How to close a Fidelity account

You can close a Fidelity account by contacting Fidelity directly — either by phone, online chat, or by visiting a branch if you have one nearby. Fidelity does not charge a fee to close an account. The process typically takes a few business days, though the exact timeline depends on whether you have cash or investments to move first.

Before you close, you need to decide what to do with any money or securities in the account. You can transfer them to another brokerage, move them to a different Fidelity account, or ask Fidelity to send you a check. If you have retirement accounts like an IRA or 401(k), closing rules are stricter — you cannot simply withdraw the money without tax consequences unless you meet specific conditions.

The fastest way to start is to call Fidelity's main line at 1-800-343-3548 and ask to speak with someone about closing your account. Have your account number ready. If you prefer not to call, you can also initiate a closure through your online account or by visiting a local Fidelity branch.

Key Takeaways

  • Fidelity does not charge a fee to close an account, and you can start the process by phone, online chat, or in person at a branch.
  • You must move or withdraw any cash or investments before the account closes, and you decide whether to transfer them elsewhere or receive a check.
  • Retirement accounts like IRAs and 401(k)s have withdrawal rules that may trigger taxes or penalties, so understand your options before closing.
  • The closure usually takes a few business days once you have moved your money and confirmed the request with Fidelity.

What happens to your money when you close

Fidelity will not close an account that still holds cash or investments. You must move everything out first. Your options are to transfer the balance to another brokerage, move it to a different Fidelity account you own, or request a check mailed to you.

If you choose a transfer to another brokerage, that process can take one to two weeks depending on the receiving firm. Fidelity will not charge you for the transfer, though some brokerages charge a fee to receive assets. If you want a check instead, Fidelity will mail it to the address on file — this usually arrives within five to ten business days.

For retirement accounts, the rules are different. You cannot simply close an IRA or 401(k) and take the money without consequences. If you withdraw before age 59½, you typically owe income tax plus a 10 percent early withdrawal penalty. If you have a 401(k) through an employer, you may only be able to close it after you leave the job, and the rules depend on your employer's plan.

Steps to close your account by phone

Call Fidelity at 1-800-343-3548 during business hours. Have your account number and a form of identification ready. Tell the representative you want to close your account.

The representative will ask you what you want to do with any remaining balance. If you say you want to transfer to another brokerage, they will ask for that firm's name and your account number there. If you want a check, they will confirm the mailing address. Once you confirm your choice, the representative will process the request and give you a confirmation number.

After the call, Fidelity will send you a written confirmation. If you chose a transfer, the receiving brokerage will contact you when the assets arrive. If you chose a check, watch for it in the mail within one to two weeks. Once your money has left the account, Fidelity will close it automatically.

Closing through your online account

Log into your Fidelity account online and look for account settings or account management. Not all account types allow online closure, so you may see a message directing you to call instead. If the option is available, select "Close Account" and follow the prompts.

You will be asked how you want to handle your balance — transfer, check, or move to another Fidelity account. Choose your option and confirm. Fidelity will send you a confirmation email and a written letter to your address on file.

If you do not see a close account option online, or if you have a retirement account, you will need to call or visit a branch instead. Some account types require a phone call or in-person visit for security reasons.

Closing a retirement account

Closing an IRA or 401(k) is more complicated because the money is tax-deferred. If you withdraw before age 59½, you owe federal income tax on the full amount plus a 10 percent early withdrawal penalty — unless an exception applies. Exceptions include disability, medical expenses over 7.5 percent of your income, or a series of equal payments spread over your life expectancy.

If you have a 401(k) through an employer, you cannot close it while you still work there. Once you leave the job, you can roll it over to an IRA at Fidelity or another firm, leave it with your former employer, or take a lump-sum distribution (which triggers taxes and penalties if you are under 59½).

Before you close a retirement account, talk to a tax professional or call Fidelity to understand the tax impact. Fidelity can explain your options, but they cannot give tax advice. The IRS website also has information on IRA and 401(k) rules.

What to do if you have pending transactions

If you have pending trades, transfers, or dividend payments, wait for them to settle before you close the account. Fidelity cannot close an account while transactions are in progress. Trades typically settle within two business days, and dividend payments settle on the payment date.

Check your account activity to see if anything is pending. If you are unsure, call Fidelity and ask — the representative can tell you when everything will be settled and when you can safely close.

After your account closes

Once Fidelity closes your account, you will no longer be able to log in or access it. If you need records of transactions or statements, download them before the account closes. Fidelity keeps records for a set period, but it is easier to save them yourself.

If you closed the account by mistake or change your mind, you can reopen it by calling Fidelity. There is no penalty for reopening, though you will need to go through the account setup process again.

Frequently Asked Questions

Does Fidelity charge a fee to close my account?

No. Fidelity does not charge a fee to close an account. If you transfer your assets to another brokerage, that firm may charge a transfer fee, but Fidelity does not.

How long does it take to close a Fidelity account?

Once you have moved your money out, the account usually closes within a few business days. If you are transferring to another brokerage, the transfer itself can take one to two weeks. A check typically arrives within five to ten business days.

Can I close my account if I still have money in it?

No. You must move or withdraw all cash and investments before Fidelity will close the account. You can transfer to another firm, move it to a different Fidelity account, or request a check.

What happens to my statements after I close?

Download your statements before closing if you need them for tax or record-keeping purposes. Fidelity keeps records on file, but accessing them after closure is more difficult. Save what you need while you still have access.

Can I reopen a closed Fidelity account?

Yes. Call Fidelity at 1-800-343-3548 and ask to reopen your account. There is no fee or penalty. You will need to go through the account setup process again, including providing identification and funding the account if needed.