Incoming ACH

[Mark L.]

Hi, I just opened a non prototype brokerage account with Fidelity. A Fidelity representative told me that the account does not have incoming ACH feature, for example, to accept distributions from private placements. I do have the checkwriting feature. I assumed that I could just give the routing and account number to an RE syndicator, for example, and my distributions would be direct debited into my account. Do I have to do something to set this up? Thanks.

Mark L.

Contact

[Mark Nolan]

We’ve had clients use the following form in the past where the ACH is setup on the bank side of the investment sponsor: https://www.mysolo401k.net/wp-content/uploads/2021/04/Determine-Your-Fidelity-Routing-Account-Numbers-2.pdf

Mark Nolan

Compliance Officer

Contact

1-800-489-7571 www.mysolo401k.net

[Mark L.]

When setting up the ACH with the sponsor, should the owner of the account be indicated as the name of the trust or the trustee (my name)? I have had conflicting responses to this question.

Thank you.

Mark

Mark L.

Contact

[Mark Nolan]

On the investment sponsor side, the owner of the account in which the funds will flow into is the solo 401k plan name.

Mark Nolan

Compliance Officer

Contact

1-800-489-7571 www.mysolo401k.net