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CUSTODIAL UPDATES

EFT CHANGES FROM FIDELITY

The Money Movement release offering 3rd party EFT Common was made effective on November 5, 2018. Fidelity has updated the definition of 1st and 3rd party for EFT transactions. The basic definitions are listed below, but you can view the entire notice from Fidelity HERE. AEWM is awaiting notice regarding if any form updates will be made, and will communicate that as soon as information is received.

 

1st Party: All owners on the brokerage account are also owners on the bank account.

  • This automatically allows for disbursements and receipts to/from the brokerage account.

3rd Party: None of the owners on the brokerage account are owners on the bank account.

  • Only disbursements from the brokerage account allowed.

3rd Party Common: Some of the owners on the brokerage account are owners on the bank account.

  • This allows for disbursements and receipts to/from the brokerage account.
    • User must specify disbursement and/or receipt.

As always, please reach out to your AE Wealth Support team at 866.363.9595 for further details.

647507 - For investment professional use only.

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