Making 529 withdrawals and contributions

Direct debit (also known as ACH debit or e-check) is a convenient way to pay an educational institution in the US, letting you authorize the institution to collect payment for qualified educational expenses directly from your 529 account when due. Direct debit should not be used for any other 529 distribution purpose.

2 steps to start with direct debit

1. Contact the school or institution you'd like to pay.
   Direct debit is initiated by the educational institution, not Fidelity. You'll need to provide them with your:
   • •  ABA routing number
   • •  Fidelity account number containing a pre-fix
   
   

   Find your routing and modified account numberLog In Required

   
   
2. Fidelity processes your payment when requested.
   Direct debit requests received before 4 p.m. ET are generally processed on the same business day of receipt. To generate cash for your payment, Fidelity will sell positions in your designated 529 Portfolio(s).*
   
   

   Set up direct debit alertsLog In Required to notify you of any issues with a payment.

Tip: When using direct debit, first confirm the amount due to the school. You’ll want to be sure your account has sufficient funds for a successful payment. Your 529 account balance available for direct debit will be limited to 95% of your account value as of the close of the NYSE on the prior business day of receipt of your direct debit distribution request.

Learn more about direct debit payments

Quickly send money from your 529 to another nonretirement Fidelity account with our online transfer tool. Fidelity-to-Fidelity transfers typically complete on the next day.

Move money onlineLog In Required

An electronic funds transfer (EFT) is a feature that links a bank account to a Fidelity account and allows clients to move money as needed through the Automated Clearing House (ACH) network.

To set up EFT payments to the beneficiary
To send money via EFT to the beneficiary, you must first complete the 529 Standing Payment Instructions online formLog In Required. Once your instructions are set up, you can send payments electronically on Fidelity.com and in the Fidelity Mobile App. Custodial (UGMA/UTMA) 529 accounts must establish the EFT service by completing the Electronic Funds Transfer (EFT) Authorization (PDF).

To send an EFT to a non-Fidelity institution
To electronically send money to an outside institution, you can link your accounts onlineLog In Required

Move money onlineLog In Required

Bill Pay is our free, online service that lets you easily make payments and manage your bills. Typically a paper check will be mailed. Please allow up to 10 mailing days for your payment to arrive.

Enroll your 529 account in Bill PayLog In Required to directly pay a school.

A wire transfer is an electronic payment used to transfer funds between financial institutions. It's the fastest way to securely transfer large sums to yourself, other people, or a business. Bank wires are reviewed and verified by employees at both the sending and receiving firms before they’re processed to ensure the sender has the money to complete the transfer, and that the receiving account is available to accept the money.


To wire from Fidelity
To send a wire transfer, you'll need the routing and account numbers of the bank or account you want to transfer money to. You may also be asked to provide the recipient's name, street address, and email address or phone number. For payments to a school, please include the Student ID number in the memo field.

Make a one-time payment online or establish standing bank wire instructions through the transfer tool.

Bank Wire Authorization form (PDF)

Under certain conditions you may be eligible to transfer assets from your 529 to a Roth IRA established for the beneficiary of the 529 account.


Learn more

To transfer from a Fidelity-managed 529 to a Fidelity Roth IRA
Transfers from a 529 to a Fidelity Roth IRA will be credited to your core account and treated as a contribution.

Complete the withdrawal form (PDF)

To transfer from a Fidelity-managed 529 to an external Roth IRA
If transferring to an external Roth IRA, a check will be made payable and mailed to the payee listed on the withdrawal form.

Complete the withdrawal form (PDF)

To transfer from an external 529 to a Fidelity Roth IRA
To request a transfer to a Fidelity Roth IRA from a 529 not managed by Fidelity, please contact the 529 provider. The check will be made payable to Fidelity Investments and include the Roth IRA account number (the Roth IRA should be established before the transfer).


*Beginning January 2024, the Secure 2.0 Act of 2022 (the "Act") provides that you may transfer assets from your 529 account to a Roth IRA established for the Designated Beneficiary of a 529 account under the following conditions: (i) the 529 account must be maintained for the Designated Beneficiary for at least 15 years, (ii) the transfer amount must come from contributions made to the 529 account at least five years prior to the 529-to-Roth IRA transfer date, (iii) the Roth IRA must be established in the name of the Designated Beneficiary of the 529 account, (iv) the amount transferred to a Roth IRA is limited to the annual Roth IRA contribution limit, and (v) the aggregate amount transferred from a 529 account to a Roth IRA may not exceed $35,000 per individual. It is your responsibility to maintain adequate records and documentation on your accounts to ensure you comply with the 529-to-Roth IRA transfer requirements set forth in the Internal Revenue Code. The Internal Revenue Service ("IRS") has not issued guidance on the 529-to-Roth IRA transfer provision in the Act but is anticipated to do so in the future. Based on forthcoming guidance, it may be necessary to change or modify some 529-to-Roth IRA transfer requirements. Please consult a financial or tax professional regarding your specific circumstances before making any investment decision.

To request a full distribution from your 529 account please call 800-544-1914 to speak with a College Planning Specialist, Monday-Friday, 8 AM - 9 PM EST.

You may transfer funds between Individual 529 accounts that you own, within the same state plan, without incurring any taxes or penalties, so long as the beneficiaries have an eligible family relationship.

Custodial accounts (UTMAs) may be transferred to the Beneficiary any time after they reach the age of 18, but are required to be transferred to the Beneficiary once they reach the age of account termination, usually between 18 and 21 (varies by state). To prepare for the transfer of control of the account to the Beneficiary, the Beneficiary should open their own Individual 529 account, with themselves listed as both Participant and Beneficiary. Ensure that the new 529 plan is the same state plan as the existing UTMA 529 plan. Once the new account has been established, the Beneficiary can provide the account number to the Custodian. The Custodian may then call 800-544-1914 to speak with a College Planning Specialist, Monday-Friday, 8 AM - 9 PM EST, to request the transfer to the Beneficiary's new account.

Standing Check Payment Instructions for School - Send funds directly to a school by paper checkLog In Required. This option may be used by Authorized Individuals with Full Trading Authority to request distributions to a school. Please allow up to 10 mailing days for your payment to arrive.

Quickly contribute money from another Fidelity account with our online transfer tool. Fidelity-to-Fidelity transfers typically complete on the same day.

Move money onlineLog In Required

An electronic funds transfer (EFT) is a feature that links a bank account to a Fidelity account and allows clients to move money as needed through the Automated Clearing House (ACH) network.

To contribute from a non-Fidelity institution
To electronically send money from an outside institution, you can link your accounts onlineLog In Required, and, oftentimes, can start using it on the same day.

Move money onlineLog In Required

A wire transfer is an electronic payment used to transfer funds between financial institutions. It's the fastest way to securely transfer large sums to yourself, other people, or a business. Bank wires are reviewed and verified by employees at both the sending and receiving firms before they’re processed to ensure the sender has the money to complete the transfer, and that the receiving account is available to accept the money.

To wire to Fidelity from a US bank
You can find Fidelity's incoming bank wire instructions at Information Needed to Wire to Your Fidelity Account.

To wire to Fidelity from a foreign bank
If you are receiving a wire in U.S. dollars from a foreign bank, you can find Fidelity's incoming bank wire instructions at Information Needed to Wire to Your Fidelity Account.

Note: For 529 accounts, please use the Brokerage account incoming wire instructions.

Automatically contribute money regularly from your bank or other Fidelity account to help you grow a 529 college savings plan.

Set up recurring transfersLog In Required

The safe way to deposit checks in seconds with the Fidelity Investments app—no lines, no waiting.

Download the Fidelity app or see step-by-step instructions

Your savings could get a boost when friends and family give gifts to your 529 account. We’ll help you quickly create a gifting dashboard you can invite them to visit. As the account owner, only you can access your dashboard, so your account information is kept private. 

View or set up your 529 gifting dashboard