Fidelity IRA to Schwab IRA transfer

[FIREd_2015]

I opened an IRA at Schwab last week to rollover an old 401k and was looking to transfer some additional money from my Fidelity IRA account to meet the threshold for the bonus offer at Schwab. I logged into my Fidelity account and under withdrawals and transfers it said the IRA account was not eligible for ETF transfers and needed to do a bank wire ($75 fee?) and I needed to enter routing number of the Schwab IRA account. As far as I could tell there isn't a routing number associated with the Schwab IRA account. Anyone know what is the easiest and most cost effective way to do a partial transfer of money market funds from a Fidelity IRA to Schwab IRA?

 

[Texas Proud]

I transferred from a 401(k) to Schwab... I called to get all that info but it was a pain.. I also had to give an address and DTC number for shares... at the end someone gave me a number for asset transfers... not sure if it works as I did not call..


It is 877-284-9830


Give it a try and hope it works...

 

[PaunchyPirate]

I opened an IRA at Schwab last week to rollover an old 401k and was looking to transfer some additional money from my Fidelity IRA account to meet the threshold for the bonus offer at Schwab. I logged into my Fidelity account and under withdrawals and transfers it said the IRA account was not eligible for ETF transfers and needed to do a bank wire ($75 fee?) and I needed to enter routing number of the Schwab IRA account. As far as I could tell there isn't a routing number associated with the Schwab IRA account. Anyone know what is the easiest and most cost effective way to do a partial transfer of money market funds from a Fidelity IRA to Schwab IRA?

I think you would normally contact Schwab and ask them to initiate a partial account transfer via the ACATS system. Then specify xxxx in cash to be transferred. This is what you would do if transferring shares of a stock or mutual fund. If Fidelity has a concept of moving money market funds into Cash, then do that first. If they always put your cash in a sweep money market, I would expect it to automatically sell the money market set up as the sweep fund.

I believe you can initiate this yourself on Schwab’s website using the Move Money tab.

 

[FIREd_2015]

I think you would normally contact Schwab and ask them to initiate a partial account transfer via the ACATS system. Then specify xxxx in cash to be transferred. This is what you would do if transferring shares of a stock or mutual fund. If Fidelity has a concept of moving money market funds into Cash, then do that first. If they always put your cash in a sweep money market, I would expect it to automatically sell the money market set up as the sweep fund.

I believe you can initiate this yourself on Schwab’s website using the Move Money tab.

Yes, you are correct. After a very long hold with Schwab, the rep walked me through the process on the Schwab website. She also mentioned that Schwab will reimburse any fees charged by Fidelity for the transfer.