Complaint / review text:
Fidelity cash management account. They say it's their policy that transfers from another bank takes 4 days. I logged into my Fidelity account and initiated a transfer from a large brand bank to my Fidelity Cash Management account. The funds were removed from my banks account on February 18,2015 (Wednesday). The funds were available for withdrawal in my Fidelity account on February 25,2015 (Wednesday). Accounting for the two day weekend it still took five days. This happens each time I transfer funds. I called and was told an EFT transfer is "just like writing a check". That's when I knew I had to close my Fidelity account. Fidelity is taking control of and has use of money for 7 days. If this isn't illegal it should be. When I transfer funds the other way (Fidelity to Bank) it takes one business day.