Processing Check Deposits

Question 1

How can clients make check deposits at fidelity?

Answer 1

•mail
•in person
•on mobile devices

Question 2

What type of checks do we accept?

Answer 2

•personal checks
•cashier’s checks
•certified checks
•starter checks under certain circumstances

Question 3

What do we NOT accept?

Answer 3

•cash
•money orders
•traveler’s checks

Question 4

What types of payees do we accept?

Answer 4

•made payable to Fidelity or to a specific Fidelity business unit or fund-do NOT need to be endorsed on the back by the client

•made payable to the client (second-party checks)-should be endorsed by all clients whose names appear on the check

•made payable to someone other than the account owner (third-party checks) for $2500 or less-should be endorsed by all clients whose names appear on the check & then endorsed by the client

Question 5

When are most deposits into brokerage accounts available?

Answer 5

Within 2 business days

Question 6

When are deposits into mutual funds available?

Answer 6

Have a collection period of 4 business days

Question 7

What if a client is depositing into a brokerage account?

Answer 7

•first must deposit the funds to the core
•then the client can place a trade to purchase new or existing investments

Question 8

What if a client is depositing into a mutual fund account?

Answer 8

•must select a fund to purchase at the time of deposit

Question 9

If a client is making a deposit to a retirement account, what do you need to confirm?

Answer 9

What type of deposit they’re making:
•current-year contribution
•prior-year contribution
•60-day rollover
•direct corporate rollover
Etc.

Question 10

What are the most common NIGOs related to check deposits?

Answer 10

•not signed
•future dated or stale dated
•numeric amount is different from written amount
•third-party checks > $2500