Transfer from Empower Premier IRA to Fidelity
Summary:
- The main problem reported by the user is confusion about the forms needed for transferring an Empower IRA to Fidelity, specifically which form Fidelity requires and whether they need to request a Letter of Acceptance from Fidelity.
- Fidelity recommends starting the Transfer of Assets (TOA) process through their website, ensuring the account at Fidelity has the same registration as the one being transferred.
- The user can access helpful links to open an account and to transfer assets directly through Fidelity’s website.
- The typical duration for a full TOA is 5-7 business days, while a partial transfer may take 3-5 business days; the user can track the status of their transfer via the Status Tracker page.
- Fidelity does not charge fees for sending or receiving assets, but the sending firm may impose a fee; users should ensure there’s sufficient cash in the transferring account to avoid additional charges.
- If further assistance is needed, Fidelity’s customer service is available 24/7 to help with the TOA process and any additional forms required.
Here’s the full thread
hey folks. I searched the channel here first but did not find a related post, so here goes:
I opened a traditional IRA and am in the process of transferring my Empower Premier IRA here. Fidelity wants me to upload the forms that Empower needs, and Empower requires a form with a wet signature (another reason I’m working on consolidating on Fidelity).
Questions:
– Which form does Fidelity actually need?
– Empower says they will need a Letter of Acceptance from Fidelity, do I need to request that or will it be done automatically?
Any other helpful information/tips?
Thanks for reaching out, @sivy. We’re happy to help.
Typically, you process a Transfer of Assets (TOA) using Fidelity.com. Since Fidelity is receiving the funds, you’ll start with us. You will need to have an account open with the same registration as the one you’re transferring. These links will help you get started.
Open an Account: https://www.fidelity.com/open-account/open-overview
Transfer an Account to Fidelity: https://www.fidelity.com/customer-service/transfer-assets
Most full TOAs typically take 5-7 business days to complete, while partial transfers usually take 3-5 business days. As this process can take a little time, you can stay updated by visiting the “Status Tracker” page. I’ve linked it below for you.
Status Tracker (login required): https://digital.fidelity.com/ftgw/digital/transfer-of-assets/transactionList
Fidelity does not charge fees to send or receive assets through the TOA process, though your sending firm may charge a TOA or closeout fee. If insufficient cash is available in your transferring account, this fee may be applied as a debit once the assets are received in the Fidelity account.
If you need additional help in the TOA process, including requesting additional forms, please contact our associates. They are available 24/7 and can be reached using the contact link below.
Contact us: https://www.fidelity.com/customer-service/contact-us 🟢