FAQs About Fidelity BillPay® for Brokerage Accounts
- What is Fidelity BillPay for Brokerage Accounts?
- What is the fee for Fidelity BillPay for Brokerage Accounts?
- What are the requirements to establish Fidelity BillPay for Brokerage Accounts?
- How do I establish Fidelity BillPay for Brokerage Accounts?
- When can I begin using Fidelity BillPay for Brokerage Accounts?
- How do I contact Fidelity for help with Fidelity BillPay for Brokerage Accounts?
FAQs About Fidelity BillPay® for Health Savings Accounts
- What is Fidelity BillPay for Health Savings Accounts?
- What is the fee for Fidelity BillPay for Health Savings Accounts?
- What are the requirements to establish Fidelity BillPay for Health Savings Accounts?
- How do I establish Fidelity BillPay for Health Savings Accounts?
- When can I begin using Fidelity BillPay for Health Savings Accounts?
- How do I contact Fidelity for help with Fidelity BillPay for Health Savings Accounts?
- What is a qualified medical expense?
- Who is responsible for determining whether an expense is a qualified medical expense?
FAQs About Fidelity BillPay® for 529 Accounts
- What is Fidelity BillPay for 529 accounts?
- What is the fee for Fidelity BillPay for 529 Accounts?
- How do I establish Fidelity BillPay for 529 Accounts?
- What kind of bills can I pay using Fidelity BillPay for 529 Accounts?
- What do I need to know before paying college bills using Fidelity BillPay for 529 Accounts?
- How can I contact Fidelity for help with Fidelity BillPay for 529 Accounts?
What is Fidelity BillPay for Brokerage Accounts?
Fidelity BillPay for Brokerage Accounts is an online service that allows you to receive and pay eBills (electronic bills) from participating billers, pay one-time and automatic bills, review payment history, and setup bill reminders with just a few clicks. Since you no longer have to write checks or pay for postage stamps, Fidelity BillPay for Brokerage Accounts saves you time and money. Once you've established your BillPay account on Fidelity.com, you can also pay bills while on the go with your iPhone®, iPod touch®, iPad®, or AndroidTMmobile device.
What is the fee for Fidelity BillPay for Brokerage Accounts?
Fidelity BillPay for Brokerage Accounts is a free online service for all customers.
What are the requirements to establish Fidelity BillPay for Brokerage Accounts?
You must have a Fidelity non-retirement brokerage account with an individual, joint, estate, or trust registration:
Note: Portfolio Advisory Services Accounts are not eligible.
How do I establish Fidelity BillPay for Brokerage Accounts?
To establish Fidelity BillPay, log in to Fidelity.com and select BillPay in the Accounts & Trade menu.
When can I begin using Fidelity BillPay for Brokerage Accounts?
If established online, you will have immediate access to Fidelity BillPay for Brokerage Accounts.
How do I contact Fidelity for help with Fidelity BillPay for Brokerage Accounts enrollment?
You can call a representative at 800-343-3548 or visit the Customer Service area of Fidelity.com for additional contact options. Representatives are available to answer your questions 7 days a week, 24 hours a day.
What is Fidelity BillPay for Health Savings Accounts?
Fidelity BillPay for Health Savings Accounts is an online service that allows you to receive and pay eBills (electronic bills) for qualified medical expenses from participating billers, such as doctors and hospitals; pay one-time and automatic bills; review payment history; and set up bill reminders with just a few clicks. Since you no longer have to write checks or pay for postage stamps, Fidelity BillPay for Health Savings Accounts saves you time and money. You can pay bills anytime and anywhere, as long as you have Internet access.
What is the fee for Fidelity BillPay for Health Savings Accounts?
Fidelity BillPay for Health Savings Accounts is a free online service for all customers. There is no minimum balance required in your Health Savings Account to activate the service.
What are the requirements to establish Fidelity BillPay for Health Savings Accounts?
To establish Fidelity BillPay for Health Savings Accounts, you must have a Fidelity Health Savings Account.
How do I establish Fidelity BillPay for Health Savings Accounts?
To establish Fidelity BillPay, log in to Fidelity.com and select BillPay in the Accounts & Trade menu.
When can I begin using Fidelity BillPay for Health Savings Accounts?
If established online, you will have immediate access to Fidelity BillPay for Health Savings Accounts.
How do I contact Fidelity for help with Fidelity BillPay for Health Savings Accounts?
You can call a representative at 800-544-3716 or visit the Customer Service area of Fidelity.com for additional contact options. Representatives are available to answer your questions 7 days a week, 24 hours a day.
What is a qualified medical expense?
Qualified medical expenses as defined by the Internal Revenue Code generally cover most medical care and services, dental and vision care, prescription drugs, and insulin that are not covered by insurance otherwise. Beginning in 2011, over-the-counter drugs are no longer considered a qualified medical expense. Medical insurance premiums are generally not considered qualified medical expenses; however premiums paid for COBRA continuation coverage, qualified long-term care insurance (subject to certain limitations), and Medicare premiums are considered qualified medical expenses.
For more details on what constitutes a qualified medical expense, please refer to IRS Publication 969 and 502 at the IRS website, or consult a tax professional.
Who is responsible for determining whether an expense is a qualified medical expense?
As an HSA account owner, you must determine whether a particular medical expense is a qualified medical expense, and must keep all receipts and records of medical expenses sufficient to show that distributions have been made exclusively for qualified medical expenses and are, therefore, excludable from your gross income.
What is Fidelity BillPay for 529 accounts?
Fidelity BillPay for 529 Accounts is an online service that allows you to make single and recurring payments to colleges, tuition payment services, the account owner, or the beneficiary.
What is the fee for Fidelity BillPay for 529 Accounts?
Fidelity BillPay for 529 Accounts is a free online service.
How do I establish Fidelity BillPay for 529 Accounts?
To establish Fidelity BillPay, log in to Fidelity.com and select BillPay in the Accounts & Trade menu.
What kind of bills can I pay using Fidelity BillPay for 529 Accounts?
Money from a 529 account can be used, without penalty, for qualified higher education expenses, which include tuition, books, room and board, etc. Distributions for non-qualified expenses may incur federal income tax and a 10% federal penalty tax. Fidelity recommends that you retain records of payments for qualified higher education expenses in order to prepare your income tax returns. Payments made to recipients other than the account beneficiary, college, or university, or tuition payment service will be reported as such on Form 1099-Q for tax reporting purposes. Additional documentation (college invoice, statement, receipts) may be required by the IRS to verify that such payments are qualified.
What do I need to know before paying college bills using Fidelity BillPay for 529 Accounts?
To facilitate bill payments to colleges, please include the following information when setting up the payee:
- Enter the account number from your tuition invoice in the account number field.
- Correct payment address, including any specific area or department name required by the school.
The total market value is based on the prior business day's market value of the portfolios in your 529 account. This market value may fluctuate between the time you enter your bill payment request and when the amount is deducted from your account. If the payment request is not available due to a decrease in market value, you will be notified that your transaction was not accepted and you will need to re-submit your request. If you need to withdraw your entire account balance please call a representative at 800-544-1914. Note: Payments will be deducted from your account on the withdrawal date.
For 529 accounts invested in multiple portfolios, the amount requested through Fidelity BillPay for 529 accounts will be withdrawn from each portfolio held in your designated 529 account on a pro-rata basis. If you prefer to provide direction on the specific portfolio to deduct the requested amount from, please call a representative at 800-544-1914 or fill out the College Investing Plan Distribution form (PDF). This page will open in a popup window.
How can I contact Fidelity for help with Fidelity BillPay for 529 Accounts?
You can call a representative at 800-544-1914 or visit the Customer Service area of Fidelity.com for additional contact options. Representatives are available to answer your questions 7 days a week, 24 hours a day.
