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Account Close Fee

June 4th, 2013 at 12:52 am

Fidelity has cut a check for the final IRA money we are transferring to Vanguard. I noticed that they did not liquidate in full and there was $50 remaining in the account. I sent an instant message to them and found out it is an account close fee. Darn. I don't like surprises, but I still want the money moved, so I have to just let it go.

I did ask what the fee was for. It covers the cost of closing the account and maintaining records for the next 2 years. This is a common industry practice apparently. I worked in the mutual fund industry and I'm pretty sure we didn't charge the fee. Of course, I worked for a load mutual fund company....so those fees were there, just not as obvious! The agent also said they have one of the lower fees in the industry. Not sure why that needed to be mentioned as the check has already been cut.

I'm excited that all the money from Fidelity is finally moved and we have one less company to keep track of. Have you ever paid an account close fee? How much was it?

Posted in Saving | 4 Comments »

4 Responses to “Account Close Fee”

  1. FrugalTexan75 Says:
    June 4th, 2013 at 01:10 am 1370308232
    1370308232

    Not that I'm aware of. Stinks that they didn't let you know about it up front.

  2. wolfy Says:
    June 4th, 2013 at 01:22 am 1370308936
    1370308936

    I once had to pay a $100 fee for closing and moving money to another broker. I was not happy about that.

  3. My English Castle Says:
    June 4th, 2013 at 04:18 am 1370319528
    1370319528

    It's one of the reasons I hung around with Wells so long. They had all these wacky fees you had to time correctly to avoid. Jerks. Really.

  4. snafu Says:
    June 4th, 2013 at 03:05 pm 1370358341
    1370358341

    Like you, I found they had charged a fee after the fact without ever mentioning it as I made arrangements to close the account. I argued the point asking 'customer service' for the information in the initial contract and itemization of how the fee is disbursed. I don't agree that business can help themselves to my money. After 6 months or so, I was surprised to get cheque for $ 100. fee.

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