When you conduct transactions involving your Fidelity account, such as transferring funds from your bank or setting up direct deposits, you might notice “UMB NA” or “United Missouri Bank” listed.
Fidelity utilizes UMB Bank to handle the processing and management of various cash transactions associated with Fidelity accounts, which is why it is listed on your external bank statement instead of “Fidelity Investments”.
Someone asked:
I recently initiated a transfer from my bank account to my Fidelity brokerage account, and I noticed that UMB N.A Bank is processing the transaction. Is this legit or should I be worried? The bank statement made no mention of Fidelity withdrawing the money.
This is a normal and legitimate occurrence because UMB Bank, N.A. (a subsidiary of UMB Financial Corporation headquartered in Kansas City, Missouri) serves as a primary banking partner for Fidelity. Since Fidelity operates as a brokerage firm rather than a chartered bank, UMB plays a crucial role in managing all funds related to banking-related transactions.
UMB Fidelity Bank Explained
After requesting a transfer of funds from your bank account to a Fidelity checking account, you may see “UMB NA” on your bank statement. This is because UMB is the bank responsible for processing the transaction on behalf of Fidelity. Headquartered in Kansas City, Missouri, UMB offers a range of standard financial services including checking and savings accounts. It’s important to note that UMB is a separate entity and is not owned by Fidelity.
Direct Deposits to Fidelity through UMB Bank
For direct deposits and other electronic funds transfers, Fidelity’s brokerage accounts function akin to checking accounts. The deposits are also routed through UMB NA Bank. When setting up deposits, you should provide UMB’s name and address for a seamless process:
United Missouri Bank
1008 Oak Street
ACH Department
Kansas City, MO 64106
Final Thoughts
In summary, the appearance of UMB Bank on your statements in connection with Fidelity transactions is standard procedure for how Fidelity manages fund movements. So, it’s not uncommon to see “UMB NA” appear on your transfer details rather than “Fidelity Investments.”
Many types of transfers in and out of accounts on Fidelity.com are routed through their processing bank, United Missouri Bank (UMB).