help you choose the best cashing method!
Step 2: Choose Your Cashing Method - Where Do You Want Your Cash?
You have several options when it comes to cashing a check from Fidelity. Each has its own advantages and disadvantages, so pick the one that best suits your needs and access to services.
Sub-heading: Option A: Deposit into Your Existing Bank Account (Most Common & Recommended)
This is generally the easiest, most secure, and often free way to get your Fidelity funds. If you have a checking or savings account with any bank or credit union, you can deposit the Fidelity check just like any other.
How to Deposit:
Mobile Check Deposit (Highly Recommended for Convenience):
Requirements: Most banks offer mobile check deposit through their smartphone apps. You'll need a smartphone with a camera and your bank's mobile banking app installed.
Process:
Open your bank's mobile app.
Navigate to the "Deposit Checks" or "Mobile Deposit" section.
Endorse the back of the check: Sign your name exactly as it appears on the "Pay to the Order of" line. Many banks also require you to write "For Mobile Deposit Only" or "For Deposit Only to [Your Bank Name]" below your signature. Check your bank's specific endorsement requirements.
Enter the exact amount of the check.
Take clear photos of the front and back of the endorsed check. Ensure all four corners are visible, the lighting is good, and the image isn't blurry.
Confirm the deposit details and submit.
Important: Keep the physical check in a safe place until the funds are fully cleared in your account. Your bank may recommend holding it for a certain number of days (e.g., 5-10 business days) or until the deposit appears as "posted" and not just "pending." Once confirmed, shred or otherwise destroy the check to prevent accidental re-depositing.
Availability of Funds: Mobile deposits often have a hold period. A portion of the funds might be available within one business day, while the full amount could take several days to clear, especially for larger checks.
In-Person Deposit at Your Bank Branch:
Requirements: The endorsed check, a deposit slip (available at the bank), and your valid government-issued photo ID (driver's license, passport, state ID).
Process:
Fill out a deposit slip with your account number and the amount of the check.
Endorse the back of the check: Sign your name exactly as it appears on the "Pay to the Order of" line.
Present the endorsed check, deposit slip, and your ID to a bank teller.
The teller will process the deposit and provide you with a receipt.
Availability of Funds: Similar to mobile deposits, there may be a hold period.
Deposit via ATM:
Requirements: The endorsed check and your ATM/debit card.
Process:
Insert your ATM card into the machine.
Select "Deposit."
Choose the account you want to deposit into (checking or savings).
Insert the endorsed check into the designated slot.
Confirm the amount the ATM reads, or manually enter it if prompted.
Collect your receipt.
Availability of Funds: ATMs typically have similar hold periods to in-person deposits.
Deposit by Mail:
Requirements: The endorsed check, a completed deposit slip (if your bank provides them for mail-in deposits), and a secure envelope.
Process:
Endorse the back of the check: Sign your name and write "For Deposit Only" or "For Deposit Only to [Your Account Number]" to ensure it can only be deposited into your account.
If required, fill out a deposit slip.
Place the endorsed check and deposit slip in a secure envelope.
Mail it to your bank's processing center (check their website or contact them for the correct address).
Availability of Funds: This is the slowest method, as it depends on mail delivery times in addition to the bank's hold period.
Sub-heading: Option B: Cash the Check at a Fidelity Bank Branch (If You Have Access)
While Fidelity Investments primarily operates as a brokerage, some areas have physical "Fidelity Bank" branches. If you happen to be near one, and the check is drawn on Fidelity Bank, you might be able to cash it there.
Requirements: The endorsed check and a valid government-issued photo ID.
Important Note: Fidelity Investments and Fidelity Bank are related but distinct entities. A check from your Fidelity Investments brokerage account may not be directly cashable at a Fidelity Bank branch unless it's specifically drawn on that bank. It's crucial to call the specific Fidelity Bank branch beforehand to confirm their policy on cashing checks for non-account holders or checks drawn from Fidelity Investments accounts. They may charge a fee for this service.
Sub-heading: Option C: Cash the Check at the Issuing Bank (Less Common for Fidelity)
In theory, you can always cash a check at the bank it's drawn on. However, for checks from Fidelity Investments, this is less straightforward because Fidelity is primarily an investment firm, not a traditional bank with walk-in tellers everywhere. The check might be drawn on a partner bank that Fidelity uses, rather than a "Fidelity Bank" branch.
Challenges: Identifying the exact "issuing bank" can be difficult. Even if you identify it, they might refuse to cash it if you don't have an account with them, or they may charge a significant fee. They will almost certainly require multiple forms of strong identification.
Recommendation: This is generally not a practical option for Fidelity checks unless you explicitly know the underlying bank and have confirmed their policy.
Sub-heading: Option D: Cash the Check at a Retailer or Check-Cashing Store (Use with Caution)
Some large retailers (like Walmart, certain grocery stores) and dedicated check-cashing stores offer check-cashing services.
Pros: Can provide immediate cash, even if you don't have a bank account.
Cons:
High Fees: These services typically charge a percentage of the check amount (e.g., 1-5%), which can significantly eat into your funds.
Limits: There are often daily or per-transaction limits on the amount you can cash.
Acceptance: Not all retailers or check-cashing stores will accept all types of checks. They may be more inclined to cash payroll or government checks, and a Fidelity investment check might be scrutinized more closely or rejected.
Requirements: Valid photo ID is always required.
Recommendation: This should be considered a last resort due to the high fees.
Step 3: Endorse Your Check Properly - Don't Forget to Sign!
This is a critical step, regardless of how you choose to cash your check. Endorsement is your signature on the back of the check, authorizing the transfer of funds.
Where to Sign: Look on the back of the check, usually at the top, there will be a blank area with a line indicating "Endorse Here" or similar.
Basic Endorsement: Simply sign your name exactly as it appears on the "Pay to the Order of" line on the front of the check. If your name is misspelled or slightly different, sign it as it appears on the front, then sign it again with your correct legal signature.
Restrictive Endorsement (Recommended for Deposit):
For depositing into your bank account, it's best to add a restrictive endorsement to prevent anyone else from cashing it if it's lost or stolen. Write:
"For Deposit Only"
[Your Account Number] (Optional, but adds an extra layer of security)
Then sign your name.
If using mobile deposit, your bank app may instruct you to write "For Mobile Deposit Only" and your bank's name. Always follow your bank's specific mobile deposit endorsement instructions.
Step 4: Gather Your Identification - Prove It's You!
Financial institutions are very strict about verifying your identity to prevent fraud.
Primary ID: A valid, unexpired government-issued photo identification is always required. This could be:
Driver's License
State ID Card
Passport
Secondary ID (Sometimes Required): For larger amounts or if your primary ID raises any questions, you might be asked for a second form of ID, such as:
Social Security Card (though many institutions prefer not to collect this directly)
Utility Bill (to confirm address)
Credit Card with your name
Debit Card from your bank
Step 5: Understand Fund Availability & Holds - When Can You Use the Money?
Even after you've deposited or cashed your check, the funds might not be immediately available for withdrawal or spending. Banks place "holds" on checks for various reasons, primarily to ensure the check clears the issuing institution.
Factors Affecting Holds:
Amount of the check: Larger checks typically have longer holds.
Your banking history: Long-standing customers with good account history might have shorter holds.
Type of check: Checks from well-known institutions like Fidelity might clear faster than personal checks from unknown individuals.
Time of deposit: Deposits made after a bank's cut-off time (e.g., 4:00 PM local time) or on weekends/holidays will typically be processed on the next business day.
Typical Hold Periods:
A portion of the funds (e.g., the first $200-$500) might be available within one business day.
The remaining funds can take anywhere from 2 to 10 business days to fully clear and become available.
Check Your Bank's Policy: Always ask your bank about their specific fund availability policy when you make a deposit. This will help you plan your finances accordingly. You can often check the status of your deposit through your bank's online banking portal or mobile app.
Step 6: Manage the Cashed Check Safely - Don't Discard Immediately!
After you've deposited the check (especially via mobile deposit), resist the urge to immediately discard it.
Hold Onto It: Keep the physical check in a secure place (like a locked drawer or safe) for at least 5-10 business days or until you see the funds fully clear and post to your account, not just show as "pending." This is in case there are any issues with the deposit and your bank needs the original.
Proper Disposal: Once the funds are fully available, shred the check to protect your personal and financial information. Do not just throw it in the trash.
Related FAQ Questions
How to endorse a Fidelity check for mobile deposit?
For mobile deposit, sign your name exactly as it appears on the front of the check, then typically write "For Mobile Deposit Only" and often your bank's name below your signature. Always check your specific bank's mobile deposit endorsement requirements as they can vary.
How to cash a Fidelity check if I don't have a bank account?
If you don't have a bank account, your options are limited: you can try a check-cashing store or a major retailer (like Walmart), but be aware of the fees they charge (often 1-5% of the check amount). You will need a valid government-issued photo ID.
How to find the routing number on a Fidelity check?
The routing number (also known as the ABA routing transit number) is the nine-digit number located at the bottom left of the check, usually enclosed in a special character. It identifies the financial institution the check is drawn on.
How to avoid fees when cashing a Fidelity check?
The best way to avoid fees is to deposit the check into your own bank account. Most banks do not charge a fee for depositing checks into an existing account. Check-cashing stores and some retailers will charge a fee.
How to deposit a large Fidelity check without delays?
For large Fidelity checks, the most reliable method is to deposit it in person at your own bank branch. Be prepared for a hold period, as banks commonly place longer holds on larger amounts to ensure the funds clear. Mobile deposits for very large sums might have stricter limits or longer holds.
How to get immediate access to funds from a Fidelity check?
Immediate access to the full amount from a Fidelity check is generally difficult unless you deposit it into your own established bank account and the bank releases a portion or all of the funds based on your banking history. Check-cashing stores offer immediate cash but come with significant fees.
How to verify if a Fidelity check is legitimate?
If you are concerned about the legitimacy of a Fidelity check, you can contact Fidelity Investments directly using the official contact information on their website (not information on the check itself, in case it's fraudulent). You can also contact the bank it's drawn on (using the routing number) to inquire about the check's validity, but they may not disclose much due to privacy concerns.
How to handle a Fidelity check with a misspelled name?
If your name is misspelled on the "Pay to the Order of" line, sign the check twice on the back: first with the misspelled name exactly as it appears, and then with your correct legal signature below it. Presenting a valid ID that matches your correct legal name is essential.
How to deposit a Fidelity check into a Fidelity account?
If you have a Fidelity account (e.g., a Fidelity Cash Management Account or brokerage account), you can usually deposit the check directly into that account via mobile deposit through the Fidelity app, by mail, or by visiting a Fidelity Investor Center (if applicable).
How to cash a Fidelity check if I am not the account holder?
Generally, you cannot cash a Fidelity check if you are not the payee (the person whose name is on the "Pay to the Order of" line). Banks and Fidelity have strict policies against cashing "third-party checks" due to fraud prevention. The check must typically be deposited into an account belonging to the named payee.
