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Overview |
| You can easily transfer money
between your Fidelity and bank accounts as well as contribute to or withdraw from your IRA. |
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| How do I set up my account so that I can transfer cash between my Fidelity account and my bank account? |
| You can electronically transfer money between your bank and your Fidelity account using Fidelity's Electronic Funds Transfer. |
| To add Electronic Funds Transfer online, select Transfer Money/Shares from the Action Selector next to your account on the Portfolio screen.
You can add the Fidelity Electronic Funds Transfer service to your Fidelity mutual fund, brokerage, Portfolio Advisory Services (PAS) SM accounts, or College Savings Plan account.
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For brokerage accounts, Electronic Funds Transfer allows you to transfer cash between your bank and Fidelity BrokerageŽ account's Core account. |
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For mutual fund accounts, Electronic Funds Transfer allows you to transfer cash from your bank account to buy additional shares of an existing mutual fund or to transfer the proceeds from selling shares to your bank account. |
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For mutual fund and brokerage IRAs, Electronic Funds Transfer allows you to transfer cash from your bank account to make an annual contribution to your Traditional, Roth, or Rollover IRA.
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For Portfolio Advisory Services (PAS) SM accounts, Electronic Funds Transfer allows you to transfer cash between your bank and Fidelity BrokerageŽ account's Core account. If sufficient funds are not available in the core account for a specified Electronic Funds Transfer redemption, appropriate funds will be liquidated. |
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Effective January 1, 2002, annual IRA contribution limits have increased for the 2002 tax year and beyond. For specific information, be sure to review IRA Information. Also, you can use the IRA EvaluatorSM which can be accessed by selecting Products >> Retirement option.
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For mutual fund and brokerage IRAs, Electronic Funds Transfer allows you to take distributions from your IRA online.
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For College Savings Plan accounts, Electronic Funds Transfer allows you to transfer cash from your bank account to an existing College Savings Plan account.
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Any deposit will be used to purchase additional units of a portfolio, provided you have not exceeded the contribution cap for the plan. Amounts exceeding the cap may be returned to you.
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| Why do all of my accounts not display on the Transfer Money/Shares screen? |
| The entries available for your selection of a From account depend upon which accounts are associated with your Social Security Number. The list of To entities displayed as possible targets for a transfer depend on what type of account is selected as the source or From account. |
| You can transfer cash from the Core account of your Individual or Joint non-retirement account to your Traditional, Roth, or Rollover IRA or to another Individual or Joint non-retirement account. |
| If there are multiple accounts in either the From or To drop down lists, you must select one. |
| If you make an annual IRA contribution to a Rollover IRA, be sure to review Rollover IRA notes in the topic IRA Information. |
| You cannot make a 60-day direct contribution to a Rollover IRA online. For more information, contact a Fidelity representative at 800-544-6666. |
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| How can I check the status of a request to Transfer Money or Transfer Shares? |
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Brokerage account transfers, view the History page, or call a Fidelity representative at 800-544-6666. |
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Mutual fund account orders, view the Orders page or call a Fidelity representative at 800-544-6666.
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Portfolio Advisory Services (PAS) SM account transfers, view the History page, or call a PAS representative at 800-544-3455. To note, PAS accounts may only initiate transfers via the Transfer Money screen. PAS accounts cannot transfer shares. |
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| Transfer Money/Shares requests are not processed on Saturday, Sunday, or New York Stock Exchange holidays. |
| NOTE: If you have questions or want to cancel a request to transfer money or shares, please call a Fidelity representative at 800-544-6666 before 4 p.m. Eastern time. |
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For Portfolio Advisory Services (PAS) SM accounts,
requests to transfer money into a PAS account will generally be invested in your core account first and then allocated
to the funds in your model portfolio on the next business day following the transfer into your account. If other trading
activity is taking place within the portfolio on the day of a deposit, it will take an additional day for the funds to buy
into your model portfolio. Requests to transfer money out of a PAS account must be received by 12:00 p.m. Eastern
time for Blended Portfolios for processing that day. Any transactions entered after 12:00 p.m. Eastern time will be initiated
the next business day. If other trading activity is taking place within the portfolio on the day of a withdrawal, it will
take an additional day for the funds to be sold from your model portfolio. Requests to transfer money out of a PAS
account must be received by 4:00 p.m. Eastern time for Fidelity only portfolios for processing that day. Funds will be
transferred to your other account 2 to 3 business days following the transfer request. |
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How can I cancel a request to Transfer Money or Transfer Shares?
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| To attempt to cancel a brokerage account transfer,
view the History page or call a Fidelity representative at 800-544-6666. |
| For Portfolio Advisory Services (PAS) SM accounts,
call a PAS representative at 800-544-3455. To attempt to cancel a transfer request, the request must be made on business days
between 9 a.m. and 12 p.m. Eastern time for Blended Portfolio accounts, and between 9 a.m. and 4 p.m. Eastern time for
Fidelity-only portfolios.
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| NOTE: Attempts to cancel requests are performed
on a best efforts basis. There is no guarantee that a request can be canceled.
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| How long do I have to wait to use the Fidelity Electronic Funds Transfer service after adding it to my account? |
| Eligible customers may use
the Electronic Funds Transfer service to immediately transfer money to Fidelity to purchase stocks, bonds and
mutual funds in this account, or contribute to an IRA. However, the money is not generally available
for withdrawal for 4 to 6 business days. Generally, 7-10 business days after establishing Electronic Funds Transfer
on your account, you can begin to withdraw money from, as well as deposit to, your Fidelity account
using Fidelity.com. |
| For Portfolio
Advisory Services (PAS) SM accounts, eligible customers may use the Electronic Funds Transfer service
to immediately transfer money to Fidelity. You can add as little as $250 at a time to your portfolio.
Deposits will be invested in your core account first and then allocated to the funds in your model
portfolio the next business day following the deposit into your account. If other trading activity
is taking place within the portfolio on the day of a deposit, it will take an additional day for the
funds to buy into your model portfolio. However, the money is not generally available for withdrawal for
4 to 6 business days. Generally, 7 to 10 business days after establishing Electronic Funds Transfer on your account,
you can begin to withdraw money from, as well as deposit to, your PAS account using Fidelity.com. |
| If you chose to transfer money
later when setting up the Electronic Funds Transfer service online, you generally can begin to use Electronic Funds Transfer in 7 to 10
business days. If you completed and returned a form, you generally can begin to use Electronic Funds Transfer service 7 to 10
business days after our receipt of your form. |
For information about, or assistance with,
setting up or using Electronic Funds Transfer, call a Fidelity representative at 800-544-6666.
| For information about, or assistance with
your Portfolio Advisory Services (PAS) SM accounts, call a PAS representative at 800-544-3455. |
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| How long does it take for a Fidelity Electronic Funds Transfer request to be completed? |
| The funds from a Electronic Funds Transfer transfer
for both retirement and non-retirement accounts will generally be in your Fidelity Core account or bank account
1 to 3 business days after you place the request. However, you can immediately use the money you are in the
process of transferring to buy stocks, bonds, and Fidelity mutual funds. Please note that: |
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For Brokerage
and College Savings Plan accounts, Electronic Funds Transfer requests must be
received by Fidelity before 3:30 p.m. Eastern time to be credited to your PAS or bank account on the next business day.
If you have questions or want to attempt to cancel a request, please call a Fidelity representative at 800-544-6666 before 4 p.m. Eastern time. |
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For mutual fund accounts, Electronic Funds Transfer requests must be received
by Fidelity before the fund's closing price is issued, to be credited to your Fidelity or bank account on
the next business day. If you have questions or want to attempt to cancel a request, please call a Fidelity representative
at 800-544-6666 before 4 p.m. Eastern time. |
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For Portfolio Advisory Services (PAS) SM accounts,
Electronic Funds Transfer requests from your bank account into your PAS account must be received by Fidelity before 3:30 p.m. Eastern
time to be credited to your PAS account the next business day. Deposits will be invested in your core account first
and then allocated to the funds in your model portfolio the next business day following the deposit into your account.
If other trading activity is taking place within the portfolio on the day of a deposit, it will take an additional day
for the funds to buy into your model portfolio. Electronic Funds Transfer requests from your PAS account to your bank account must
be received by 12:00 p.m. Eastern time for Blended Portfolios for processing that day. Any transactions entered after
12 p.m. Eastern time will be initiated the next business day. If other trading activity is taking place within the
portfolio on the day of a withdrawal, it will take an additional day for the funds to be sold from your model portfolio.
Requests to transfer money out of a PAS account must be received by 4:00 p.m. Eastern time for Fidelity only portfolios
for processing that day. Funds will be transferred to your bank account 3 to 4 days after the Electronic Funds Transfer transaction is
initiated. If you have questions or want to attempt to cancel a request for your PAS account, please call a PAS
representative at 800-544-3455 before 4 p.m. Eastern time. |
| Electronic Funds Transfer requests are not processed on Saturday, Sunday, or New York Stock Exchange and bank holidays. |
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| Why can't I select one of the banks listed on the Fidelity Electronic Funds Transfer Transfer screen? |
| Your listed banks cannot be selected if the status is:
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Pending Bank Verification: this status indicates Fidelity has received your Electronic Funds Transfer form and are in the process of establishing and verifying Electronic Funds Transfer for your account.
If the verification completes successfully, the bank account will have the status Active - Deposit/Withdrawal and can be used for Electronic Funds Transfer transfers. |
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Inactive - Unavailable for Electronic Funds Transfer, the bank information cannot be verified and you should call a Fidelity representative at 800-544-6666 for assistance. |
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Active - Deposit to Fidelity Account Only, you have just completed the online setup process. Currently, you can only transfer from the bank to make a deposit to your Fidelity Account. Generally, after 7 to 10 business days you will be able to use Electronic Funds Transfer to withdraw from as well as deposit to your Fidelity non-retirement account via Fidelity.com. |
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How can I check the status of a Fidelity Electronic Funds Transfer request?
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To check the status of:
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Mutual fund account orders, view the Orders page or call a Fidelity representative at 800-544-6666.
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Brokerage account requests, view the History page or call a Fidelity representative at 800-544-6666.
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College Savings Plan account requests, view the History page, or call a Fidelity representative at 800-544-1914.
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Notes:
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Funds from a Electronic Funds Transfer transfer will generally be in your Fidelity or bank account 1-3 business days
after you place the request.
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Electronic Funds Transfer requests are displayed in history two business days after you placed the request.
You can see up to 90 days of Electronic Funds Transfer requests in history.
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For brokerage and College Savings Plan accounts, Electronic Funds Transfer requests must be received by Fidelity before 3:30 p.m.
Eastern time to be credited to your Fidelity or bank account on the next business day. If you have questions or
want to cancel a request, please call a Fidelity representative at 800-544-6666 before 4 p.m. Eastern time.
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Electronic Funds Transfer requests are not processed on Saturday, Sunday, or New York Stock Exchange and bank holidays.
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How can I cancel a Fidelity Electronic Funds Transfer request?
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| For Electronic Funds Transfer requests for eligible mutual
fund accounts, you can select Attempt to Cancel from the Orders screen. For other mutual fund account Electronic Funds Transfer requests,
call a Fidelity representative at 800-544-6666 to attempt to cancel the request. For brokerage account Electronic Funds Transfer requests,
call a Fidelity representative at 800-544-6666 between 7 a.m. and 4 p.m. Eastern time on business days to attempt to cancel a
Electronic Funds Transfer transfer. For a College Savings Plan account Electronic Funds Transfer request, call a Fidelity representative at 800-544-1914
between 7 a.m. and 4 p.m. Eastern time on business days to attempt to cancel a Electronic Funds Transfer transfer. Attempts to cancel Electronic Funds Transfer requests are performed on a best efforts basis. There is no guarantee that a transfer can be canceled.
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| For Portfolio Advisory Services (PAS) SM accounts,
call a PAS representative at 800-544-3455. To attempt to cancel a transfer request, the request must be made on business days
between 9 a.m. and 12 p.m. Eastern time for Blended Portfolio accounts, and between 9 a.m. and 4 p.m. Eastern time for
Fidelity-only portfolios.
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Why don't I see an option for a prior year contribution?
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| You can only make a contribution to
an IRA for the prior tax year from January 1 to April 15 (generally). As a result, the Fidelity Electronic Funds Transfer
entry screens for IRAs will only display current year contribution after April 15.
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| Why did I receive an error about the dollar amount I entered as part of a Fidelity Electronic Funds Transfer request to transfer to a Fidelity IRA? |
| The amount or format used could be invalid. When you enter an amount:
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The minimum amount for a brokerage account transfer is $10. |
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The minimum amount for a mutual fund account transfer is $250. |
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The minimum amount for a Portfolio Advisory Services (PAS) SM account is $250. |
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The amount must be a whole number (e.g., 1000 not 1000.50) |
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The amount you entered may result in over contributing to your IRA for the specified tax year. Refer to your IRA statements to determine the amount you have contributed for the specified tax year and use the IRA EvaluatorSM for help in determining contribution eligibility and annual contribution limits. Access the IRA Evaluator by selecting Products >> Retirement option. |
| Effective January 1, 2002, annual IRA contribution
limits have increased for the 2002 tax year and beyond. For specific information, be sure to review
IRA Information and
Retirement notes. |
| Please note that the annual contribution limits are aggregated across all IRAs held at Fidelity and other institutions. It is your responsibility to ensure you are not exceeding the contribution limits. |
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Why did I receive an error about the dollar amount I entered as part of a request
to transfer to a Fidelity IRA?
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| The amount or format used could be invalid.
When you enter an amount:
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The minimum amount for a brokerage account
transfer is $10. |
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The minimum amount for a mutual fund account
transfer is $250. |
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The minimum amount for a Portfolio Advisory
Services (PAS) SM account is $250.
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The amount must be a whole number
(e.g., 1000 not 1000.50)
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The amount you entered may result in over
contributing to your IRA for the specified tax year. Refer to your IRA statements to determine the
amount you have contributed for the specified tax year and use the IRA EvaluatorSM for
help in determining contribution eligibility and annual contribution limits. Access the IRA Evaluator
by selecting Products >> Retirement option. |
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You cannot make a 60-day contribution to a Rollover
IRA online. For more information, contact a Fidelity representative at 800-544-6666. |
| If this transfer request is entered between
January 1 and your tax filing due date, not including extensions (generally April 15), select the tax year to
which you want to apply the contribution. After your tax filing due date, generally April 15, you can only
make a current year contribution.
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| If your tax filing due date, not including
extensions (generally April 15) falls on a Saturday, Sunday, or legal holiday, call a Fidelity representative
at 800-544-6666 for assistance.
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| Effective January 1, 2002, annual IRA contribution
limits have increased for the 2002 tax year and beyond. For specific information, be sure to review
IRA Information and
Retirement notes. |
| Please note that the annual contribution
limits are aggregated across all IRAs held at Fidelity and other institutions. It is your responsibility to
ensure you are not exceeding the contribution limits. |
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| What types of IRAs are eligible for online withdrawals? |
| There are several types of brokerage and eligible mutual fund IRAs eligible for online withdrawals: |
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Traditional IRA |
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Roth IRA |
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Rollover IRA |
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SEP IRA |
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Beneficiary Distribution Accounts |
| For information on the different account types, access the Retirement option in the Products tab. |
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| What types of IRA withdrawals are eligible online? |
| Based on IRS regulations, a withdrawal is considered either early or normal, depending upon your specific situation: |
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If you are age 59 ˝ or over, then your withdrawal type indicates Normal.
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If you are under age 59 ˝ , your withdrawal type is considered early. You must designate whether it is early or early due to a disability. If you choose the latter, you must satisfy the IRS definition of disabled. Refer to Early Distribution to learn more. |
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If you are the beneficiary on an IRA and following the death of the original IRA owner you withdraw from your Beneficiary Distribution Account (BDA), the type is distribution due to death regardless of whether you are over 59 ˝. |
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Distributions due to death are not subject to the 10% premature distribution penalty even if you are under age 59 ˝ and request this type of distribution. |
| For all other withdrawal reasons, contact a Fidelity representative at 800-544-6666. |
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| What is an Early Distribution? |
| Generally, an early withdrawal from an IRA is subject
to a 10% excise tax penalty unless the distribution is then rolled over or converted to another IRA within 60 days. When
the early withdrawal is due to disability or, if you are the beneficiary on a deceased individual's IRA, distribution
by death, the penalty may be waived. For more information, access Fidelity's online Retirement Investing Center and
consult a tax advisor about your particular situation. |
| Other exceptions for early distributions exist as
well. These exceptions include early withdrawals due to: |
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A series of
substantially equal periodic payments based on the owner's life expectancy |
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Deductible medical expenses in excess of 7.5% of adjusted
gross income |
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Qualified first-time home buyer expenses (up to $10,000
limit) |
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Qualified higher education expenses |
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An IRS levy against the account |
| Please call a Retirement Specialist at 800-544-6666
for more information. |
| According to IRC Section 72(m)(7), an individual
shall be considered to be disabled if he is unable to engage in any substantially gainful activity by reason of any
medically determinable physical or mental impairment which can be expected to result in death or to be of long-continued
and indefinite duration. An individual shall not be considered disabled unless he furnishes proof of the existence
thereof in such form to the IRS. |
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| If I place a request for an IRA withdrawal after December 15, will my withdrawal be processed for the current or next year? For what year will this withdrawal be reportable? |
| The IRS refers to the date the withdrawal (or distribution) is processed to determine the year to which it is applicable. The amount of time it takes for an IRA withdrawal request to be processed varies by the withdrawal method selected (e.g., Fidelity Electronic Funds Transfer, check, transfer to a non-retirement account). |
| If your IRA withdrawal affects your taxes or is intended to satisfy your minimum required distribution (MRD) for the current year, you should be sure: |
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To allow adequate processing time, submit your online request by December 15th of the current year (March 15th for initial MRD) |
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That your brokerage IRA Core account has sufficient funds to cover the withdrawal |
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That you are not trying to request a second brokerage IRA withdrawal on the same day or while an earlier request is still pending |
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That you are not requesting a second IRA withdrawal from the same mutual fund in a mutual fund IRA and there is another request pending for the same mutual fund |
| If you're requesting a distribution after December 15, please call a Fidelity representative at 800-544-6666 to determine the best way to process your IRA distribution to satisfy any applicable deadlines. |
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| I placed a withdrawal request via Fidelity Electronic Funds Transfer. Why can't I place another request? |
| This may be because: |
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Your brokerage IRA Core account does not have sufficient funds to cover the withdrawal. You can sell securities held in your IRA to fund the Core account. |
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You are trying to request a second brokerage IRA withdrawal on the same day. You can only make one brokerage IRA withdrawal request per day per account. |
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You are trying to request a brokerage IRA withdrawal and a request you made on a previous day is still pending. |
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Withdrawals by check generally require 5 to 7 business days, Electronic Funds Transfer (EFT) or Fidelity Electronic Funds Transfer generally require 1 to 3 business days, and withdrawals that are directed to a Fidelity non-retirement account generally require 1 to 2 business days for processing. |
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You are requesting a second withdrawal from the same mutual fund in a mutual fund IRA and there is another withdrawal request pending for the same mutual fund. |
| You can request a withdrawal from a different mutual fund in your mutual fund IRA. For eligible mutual fund IRAs, you may have more than one withdrawal request processed at a time provided the withdrawals are from different mutual funds. |
| For Portfolio Advisory Services (PAS) SM accounts, additional Electronic Funds Transfer or transfer requests cannot be entered via the web if there is already a pending transaction on the account. Additionally, the
transfer or Electronic Funds Transfer amount out of a Portfolio Advisory Services (PAS) SM account cannot be more than 25% of the account's net worth. The transfer amount should be between $10.00 and $100,000.00, per day. Please contact a PAS representative at 800-544-3455 for further assistance. |
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| What is my withholding percentage? |
| IRS regulations require Fidelity to withhold federal income tax at the rate of 10% from your total withdrawal unless your withdrawal is from a Roth IRA, or unless you elect otherwise. You can change your tax withholding percentage by entering any whole number between 10 and 99 or by electing not to have federal tax withheld. |
| For IRAs other than Roth, your state of residence, based on your legal address on file with Fidelity, and whether or not Federal income tax is withheld will determine your state income tax withholding requirements. When you request an IRA distribution using Fidelity.com, the appropriate state tax information and withholding options display. For more information, refer to State Tax Withholding Elections, the state tax withholding information that displays when you request an IRA distribution. If you need specific information, please consult a tax advisor. |
| Regardless of whether you elect a withholding percentage for your IRA withdrawal, you are responsible for all federal, state and local taxes, as well as estimated tax payments and penalties, if any. |
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| Why is the federal tax withholding percentage
online different from the percentage I previously elected? |
| If you elected a federal tax withholding percentage for a previous
withdrawal request you entered online, that percentage only applied to that particular withdrawal. This is because online withdrawal requests
are considered one-time, unique requests. If you elected a federal tax withholding percentage as part of setting up regularly-scheduled
withdrawals using Fidelity's Personal Withdrawal Service (PWS), the withholding percentage is only applicable for the PWS withdrawals. It
does not apply to one-time withdrawals you request online.
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| What penalties/taxes will I have to pay on my IRA withdrawal? |
| Regardless of whether you elect a withholding percentage for your IRA withdrawal, you are responsible for all federal, state and local taxes, as well as estimated tax payments and penalties, if any. Withdrawals before age 59˝ may be subject to a 10% early withdrawal penalty. For more information, access the Retirement Investing Center in the Planning & Retirement tab and consult a tax advisor about your particular situation. |
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| Why can't I withdraw funds from an IRA and direct them to another retirement account? |
| Actually, you can withdraw funds from an IRA and direct them to another retirement account, but this functionality is not available online. When you withdraw money from one IRA and contribute it to another, the transaction is called a 60-day rollover; a rollover typically occurs when moving an IRA from one institution to another.
For more information about account options, access the Retirement option under the Products tab.
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What limitations and maximums apply to my account?
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| The maximum withdrawal amount using Fidelity.com
or telephone is $100,000 per account. For withdrawals greater than $100,000, requests must be made via a
completed paper form. To get a copy of the form, contact a Fidelity representative at 800-544-6666.
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| For brokerage IRAs, only one withdrawal per day
may be processed.
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| For eligible mutual fund IRAs, you may have more
than one withdrawal request processed at a time, provided the withdrawals are from different mutual funds.
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past 15 business days, a withdrawal sent by check must be less than $10,000. However, a withdrawal of up to
$100,000 may be directed to:
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an eligible bank account if you are currently signed
up for the Fidelity Electronic Funds Transfer service on your IRA
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a Fidelity non-retirement account having the same Social
Security Number (SSN) as the originating IRA
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