Navigating the world of retirement savings can feel like deciphering a secret code, especially when it comes to moving your hard-earned money from one account to another. But fear not! If you've recently changed jobs or simply want to consolidate your retirement funds, rolling over a check to Fidelity is a common and relatively straightforward process when you know the steps.
Ready to take control of your retirement savings? Let's dive in!
Sending a Rollover Check to Fidelity: A Comprehensive Guide
Moving your retirement funds can be a smart move, offering greater control, potentially broader investment options, and a clearer picture of your overall financial health. This guide will walk you through the process of sending a rollover check to Fidelity, ensuring your funds are transitioned smoothly and securely.
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| How To Send A Rollover Check To Fidelity |
Step 1: Confirm Your Rollover Type and Account Readiness
Before you even think about a check, it's crucial to understand the type of rollover you're undertaking and ensure your Fidelity account is ready to receive the funds.
A. Direct vs. Indirect Rollover: Know the Difference
This is perhaps the most important distinction to grasp.
Direct Rollover (Recommended): In a direct rollover, your previous retirement plan provider (e.g., your old 401(k) administrator) sends the check directly to Fidelity, made payable to "Fidelity Management Trust Company FBO [Your Name]" or similar. You never physically take possession of the funds. This is the preferred method as it avoids any potential tax withholdings or accidental early withdrawal penalties.
Indirect Rollover (The 60-Day Rule): With an indirect rollover, your previous provider sends the check to you, made payable to you. If you choose this route, you must deposit the full amount into a qualified retirement account (like your Fidelity IRA) within 60 days of receiving the check. If you miss this deadline, the IRS will consider it a taxable distribution, and you could face income taxes and a 10% early withdrawal penalty if you're under 59 ½. Furthermore, your old plan is typically required to withhold 20% for taxes, meaning you'd need to come up with that 20% from other funds to deposit the full amount within 60 days to avoid further penalties. Generally, it's best to avoid indirect rollovers unless absolutely necessary.
B. Prepare Your Fidelity Account
Ensure you have the appropriate Fidelity account set up to receive the rollover. For most 401(k) rollovers, a Fidelity Rollover IRA is the ideal choice. If your old 401(k) had Roth contributions, you'll want to open a Fidelity Roth IRA for those funds.
If you don't have a Fidelity account yet, you'll need to open one. You can typically do this online through the Fidelity website.
If you already have a Fidelity account, make sure it's the correct type for your rollover. You might need to confirm your account number for the check.
C. Gather Necessary Information from Your Previous Plan
Contact your former employer's retirement plan administrator (the company that held your 401(k), 403(b), etc.). You'll need to ask them:
Tip: Focus on one point at a time.
Their rollover procedures: Do they prefer to send a check directly to Fidelity (direct rollover), or will they send it to you (indirect rollover)?
How the check should be made payable: For a direct rollover to Fidelity, it should generally be made payable to "Fidelity Management Trust Company" or "FMTC," followed by "FBO [Your Name]" and your Fidelity IRA account number.
Any forms required: They might have specific distribution forms you need to fill out.
The mailing address for Fidelity's Corporate Rollovers Department (if they're sending it directly).
Step 2: Initiate the Rollover from Your Previous Provider
Once you've confirmed your account readiness and gathered the necessary information, it's time to get the check issued.
A. Completing the Rollover Request
Fill out any required distribution or rollover forms from your former employer's plan administrator. Be very clear that you want a direct rollover to Fidelity if that's your preference.
Double-check all information for accuracy, especially your Fidelity account number and how the check should be made payable. A small error here could cause significant delays.
If your previous plan allows for a Letter of Acceptance (LOA) from Fidelity, Fidelity can often help facilitate this directly. You can typically generate an LOA through Fidelity's website or by calling their customer service.
B. Receiving the Rollover Check
Depending on your prior plan's process, the check will either be sent directly to Fidelity or mailed to your address.
If the check is sent directly to Fidelity: Great! You've done your part. Fidelity will handle the deposit.
If the check is sent to you (indirect rollover): Proceed to Step 3. Remember the 60-day rule is in full effect!
Step 3: Sending the Rollover Check to Fidelity
If you received the rollover check directly, this is where you'll get it into your Fidelity account. You have a few options:
A. Mailing the Check (Most Common)
This is the traditional method for submitting a rollover check.
Ensure the Check is Properly Payable: As mentioned, the check should ideally be made payable to "Fidelity Management Trust Company" or "FMTC, FBO [Your Name]" with your Fidelity IRA account number clearly written on it. If the check is made payable directly to you, do NOT endorse it yet unless Fidelity specifically instructs you to. Instead, write "For Deposit Only to Fidelity Account [Your Fidelity IRA Account Number]" on the back. Some sources indicate that if the check is made payable to "Fidelity Management Trust Company (or FMTC), FBO [your name]," it does not need to be endorsed by you. It's always best to confirm with Fidelity if you're unsure about endorsement.
Include Your Fidelity Account Information: On a separate piece of paper or directly on the check (if space allows and it doesn't obscure vital information), write your Fidelity IRA account number and indicate that it's for a "Rollover Contribution."
Choose Your Mailing Method:
Regular Mail: Fidelity Investments ATTN: Direct Rollovers PO Box 770001 Cincinnati, OH 45277-0037
Express/Overnight Mail: Fidelity Investments ATTN: Direct Rollovers 100 Crosby Parkway KC1H Covington, KY 41015-0037
Keep Records: Make a copy of the check (front and back) and any accompanying paperwork for your records before mailing it. Consider using a trackable mailing service for peace of mind.
QuickTip: Look for lists — they simplify complex points.
B. Mobile Check Deposit (If Applicable)
Fidelity offers mobile check deposit through their mobile app for many types of checks. While this is primarily for personal checks, it may be possible for certain rollover checks.
Check the Fidelity Investments mobile app for the "Mobile Check Deposit" feature.
Verify the eligibility requirements for rollover checks within the app or by contacting Fidelity customer service. If it's a third-party check (from your old provider), it might have specific requirements.
Follow the in-app instructions for snapping photos of the front and back of the check.
Important Note on Endorsement for Mobile Deposit: If you're using mobile deposit, the app will typically guide you on how to endorse the check (e.g., "For Mobile Deposit Only Fidelity" and your signature, along with "For Deposit Only to Fidelity Account [Your Fidelity IRA Account Number]"). Always follow the app's specific instructions.
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C. In-Person Deposit at a Fidelity Investor Center
If you have a Fidelity Investor Center nearby, you can visit in person and a representative can assist you with depositing the check. This can provide extra assurance that the process is handled correctly.
Step 4: Monitor Your Rollover and Invest Your Funds
After sending the check, the process isn't quite over.
A. Track the Deposit
Keep an eye on your Fidelity account online. It may take a few business days for the check to be processed and the funds to appear in your account.
You can often check the status of your transfer online through the Fidelity website or app.
Processing times can vary. If your old workplace plan was not with Fidelity, it could take 3-5 weeks or even longer for the transfer to complete. If your old plan was with Fidelity, direct transfers typically happen within a few days.
B. Invest Your Rolled-Over Funds
Crucially, a rollover check simply moves your money into a cash position within your new Fidelity IRA. These funds are not automatically invested.
Log in to your Fidelity account.
Navigate to your new Rollover IRA.
Choose how you want to invest your funds. Fidelity offers a wide range of investment options, including mutual funds, ETFs, stocks, bonds, and even managed accounts like Fidelity Go if you prefer professional guidance.
Ensure your investment choices align with your financial goals, risk tolerance, and time horizon.
Step 5: Confirm and Celebrate Your Smart Move!
QuickTip: Don’t just scroll — process what you see.
Once your funds are invested, take a moment to confirm everything looks correct in your Fidelity account. You've successfully taken a significant step in consolidating and managing your retirement savings!
Review your statements to ensure the rollover amount matches your expectations.
Confirm your investments are as intended.
File away your records: Keep copies of all correspondence, checks, and statements related to the rollover for your tax records.
10 Related FAQ Questions
Here are 10 frequently asked questions about sending rollover checks to Fidelity, with quick answers:
How to endorse a rollover check for Fidelity?
If the check is made payable to "Fidelity Management Trust Company (or FMTC), FBO [your name]," you typically do not need to endorse it. If it's made payable to you, you should generally write "For Deposit Only to Fidelity Account [Your Fidelity IRA Account Number]" on the back, and then your signature if required by Fidelity. Always confirm with Fidelity directly if unsure.
How to know if my rollover check is a direct or indirect rollover?
A direct rollover check will be made payable directly to "Fidelity Management Trust Company FBO [Your Name]" or similar. An indirect rollover check will be made payable directly to you.
How to avoid taxes and penalties on a rollover check?
Ensure it's a direct rollover where the check is made payable directly to Fidelity. If you receive the check personally (indirect rollover), you must deposit the full amount into a qualified retirement account within 60 days to avoid taxes and penalties.
How to find Fidelity's mailing address for rollover checks?
For regular mail, use: Fidelity Investments, ATTN: Direct Rollovers, PO Box 770001, Cincinnati, OH 45277-0037. For express/overnight mail, use: Fidelity Investments, ATTN: Direct Rollovers, 100 Crosby Parkway KC1H, Covington, KY 41015-0037.
Tip: Don’t skip the small notes — they often matter.
How to include my Fidelity account number on the rollover check?
Write your Fidelity IRA account number clearly on the check (if space allows without obscuring vital information) or on a separate piece of paper included with the check.
How to check the status of my rollover after sending the check?
You can typically check the status of your rollover online by logging into your Fidelity account and looking for "Transfer Status" or similar. You can also call Fidelity customer service.
How to invest my money after a rollover check is deposited at Fidelity?
Once the funds appear in your Fidelity account (they'll initially be in cash), you need to manually choose investments. Log in, go to your Rollover IRA, and select from the available investment options (mutual funds, ETFs, stocks, etc.).
How to handle a rollover check that is past the 60-day limit?
If your indirect rollover check is past the 60-day limit, it will likely be considered a taxable distribution and subject to income tax and potentially a 10% early withdrawal penalty if you're under 59 ½. Consult a tax advisor immediately.
How to contact Fidelity customer service for rollover questions?
You can call Fidelity's general customer service at 800-343-3548. For workplace accounts (like 401(k) rollovers), you might also use their specific workplace accounts number: 800-835-5095.
How to roll over company stock from an old 401(k) to Fidelity?
If your old 401(k) contains company stock, it's often best to call Fidelity directly at 800-343-3548 to discuss your options, as there can be special tax considerations like Net Unrealized Appreciation (NUA).
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