Write the check to Fidelity, not to yourself or your old plan

When you roll over money from an old retirement account into Fidelity, you will write a check payable to Fidelity Investments (or the specific Fidelity entity handling your account). The check goes directly from your old financial institution to Fidelity — you do not write it yourself and you do not handle the money in between.

The process works differently depending on whether you are doing a direct rollover or an indirect rollover. A direct rollover means your old plan administrator sends the money straight to Fidelity on your behalf. An indirect rollover means the old plan sends you a check, and you then deposit it into Fidelity within 60 days. Most people use direct rollovers because they avoid tax withholding and the 60-day deadline.

If you are receiving a check from your old plan (indirect rollover), that check will be made out to a custodian for your benefit — typically something like "Fidelity Brokerage Services LLC FBO [Your Name]" (FBO means "for the benefit of"). You will deposit this check into the Fidelity rollover account, not write a new check yourself.

Key Takeaways

  • In a direct rollover, your old plan writes the check to Fidelity, and you never touch the money.
  • In an indirect rollover, your old plan sends you a check made out to Fidelity as custodian, which you deposit into your Fidelity account within 60 days.
  • You do not write a personal check to move rollover money — the check always comes from your old financial institution.
  • If you receive an indirect rollover check, deposit it as soon as possible to avoid missing the 60-day window and triggering taxes.
  • The check memo line should reference your account number at Fidelity so the deposit posts to the correct account.

Direct rollover: the old plan writes the check to Fidelity

In a direct rollover, you never write or handle a check yourself. Instead, you contact your old plan administrator (your former employer's benefits department, your old IRA custodian, or your old 401(k) plan provider) and ask them to send a direct rollover to Fidelity. You will need to provide them with Fidelity's mailing address and your new account number at Fidelity.

Your old plan administrator will write the check payable to Fidelity Investments (or the specific Fidelity entity — often Fidelity Brokerage Services LLC). They mail it directly to Fidelity's rollover processing department. Fidelity receives it, deposits it into your account, and sends you a confirmation. The entire transaction is between your old plan and Fidelity.

This route has two major advantages: Fidelity will not withhold taxes from the amount (because the money never passes through your hands), and you do not have to worry about the 60-day deadline. Direct rollovers are the standard method and the one most plan administrators prefer.

Indirect rollover: you deposit the check Fidelity receives

An indirect rollover happens when your old plan sends the money to you instead of directly to Fidelity. The check will be made out to "Fidelity Investments FBO [Your Name]" or similar language indicating Fidelity is the custodian. You receive this check in the mail, and you are responsible for depositing it into your Fidelity rollover account.

When you deposit the check, you do not write a new check — you simply deposit the check you received into your Fidelity account using mobile deposit, mail, or in person at a Fidelity branch. Make sure you deposit it into the correct account type (traditional IRA, Roth IRA, or rollover account, depending on what you set up with Fidelity).

The critical rule with indirect rollovers is the 60-day window. You have 60 calendar days from the date your old plan sends you the check to deposit it into Fidelity. If the money is not in a Fidelity account by day 60, the IRS treats it as a distribution, and you will owe income tax on the full amount plus a 10 percent early withdrawal penalty if you are under 59½. There is no extension for this deadline.

What information goes on the check or deposit

If you are doing a direct rollover, you do not write anything on the check — your old plan administrator handles that. You only need to provide them with the correct mailing address for Fidelity's rollover department and your new account number.

If you are depositing an indirect rollover check that you received, write your Fidelity account number in the memo line of the check deposit (or note it in the mobile deposit app). This ensures the money posts to the correct account. If you have multiple accounts at Fidelity, this step prevents the deposit from going to the wrong one.

Keep the confirmation from your old plan showing the check was issued and the date it was sent. You will need this if there are any questions about whether the 60-day deadline was met.

Getting the correct Fidelity mailing address and account details

Before your old plan writes or sends any check, contact Fidelity to get the exact information they need. Log into your Fidelity account online or call Fidelity's rollover team at 1-800-343-3548. They will give you the specific mailing address for rollover checks and confirm your account number.

Different types of accounts (traditional IRA, Roth IRA, SEP IRA, rollover IRA) may have different processing addresses or requirements. Fidelity will tell you which address to provide to your old plan based on the type of account you opened.

If you are doing an indirect rollover and receive a check, verify that the check is made out to Fidelity as custodian before you deposit it. If the check is made out to you personally, do not deposit it into your Fidelity account — contact your old plan immediately and ask them to reissue it correctly. A check made out to you personally will be treated as a taxable distribution, not a rollover.

Timing and what to expect after you deposit

Direct rollovers typically take 7 to 14 business days to process once Fidelity receives the check. You will see a pending deposit in your account, and then the money will settle. Fidelity will send you a confirmation email and a statement showing the deposit.

Indirect rollovers take longer because the check has to travel to you first, then you deposit it. Mail delivery can add 5 to 10 days. Once you deposit the check at Fidelity, it typically takes 3 to 5 business days to clear. Deposit it as early as possible after you receive it so you have a buffer before the 60-day deadline.

If you do not see the deposit in your account within the expected timeframe, contact Fidelity. They can trace the check and confirm whether it arrived and which account it was deposited into.

What happens if the check is lost or delayed

If your old plan mailed a direct rollover check to Fidelity and it does not arrive within 3 weeks, ask your old plan to issue a stop payment and reissue the check. Fidelity can also help trace it.

If you received an indirect rollover check and it is lost before you deposit it, contact your old plan immediately and ask them to reissue it. You still have the 60-day window from the original issue date, so the clock is ticking. Get a written confirmation of the original issue date so you can prove to the IRS (if needed) that you met the deadline.

If the 60-day deadline is approaching and the check has not arrived, contact both your old plan and Fidelity. Some plans and custodians can wire the money instead of mailing a check, which is faster and more reliable.

Frequently Asked Questions

Can I write a personal check to Fidelity to fund a rollover?

No. Rollover money must come from your old retirement account, not from your personal bank account. The check must be issued by your old plan administrator or custodian, made payable to Fidelity. If you deposit your own money, it counts as a new contribution, not a rollover, and may exceed annual contribution limits.

What if I receive an indirect rollover check made out to me, not to Fidelity?

Do not deposit it. Contact your old plan immediately and ask them to reissue the check with Fidelity listed as the custodian. A check made out to you personally will be taxed as income and subject to a 10 percent penalty if you are under 59½. This is a common mistake, and your old plan can correct it.

Do I have to deposit the indirect rollover check at a Fidelity branch, or can I mail it?

You can deposit it by mobile deposit, mail, or in person at a Fidelity branch. Mobile deposit is fastest — usually 1 to 2 business days. Mailing takes longer and adds risk of loss. If you are close to the 60-day deadline, use mobile deposit or go to a branch in person.

What if I miss the 60-day deadline on an indirect rollover?

The money becomes a taxable distribution. You will owe income tax on the full amount, and if you are under 59½, you will also owe a 10 percent early withdrawal penalty. There is no extension or exception for this deadline. If you realize you are going to miss it, contact Fidelity immediately — in rare cases, the IRS may grant relief if there was a serious error by the financial institution.

Can I split a rollover check between Fidelity and another custodian?

Yes, but your old plan must issue separate checks for each custodian. You cannot deposit one check into two different accounts. If you want to split the rollover, tell your old plan how much goes to Fidelity and how much goes elsewhere, and they will issue multiple checks.