Fidelity eliminated $50 IRA closeout fee

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tfb
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Fidelity eliminated $50 IRA closeout fee

Post by tfb » Fri Aug 03, 2018 12:14 pm

We had many threads over the years from posters annoyed by a $50 fee charged by Fidelity for closing out an IRA. Some leave a small balance in a Fidelity IRA simply to avoid this fee.

Fidelity charges to close accounts!
50.00 Fee from Fidelity for transfer
Annoyed with Fidelity
A small rant about a fee I was hit with...

Now, in addition to launching two new funds with 0% ER, lowering ERs on existing index funds, lowering minimum investments to $0, expanding the commission-free iShares ETFs from 70 to 240, Fidelity also eliminated the IRA closeout fee. This is reflected in the updated commission and fee schedule below (Fee Information tab):

https://www.fidelity.com/trading/commis ... rgin-rates

If you have a Fidelity IRA you didn't want except for avoiding the fee, now you can close it and transfer it out.

Unrelated but maybe relevant to some, Fidelity also made domestic wire transfers free for everyone (Vanguard charges $10 unless you are Flagship).
Harry Sit, taking a break from the forums.

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FIREchief
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Re: Fidelity eliminated $50 IRA closeout fee

Post by FIREchief » Fri Aug 03, 2018 2:09 pm

I saw the first Fidelity commercial on TV last night for their new ZERO funds. They mentioned dropping to zero on a number of things (minimums, ERs, xfer fees, etc.). The tag line? "All those zeros add up to a lot" Really clever! :sharebeer
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.

blackwhisker
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Re: Fidelity eliminated $50 IRA closeout fee

Post by blackwhisker » Fri Aug 03, 2018 2:35 pm

Thank you for sharing tfb!

stlutz
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Re: Fidelity eliminated $50 IRA closeout fee

Post by stlutz » Fri Aug 03, 2018 4:43 pm

Also no fee for a wire or to get a cashier's check.

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pokebowl
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Re: Fidelity eliminated $50 IRA closeout fee

Post by pokebowl » Fri Aug 03, 2018 7:44 pm

I just did a rollover of an orphan IRA from fidelity only two weeks ago. :oops: Would have saved myself $50 bucks to wait two weeks. Oh well...
Nullius in verba.

stlutz
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Re: Fidelity eliminated $50 IRA closeout fee

Post by stlutz » Fri Aug 03, 2018 8:05 pm

pokebowl wrote:
Fri Aug 03, 2018 7:44 pm
I just did a rollover of an orphan IRA from fidelity only two weeks ago. :oops: Would have saved myself $50 bucks to wait two weeks. Oh well...
I'll give you $50 if you call up Fidelity and manage to convince them to reimburse you. :sharebeer

Dead Man Walking
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Re: Fidelity eliminated $50 IRA closeout fee

Post by Dead Man Walking » Fri Aug 03, 2018 11:11 pm

tfb wrote:
Fri Aug 03, 2018 12:14 pm
We had many threads over the years from posters annoyed by a $50 fee charged by Fidelity for closing out an IRA. Some leave a small balance in a Fidelity IRA simply to avoid this fee.

Fidelity charges to close accounts!
50.00 Fee from Fidelity for transfer
Annoyed with Fidelity
A small rant about a fee I was hit with...

Now, in addition to launching two new funds with 0% ER, lowering ERs on existing index funds, lowering minimum investments to $0, expanding the commission-free iShares ETFs from 70 to 240, Fidelity also eliminated the IRA closeout fee. This is reflected in the updated commission and fee schedule below (Fee Information tab):

https://www.fidelity.com/trading/commis ... rgin-rates

If you have a Fidelity IRA you didn't want except for avoiding the fee, now you can close it and transfer it out.

Unrelated but maybe relevant to some, Fidelity also made domestic wire transfers free for everyone (Vanguard charges $10 unless you are Flagship).
When will the elimination of the close out fee take affect?

DMW

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tfb
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Re: Fidelity eliminated $50 IRA closeout fee

Post by tfb » Sat Aug 04, 2018 2:19 am

Dead Man Walking wrote:
Fri Aug 03, 2018 11:11 pm
When will the elimination of the close out fee take affect?
It has already taken effect.
Harry Sit, taking a break from the forums.

OnLevel
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Re: Fidelity eliminated $50 IRA closeout fee

Post by OnLevel » Sun Aug 05, 2018 3:30 pm

pokebowl wrote:
Fri Aug 03, 2018 7:44 pm
I just did a rollover of an orphan IRA from fidelity only two weeks ago. :oops: Would have saved myself $50 bucks to wait two weeks. Oh well...
Ditto

tenkuky
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Re: Fidelity eliminated $50 IRA closeout fee

Post by tenkuky » Sun Aug 05, 2018 9:01 pm

And Fidelity covered the $25 partial transfer out fee imposed by Schwab in midst of my IRA to 403b rollover.
All good moves by Fido.

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