How to Move a 401k Fidelity Roll Over to an IRA at the Bank
Transferring a 401k rollover from Fidelity to an Individual Retirement Account (IRA) at a bank is the same as transferring any IRA to to another IRA. As a trustee-to-trustee transfer is not a rollover, there is no one-year waiting period as is required between rollovers. Additionally, the transfer will be tax-free, as it does not involve a distribution to you. Thus, transferring to an IRA at a bank is a simple matter of filling out account transfer paperwork.
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Instructions
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Inform your bank IRA custodian of your intention to transfer. In addition to having an IRA established at the bank, you will have to complete transfer paperwork that contains specific information about your Fidelity rollover account. You can find most of the needed information on the most recent copy of your account statement from Fidelity, such as account number, firm name and address, your exact name on the account, and a description of the assets.
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Check for proprietary assets at Fidelity. Although most investments are eligible to transfer to another IRA, some assets are specific to individual companies and cannot be transferred. If you own any of these securities, your options are to leave them behind at Fidelity, or to liquidate them and transfer the cash. As most account transactions are restricted during the course of a transfer, you should try to dispose of any non-transferable securities before you initiate your transfer request.
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Monitor your transfer. Most trustee-to-trustee transfers are handled electronically, and this diminishes the chances for errors. However, sometimes account numbers are transposed or human error otherwise enters the equation, so it is important to make sure that all of your assets are transferred as you directed. Pay particular attention to any dividends or distributions that may be deposited to the account after you have initiated the transfer.
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Check for fees charged to your account. As of 2009, Fidelity Investments charged a fee of $50 to IRA accounts that transfer to another firm. Ask your bank if they will credit your account for the amount of the fee, as many banks will in order to receive your business.
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