Large Deposit Question

Official Response

A relative will be receiving an inheritance from a family member who passed away. The funds are in a brokerage account at another investment company. They were in stock but all parties agreed to executor selling them last month and to receive proceeds in cash.

Relative asked my thoughts and I suggested that he open an account at that firm to have a paper trial of the origin of the funds and then have Fidelity pull the funds into his brokerage account.

He emailed the investment company rep about opening an account so the proceeds can be deposited and then transferred to his Fidelity account.

The rep responded that money from the estate account will be wired to his checking account and to email him his bank info and that he can then move the amount you want to your own brokerage accounts at your primary firm.

Here's my question and concerns as the reps reply sounds off to me and looking for feedback.

  1. No way will my relative email him bank info for a wire. He opened an account with this firm for a related IRA (small amount) which he subsequentially had Fidelity pull. Can't he open a MM account there as well and have Fidelity ACAT the funds? Can he push back to the rep about this?

  2. If they will not open a MM account for him (maybe because they know he will not keep $ there), isn't there a more secure method electronic method to transfer the funds and why can't they go to Fidelity brokerage. Why do they need to go to his bank first? He asked for routing and account # - why not give Fidelity?

  3. The firm has a small branch not far from where my relative lives. Should I have him go to that location and fill out a wire form on site if all else fails?

  4. But another piece of this is concern about a large deposit to either his bank (if that is only option) or to Fidelity. Will anything be flagged? I read all the posts about accounts getting locked and want to incur ehe has no issues.

Appreciate any help. As the rep knows he will not leave the money with them I don't think he is going to go out of his way to help. Thanks.

Posted Dec 4, 2025, 10:54 PM UTC

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