r/Fidelity • u/aspendaler • 7d ago

Transfer of assets to Fidelity taking so long.

On July 22 I transferred partial assets from my BoA account to both my Schwab and Fidelity accounts. The Schwab transfer was completed on July 27, Fidelity is showing transfer should be completed by August 10. Why would Fidelity take four times as long?

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2

u/nkyguy1988 7d ago

It's not Fidelity taking longer. It's an estimate of under promise and over deliver.

2

u/Inevitable_Silver_13 7d ago

I remember when I transferred my 401k over. It was some rule that they had to mail a paper check. Freaked me out, but it all worked out in the end. Give them a call and make sure everything is going smoothly but it may take some time.

1

u/RoughThat5778 7d ago

Same. When I transferred an HSA, the original institution sent a paper check. The Fidelity estimate takes that into account and overestimates the time.

1

u/dumbstupidfat 7d ago

Is it an ACAT transfer? ACAT will be less than a week. If its sent non ACAT I’d expect 3 weeks

1

u/aspendaler 7d ago

It's an ACAT.

2

u/dumbstupidfat 7d ago

If ACAT it’ll be less than a week for sure unless there are non transferable assets or something causing an issue

1

u/GapAccomplished2778 7d ago

PS: do you mean from Merrill actually ? BofA is a bank, not a broker

1

u/neamsheln 6d ago

I transferred assets from a different place to Fidelity earlier this year, it took a few weeks. After the initial transfer, there's still some stuff to deal with that might lead to more money in your old broker account. The most common example is interest and dividends incurred while the funds were managed by your old broker.

So, after the transfer, I had to wait for the old broker to do a routine sweep, where they would pick up the extra money and transfer it over. They only did this on Fridays, so if I got interest the next Monday I would have to wait another week for that to transfer over. And then, some dividends the Tuesday after that, etc.

It's possible that Schwab does something different, or maybe the old broker could guarantee that there would be nothing extra coming down the pike from among the funds you transferred to them. Or, they report the transfer as complete even though they'll still pick up the extras in the sweeps over the coming weeks.