Fidelity (MMH2000) Bank Transfer Cannot Be Processed

Someone asks:

I just opened an account last Saturday, added my bank account and it seems like I can’t transfer money from my bank to Fidelity because of my account is restricted. What could be the problem?

Error (MMH2000) Your transaction cannot be processed at this time. Please try again later, or call a Fidelity Representative at 800-544-6666.

This account is currently ineligible for transfers due to a restriction. Please select another account to continue.

If You’re Unable to Transfer Money from your Bank Account to Fidelity

Once your Fidelity account is created, you can transfer money from your bank account to your brokerage account and start trading. This process is not instant and will require some verification steps.

You can link a new bank account through Fidelity’s Transfers page.

Begin transferring money from your bank account to your Fidelity brokerage account. The process takes a few business days. Check under your bank account’s transactions page and look for the two small deposits made by Fidelity. You will need them to verify the connection.

Reach out to Fidelity customer service if that still doesn’t work and you still can’t transfer money into your Fidelity account.

Other Comments:

Jess L:

I have several accounts with Fidelity. My main one that I do my stock trading as well as education accounts for each of my kids and I just opened a ROTH IRA. It will not let me transfer money directly from my bank into any other account but my main individual account. It looks like I have to first transfer it into my individual account, wait a couple days for it to clear, then I can transfer into ROTH or children’s accounts. Is there a way I can just do it directly?

Clayton R:

I have my bank account linked to Fidelity. I go online and do a transfer from my bank to my brokerage account. Once it is there, I either leave it there or I can then transfer to my other accounts. I have a Roth IRA, regular Ira ( for back door use )my wife’s Roth IRA, regular Ira for my wife ( again for backdoor use ), and a Roth IRA for minor that I can transfer out of my brokerage account. I would think you could setup to transfer online from a brokerage account to your 401k but that I don’t know for sure. I’m able to transfer and move money anyway that I need. My 401k with my employer is at a different place so I don’t know about that particular type of account. Maybe it has rules I don’t know about.

Sandeep Y:

Just created an individual account with Fidelity. I don’t find an option to fund the account from my bank. The only option I have is to find my Roth IRA and then transfer that money to individual. Is this how it should be working in Fidelity?

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Hi! I'm Diego, 38, and I currently reside in New York. I work as a financial analyst. I primarily focus on initiatives involving research and data analysis.

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