Backstory: Fidelity Investments has some account called a Cash Management Account. It's a hybrid of a brokerage account (account you buy stocks) and a checking account (can write checks, debit card, bill pay). It's been around for a while, but it became a pretty popular tool in the internet personal finance sector because the setup let you earn ~5% of your money at all times. But it's not a real checking account (important).
A few weeks ago, the Chase glitch occurred. But a glitch allowed 
to deposit a check (stolen or just their own), and instead of putting a hold and clearing it over a few days they got access to the funds immediately. So they would deposit a check for let's say $5,000, and then instantly withdraw the money. Obviously a super r-slurred thing to do with your account, but 
.
This was quickly fixed, but it caused some to wonder. What if other institutions did the same? Well they do. Banks have been operating on the clear first and ask questions later premise for a while, and brokerages even more so. This has brought to the limelight a type of fraud that's been around for a while. It's apparently coordinated through Telegram, and abuses mobile deposits not ATMs.
This leads into the Fidelity boyz:
It be rainin' 
Fidelity was a nice target too since their mobile deposit limit was $100,000. Fidelity last week caught onto this and then decided to implement some combination of these measures onto most of the accounts:
Reducing mobile deposit to $1,000
Put 15 business day holds on mobile deposits and ACHs
Cancel peoples billpays
Randomly locking accounts
As with most things like this, it's hard to get the true story because you'll see a lot of posts where someone is depositing 30 checks a week and needs to transfer all the money instantly to 5 different bank accounts and then ghost
you when you ask what could they possibly be doing to justify it.
/r/fidelityinvestments mods setup a megathread addressing this and pinned it in the sub. They then answered basically no questions, and then unpinned it 
Yep. I hope people look at these post before they think about opening an account with Fidelity. In my case they are holding my funds till 9th Oct (for deposits made on 16th Sept) . I had to make alternative arrangement to take care of my expenses.
The the worst part is that reddit is allowing Fidelity's moderators to delete posts on this issues and redirect us to this "megathread" which is more like a trash bin. Sorry if I sound frustrated as I really am.....
I recently transferred about $3000 into my Fidelity Cash Management account from US Bank on 9/15, and after 4 days, the funds were still unavailable. When I called to ask why, they explained that it was because I had pulled the funds from Fidelity rather than pushed them from US Bank.
They gave me a vague excuse about "industry trends" and "protecting Fidelity accounts" supposedly justifying the excessive hold. What makes this even more frustrating is that customer support admitted they never informed me about this extended hold upfront, and after reviewing Fidelity's terms, I wasn't able to find mention of such a long hold for this type of transaction.
Now, they've told me the funds will be held until at least 10/8. Even after verifying my identity, they won't release the money. While I can still use the money for things like buying stocks and bonds within Fidelity, the lack of transparency and delay in giving me full access is infuriating.
The more I see on this subreddit the more I become convinced the MegaThead is nothing more than a Catch & Kill effort
Nah you're just mad
Happened last week to me. In my case I deposited a large personal check. The funds had cleared but they still restricted my account as they thought the check was fraudulent or that I wrote it (it was from my mother) they called my mother separately to confirm she wrote the check.
All very absurd but once they lifted the restrictions bill pay returned that same day.
Doctorofcredit thread. A lot of these people were locked since what they do looks pretty similar to money laundering anyway.
With all this backlash, it does make sense that Fidelity is losing some valuable customers.
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I'm trying to give them the benefit of the doubt and assume they use stolen information. This is probably some cover for Eastern European mafia/North Korea as well.
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All these neighbours must have paid an overdraft fee before, so either they're not connecting the dots in their head because Tiktok lies, or there's an identify theft angle somewhere
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I think they're literally just living in the moment and not considering or caring about the future.
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Well, obviously. they're black.
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If you had no real career, then just taking the $100,000 in cash and hiding it out seems like a viable strat (or just partying it up until you keep yourself safe or die).
The idea that you just hand out cash to anyone with an unverified piece of paper is stupid and you can't rely on getting any of that cash back even if you have their SSN, ID and mother's maiden name and fingerprints
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Yeah, I just don't see it. You're trying to rationalize it, but they're not being rational, even if your finances are already fricked so there's nothing for them to take and you weren't going to get a job anyways. This kind of thing comes with actual criminal penalties, not just civil penalties.
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They're stupid. Literally, thats it.
I had a Fidelity account closed on me before, there was no thought process, I was just being an impulsive idiot.
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You literally can't comprehend how r-slurred these people are, which is fair, but did you ever consider that they can now get a dodge charger with no payments?
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Weirdly validating. I can only be envious
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Bipocs would
never 
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The smart ones bombard your email with an spam bomb when they steal your shit so you don't check each email carefully while they steal your shit.
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They are dumb BIPOCs. You can't expect them to make rational decisions
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Low IQ individuals generally lack future time preference or at least that's what the racist YouTubers I watch always says.
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You know I don't think these fine gentlemen are worried about being able to open a bank account in the future
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They are too dumb to think it through
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Doubt it. All they hear is "glitch" that allows them to make a bunch of money without even leaving their house. They aren't considering the consequences and just taking action before the "glitch" gets fixed
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Nope. This was a black thing
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Hey you should make a TikTok(ChingChong™) about the illegal thing you just did, no way cops would ever look at that!
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u already know kween kamala is gonna pass an amnesty EO for everyone involved because prosecuting them would disproportionately impact bipox
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Going by her record, Kamala would put you under the jail for having a nug of weed under your car seat. Anything she says lately is probably just paying lip service to lefties for votes. Dems have just suddenly forgotten that she used to be extra unpopular with black people in California because of how tough she was on on even the pettiest crimes.
She sure as frick isn't going to let people get away with attempting to frick over financial institutions.
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I can already see the headlines
They'll lock up about as many people as they did during the floyd riots (approximately zero)
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They did those baby lawyers who threw molotovs into cop cars tho
The man always busting people for tax evasion it's a darn shame
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Good honestly. Go off, queen. We need some center Left/Right collusion against the wingnuts.
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Lol she'd throw them in country for year and a half for a 50 dollar hot check
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media would not let that happen (and won't let anything happen in this case)
I hope I am wrong but seriously going after everyone that did this would have radioactive optics
they're going to get fined and credit score nuked at worst, with maybe a couple of big tiktokers serving token jail sentences for spreading the meme
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There's a reason poors can't even get a checking account generally. They have to pay bills at their local gas station.
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I grew up with and live around poors. The reason is that most of them cannot figure out how to even open a checking account. I'm completely serious; they don't understand how banks work.
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Working retail and dealing with poors and gift cards or watching them at the ATM or dealing with bill paying or their cash app shit, I have zero respect for poor people. They have no idea what the frick they're doing with their money.
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Most people who do have checking accounts still seem to think that banks used to keep money in a little envelope with each person's name on it in the vault, and now instead they keep digital money and the government has to make sure the bank doesn't hack the computer to give anybody any extra money.
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wait how is that wrong
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The balance in your account is a promise to pay you on demand (a liability of the bank), it doesn't represent any cash directly. Banks can lend more than they have corresponding deposits for, effectively increasing the money supply, because they know not everyone will demand payment at once.
This worked the same way when they did their accounting in big paper ledger books as it does now on computers.
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u put ur money in there and some c*nt steals ur card and drains it all and they make you fight before giving you your money back
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Bill pay services at your local weed dispensary.
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Honestly, can you imagine the frustration of just wanting to get some bud and some poor is ahead of you trying to get a stoned bud tender to pay a bill for them. That's like some ring of heck
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in
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I would pay to see this on Broadway
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The singing and dancing would make it so much worse lol. You probably just described a way to drive me insane
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Years ago I had to go pick up a cable box and the only xfinity location nearby with one available was deep in the hood. it was weirdly busy when i got there (like 2pm on a weekday) and literally every person there aside from me was there to pay they bill in cash
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black lives matter i love them so much
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5000 white men commit aggressive, societal eroding financial fraud and you sleep, yet a few Black people shant their ill gotten cash on camera and you pretend like they are the downfall of finance in the West? bro
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!nonchuds this but unironically. White collar crime, grift, and corruption outstrips black crime on a dollar value 1000000 to 1, yet chuds obsess over black crime because "muh skin color"
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Wrong. !chuds talk about jew crime just as much as black crime, if not more.
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!nonchuds jews are WHITE
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You don't have a pager sized hole in your hip do you?
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FTX was the fricking one of the fricking biggest and most talked about financial drama
in years
It was fricking white
collar 
crime 
committed by white 
people.
!chuds I missed
the fricking part where 
people said high level financial crime 
is fricking good or even not an issue when it's white 
people.
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We're white when it's convenient and not white when it's convenient.
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It's actually because petty cash crimes by BIPOCs are far more likely to result in physical violence than skimming 5$ from every trade at your brokerage
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I don't think it's their fault they were born with defective genes that make them BIPOCs, they should just be separated from honest white folk for our protection. We created the country of Liberia for them, they should go there.
Jews are not white. The Jews should also be removed.
For hundreds of years the US was good enough to receive these elements, although they possessed nothing except infectious political and physical diseases. What they possess today, they have by a very large extent gained at the cost of the less astute US nation by the most reprehensible manipulations.
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Jews are just as European and just as white as any other vanilla gorilla, the only difference is their god - which you would have to be a profound lunatic to still care about in the year of our Lord 2016+8.
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Phrenology makes very clear they are a distant cousin of the white species, similar to an ape.
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my comment WAS unironic...
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you got moar updoots than me..
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(Join more pinggroups)
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"white men"
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It's a fricking bank not a farmers market. I expect them to implement actual security and not just hand out greenbacks to anyone with a made-up IOU.
It's like saying that we should just leave bank vaults and PO boxes unlocked because in an ideal high trust society
no one would steal. Frick having a high trust society that shit is gay
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Yeah bro, totally.
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how fat are you that this is your fallen west
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Vending machine
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With a posted security detail
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Agreed - every financial transaction should be notarized, moving funds between two accounts you own should require your physical presence, etc.
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It's just a new level of drug stores locking up all their merchandise.
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No, you anthropomorphic gorilla, everyone responsible is going to be incarcerated and normal people are inconvenienced by all of this because now we need to lock down our financial institutions to prevent 85-IQ dipshits from destroying their own lives.
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Checks are fricking rslurred and the more painfully the American financial system learns that, the better.
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I love checks. You just write the person's name and say have a nice day. Eurotrash be like, "yoo what's your IBAN, give me your Venmo, what's your Ca$hApp, do you have any iTunes gift cards?"
Okay that last one might just be Indians.
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Euros ngmi
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the venmo and cashapp thing definitely happens between zoomers in the US unfortunately
the weird part is that there seems to be a strong class divide despite the two services being essentially identical. middle class and up disproportionately use venmo, while working class and below disproportionately use cashapp.
idk how the heck cashapp caught on with poors in the first place considering venmo was released several years earlier and at one point had a huge marketshare lead. they must've ran some rslurred free money promo or something that baited all of the poors into using it.
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/r/Cashapp has some bangers that explore this phenomenon
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Some poors use cashapp as a bank account
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Lolwut? Practically everyone working for a company gets paid via direct deposit.
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I've talked about this before but I'll reiterate: there's a decent share of boomer small business owners that think they're out-jewing the banks by refusing to spend the extra $1.50 on direct deposit and instead spend extra labor hours on payroll writing physical checks.
There's also a class of boomer slumlords that refuse to set up online payment portals for their rentals and require rent to be paid via check.
I'll note that I've never seen anyone under the age of 70 engage in either practice, but it does still happen.
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Nothing will change until rich neighbors lose real money.
Remember how Burgerland payment cards never included chip & pin until Target got hacked and then like two weeks later they bent the banks and Visa/MC over and made C&P mandatory?
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I remember going to LA in 2014 and having to swipe a debit card and Canada already had tap by then
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Are burgers not a fan of direct debits? TERF Island will even automatically port your direct debits if you move to a different bank.
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They're done through processing companies mainly. Like if I wanted to send you money directly and we had two different banks, it would most likely be through Zelle, Cash App, Paypal, or some other 3rd party. You could give the routing and account number to the other person, but that basically allows them to take any amount of money they want as well.
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That's crazy. I can go onto my banking app on my phone, enter someone's sort code, name and account number and send them money instantly and free.
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Practically any bank account worth having has Zelle attached to it, which would only require a phone number/email to send money to someone. As soon as a business is involved though, the processors are going to try to skim 1-3%.
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I just need an email or phone number
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We have that and plenty of places do it, it's just that there's still a decent amount of geriatrics running things and there aren't any incentives afaik pushing people to use it aside from convenience. Which is really a disincentive if you've been processing checks for 50 years and it's all you know how to do.
And I don't mean to characterize checks as common; you only run into this with small businesses with <=20 employees and 70 y/o managers or landlords also in their 70s.
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What does direct deposit have to do with paying rent?
Every rental agency I've used charges a non-insignificant fee for paying online so it's cheaper to cut a check
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$3 is significant to you?
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My current place charges 4%.
So you're off by an order of magnitude.
Last place was $30 flat.
Once again what does that have to do with direct deposit.
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Wtf is wrong w ur apt? I can do a direct deposit from my checking acc to an acc they provided me for rent payments and no fee above $3. I get charged those % fees if i use a credit card only (and the fees dont even come close enough to cashback worthiness).
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Check processing isn't the 1980s anymore. Its basically a paper SWIFT/ACH transaction request now.
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Without checks you don't get SpaceX
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Neighbors discovering financial crimes is the kind of lighthearted news stories I need more of.
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I reeeeeally doubt it.
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Lol glitch
It's like when teenagers started saying "I got hacked" when they let their friend use their phone to post
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The entire financial sector is basically held together by the honor system and assuming the average mayo wouldn't be a total butthole with it because they have the IQ to realize they'll get bootyblasted if they get engage in financial crime.
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Do you think any of these people have a job?
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Then maybe we should have a jobs program and put them in a fenced in area so they will have perfect job attendance.
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I sometimes wonder how many people actually got in trouble for the obvious PPP fraud. Shit like "Free Money LLC" taking out PPP loans lmao.
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No one did because the feds realized they'd be making racial disparities in prison even worse if they prosecuted. PPP was basically Republicans being more effective at slavery reparations than Biden ever has been.
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Untrue, they started getting hammered hard. https://www.arnoldporter.com/en/general/cares-act-fraud-tracker
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Look up fat wizza and nuke bizzle
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