TD Ameritrade 300

How To Close Fidelity Account?


How to cancel Fidelity account. Close and transfer Fidelity Investments account/stocks/investing portfolio/money/funds to another broker.



Overview of Closing a Fidelity Investment Account


If you no longer need your trading account at Fidelity, there are several methods the broker offers to close it. Withdrawing funds and leaving the account open is not advisable, because an open account can be used fraudulently. Cyber crime is increasingly a problem in the financial world, and taking steps to prevent activity in an account that you don’t plan to use in the future is a prudent move. Closing an account prevents unauthorized use.


Methods to Close a Fidelity Securities Account


If you’ve decided to close a brokerage account at Fidelity, hopefully it’s because you have too many accounts open, or you have found a different broker, and not because you have given up on the world of investing. In any case, you will need to contact the broker to submit your closure request, and there are a variety of avenues at Fidelity to do this.

The first is simply to call the broker at 1-800-343-3548 and ask for your account to be closed. Remember to get your account number before you call, because you’ll need it. The Fidelity website also has an internal messaging system, and this could be used to send the broker a written request to close an account.

Fidelity also has an on-line chat feature on its website. It could be used to request an account be closed. Another method would be to fax the broker a written request; although you have to contact the brokerage house to get the appropriate fax number.

The fifth method to close an account is to snail mail a written request to the company’s physical address:

Fidelity Investments
PO Box 770001
Cincinnati, OH 45277-0002

If you choose this method, you may want to send it certified mail or request a signature at delivery to ensure your letter is received. Also, remember to include your account number in your letter. You may also want to include your Social Security number and the date your account was opened.

The final route to close an account would be to visit one of the brokerage firm’s 180 brick-and-mortar locations (located in 39 states) and request the closure with one of the company’s associates.

Whichever method you choose, you may want to request confirmation from Fidelity that the account has been closed. Logging into the broker’s website to verify that it’s not accessible is another good idea.


Closing a Fidelity IRA Individual Retirement Account


The steps for closing a Fidelity IRA are the same as for a regular brokerage account. However, the broker does impose a $50 fee for closing a retirement account, and there are no methods currently to avoid this charge. SIMPLE IRA’s are exempt from the policy.


Alternatives to Fidelity


If you’re closing a Fidelity account, you may be interested in finding a replacement. There are several brokers that are competitive with Fidelity’s quality, pricing, and services, and may even perform better in some areas. For instance, Ally Invest charges just $4.95 for stock and ETF trades, the same as Fidelity; but Ally gives a $1 discount to clients who place at least 10 trades per month, or maintain a $100,000 balance. Fidelity does not offer any discounts, so some investors might do better at Ally.


Broker Fees Stocks/ETFs
Commissions
Mutual Funds
Commissions
Options
Commissions
Maintenance
Fees
IRA Setup
and Annual Fees
Ally Invest Fees $4.95 ($3.95) $9.95 $4.95 + $0.65 per contract $0 $0
Ameritrade Fees $6.95 $49.95 $6.95 + $0.75 per contract $0 $0
Etrade Fees $6.95 $19.99 $6.95 + $0.75 per contract $0 $0


Broker Review Investment Products Trading Tools Customer Service Research Overall Rating
Ally Invest
TD Ameritrade
Etrade


How to Transfer a Fidelity Account


Instead of closing a Fidelity securities account, you could transfer it instead. Most broker-dealers charge a fee for an outgoing transfer, although Fidelity charges nothing. It’s one of the few companies to do so.

To start the transfer process, you would contact the broker you want to transfer to. Many firms have an on-line form to conduct the movement of assets. It is possible to transfer an entire account or just certain securities. If you do a partial transfer, keep in mind that your Fidelity account would remain open. If you want to close the entire account, you must do a full transfer.

If you wanted to transfer the account to TD Ameritrade, as an example, the latter broker has a convenient on-line form for starting the transfer. You do not need to contact Fidelity. You would first open an account with TDA and then log in to your new account. Next, click on ‘My Account’ in the top menu, and choose ‘Other Transfers’ under the sub-heading ‘Deposits & Transfers.’

On the new page that appears, there will be explanatory information about the transfer process. You can download a pdf form to submit the transfer request, or you can click on the link ‘Transfer from an external firm’ to submit your request on-line. This method will probably be quicker. Many other brokers, including E*Trade and Merrill Edge, also have on-line transfer forms.


How To Close Fidelity Account Summary


Closing an investment account at Fidelity is simple and quick. There are many ways to do this, and the broker does not charge anything for most accounts. Transferring an account to another broker may be the simplest method.


Updated on 8/26/2017.




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