How to close a Fidelity account

Fidelity does not have a single "delete account" button. Closing an account depends on what type of account you have and whether it holds money. If your account is empty, you can request closure by phone or through the mail. If it holds cash or securities, you must move or sell those holdings first, then initiate closure. Fidelity will not close an account that still contains assets.

The process takes different paths depending on whether you have a brokerage account, retirement account (IRA or 401(k)), or employer-sponsored plan. Each has different rules about what you can do with the money before closing.

Key Takeaways

  • You must empty your account of all cash and securities before Fidelity will close it; the company will not delete an account with assets inside.
  • Brokerage accounts can be closed by phone at 1-800-343-3548 or by mail, but retirement accounts (IRAs) have withdrawal restrictions that may delay closure.
  • If you have an employer 401(k) through Fidelity, you typically cannot close it while still employed; you must wait until you leave the company or reach retirement age.
  • Closing takes one to two weeks after you submit the request, assuming your account is already empty.
  • Keep records of your final account statement and any tax documents (like 1099 forms) before closure, as Fidelity may not send them after the account is gone.

Steps to close a brokerage account

A standard brokerage account (not a retirement account) is the simplest to close. First, sell all securities or transfer them to another brokerage if you want to keep them. Then withdraw all remaining cash to your bank account. Once the account shows a zero balance, call Fidelity at 1-800-343-3548 and tell them you want to close the account. Have your account number ready.

The representative will confirm your identity, ask why you are closing (this is optional to answer), and process the closure request. They will send you a confirmation letter in the mail within one to two weeks. After that date, you will no longer be able to log in or access the account.

If you prefer not to call, you can also request closure by mail. Write a letter to Fidelity stating your account number, full name, and request to close the account. Mail it to Fidelity's address (available on their website under "Contact Us"). Include a copy of a government-issued ID. This method takes longer — usually three to four weeks — because mail delivery and processing add time.

Closing a retirement account (IRA)

An Individual Retirement Account (IRA) at Fidelity can be closed, but you cannot simply withdraw the money without tax consequences unless you meet specific conditions. If you are under 59½ years old, withdrawing from a traditional IRA triggers a 10% early withdrawal penalty plus income tax on the full amount. A Roth IRA has different rules depending on how long you have held it.

Before closing an IRA, decide what to do with the money. You can roll it over to another IRA at a different institution, roll it into an employer 401(k) if you have one, or withdraw it (and pay taxes and penalties if applicable). Once you have moved or withdrawn the money and the account balance is zero, call 1-800-343-3548 to request closure. The process then follows the same path as a brokerage account.

If you are 59½ or older, you can withdraw the full balance without the early withdrawal penalty, though you will still owe income tax on the amount. Consult a tax professional before closing an IRA if you are unsure about the tax impact.

Closing an employer 401(k) plan

If your 401(k) is held at Fidelity through your employer, you cannot close it while you are still employed at that company. The plan is owned by your employer, not by you individually. You can only close or move the account after you leave the job, retire, or reach age 59½ (depending on your plan's rules).

Once you are no longer employed there, you have several options: leave the money in the plan, roll it over to an IRA, roll it to your new employer's plan, or withdraw it. If you choose to close the account, you must first move the money using one of these methods. Then contact Fidelity to request closure of the plan account. This typically takes two to three weeks.

If you are still employed and want to move your 401(k) to a different provider, contact your employer's benefits department, not Fidelity directly. They will initiate the transfer on their end.

What happens to your money during closure

Fidelity does not keep or delete your money when you close an account. Whatever balance remains in the account before closure is your responsibility to move. If you close an account with a positive balance still in it, Fidelity will reject the closure request and ask you to empty it first.

If you have pending transactions (like a stock sale that has not yet settled), the account cannot close until those transactions complete. Settlement typically takes one to two business days. Wait for the transaction to finish, then request closure.

After the account is closed, Fidelity will mail you a final account statement showing the closing date and final balance (which should be zero). Keep this document for your records, especially if you closed a retirement account, because you may need it for tax purposes.

Documents to save before closing

Before you close any account, download or print copies of documents you may need later. For a brokerage account, save your transaction history and cost basis records (the original price you paid for securities). For a retirement account, save your final statement and any year-end tax documents like 1099-R forms (for distributions) or 5498 forms (for contributions).

If you sold securities at a loss or gain, keep records of those transactions for tax filing. If you rolled over money from one IRA to another, keep the rollover confirmation letter. Once the account is closed, Fidelity may not send duplicate copies of these documents, and the IRS may require them if you are audited.

You can download most documents from your Fidelity account before closure. Log in, go to "Statements & Documents," and download what you need. If you cannot find something, call 1-800-343-3548 and ask them to email or mail it to you before you close the account.

Frequently Asked Questions

Can I close my Fidelity account if it has a negative balance?

No. If your account shows a negative balance (you owe Fidelity money), you must pay the balance first. This usually happens if you sold a security and the sale has not yet settled, or if you had a margin loan. Contact Fidelity to find out what you owe and how to pay it. Once the balance is zero or positive and you have withdrawn all remaining funds, you can request closure.

What if I forgot my login password and cannot access my account?

You do not need to log in to close an account. Call 1-800-343-3548 and tell them you want to close your account. They will verify your identity using your Social Security number and other personal information, then process the closure request over the phone. You can also request closure by mail without logging in.

How long does it take to close an account after I request it?

One to two weeks if you request closure by phone, and three to four weeks if you request it by mail. The timeline starts after your account balance is zero. If you have pending transactions or unsettled trades, closure is delayed until those complete.

Will closing my account affect my credit score?

No. Closing a brokerage or IRA account does not affect your credit score because these accounts are not credit accounts. Your credit score only reflects credit history (loans, credit cards, payment history). Closing a retirement account may have tax consequences, but it will not change your credit.

Can I reopen a Fidelity account after I close it?

Yes. You can open a new Fidelity account at any time after closure. You will go through the standard account opening process again, which takes a few business days. Your old account number will not be reused, and you will receive a new account number.