Why does Fidelity say I have cash but won't let me buy a CD

[Brook2]

For some reason I'm not "getting it" with Fidelity website. All I am trying to do is buy CDs. My acct says I have plenty of $, but when I go to buy a CD, it says I don't have enough (3 x less). My ultimate goal: Buy CDS and when they come due, have the cash flow back into a bucket where I can buy more. At first Fidelity told me to use a money market - but when that stopped letting me buy CDs I transferred all the funds into a sweep, thinking 'for sure' that would work, but it didn't. (still says I don't have enough $)

Can anyone give met the kindergarten level explanation of how I can just have an account where I buy CDs, and when they come due (and I get the cash back), it just flows back in a place where I can buy more. How that happens isn't working for me. Vanguard and Schwab seem easy, Fidelity website is confusing. My money seems in jail.

 

[COcheesehead]

If you want to buy $10,000 worth of CDs, are you entering 10,000 or 10?
Settlement timing may come into play as well.

 

[Brook2]

If you want to buy $10,000 worth of CDs, are you entering 10,000 or 10?
Settlement timing may come into play as well.

Yes, I'm entering it correctly. I've bought several CDs in the past, so I'm familiar with the process. (I do understand the quirk of that section too. It would be easy to type too many zeros if you aren't paying attention).

 

[COcheesehead]

Yes, I'm entering it correctly. I've bought several CDs in the past, so I'm familiar with the process. (I do understand the quirk of that section too. It would be easy to type too many zeros if you aren't paying attention).

How fast after having the cash do you attempt to enter the new order?

 

[mrfeh]

Why don't you call them and ask?

 

[easysurfer]

I can't help with your question except to say that I too find Fidelity's site confusing when it comes to portfolio positions. As an example, I get some cash added to the various core positions of my accounts. Yet, I'm not exactly sure why.

 

[COcheesehead]

I can't help with your question except to say that I too find Fidelity's site confusing when it comes to portfolio positions. As an example, I get some cash added to the various core positions of my accounts. Yet, I'm not exactly sure why.

All the transactions are detailed Activities and Orders. If there are numerous core transactions, just unclick the box that says view settlement account transactions. It can be found in the filters link.

 

[Al18]

Call Fidelity and ask them - they have excellent phone support in my opinion.

 

[GhostofTomJoad]

Yes, I'm entering it correctly. I've bought several CDs in the past, so I'm familiar with the process. (I do understand the quirk of that section too. It would be easy to type too many zeros if you aren't paying attention).

You are experiencing the reason why I did not choose Fidelity, despite all its good points: the website is a cluster-flop. Clunky, confusing. You chase your own tail. Not for me.

 

[Yipper]

You are experiencing the reason why I did not choose Fidelity, despite all its good points: the website is a cluster-flop. Clunky, confusing. You chase your own tail. Not for me.

Funny, that’s the reason I left two other firms and consolidated to Fidelity. It’s the most logical and straightforward to me vs. others I’ve used.

 

[badatmath]

Not being able to easily buy a CD is discouraging to me as a potential future joiner of Fidelity for that express purpose.
Brook2 if you get an answer do you mind posting it here?

I think I am getting stupider I just realized I paid a bill for $5 that was actually not owed. It was a $5 credit to the account not a debit. Oops. Details. So now a little extra credit.

 

[COcheesehead]

You are experiencing the reason why I did not choose Fidelity, despite all its good points: the website is a cluster-flop. Clunky, confusing. You chase your own tail. Not for me.

I find it just the opposite. I think you can do more things via the website without having to call. I think it’s pretty robust.

 

[COcheesehead]

Not being able to easily buy a CD is discouraging to me as a potential future joiner of Fidelity for that express purpose.
Brook2 if you get an answer do you mind posting it here?

I think I am getting stupider I just realized I paid a bill for $5 that was actually not owed. It was a $5 credit to the account not a debit. Oops. Details. So now a little extra credit.

It’s easy to buy fixed income at Fidelity. The OP has an issue that is likely a simple answer.

 

[RetiredHappy]

Using Fidelity site is really easy and I have not had any issues buying CDs using available cash. Either you have pending unsettled activities or you are not doing something right. Just call Fidelity.

 

[easysurfer]

All the transactions are detailed Activities and Orders. If there are numerous core transactions, just unclick the box that says view settlement account transactions. It can be found in the filters link.

Thanks for the tip. Now I have a bread crumb to work with.

Actually, in my case by clicking the box to show settlement account transactions, hopefully I can see what cash deposits going into the cores are coming from where. At first glance seems like dividends are getting put in core. I'll have to look closer when I have the time.

 

[RE2Boys]

For some reason I'm not "getting it" with Fidelity website. All I am trying to do is buy CDs. My acct says I have plenty of $, but when I go to buy a CD, it says I don't have enough (3 x less). My ultimate goal: Buy CDS and when they come due, have the cash flow back into a bucket where I can buy more. At first Fidelity told me to use a money market - but when that stopped letting me buy CDs I transferred all the funds into a sweep, thinking 'for sure' that would work, but it didn't. (still says I don't have enough $)

Can anyone give met the kindergarten level explanation of how I can just have an account where I buy CDs, and when they come due (and I get the cash back), it just flows back in a place where I can buy more. How that happens isn't working for me. Vanguard and Schwab seem easy, Fidelity website is confusing. My money seems in jail.

I have found that if I had a "good until cancel" buy order in the system, that some of the money in the sweep account is set aside to cover the not yet pending buy order and that reduces the money available for a another buy order, regardless of what is shown in my sweep account balance. Check if you have any other buy orders in the system.

 

[RetiredAndLovingIt]

Fidelity has been easy for a beginner like me to buy CDs and Treasuries.
My guess would be the OP is trying to use money already reserved for a pending settlement but why not just call Fidelity and they will be happy to check it out for you.

 

[audreyh1]

I stuck with Fidelity all these years because I have found their website so straightforward and comprehensive that I very rarely need to call.

 

[audreyh1]

Fidelity has been easy for a beginner like me to buy CDs and Treasuries.
My guess would be the OP is trying to use money already reserved for a pending settlement but why not just call Fidelity and they will be happy to check it out for you.

That was my guess too. +1 on just call.

I have found that if I had a "good until cancel" buy order in the system, that some of the money in the sweep account is set aside to cover the not yet pending buy order and that reduces the money available for a another buy order, regardless of what is shown in my sweep account balance. Check if you have any other buy orders in the system.

Yep.

 

[DrRoy]

I can't help with your question except to say that I too find Fidelity's site confusing when it comes to portfolio positions. As an example, I get some cash added to the various core positions of my accounts. Yet, I'm not exactly sure why.

That is probably interest, dividends, capital gains distributions, etc.

 

[Jerry1]

I have found that if I had a "good until cancel" buy order in the system, that some of the money in the sweep account is set aside to cover the not yet pending buy order and that reduces the money available for a another buy order, regardless of what is shown in my sweep account balance. Check if you have any other buy orders in the system.

This is what I was thinking. I’ve bought CD’s that don’t settle for awhile and the money is set aside even though the cash account looks unencumbered.

 

[donheff]

No idea what happened at Fidelity but at Schwab I discovered that my "cash" wasn't good enough. Wrong MMF. It had to be in the settlement fund that paid peanuts. To make things worse, their dumb systems let the $78K buy transaction go through. Then they sent me all kinds of frantic warnings that I needed to fund the purchase. Scared the hell out of me while I was in Italy biking.

 

[COcheesehead]

Fidelity has a hierarchy of funding purchases. First core, then they will liquidate a money market. So I can keep funds in a premium money market instead of the lower paying core account and they will sell as needed. I don’t have to do anything.

 

[mrfeh]

Fidelity has a hierarchy of funding purchases. First core, then they will liquidate a money market. So I can keep funds in a premium money market instead of the lower paying core account and they will sell as needed. I don’t have to do anything.

This is a significant advantage Fido has over Schwab.

 

[jazz4cash]

I can't help with your question except to say that I too find Fidelity's site confusing when it comes to portfolio positions. As an example, I get some cash added to the various core positions of my accounts. Yet, I'm not exactly sure why.

What does it say if you click the ‘activity’ tab?