Moving money from your Fidelity Investments account to your bank account might seem like a complex task, but I'm here to tell you it's a straightforward process once you understand the steps involved. Whether you're looking to access funds for a large purchase, cover everyday expenses, or simply rebalance your finances, Fidelity offers several convenient ways to get your money where it needs to go.
Ready to take control of your funds? Let's dive in!
How to Transfer Money from Fidelity Investments to Your Bank Account: A Comprehensive Guide
There are primarily two main methods for transferring money out of your Fidelity account to an external bank: Electronic Funds Transfer (EFT) / ACH and Bank Wire Transfer. Each has its own benefits regarding speed, cost, and limits. We'll explore both in detail, along with other considerations.
Method 1: Electronic Funds Transfer (EFT) / ACH Transfer (Most Common & Recommended)
EFT, often referred to as an ACH transfer, is the most common and typically fee-free way to move money between your Fidelity account and your linked bank account. It uses the Automated Clearing House (ACH) network, a secure and reliable system for electronic payments.
Step 1: Gather Your Bank Account Information (The Essential First Step!)
Before you even log into Fidelity, do you have your bank's routing number and your specific bank account number readily available? This is absolutely crucial for a smooth transfer. You'll usually find these on your bank's website, mobile app, or at the bottom of a physical check.
Routing Number (ABA or RTN): This is a nine-digit code that identifies your financial institution.
Account Number: This is your unique bank account number.
Account Type: Is it a checking or savings account? Fidelity will ask for this.
Account Holder Name: Ensure the name on your Fidelity account precisely matches the name on your bank account for successful linkage.
Take a moment to double-check these numbers! A single incorrect digit can lead to delays or even misdirected funds, causing unnecessary headaches.
Step 2: Log In to Your Fidelity Account
Head over to the official Fidelity Investments website (Fidelity.com) or open the Fidelity mobile app.
Login securely: Enter your username and password. You may also be prompted for a two-factor authentication code for added security. Fidelity takes your financial security seriously, so don't be surprised by these extra verification steps.
Step 3: Navigate to the "Transfers" or "Move Money" Section
Once logged in, look for a prominent link or menu option related to "Transfers," "Move Money," or "Payments & Transfers." The exact wording might vary slightly depending on the Fidelity platform you're using (e.g., standard brokerage, Fidelity Go, NetBenefits).
On the website: This is often found under "Accounts & Trade" or a similar main navigation tab.
On the mobile app: Look for a "Transfers" or "Move Money" icon, usually at the bottom or in a prominent menu.
Step 4: Select "Transfer Money" or "Withdraw Money"
Within the transfers section, you'll likely see options like "Transfer Money," "Deposit Money," or "Withdraw Money." For moving funds from Fidelity to your bank, you'll want to select an option that indicates a withdrawal or transfer out of Fidelity.
Step 5: Choose Your Fidelity Source Account
If you have multiple accounts with Fidelity (e.g., a brokerage account, IRA, Cash Management Account), you'll need to select which account you wish to transfer funds from.
Important Note: Ensure the account you select has a sufficient available balance for the transfer. You might need to sell investments first if you're not withdrawing cash.
Step 6: Select or Add Your Bank Account
You'll then be asked to specify where you want the money to go.
Existing Linked Account: If you've previously linked your bank account, it should appear in a list. Select it.
Add New Bank Account: If this is your first time transferring to this specific bank account, you'll need to add it. This is where the routing number, account number, and account type you gathered in Step 1 come in handy.
Fidelity may use a small trial deposit (micro-deposit) process to verify your bank account ownership. This involves Fidelity sending one or more small deposits (e.g., a few cents) to your bank account, which you'll then need to verify on the Fidelity website. This process can take 1-3 business days. Alternatively, some banks allow instant verification by logging in with your bank credentials directly through Fidelity's secure portal.
Step 7: Enter the Transfer Amount
Input the exact amount of money you wish to transfer.
Pay attention to decimal points and ensure the amount is accurate.
Be aware of Fidelity's daily transfer limits for EFTs, which are generally up to $100,000 for withdrawals. If you need to transfer more, you might need to make multiple transfers or consider a wire transfer (discussed next).
Step 8: Review and Confirm Your Transfer
This is a critical step! Carefully review all the details of your transfer before submitting:
Source Fidelity Account: Is it the correct one?
Destination Bank Account: Are the routing and account numbers accurate? Is the account holder's name correct?
Transfer Amount: Is it the exact amount you intend to transfer?
Once you've confirmed everything looks correct, click "Submit," "Confirm Transfer," or a similar button. You'll usually receive an on-screen confirmation and often an email confirmation as well.
Step 9: Track Your Transfer
Fidelity typically provides a "Pending Transfers" or "Activity" section where you can monitor the status of your transfer.
EFT processing time: Electronic Funds Transfers usually take 1-3 business days to complete. Keep in mind that transfers are not processed on weekends or bank holidays. If you submit a request after 4 p.m. ET, it will generally process on the next business day.
Method 2: Bank Wire Transfer (Faster, but May Incur Fees)
Wire transfers are generally faster than EFTs, often arriving on the same business day if initiated before a specific cutoff time (usually 4 p.m. ET). However, they are typically used for larger amounts and may involve fees, both from Fidelity (though Fidelity states they don't charge for outgoing wires) and potentially from your receiving bank.
Step 1: Identify if Wire Transfer is Necessary
Consider a wire transfer if:
You need the funds urgently (same-day access).
You are transferring a large sum (Fidelity's wire transfer limit is typically $1 million per day).
Your bank account is not already linked via EFT, and you need immediate access.
Step 2: Gather Wire Transfer Details for Your Bank
Wire transfers require more specific information than EFTs. Contact your bank directly to get their exact wire transfer instructions. You'll need:
Your Bank's Name
Your Bank's Wire Transfer ABA/Routing Number: This is often different from the ACH routing number.
Your Bank Account Number
Beneficiary Name (Your Name)
Your Bank's Physical Address (sometimes required)
SWIFT/BIC Code (for international wires): If you're transferring to an international bank account, you'll need the SWIFT (Society for Worldwide Interbank Financial Telecommunication) or BIC (Bank Identifier Code) for your receiving bank.
Step 3: Initiate a Wire Transfer Through Fidelity
Online: Log in to your Fidelity account and navigate to the "Transfers" or "Move Money" section, similar to EFT. Look for an option specifically for "Wire Transfer."
By Phone: For larger or more complex wire transfers, you may need to call Fidelity's customer service directly. This provides an added layer of security and allows a representative to guide you through the process.
In Person: If you have a Fidelity Investor Center nearby, you can also initiate a wire transfer in person.
Step 4: Provide Wire Transfer Instructions
Carefully enter or provide all the wire transfer details you gathered from your bank. Accuracy is paramount with wire transfers, as funds sent to an incorrect account can be very difficult to recover.
Step 5: Confirm Fees and Limits
While Fidelity generally doesn't charge for outgoing wire transfers, your receiving bank may impose a fee for incoming wires. Be aware of Fidelity's daily wire transfer limits (e.g., $1 million).
Step 6: Review and Authorize
Just like with EFTs, meticulously review all the details before authorizing the wire transfer. Wire transfers are irreversible once processed.
Step 7: Processing Time for Wire Transfers
If submitted before Fidelity's cutoff time (usually 4 p.m. ET), wire transfers are typically processed and available in your bank account the same business day. If submitted after the cutoff, they will process the next business day.
Other Important Considerations
Fidelity Cash Management Account: If you have a Fidelity Cash Management Account, it functions much like a traditional checking account. Transfers to and from external bank accounts are usually seamless and often faster, as it's designed for daily spending and cash management.
Fidelity Go/Robo-Advisor Accounts: Transfers from Fidelity Go accounts follow the same general process as other brokerage accounts. However, remember that funds might need to be liquidated from investments before they are available for withdrawal, which could add a few days to the overall process.
Fidelity NetBenefits: If you're looking to transfer funds from a workplace retirement account (like a 401(k)) held with Fidelity NetBenefits, the process is slightly different and often more complex due to IRS regulations. You may need to initiate a distribution or rollover, which can have tax implications and typically requires contacting your plan administrator or Fidelity's NetBenefits customer service for specific instructions. Direct transfers to a personal bank account might be limited or require specific distribution types.
Security: Always ensure you are on the official Fidelity website or using the legitimate Fidelity app. Be wary of phishing attempts. Fidelity uses robust security measures, including encryption and two-factor authentication, to protect your transfers.
Hold Periods: Sometimes, especially for new accounts or large transfers, Fidelity might place a temporary "hold" on funds for security reasons. This means while the transfer might show as processed, the funds may not be immediately available for withdrawal from your receiving bank until the hold period clears. Fidelity generally makes funds available for trading immediately, but withdrawing or transferring to other accounts might be subject to a hold.
Account Matching: For both EFT and wire transfers, the name on your Fidelity account must exactly match the name on the receiving bank account to prevent delays or rejections.
10 Related FAQ Questions
How to check if my bank account is already linked to Fidelity?
You can check linked bank accounts by logging into your Fidelity account, navigating to the "Transfers" or "Move Money" section, and looking for options like "Linked Accounts" or "External Accounts." Your previously added bank accounts should be listed there.
How to link a new bank account to Fidelity for transfers?
To link a new bank account, go to the "Transfers" or "Move Money" section in your Fidelity account, select "Add New Bank Account," and provide your bank's routing number, account number, and account type. Fidelity will typically verify the account via micro-deposits or instant bank login.
How to find my Fidelity account routing and account number for direct deposit?
For direct deposits into Fidelity (e.g., paycheck), you can usually find your Fidelity account's routing and account numbers on the "Direct Deposit and Direct Debit Information" page within your Fidelity account. You can also often find it on your Portfolio Summary page by selecting an account and looking for "Routing Number" under the account name.
How to expedite a transfer from Fidelity to my bank account?
To expedite a transfer, consider using a bank wire transfer instead of an Electronic Funds Transfer (EFT). Wire transfers typically arrive on the same business day if initiated before the cutoff time, whereas EFTs take 1-3 business days.
How to resolve a failed transfer from Fidelity to my bank account?
If a transfer fails, first double-check the bank account details you entered (routing number, account number, account type). Then, contact Fidelity customer service and your bank to identify the reason for the failure. Common reasons include incorrect details, mismatched account names, or insufficient funds.
How to transfer money from a Fidelity NetBenefits 401(k) to a personal bank account?
Transferring from a Fidelity NetBenefits 401(k) to a personal bank account usually involves a distribution or rollover process, not a simple transfer. You'll need to contact your employer's plan administrator or Fidelity NetBenefits directly to understand your distribution options, tax implications, and initiate the specific paperwork.
How to transfer money from a Fidelity Go account to my bank?
Transferring from a Fidelity Go account to your bank follows the same process as a standard brokerage account. You will log in, navigate to "Transfers," select your Fidelity Go account as the source, and choose your linked bank account as the destination. Be aware that if your funds are invested, they may need to be liquidated first.
How to check the status of a pending transfer from Fidelity?
You can check the status of a pending transfer by logging into your Fidelity account and looking for a "Pending Transfers," "Activity," or "History" section. This will show you the current status of your transfer and estimated completion time.
How to avoid fees when transferring money from Fidelity to my bank?
To avoid fees, always opt for an Electronic Funds Transfer (EFT) / ACH transfer. Fidelity typically does not charge fees for these transfers. While Fidelity also doesn't charge for outgoing wire transfers, your receiving bank might charge a fee for incoming wires.
How to set up recurring transfers from Fidelity to my bank account?
To set up recurring transfers, log into your Fidelity account, go to the "Transfers" or "Move Money" section, and look for an option to set up "Automatic Withdrawals" or "Recurring Transfers." You'll be able to specify the amount, frequency, and duration of the recurring transfer.
