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.
UMB Bank Fidelity Explained
UMB is Fidelity’s banking partner. Since Fidelity is not a bank but a brokerage firm, UMB handles all funds related to Fidelity.
After requesting a transfer of funds from your bank account to a Fidelity checking account, you may see UMB N.A on your bank statement because this is the bank responsible for processing the transaction on behalf of Fidelity.
UMB is a bank based in Kansas City, Missouri. It offers standard financial services such as checking and savings accounts. This is a separate entity and is not owned by Fidelity.