If you see ‘FID BKG SVC LLC’ appear on your bank account transaction history, it is typically the result of a transfer of funds you made into a Fidelity Brokerage Services account.
The label ‘FID BKG SVC LLC’ can be broken down as follows:
- FID: Fidelity
- BKG: Brokerage
- SVC: Services
- LLC: Limited Liability Company
Fidelity Brokerage Services is one of the main operating arms of the Fidelity Investments company.
Along with the brokerage firm, Fidelity Investments also manage mutual and index funds, provide investment, retirement and wealth services, as well as life insurance to name the least.
The Fidelity account into which your funds were deposited may be either of the following:
- a brokerage trading account, or
- a traditional, rollover or Roth IRA
Rest assured this is not a scam unless you never transferred the money in the first place.
The transfer should appear as a deduction in your account and therefore should appear with a ‘-‘ sign in front of the transaction amount.
The label used on your bank transaction may most likely appear as ‘FID BKG SVC LLC MONEYLINE’, where Moneyline is a service provided by Fidelity that facilitates the transfer of funds from your bank account into your Fidelity account.
Try to recall whether you did in fact transfer funds that would result is such a transaction, before disputing it with your bank.
Perhaps you opened an account with Fidelity in the past and setup either:
- paychecks to be direct deposited in your account, or
- automated deposits from your bank account into your account
Whatever the case, note that falsely disputing the charge, be it credit or debit, could land you in trouble.
What is FID BKG SVC LLC PPD?
The words ‘FID BKG SVC LLC PPD’ may appear as a deduction on your bank statement as a result of a funds transfer you made into a Fidelity retirement savings account, which can either be IRAs, 401(k)s, 403(b)s.
This can occur when your employer stops contributing to your 401(k) or you would like to set up your own Roth IRA into which you make your own contributions.
The following variations may also appear as part of the transaction:
- FID BKG SVC LLC PPD ID: 1035141383
- FID BKG SVC LLC PPD ID: 0368004600
- FID BKG SVC LLC PPD ID: 1035141375
The label ‘FID BKG SVC LLC PPD’ can be broken down as follows:
- FID: Fidelity
- BKG: Brokerage
- SVC: Services
- LLC: Limited Liability Company
- PPD: A retirement plan product provided by the Mass Mutual Life Insurance Company.
What is FID BKG SVC LLC ACH?
The words ‘FID BKG SVC LLC ACH’ may appear as a deduction on your bank statement as a result of a funds transfer you made into a Fidelity account using electronic funds transfer via the ACH, which is the Automated Clearing House.
Whether you are transferring into a Fidelity trading account, your own Roth IRA, or perhaps your own college savings plan, typically the transfer is processed by the ACH.
The label on your transaction, however, may not always necessarily be accompanied with ‘ACH’.
Why does “FID BKG SVC LLC” appear on my statement when I don’t have a Fidelity account?
The message may appear on your bank statement because either:
- you have forgotten that you opened a Fidelity account, or
- perhaps the bank has made an error, or
- there is fraudulent activity on your bank account
Determine whether the amount on your bank statement is the result of a credit into your account or a deduction.
Usually a symptom of a scam is when a small amount of money has been deposited into your account.
Another sign of suspicious activity is when a large deduction as a result of your credit card being used fraudulently has been made.
In either of these scenarios, it is important to compile as much information as you can, before filing a dispute with your bank, or contacting Fidelity Brokerage customer service directly.
This is particularly important in cases where you neither do not own a Fidelity debit/credit card nor do you have any open Fidelity accounts.
Someone may have opened a credit card under your name unbeknownst to you and has made them appear as Fidelity Brokerage transactions in an attempt to look legitimate, as well as paying off the balance every month to operate under the radar.
In most cases though, the “FID BKG SVC LLC” label is the result of you transferring funds into your Fidelity account, whether you remember it or not.