If you wish to open an investment account and use a variety of financial instruments and services, Fidelity is a great choice. Unfortunately, therefore, after some time, you may find that the benefits no longer satisfy your needs, or you may decide not to invest anymore.
You may be contemplating closing the account, but you’re not sure how to do it. In that regard, this post can be helpful.
Fidelity accounts can be closed by the following methods:
You must understand how to close a Fidelity account so that you can successfully end your operations. There are two ways to close your account with Fidelity, and each of them involves a different procedure.
Fidelity Account Closure by Phone:
You can close your Fidelity account over the phone. But, before you begin, gather all the necessary documents so that everything goes smoothly.
- Obtain information from Fidelity Customer Service
You should find the phone number that Fidelity provided for your account on your account statements. The number will appear in these documents. When you don’t have access to your account statement, you can check on the Fidelity website for their contact phone numbers.
- Contact Fidelity Customer Service
Now, you need to call customer service at 1 (800) 343-3548. Make sure you use the correct number.
- Request to close the Fidelity account
Let customer service understand you to close your account and what kind of account you wish to complete. You are in touch with customer service now, so be sure to let them know what type of account you want to close.
You’ll need to provide several details about yourself to confirm your identity, including your phone number; account number, address, and Social Security number’s last four digits.
- Make a note of the calls that your references make.
When you call Fidelity customer service, you should note down the date and time of your call and the name of the representative you speak with.
You will be notified when your payment will arrive after the charges have been deducted. Additionally, any fees associated with the closure should be written down. These fees will be removed from your account if you have funds.
Closing a Fidelity Account by Mail
Fidelity accounts can also be closed by mail. Once again, you’ll need to ensure that your paperwork is next to you when you initiate the process.
- Find your Fidelity account’s contact information.
If the Fidelity contact address isn’t on the account paperwork, you can check the company’s website for their mailing address. You can call the Fidelity customer service line if that doesn’t work. You will need to select the correct address based on the account type, so keep this in mind.
- Request the closure of your account
Give details about the Fidelity account you wish to close, such as the account number, the date it was opened, as well as your telephone number, and any other details you want to provide.
- Use certified mail for your correspondence.
Now you need to send your letter to Fidelity. Make sure you include a form of confirmation, like certified mail and other proof of delivery. If you need a signature, you can also ask for one.
- Please wait for your account closure confirmation.
The final step is to wait until Fidelity confirms that your account has been closed. You may be charged a fee when your account has been completed. However, don’t worry – you will receive a statement indicating the fee amount. After that, Fidelity will send you a check for any remaining balance in your account.
How can I close down a deceased Fidelity account?
In someone’s passing, you will need to take the appropriate steps to close the person’s account. Here is the process for completing a deceased person’s account.
1. Fidelity should be informed of the passing of the person.
As a first step, you should notify Fidelity that the account holder has passed away. On Fidelity’s website, a form asks for information about what happened. Unfortunately, it may not be possible for you to begin the process of closure right away after a loved one has died.
It is still possible to limit the account’s activity and resume it later. However, the account owner will need a few pieces of information to get started, such as the account’s name, the account birth date, the account’s death date, and the account’s Social Security number.
2. Take note of all the documents you need
For any assets to be distributed, Fidelity requires certain documents. One of these is a death certificate for the account holder. If a funeral home provides any end-of-life services, you can speak with the funeral director. If the funeral director does not have certified copies of the death certificate, you can obtain them from the state’s vital records office.
It is also possible that you need a letter of testamentary, which is a document you must have if you are an executor of a deceased person’s estate. You can act and make decisions on behalf of the deceased when you possess this document.
A letter of testamentary will be issued for you by the probate court if you are mentioned in the will of the person who passed away. You don’t need to receive this letter if you are not the direct beneficiary.
3. Stay connected with Fidelity.
Fidelity will contact you after submitting the death certificate and having all the documents ready. Once you offer the death certificate on the website, you will schedule a time to meet with a representative. You can also submit a testamentary here if acting as an executor.
It’s your responsibility to let Fidelity know where the deceased’s funds should go. If you are the beneficiary, you’re responsible for giving Fidelity the deceased’s account information.
The transfer of some accounts to your bank account will not result in any penalties. Still, transfers of retirement accounts will lead to tax repercussions, so you may need to speak with Fidelity to find an appropriate solution.
It might take some time to close a Fidelity account, but following the proper steps should make things go as smoothly as possible. Choose the correct closing method, prepare all your paperwork, and follow the instructions in this post to begin the closing process.