What bank does Fidelity use for direct deposit?
Fidelity Investments processes direct deposits for its brokerage and cash management accounts by routing funds through its network of FDIC-insured partner banks. When clients set up direct deposit for their paychecks or government benefits into a Fidelity account, the funds are received and held securely through program banks such as U.S. Bank, Citibank, and Wells Fargo, which participate in Fidelity's cash sweep and banking infrastructure. This allows clients to receive direct deposits with standard electronic availability while maintaining full access to investing, check-writing, and debit card features.
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