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How to Close Fidelity Account
At a Glance
- To close a Fidelity account, you have two options: by phone or by mail.
- To close it by phone, gather necessary paperwork, find the Fidelity customer service number, call, request account closure, record details of the call, and note any applicable fees.
- To close it by mail, find the Fidelity contact address, write a letter requesting account closure, send the letter via certified mail, and wait for confirmation.
- If closing an account for a deceased person, inform Fidelity, gather required documents (death certificate, letter of testamentary), contact Fidelity again, and provide necessary information based on your role as executor or beneficiary.
Fidelity is great for people who are looking to open their own investment accounts and use different financial instruments and services.
At some point in time, however, you may decide that Fidelity doesn’t satisfy your needs anymore, or that you don’t want to make any other investments.
In that situation, you might be thinking about closing the account, but you might not know how to do it or which method to use. Well, this article will help you out in that regard.
How to Close a Fidelity Account
Knowing how to close a Fidelity account is important so that you can successfully put an end to your operations with this platform.
There are two main ways you can initiate an account termination, and each one of them has different steps that you should take.
Closing a Fidelity Account by Phone
One way to close your Fidelity account is by phone. Make sure that before you start the process, you gather all the necessary paperwork so everything can proceed smoothly.
1) Find the Fidelity Customer Service Number
You should first look for the phone number provided by Fidelity for your account.
Check out your account statements. The number should be printed on these documents.
In the event that you do not have any account statements to look through, you can check out the Fidelity website. There will be some Fidelity contact phone numbers that you can use.
2) Call Fidelity Customer Service
Now, it’s time to give customer service a call. Use the right phone number to do this.
3) Request to Have Your Fidelity Account Closed
You are in contact with customer service now, so tell them that you wish to close your account. Also, you should let them know what type of account you want to close.
The team will ask for certain information so they can confirm your identity. This information will include your phone number, account number, address, and the last 4 digits of the Social Security number.
4) Record the Details of Your Call for Reference
Make sure to write down the exact date and time of the phone call you are having with the Fidelity customer service. Also, it is important to write down the name of the Fidelity representative you are talking to.
Any fees you are charged for the closure should also be written down. This sum will be deducted from your account as long as you have funds.
In the end, the representative will tell you when you will receive a payment for the amount left after the charges.
Closing a Fidelity Account by Mail
You can also close your Fidelity account by mail. Once again, you need to make sure your paperwork is next to you when initiating the process.
1) Find the Fidelity Contact Addresses on Your Account
The first thing you should do is look over the account paperwork and find the Fidelity contact address. Usually, it is listed there.
If it isn’t there, though, you can check out Fidelity’s website as they have a mailing address there.
Keep in mind that addresses will differ based on the account type, so choose the right address from the list.
2) Write a Request to Close Your Account
Start writing a letter where you mention what Fidelity account you wish to close. Give them proper identifying information, like the account number, the date the account was opened, as well as your telephone number and all the people you had listed on the account.
3) Mail Your Letter Using Certified Mail
Now it is time to send your letter to Fidelity. Send them the letter along with a form of confirmation like certified mail. If you want proof of delivery, you can also ask for a signature.
4) Wait for Your Account Closure Confirmation
Lastly, you just have to wait until Fidelity confirms that your account is closed.
There is the possibility of being charged a fee when your account is closed. Don’t worry – a statement specifying the fee amount will be sent to you.
Then, Fidelity is going to send you a payment for any money you have left in your account at the time of the closure.
How to Close a Fidelity Account for a Person Who Had Died
If you were assigned to close someone’s account in case they pass away, you need to take the right steps. Here is how the account closure process is initiated.
1) Tell Fidelity About the Person’s Passing
Initially, you should let Fidelity know that the account holder passed away. There is a page on the Fidelity website made for this purpose, asking about information that will let them know what happened.
Since you may be going through hardship after the death of the loved one, you may not start the closure process immediately.
Luckily, Fidelity can still limit the account’s activity so you can resume the process later. You just need to give them some information first, which includes the name, date of birth, date of decease, and the Social Security number.
2) Get All the Right Documents
Before any assets are distributed, Fidelity will need specific documents.
One document is the death certificate of the account holder. If there were any end-of-life services offered to the deceased individual by a funeral home, then you can talk to the funeral director. They can provide you with death certificate certified copies.
You can also obtain these copies from the state’s vital records in the event you can’t get them from the funeral director.
Another thing you may need is a letter of testamentary, which is something you should have if you are the executor for the estate of the deceased person. The document proves that you have the legal right to operate and make arrangements on behalf of the person who died.
Meanwhile, if the will of the person who passed mentions you as the executor, you will have to go to probate court and file the will. The judge can then issue the letter of testamentary.
You don’t need this letter if you are the direct beneficiary and not the executor, though.
3) Get in Contact with Fidelity Again
When you are ready to continue the process and you have all the documents ready, you should contact Fidelity. You can request a meeting with a representative after you submit the death certificate on their website.
The letter of testamentary can also be submitted now if you are the executor.
If you’re the executor, then you will have to let Fidelity know where the funds of the deceased should go. If you are the beneficiary, then you will have to give Fidelity the account details of the deceased.
Some account types can be transferred to your bank account, and no penalty will apply. But assets such as retirement accounts will lead to tax repercussions, so you may have to talk to Fidelity and find a solution.
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The Bottom Line
Closing a Fidelity account may take a while but following the right steps should make things proceed smoothly. Choose the right method to close your account, have all your paperwork ready and start the closure procedure as instructed in this article.
Closing a Fidelity Account FAQ
How do I close my Fidelity account?
To close your Fidelity account, you need to contact Fidelity directly. This can typically be done through their customer service phone line, via a secure message on their website, or by visiting a local branch in person.
Are there any fees associated with closing my account?
Fidelity generally does not charge a fee for closing an account. However, it’s always a good idea to check for any specific fees or requirements that may apply to your account type.
What happens to my investments when I close my account?
Before closing your account, you’ll need to liquidate or transfer all investments. This can include selling stocks, bonds, mutual funds, or transferring them to another brokerage.
How long does it take to close a Fidelity account?
The time it takes to close your account can vary. Once all positions are liquidated or transferred, and all balances are cleared, the closure process typically takes a few business days.
Can I reopen my account after closing it?
In most cases, you’ll need to open a new account if you decide to return to Fidelity in the future. The terms and conditions may vary, so it’s best to check with Fidelity directly.
What should I do with the funds in my account?
You can choose to have the funds sent to you via check, wire transfer, or electronically transferred to another account. Make sure to update your banking information if necessary.
How do I transfer my account to another brokerage?
To transfer your account, you’ll need to initiate an ACATS (Automated Customer Account Transfer Service) transfer with the new brokerage. They will coordinate with Fidelity to transfer your assets.
What documents do I need to close my account?
Typically, you’ll need to provide a government-issued ID and complete any required forms for account closure. Additional documentation may be required depending on your account type.
Will closing my account affect my credit score?
Closing a brokerage account like Fidelity does not directly impact your credit score. However, it’s important to ensure all debts or margin balances are settled before closure.
Who can I contact for more help?
For more assistance, you can reach out to Fidelity’s customer service team via phone, email, or through their website. They can provide personalized assistance based on your specific account details.