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Fido/Ally Funds Transfer
Old 06-30-2022, 03:08 PM   #1
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Fido/Ally Funds Transfer

Presently I have my Fido CMA as a linked account in my Ally savings/checking so I typically push to Fido with a 1 business day wait. Is there a better option to get funds over to Fido for instant availability i.e. pull to CMA or Brokerage account? TIA
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Old 06-30-2022, 04:48 PM   #2
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Presently I have my Fido CMA as a linked account in my Ally savings/checking so I typically push to Fido with a 1 business day wait. Is there a better option to get funds over to Fido for instant availability i.e. pull to CMA or Brokerage account? TIA
Not sure, but I doubt it. I do a lot of such transfers Fido/Ally?Synchrony/Truist and 1 day sounds very fast. The only instant transfers I'm familiar with are within the same institution.
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Old 06-30-2022, 04:56 PM   #3
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Wow. One day seems reasonable to me. have several transfer links between brokerage, online savings, TD and/or our BnM bank, all are next business day (though there’s probably an afternoon/evening cutoff).
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Old 06-30-2022, 06:16 PM   #4
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I initiate the transfer from Fidelity, pulling from my bank. If you initiate the pull early in the morning - by about 4AM or 5AM, it will pull from your bank sometime between 6AM and 8AM. Any after will take the funds next morning.

Now, although the funds may not have physically arrived/settled on the Fidelity side, I am able to invest those funds immediately when I initiate the transfer. If you do a push, then you won't be able to use those funds until they reach Fidelity.
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Old 06-30-2022, 06:18 PM   #5
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Not sure, but I doubt it. I do a lot of such transfers Fido/Ally?Synchrony/Truist and 1 day sounds very fast. The only instant transfers I'm familiar with are within the same institution.
Chase does instant push for up to $5000 per day. I can initiate the transfer from Chase, click the button, and in less than a minute it is in the destination account.
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Old 06-30-2022, 06:22 PM   #6
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Try Marcus: if you push before noon you could get it by the end of the business day.
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Old 06-30-2022, 09:03 PM   #7
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I initiate the transfer from Fidelity, pulling from my bank. If you initiate the pull early in the morning - by about 4AM or 5AM, it will pull from your bank sometime between 6AM and 8AM. Any after will take the funds next morning.

Now, although the funds may not have physically arrived/settled on the Fidelity side, I am able to invest those funds immediately when I initiate the transfer. If you do a push, then you won't be able to use those funds until they reach Fidelity.

Good to know...Thanks
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Old 07-01-2022, 06:00 AM   #8
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Chase does instant push for up to $5000 per day. I can initiate the transfer from Chase, click the button, and in less than a minute it is in the destination account.
Impressive!
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Old 07-01-2022, 10:50 AM   #9
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Two updates on this, I pull from Marcus to Fido rather than push. The pull allows me to invest instantly into FDRXX for a 1.4% 7 day yield. I can also pull upto 250K without help from Fido, but I can get more by calling.

If I push to Fido, the funds take a day to be seen at Fido and I can only push 100K/month.

I assume the same issue with Ally.....
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Old 07-01-2022, 11:30 AM   #10
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Originally Posted by daver View Post
Presently I have my Fido CMA as a linked account in my Ally savings/checking so I typically push to Fido with a 1 business day wait. Is there a better option to get funds over to Fido for instant availability i.e. pull to CMA or Brokerage account? TIA
I pull and push from Fidelity. Next day available funds is typical and the fastest I’ve ever seen.

They are using ACH to transfer funds electronically and that usually batches up for transfers later in the day.

Instantaneous is more like using bank wire. But from what Ive been told confirmation can take up to 12 hours.
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Old 07-01-2022, 12:38 PM   #11
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I used Fidelity to pull funds from Ally on 6/29. They are sitting in the money market at Fidelity.


I tried to open a CD and it said funds not available yet? strange..
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Old 07-01-2022, 12:43 PM   #12
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I used Fidelity to pull funds from Ally on 6/29. They are sitting in the money market at Fidelity.


I tried to open a CD and it said funds not available yet? strange..
That seems wrong.

What does the Balances tab say?
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Old 07-01-2022, 12:48 PM   #13
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I initiated a transfer from one of my brokerages, from one of my banks.

It took SEVEN days after the completion/ verification of the link for the funds to be released to allow me to buy treasuries.
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Old 07-01-2022, 12:50 PM   #14
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Balance shows full amount. But when I try to place the order..it says:

  • (313112) This order cannot be placed. Orders for stocks trading less than $3 per share and opening option orders require cash from recent deposits to be cleared and collected which usually takes 4-6 days.
  • Next Steps
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Old 07-01-2022, 01:57 PM   #15
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News to me! Thanks for the details.
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Old 07-05-2022, 12:56 PM   #16
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I pull and push from Fidelity. Next day available funds is typical and the fastest Ive ever seen.

They are using ACH to transfer funds electronically and that usually batches up for transfers later in the day.

Instantaneous is more like using bank wire. But from what Ive been told confirmation can take up to 12 hours.

Should be the same for both the brokerage core account and CMA?

Thanks again...
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Old 07-05-2022, 01:04 PM   #17
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So, my recent pull from Marcus to Fido on June 30th went as expected. Pulled 200K, immediately placed an order to buy FDRXX, Prime MM, and it processed the cash to my account and allowed my to trade it to by the MM the same day. I believe it may be because they consider a MM fund to be a cash position.

On the Marcus side, they did not clear the pull for 3 days. My Marcus account only cleared the funds on July 2, but reflected the pull on June 30. Of course as soon as I pulled the funds, the next day Marcus again raised their base rate and gave me another 1% bonus for a total MM of 2.3%. Fido is OK at 1.4% but oh well. My short term treasuries expiring in July and Aug do not pay quite that much.
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Old 07-05-2022, 01:36 PM   #18
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Balance shows full amount. But when I try to place the order..it says:

  • (313112) This order cannot be placed. Orders for stocks trading less than $3 per share and opening option orders require cash from recent deposits to be cleared and collected which usually takes 4-6 days.
  • Next Steps
Is this a CMA account or Brokerage account? I only have a brokerage account and have pulled funds and seen it immediately available for investment. I've read that CMA accounts can take days to settle.
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Old 07-05-2022, 01:56 PM   #19
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When I transfer funds from my AMEX or Citibank savings to Fidelity, the amount transferred is credited to my Fidelity account immediately subject to a limit of $250K per transfer per day. I am allowed to buy without margin. The completed transfer is posted at the end of the business day or the next business day.
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Old 07-05-2022, 07:23 PM   #20
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Balance shows full amount. But when I try to place the order..it says:

[LIST][*](313112) This order cannot be placed. Orders for stocks trading less than $3 per share and opening option orders require cash from recent deposits to be cleared and collected which usually takes 4-6 days.


But you wanted to buy a CD, not place a stock or option order. Something sounds off. Id contact Fido for an explanation.

+3 on immediate availability of funds using Fido transfer function to pull from other accounts.
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