Fidelity charges to close accounts!

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gaiusgracchus
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Fidelity charges to close accounts!

Post by gaiusgracchus » Wed Apr 17, 2013 6:46 pm

We are learning that Fidelity has account closing fees of $50.00. So we leave our money in their accounts (earning nothing) and they charge $50.00 for the privilege.

Vanguard does not charge for closing retirement accounts, thankfully.

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Toons
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Re: Fidelity charges to close accounts!

Post by Toons » Wed Apr 17, 2013 6:47 pm

What do you mean by "earning nothing" :happy
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gaiusgracchus
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Re: Fidelity charges to close accounts!

Post by gaiusgracchus » Wed Apr 17, 2013 7:03 pm

Toons wrote:What do you mean by "earning nothing" :happy


We had it in an account that was like a savings account.

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Re: Fidelity charges to close accounts!

Post by gaiusgracchus » Wed Apr 17, 2013 7:04 pm

Since it is a flat rate, if you have a small account it is a large percentage of that amount. Seems rather unfair.

Had we known about it up front (yes it is in the fine print, probably) we would have never opened the account in the first place.

Vanguard is looking better and better.

kitteh
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Re: Fidelity charges to close accounts!

Post by kitteh » Wed Apr 17, 2013 7:14 pm

gaiusgracchus wrote:We are learning that Fidelity has account closing fees of $50.00. So we leave our money in their accounts (earning nothing) and they charge $50.00 for the privilege.

Vanguard does not charge for closing retirement accounts, thankfully.


You betcha. Schwab does the same thing. That's why I'm with Vanguard. Consider it a cheap lesson.

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Re: Fidelity charges to close accounts!

Post by bayview » Wed Apr 17, 2013 8:16 pm

ING charged my husband $150 when he rolled over his 401k to an IRA. :shock:
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J295
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Re: Fidelity charges to close accounts!

Post by J295 » Wed Apr 17, 2013 8:49 pm

Can you provide some context to your situation that resulted in the fee? Do you know if they charge a fee on all account closings? Have you visited with a representative at Fidelity to determine if they will waive the fee in your situation?

We are customers at both Fidelity and Vanguard and we have no other affiliations with either firm. With that disclosure, and while we are big fans of the Vanguard index funds, we have found the Fidelity customer service to be superior. We particularly value the 24 hour phone service (always, for more than 30 years, with friendly and knowledgeable staff), the mobile device deposits, the 2% cash back on no fee credit card, the free ATM use across the country, the bill pay, etc. Vanguard doesn't have all these bells and whistles which are important to us, and their service doesn't meet the same standards we enjoy at Fidelity. While this may sound like a Fidelity plug, the fact is that they have treated us very well and we have a high loyalty as a result. So, your experience intrigues me.

I'm curious to know more about your situation and if you can achieve a satisfactory outcome. Good luck.

Curlyq
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Re: Fidelity charges to close accounts!

Post by Curlyq » Wed Apr 17, 2013 10:04 pm

bayview wrote:ING charged my husband $150 when he rolled over his 401k to an IRA. :shock:


ING did not charge me to close four online savings accounts. I'm moving most everything to Vanguard.

MN Finance
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Re: Fidelity charges to close accounts!

Post by MN Finance » Wed Apr 17, 2013 10:13 pm

Nearly every company in the country charges fees to close brokerage accounts, and rarely if ever for mutual fund accounts. This is just the way it is (or has been for the last 15 years). VG is one of the very few exceptions.

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Re: Fidelity charges to close accounts!

Post by jjbiv » Wed Apr 17, 2013 10:16 pm

kitteh wrote:
gaiusgracchus wrote:We are learning that Fidelity has account closing fees of $50.00. So we leave our money in their accounts (earning nothing) and they charge $50.00 for the privilege.

Vanguard does not charge for closing retirement accounts, thankfully.


You betcha. Schwab does the same thing. That's why I'm with Vanguard. Consider it a cheap lesson.


Schwab will take it a step further and charge you for a broker-assisted commission for each position they liquidate upon receipt of an account transfer form from another institution. That one took me by surprise since I could have simply sold the positions online for free to avoid paying any commission. Combined with their garbage Select List publication and One Source pay-to-play platform, the manner in which my account transfer was handled reinforced the idea of my interests as an account holder not being aligned with those of a for-profit broker. Live and learn. Stick with Vanguard.

P.S. To Fidelity's credit, they simply liquidated my position and charged no commission to do so upon receipt of an identical account transfer request. They are also a reasonable broker with whom to conduct business and stay competitive with Vanguard. Competition is good.

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Re: Fidelity charges to close accounts!

Post by SGM » Wed Apr 17, 2013 10:33 pm

Two different experiences with Fidelity fees.

I have seen a 401k account that was run by Fidelity. The owner who had never used a 401k before put in about 60 bucks and his company put in 40 for one pay period. Then the owner of the account lost his job and the $50 fee was not revealed until after the withdrawal was made. No prior notification was given to the owner. The owner put the full amount in his statement into a rollover account, then received his check for 50 bucks less plus some additional fees for closing individual funds some of which had less than $10. The owner now owes a penalty to the IRS for overfunding the rollover by the extent of the fees. There was no pamphlet and nothing on the Fidelity/ employer web site that explained a fee would be taken out. A prior statement on the website said the owner would receive $1xx.xx. Poorly done I would say. Also this employer's plan had several funds with rather high expense ratios and only a few low cost alternatives.

I closed one solo 401k and was charged $50. A second solo 401k was emptied, but kept open. A $50 fee was assessed. However, when the account was funded again the following year, a phone call resulted in the return of the second $50 fee. A large pamphlet explained everything and had all the forms needed to do just about anything that required a signature. This instance was handled well by Fidelity in returning one fee and in giving adequate information.

$50 seems high. A $20 fee was charged by a different company's 529. Overall, I think Vanguard has significantly lower fees in almost all cases compared with Fidelity. I would never have used Fidelity, if Vanguard had been quicker about setting up solo 401ks without the need for a third party, back when I was setting it up 3 or 4 years ago.
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Leif
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Re: Fidelity charges to close accounts!

Post by Leif » Wed Apr 17, 2013 10:48 pm

I like Fidelity a lot, but I too have been nicked by this "parting shot". They should do away with it. This has been discussed before on this forum. I was wondering what would happen if you took out all but $1 and just kept it open.
Investors should diversify across many asset-classes so that whatever happens, we will not have all our investments in underperforming asset classes and thereby fail to meet our goals-Taylor Larimore

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Re: Fidelity charges to close accounts!

Post by tfb » Wed Apr 17, 2013 11:20 pm

Only IRAs, not regular brokerage accounts. I knew it when I opened the accounts.
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Re: Fidelity charges to close accounts!

Post by Default User BR » Thu Apr 18, 2013 12:35 am

gaiusgracchus wrote:We are learning that Fidelity has account closing fees of $50.00. So we leave our money in their accounts (earning nothing) and they charge $50.00 for the privilege.

Eh, so what. Move it to most other custodians (not Vanguard) and they'll reimburse the feel. Probably more than that if the amount is substantial.


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Re: Fidelity charges to close accounts!

Post by Default User BR » Thu Apr 18, 2013 12:36 am

Leif Eriksen wrote:I like Fidelity a lot, but I too have been nicked by this "parting shot". They should do away with it. This has been discussed before on this forum. I was wondering what would happen if you took out all but $1 and just kept it open.

I can't say for Fidelity, but Wells Fargo won't let you leave $1. The minimum that can be left is the same as the closing fee.


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Re: Fidelity charges to close accounts!

Post by gofigure » Thu Apr 18, 2013 5:36 am

....and if it's not taxed advantaged, you'll have a tax liability to boot if you transfer into another fund..I think you can leave a small balance in the Fidelity account to avoid the fee though.

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Re: Fidelity charges to close accounts!

Post by Call_Me_Op » Thu Apr 18, 2013 5:40 am

gaiusgracchus wrote:We are learning that Fidelity has account closing fees of $50.00. So we leave our money in their accounts (earning nothing) ...


Why don't you invest this money so it can earn something?
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SpringMan
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Re: Fidelity charges to close accounts!

Post by SpringMan » Thu Apr 18, 2013 8:13 am

E*Trade charged us a closing fee when we transferred it to Fidelity. Fidelity reimbursed us for the fee. Vanguard will not reimburse fees, nor do they charge closing fees.
Best Wishes, SpringMan

WHL
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Re: Fidelity charges to close accounts!

Post by WHL » Thu Apr 18, 2013 9:59 am

That's interesting. I had taxable brokerage accounts with both Fidelity and Schwab and closed them late-2012. No fees...

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Re: Fidelity charges to close accounts!

Post by crow » Thu Apr 18, 2013 10:47 am

Fidelity ticked me off with their incompetence, so I moved everything to VG and left a whopping 64 cents in an account at Fidelity. It's been sitting there for a decade or longer. I get quarterly statements on my account. I wonder what that has cost them over the years?

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Re: Fidelity charges to close accounts!

Post by EarthRover » Tue Dec 05, 2017 1:30 pm

We found out the same thing today. You can either close the account and they charge you $50 or leave a minimum of $50 in the account. This is a Traditional IRA. They told us they would also do the same for our Roth IRA. What a ripoff! Vanguard does not charge this fee. I think we'll just eat the $100 and move the rest of the money out of there in the very near future.

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Re: Fidelity charges to close accounts!

Post by Finridge » Wed Dec 06, 2017 3:09 pm

EarthRover wrote:
Tue Dec 05, 2017 1:30 pm
We found out the same thing today. You can either close the account and they charge you $50 or leave a minimum of $50 in the account. This is a Traditional IRA. They told us they would also do the same for our Roth IRA. What a ripoff! Vanguard does not charge this fee. I think we'll just eat the $100 and move the rest of the money out of there in the very near future.
What I would do is move everything out out, but leave $50 in each account. See if you can buy any stock or equity mutual fund with those funds. Probably not, but if not, never mind. Then just forget about it. Several years now, if you're feeling like it, see if they still have the fee.

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inittowinit
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Re: Fidelity charges to close accounts!

Post by inittowinit » Wed Dec 06, 2017 3:33 pm

I just helped a relative shift $1M+ of assets from Fidelity (stupefyingly complex active management) to Vanguard PAS. Fidelity charged a couple hundred dollars in fees to leave. Well worth it to terminate a predatory business arrangement IMO.

Fidelity may offer some cheap index funds, but at heart they are a rapacious and exploitative entity (like most financial companies).

Vanguard for me and mine, thanks. :beer

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Re: Fidelity charges to close accounts!

Post by KlangFool » Wed Dec 06, 2017 3:37 pm

OP,

There is a simple solution: do not close the account. Transfer all the money out except $1.

KlangFool

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Re: Fidelity charges to close accounts!

Post by protagonist » Wed Dec 06, 2017 3:38 pm

I was surprised when I was charged $50 for closing a Fidelity IRA account. The fee was peanuts compared with the value of the account, but annoying nonetheless. Had I known, I would have kept a buck or two in the account.

That said, I have worked with Fidelity for about 25 years now, and this is the first time I recall being upset about their practices.

John Laurens
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Re: Fidelity charges to close accounts!

Post by John Laurens » Wed Dec 06, 2017 4:26 pm

Just moved accounts to fidelity and received $2500. If i have to pay $200 if/when I leave I’ll call it even.

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John

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Re: Fidelity charges to close accounts!

Post by goingup » Wed Dec 06, 2017 4:51 pm

EarthRover wrote:
Tue Dec 05, 2017 1:30 pm
We found out the same thing today. You can either close the account and they charge you $50 or leave a minimum of $50 in the account. This is a Traditional IRA. They told us they would also do the same for our Roth IRA. What a ripoff! Vanguard does not charge this fee. I think we'll just eat the $100 and move the rest of the money out of there in the very near future.
Good plan. Don't leave loose ends at a firm you no longer use. Sever the relationship and move on.

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Re: Fidelity charges to close accounts!

Post by J295 » Wed Dec 06, 2017 4:54 pm

IMO, those who leave a dollar or similar to “show them” are spiteful and childish. Moreover it has no material impact.

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Re: Fidelity charges to close accounts!

Post by ENT Doc » Wed Dec 06, 2017 5:35 pm

J295 wrote:
Wed Dec 06, 2017 4:54 pm
IMO, those who leave a dollar or similar to “show them” are spiteful and childish. Moreover it has no material impact.
So you think it's reasonable to charge this to close an account? Even if you do, and the account holder knew about these charges at the time of opening the account, what dollar amount is reasonable to retain in the account to not be considered "childish"? $2? $10? When reasonable alternatives exist and the account holder is operating within the confines of the rules I view the movement of anything other than $0.01 out of the account as savvy financial decision, regardless of the material impact.

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Re: Fidelity charges to close accounts!

Post by The Wizard » Wed Dec 06, 2017 5:45 pm

This is a four year old thread.
Some details may have changed...
Attempted new signature...

lws6772
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Re: Fidelity charges to close accounts!

Post by lws6772 » Wed Dec 06, 2017 6:04 pm

One of the reasons I've yet to open an account with Fidelity.

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Earl Lemongrab
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Re: Fidelity charges to close accounts!

Post by Earl Lemongrab » Wed Dec 06, 2017 6:09 pm

You could probably leave $50 after transfer, then withdraw the $50 to a linked bank account. Being that it's an IRA you might owe tax and penalty if you keep it, or you could do an indirect rollover. Normally I transfer to a custodian that will be at least be giving a bonus.
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Re: Fidelity charges to close accounts!

Post by saltycaper » Wed Dec 06, 2017 6:25 pm

Fido still lists the $50 account closure fee on their fee schedule. I still prefer Fido's fees, which seem more uniform, to Vanguard's fees, which are more onerous for investors with small accounts. I think investors who are just starting out should be encouraged as much as possible and not charged extra.
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Re: Fidelity charges to close accounts!

Post by quantAndHold » Wed Dec 06, 2017 6:33 pm

Leif wrote:
Wed Apr 17, 2013 10:48 pm
I like Fidelity a lot, but I too have been nicked by this "parting shot". They should do away with it. This has been discussed before on this forum. I was wondering what would happen if you took out all but $1 and just kept it open.
I did this back in the 90's. There was some annual "low balance" fee that I knew was going to be assessed. $10, I think. At the time, I didn't have enough assets to avoid the fee, so I moved the entire account to Vanguard except for the last $1. I got a few statements with $1 balances. Then they assessed the low balance fee, and I got a statement with a $0 balance. Then I never heard from them again.

That was 20 years ago. I suppose they would try harder to get that last pound of flesh now.

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Re: Fidelity charges to close accounts!

Post by John Laurens » Wed Dec 06, 2017 7:07 pm

lws6772 wrote:
Wed Dec 06, 2017 6:04 pm
One of the reasons I've yet to open an account with Fidelity.
Why? Just received $2500 transfer bonus plus free trades. Seems reasonable to charge me $50 for ACAT on the way out. Guess I would have to transfer out 50+ accounts to break even.

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John

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Re: Fidelity charges to close accounts!

Post by whodidntante » Wed Dec 06, 2017 9:39 pm

Most of the long-established, customer-focused brokers will refund the fee if you transfer assets there. I heard there is one broker in Pennsylvania who won't. But they have only been around since 1975 or so.

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Leif
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Re: Fidelity charges to close accounts!

Post by Leif » Thu Dec 07, 2017 12:19 pm

whodidntante wrote:
Wed Dec 06, 2017 9:39 pm
Most of the long-established, customer-focused brokers will refund the fee if you transfer assets there. I heard there is one broker in Pennsylvania who won't. But they have only been around since 1975 or so.
I guess this brokerage firm has more money then they know what to do with :shock:. No point in them paying to get even more money.

I still think Fidelity should wake up and realize the pennies they get, relatively speaking, are not worth the bad press and hard feelings.
Investors should diversify across many asset-classes so that whatever happens, we will not have all our investments in underperforming asset classes and thereby fail to meet our goals-Taylor Larimore

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Earl Lemongrab
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Re: Fidelity charges to close accounts!

Post by Earl Lemongrab » Thu Dec 07, 2017 12:49 pm

Leif wrote:
Thu Dec 07, 2017 12:19 pm

I still think Fidelity should wake up and realize the pennies they get, relatively speaking, are not worth the bad press and hard feelings.
These are people closing accounts, so it's not really current customers. It's also pretty standard practice. In fact Fidelity is better than most because they don't charge fees for either partial or full transfers. Only if you close and IRA.

If they thought this would cost them money, they'd likely not do it.
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Leif
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Re: Fidelity charges to close accounts!

Post by Leif » Thu Dec 07, 2017 4:09 pm

^

All you need to do is read the posts above to determine if it is a good move. That other firms do it is not an excuse as far as I'm concerned. I'll bet they are losing new business as a result. They should be concerned about that.
Investors should diversify across many asset-classes so that whatever happens, we will not have all our investments in underperforming asset classes and thereby fail to meet our goals-Taylor Larimore

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Earl Lemongrab
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Re: Fidelity charges to close accounts!

Post by Earl Lemongrab » Thu Dec 07, 2017 4:44 pm

Leif wrote:
Thu Dec 07, 2017 4:09 pm
^

All you need to do is read the posts above to determine if it is a good move. That other firms do it is not an excuse as far as I'm concerned. I'll bet they are losing new business as a result. They should be concerned about that.
Where's the evidence that it does that?
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Leif
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Re: Fidelity charges to close accounts!

Post by Leif » Thu Dec 07, 2017 4:48 pm

Earl Lemongrab wrote:
Thu Dec 07, 2017 4:44 pm
Where's the evidence that it does that?
lws6772 wrote:
Wed Dec 06, 2017 6:04 pm
One of the reasons I've yet to open an account with Fidelity.
Investors should diversify across many asset-classes so that whatever happens, we will not have all our investments in underperforming asset classes and thereby fail to meet our goals-Taylor Larimore

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Re: Fidelity charges to close accounts!

Post by CnC » Thu Dec 07, 2017 5:04 pm

inittowinit wrote:
Wed Dec 06, 2017 3:33 pm
I just helped a relative shift $1M+ of assets from Fidelity (stupefyingly complex active management) to Vanguard PAS. Fidelity charged a couple hundred dollars in fees to leave. Well worth it to terminate a predatory business arrangement IMO.

Fidelity may offer some cheap index funds, but at heart they are a rapacious and exploitative entity (like most financial companies).

Vanguard for me and mine, thanks. :beer
Funny Fidelity has been nothing but terrific for me. Perhaps your relative should not have signed up for active management of their accounts.

I'll take Fidelity and their great customer service over vanguard. Expecially since it doesn't cost anything more to belong to Fidelity.

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Re: Fidelity charges to close accounts!

Post by CnC » Thu Dec 07, 2017 5:06 pm

Leif wrote:
Thu Dec 07, 2017 4:48 pm
Earl Lemongrab wrote:
Thu Dec 07, 2017 4:44 pm
Where's the evidence that it does that?
lws6772 wrote:
Wed Dec 06, 2017 6:04 pm
One of the reasons I've yet to open an account with Fidelity.

Said on a Bogle Heads forums. I'm sure there is no bias here at all...

If 1 single 50 dollar fee will make or break your financial planning you probably need some help.

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inittowinit
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Re: Fidelity charges to close accounts!

Post by inittowinit » Thu Dec 07, 2017 5:23 pm

CnC wrote:
Thu Dec 07, 2017 5:04 pm
inittowinit wrote:
Wed Dec 06, 2017 3:33 pm
I just helped a relative shift $1M+ of assets from Fidelity (stupefyingly complex active management) to Vanguard PAS. Fidelity charged a couple hundred dollars in fees to leave. Well worth it to terminate a predatory business arrangement IMO.

Fidelity may offer some cheap index funds, but at heart they are a rapacious and exploitative entity (like most financial companies).

Vanguard for me and mine, thanks. :beer
Funny Fidelity has been nothing but terrific for me. Perhaps your relative should not have signed up for active management of their accounts.

I'll take Fidelity and their great customer service over vanguard. Expecially since it doesn't cost anything more to belong to Fidelity.
She certainly shouldn't have.

That said, once she did they were all too happy to build her an incredibly over-sophisticated portfolio laden with excessive fees and inappropriate holdings clearly intended to maximize their well-being over hers. I don't care if this is considered "par for the course" for active managers, it's simply unethical (the list of her holdings was 80 pages long for a ~$1M portfolio, including dozens of SMAs and a litany of 5+% front-loaded funds, many with near-identical holdings).

Vanguard put her into a sensible, simple portfolio for 1/4 the fees (all-in).

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Re: Fidelity charges to close accounts!

Post by Alexa9 » Thu Dec 07, 2017 5:36 pm

I see these exit fees as a good reason never to come back! Really bad business move. It's not like the fee keeps people from leaving.

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Re: Fidelity charges to close accounts!

Post by CnC » Fri Dec 08, 2017 1:25 am

inittowinit wrote:
Thu Dec 07, 2017 5:23 pm
CnC wrote:
Thu Dec 07, 2017 5:04 pm
inittowinit wrote:
Wed Dec 06, 2017 3:33 pm
I just helped a relative shift $1M+ of assets from Fidelity (stupefyingly complex active management) to Vanguard PAS. Fidelity charged a couple hundred dollars in fees to leave. Well worth it to terminate a predatory business arrangement IMO.

Fidelity may offer some cheap index funds, but at heart they are a rapacious and exploitative entity (like most financial companies).

Vanguard for me and mine, thanks. :beer
Funny Fidelity has been nothing but terrific for me. Perhaps your relative should not have signed up for active management of their accounts.

I'll take Fidelity and their great customer service over vanguard. Expecially since it doesn't cost anything more to belong to Fidelity.
She certainly shouldn't have.

That said, once she did they were all too happy to build her an incredibly over-sophisticated portfolio laden with excessive fees and inappropriate holdings clearly intended to maximize their well-being over hers. I don't care if this is considered "par for the course" for active managers, it's simply unethical (the list of her holdings was 80 pages long for a ~$1M portfolio, including dozens of SMAs and a litany of 5+% front-loaded funds, many with near-identical holdings).

Vanguard put her into a sensible, simple portfolio for 1/4 the fees (all-in).
While I like Fidelity, I can't ever fault vanguard. They practice what the preach.

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Re: Fidelity charges to close accounts!

Post by MrJones » Fri Dec 08, 2017 3:24 am

J295 wrote:
Wed Dec 06, 2017 4:54 pm
IMO, those who leave a dollar or similar to “show them” are spiteful and childish. Moreover it has no material impact.
Huh? Why is it not savvy rather than spiteful?

The material impact is objectively $50.

goingup
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Re: Fidelity charges to close accounts!

Post by goingup » Fri Dec 08, 2017 9:15 am

MrJones wrote:
Fri Dec 08, 2017 3:24 am
J295 wrote:
Wed Dec 06, 2017 4:54 pm
IMO, those who leave a dollar or similar to “show them” are spiteful and childish. Moreover it has no material impact.
Huh? Why is it not savvy rather than spiteful?

The material impact is objectively $50.
I'm not the poster who said that, but I don't find it savvy to keep a $1 in an account to outflank a closing fee. It's messy. The material impact of $50 is essentially immaterial compared the "burden" of dragging around another custodian's passwords, policies, marketing solicitations. If you place a premium on simplicity, $50 is worth it.

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Re: Fidelity charges to close accounts!

Post by BrandonBogle » Fri Dec 08, 2017 11:31 am

While I realize this thread started in 2013, I will say that maybe five years ago or so my mother closed a Fidelity Rollover IRA (that years earlier was an employer-sponsored 401k at Fidelity). We did a full closeout with the proceeds going into her Fidelity Brokerage (Taxable) account. There was no fee involved. Now, when/if we ever close the Fidelity Brokerage account, I get there is a closing fee, but at least if you have multiple accounts, you don't have to necessarily pay the fee on each one.

For some old Wachovia accounts (I think this was before the merger w/ WF), some of her tax-advantaged accounts wanted to carry a close fee. They had a similar process though that it was waived when put into her checking account there (which carried no closure fee). Now, that counted as an indirect rollover (so only one per year), but it avoided paying any fees.

I agree that I dislike close fees, but there sometimes are creative ways to get around it. For my TD Ameritrade account, my Roth IRA had a close fee and I didn't want to go through the trouble of a rollover (I wanted to move securities in-kind -- pre-Boglehead days). In that case I signed up for a promo that gave me Apex there for adding in that years IRA contribution. Once I saw Apex status, I then transferred the account to Wells Fargo since Apex had the close fee waived. So, take a look at ways to work around the fee.

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Earl Lemongrab
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Re: Fidelity charges to close accounts!

Post by Earl Lemongrab » Sat Dec 09, 2017 12:17 am

BrandonBogle wrote:
Fri Dec 08, 2017 11:31 am
While I realize this thread started in 2013, I will say that maybe five years ago or so my mother closed a Fidelity Rollover IRA (that years earlier was an employer-sponsored 401k at Fidelity). We did a full closeout with the proceeds going into her Fidelity Brokerage (Taxable) account. There was no fee involved. Now, when/if we ever close the Fidelity Brokerage account, I get there is a closing fee, but at least if you have multiple accounts, you don't have to necessarily pay the fee on each one.
I don't think so. What I've read says that only closing an IRA will incur a fee.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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