How to close a Fidelity account

You can close a Fidelity account by calling Fidelity's customer service line at 1-800-343-3548, speaking with a representative in person at a Fidelity branch, or submitting a written request by mail. Fidelity does not offer account closure through their website or mobile app — you must initiate the request through one of these three channels. Before you close, you'll need to decide what to do with any money or investments still in the account, and Fidelity will ask you to confirm this before processing the closure.

The process typically takes five to ten business days after Fidelity receives your request, though the timeline can vary depending on whether you have pending transactions or investments that need to be liquidated first. If you have a brokerage account with stocks or mutual funds, those positions must be sold before the account can close. If you have a retirement account like an IRA, closing it involves different rules and tax consequences that you should understand before you proceed.

Key Takeaways

  • Call Fidelity at 1-800-343-3548 to request account closure — this is the fastest method and creates a record of your request.
  • You must liquidate any stocks, mutual funds, or other investments in the account before closure can be completed.
  • Closing a retirement account like a traditional or Roth IRA has tax and penalty consequences that vary based on your age and account type.
  • If you want to move money to another institution instead of closing, you can request a transfer or rollover, which may be simpler than closing and reopening elsewhere.
  • Fidelity will mail you a final statement and confirmation of closure within two weeks after the account is closed.

Closing a brokerage or cash management account

If you have a standard brokerage account, money market account, or Fidelity Cash Management Account, the closure process is straightforward. First, sell any stocks, mutual funds, or other securities you hold in the account. You can do this through the Fidelity website or app, or by calling a representative. Once everything is sold, the proceeds will sit as cash in your account.

Next, decide what to do with the cash balance. You can request that Fidelity mail you a check, transfer the money to a bank account you own, or move it to another brokerage. When you call 1-800-343-3548 to close the account, tell the representative which method you prefer. They will process the request and confirm the timeline for receiving your money.

If you have any pending transactions — such as dividend payments, interest credits, or trades that haven't settled — Fidelity will wait for those to complete before closing the account. This can add a few days to the process. Ask the representative whether any pending items exist before you hang up.

Closing a retirement account (IRA or 401k)

Closing a retirement account is more complicated because the IRS has rules about how and when you can withdraw money. If you close a traditional IRA or SEP IRA before age 59½, you may owe a 10% early withdrawal penalty on top of income tax on the full amount. Roth IRAs have different rules — you can withdraw contributions (the money you put in) without penalty, but earnings (the growth) are subject to the same early withdrawal penalty.

If you have a 401(k) through an employer, you typically cannot close it while you still work there. Once you leave the job, you have several options: leave the money in the old 401(k), roll it into an IRA, roll it into your new employer's plan, or cash it out. Cashing out triggers income tax and potentially a 10% penalty if you're under 59½.

Before you close any retirement account, speak with a tax professional or call Fidelity's retirement specialists at 1-800-343-3548 and ask to discuss the tax consequences. They can explain what you'll owe and help you understand whether closing is the right move, or whether a rollover to another account makes more sense.

What to do with your money before closing

You have three main options for what happens to your money when you close: take it as a check, transfer it to a bank account, or move it to another financial institution. If you choose a check, Fidelity will mail it to the address on file, and it typically arrives within five to seven business days. Make sure your address is current before you request closure.

If you want the money faster, request an electronic transfer to a checking or savings account at your bank. Provide the account number and routing number when you call to close. This method usually takes three to five business days. If you're moving to another brokerage or bank, you can ask Fidelity to transfer the funds directly to that institution instead of sending them to you first.

Do not close the account until you have decided where the money is going. Once the account is closed, you cannot change your mind about the destination. If Fidelity sends a check and you lose it, you'll need to contact them to request a replacement, which adds time.

Closing the account by phone

Calling Fidelity is the most straightforward way to close your account. Have your account number ready — you can find it on your statement or in the Fidelity app. Call 1-800-343-3548 and tell the representative you want to close your account. They will ask why you're closing (you don't have to give a detailed reason), confirm your identity, and review any pending transactions or holdings.

The representative will walk you through what happens next: selling any investments, choosing how to receive your money, and confirming the closure date. They will give you a reference number for your request. Write this down. Ask them to confirm the timeline — most closures take five to ten business days, but it can be longer if you have retirement accounts or complex holdings.

After you hang up, you should receive an email confirmation within 24 hours. If you don't, call back and reference your confirmation number to make sure the request was submitted.

Closing the account by mail

You can also close your account by sending a written request to Fidelity. Write a letter that includes your full name, account number, and a clear statement that you want to close the account. Include instructions for what to do with your money — for example, "Please liquidate all holdings and mail a check to [your address]" or "Please transfer the balance to [bank name] account ending in [last four digits]."

Mail your letter to Fidelity's customer service address. You can find the correct mailing address by calling 1-800-343-3548 or checking your account statement. Send it via certified mail so you have proof of delivery. This method is slower than calling — it typically takes two to three weeks from the time Fidelity receives your letter.

Closing by mail is useful if you prefer a paper trail or if you have a specific reason to document your request in writing. However, calling is faster and allows you to ask questions in real time.

After your account closes

Once Fidelity closes your account, you will receive a final statement showing all transactions through the closure date. This statement will arrive by mail within two weeks. Keep this statement for your records, especially if you closed a retirement account — you may need it for tax purposes.

If you requested a check, it will arrive separately. If you requested an electronic transfer, the money should appear in your bank account within the timeframe the representative gave you. If your money doesn't arrive within the expected window, call Fidelity and reference your confirmation number.

After closure, you will no longer be able to log into your Fidelity account. If you had automatic bill payments or direct deposits set up through Fidelity, those will stop. Make sure you've redirected any automatic payments or deposits to your new bank or brokerage before the account closes.

Frequently Asked Questions

Can I close my Fidelity account online?

No, Fidelity does not allow account closure through their website or mobile app. You must call 1-800-343-3548, visit a Fidelity branch in person, or send a written request by mail. Calling is the fastest option.

What happens to my money if I close my account?

Your money goes where you tell Fidelity to send it. You can request a check, an electronic transfer to your bank, or a direct transfer to another brokerage. You must choose one of these options before the account closes. The money does not disappear — Fidelity will not keep it.

Will I owe taxes if I close my account?

It depends on the account type. Closing a regular brokerage account has no tax consequence. Closing a retirement account like an IRA or 401(k) may trigger income tax and a 10% early withdrawal penalty if you're under 59½. Speak with a tax professional or Fidelity's retirement team before you close a retirement account.

How long does it take to close a Fidelity account?

Most closures take five to ten business days from the time you submit your request. If you have investments that need to be sold or pending transactions, it may take longer. Closures submitted by mail take two to three weeks because Fidelity must receive and process the letter first.

What if I change my mind after I request closure?

Call Fidelity when ready at 1-800-343-3548 and ask to cancel the closure request. If the account hasn't been closed yet, they can stop the process. Once the account is officially closed, you cannot reopen it — you would need to open a new account instead.