How to close a Fidelity account
You can close a Fidelity account by contacting Fidelity directly — either by phone at 1-800-343-3548, through your online account settings, or in writing. The process itself takes a few minutes if you call, but what happens to your money, any pending trades, and your tax documents depends on what type of account you have and whether you want to move your assets elsewhere first. Most people close accounts because they've moved their money to another brokerage, retired from active trading, or consolidated multiple accounts.
Before Fidelity will close your account, you must sell all securities or transfer them to another brokerage, settle any outstanding balances, and may support no pending trades are in progress. Understanding the steps and timing can prevent delays and unwanted tax consequences, especially if you're closing a retirement account.
Key Takeaways
- You can initiate closure by calling 1-800-343-3548, using your online account settings, or sending a written request, and the method you choose affects how quickly the process completes.
- Fidelity will not close an account that holds securities, so you must either sell everything or arrange an ACAT transfer to another brokerage before closure.
- Closing a retirement account like an IRA or 401(k) has tax and penalty rules that differ from closing a regular brokerage account, so confirm the account type before you proceed.
- If you owe Fidelity money through a margin loan or unpaid fees, the account cannot close until that debt is settled.
- Fidelity will mail you year-end tax documents (1099 forms) even after closure, so keep your address current or update it before you close.
Selling or transferring your holdings before closure
Fidelity will not close an account that still holds securities, cash, or other positions. Before you initiate closure, you must either sell everything or move it to another brokerage. If you own individual stocks, mutual funds, bonds, or other investments, log into your account and sell them through the normal trading process. Cash from sales typically settles within one to three business days, depending on the security type. Once all positions are sold, any remaining cash can stay in the account until closure or be withdrawn to your linked bank account.
If you want to move your investments to another brokerage instead of selling, you can request an ACAT transfer (Automated Customer Account Transfer). Fidelity will transfer your holdings in-kind — meaning the actual securities move to the new brokerage without being sold. This avoids triggering a taxable event if you're moving a taxable brokerage account. The transfer usually takes five to seven business days. You initiate this through the receiving brokerage, not through Fidelity, though Fidelity will process their side once they receive the request. After the transfer completes, your Fidelity account will hold no securities and can be closed.
Closing through phone, online, or mail
The fastest method is a phone call to Fidelity's customer service at 1-800-343-3548. Have your account number ready. A representative will confirm that your account holds no securities or outstanding balances, answer any final questions, and process the closure. The call typically takes 10 to 15 minutes. Closure is effective when ready, though it may take a few business days for the account to disappear from your online login.
You can also close an account online if Fidelity offers that option in your account settings — this varies by account type. Log in, navigate to Account Settings or Profile, and look for a "Close Account" or "Deactivate Account" option. Not all account types allow online closure, so if you don't see the option, phone or mail is your next step. For a written request, send a letter to Fidelity's main address (available on their website under "Contact Us") stating your account number, full name, and request to close the account. Include a copy of a government-issued ID for verification. Mail closure takes longer — typically two to four weeks — because Fidelity must receive the letter, verify your identity, and process the request manually.
Tax documents and what happens after closure
Closing your account does not stop Fidelity from sending you tax documents. If you traded during the year or earned dividends and interest, Fidelity will mail you a 1099 form (1099-B for brokerage activity, 1099-INT for interest, 1099-DIV for dividends) by January 31 of the following year. These documents are required for your tax return, so make sure your mailing address is current before you close. You can update your address in Account Settings or ask the representative to note it during your closure call.
If you closed a retirement account like a traditional IRA or Roth IRA, different rules explore. Withdrawals from a traditional IRA before age 59½ may trigger a 10% early withdrawal penalty plus income tax on the amount withdrawn. Roth IRA withdrawals have different rules depending on how long you've held the account and whether you're withdrawing contributions or earnings. If you're closing a 401(k), you cannot straightforward withdraw the balance without consequences — you must roll it over to an IRA or another employer's plan, take a distribution (which is taxable), or leave it with your former employer if the balance is above a certain threshold. Speak with a tax professional or Fidelity's retirement specialist before closing a retirement account.
What to do if you have a margin loan or unpaid fees
If your Fidelity account uses margin (borrowed money to buy securities), you cannot close the account until the margin loan is repaid in full. The same applies to any other outstanding balance, such as unpaid advisory fees or settlement obligations. Check your account balance and statements to confirm you owe nothing. If you do owe money, you can pay it directly from a linked bank account or by selling securities to cover the debt.
If you're unsure whether you have an outstanding balance, call Fidelity at 1-800-343-3548 and ask them to review your account. They can tell you exactly what, if anything, you owe and how to settle it before closure. Once the debt is paid, the account can be closed without further delay.
Closing a joint account
If the account is held jointly with another person, both account holders must consent to closure. Contact Fidelity and ask about their joint account closure process — typically, both owners must sign a closure request or both must be present on a phone call. If one owner wants to close and the other does not, Fidelity may allow you to remove yourself from the account instead, leaving the other owner as the sole account holder. This requires written authorization from both parties.
Before requesting closure or removal, discuss the decision with the other account holder to avoid disputes or complications. Fidelity will not process a joint closure if one party objects, so clarity between owners is essential.
What happens to unclaimed money or forgotten accounts
If you close an account and later realize you forgot to withdraw cash or transfer securities, contact Fidelity when ready. Once an account is closed, retrieving assets becomes more difficult. Fidelity may hold closed accounts for a limited time before transferring unclaimed property to your state's unclaimed property program. You can search for unclaimed property through the National Association of Unclaimed Property Administrators (NAUPA) website or your state's treasurer's office.
If you have an old Fidelity account you haven't used in years and are unsure whether it's still active, log in or call 1-800-343-3548 to check. It's easier to close an account while you still have access than to track it down later through unclaimed property channels. Take a few minutes to review the account balance and holdings before you decide to close.
Frequently Asked Questions
Can I close my Fidelity account if I have pending trades?
No. Pending trades must settle before closure. Wait for the trade to complete (usually one to three business days), then proceed with closure. If a trade is stuck or delayed, call Fidelity to resolve it first.
Will closing my Fidelity account affect my credit score?
Closing a brokerage account does not affect your credit score because brokerage accounts are not credit accounts. However, if you have a Fidelity margin account with an outstanding loan, paying that off may have a minor effect on your credit utilization ratio.
What if I close my account and then want to reopen it?
You can open a new Fidelity account at any time by going to Fidelity's website or calling 1-800-343-3548. There is no penalty for closing and reopening. Your old account number will not be reused, and you'll be treated as a new customer for account setup purposes.
Do I need to close my Fidelity account if I'm moving to another brokerage?
No. You can transfer your holdings to another brokerage and leave your Fidelity account open with a zero balance. However, if you prefer not to maintain multiple accounts, closing it is straightforward once everything is transferred out.
How long does it take to close a Fidelity account?
By phone, closure is when ready. Online closure (if available) is also when ready. By mail, it takes two to four weeks. After closure is processed, it may take a few additional business days for the account to disappear from your online login.