Outgoing ACATS/closing question

Here’s a summary of the main problem and the solutions discussed in the post:

  • Main Problem: The user, Vita, is concerned about whether initiating a full outgoing ACATS transfer will close their Fidelity account, particularly regarding the Fidelity Bloom Spend and Save accounts.
  • Solution 1: A full Transfer of Assets (TOA) out of a Fidelity account will restrict and close the account. However, clients can re-open the account through the Fidelity Bloom mobile app or by contacting Fidelity directly.
  • Solution 2: Fidelity Bloom accounts are designed to operate with both Spend and Save accounts open simultaneously; closing one can cause technical issues.
  • Solution 3: There are no account minimums to keep the account open, meaning any remaining balance will suffice for it to be considered a partial transfer and allow the account to remain active.
  • Solution 4: A full TOA is defined as having $0 left in the sending account, while a partial TOA means there are funds remaining, allowing the account to stay open.
Here’s the full thread
Vita
02/27/2024 at 22:01:29 PST
Will initiating a full outgoing ACATS close the Fidelity account? Assuming it does close the account, what happens if I full outgoing ACATS from a Fidelity Bloom Spend account? Will both Bloom Save and Bloom Spend get closed? Can I just leave Bloom Save open while closing Bloom Spend? Thanks
FidelityLinsey
02/28/2024 at 07:16:57 PST
Hi there, @Vita. A full Transfer of Assets (TOA) out of a Fidelity account restricts and closes the account. Keep in mind, TOAs are initiated at the receiving firm. While you are generally able to close just one of the accounts, Fidelity Bloom is designed to work with two open accounts: Fidelity Bloom Spend and Fidelity Bloom Save. Closing only one of these accounts and not the other leads to technical issues within the Fidelity Bloom mobile app and the accounts. However, clients can generally re-open the account from the Fidelity Bloom mobile app or by giving us a call. If there is anything we can clarify or if additional questions pop up, please don’t hesitate to ask! We’re always happy to help. 🟢
Vita
06/03/2024 at 12:54:31 PDT
old thread but related queestion. For outbound TOA, how much asset needs to remain in Fidelity for it to be considered a partial transfer and keep the account open?
FidelityMichaela
06/03/2024 at 16:44:10 PDT
Hi @Vita. We have no account minimums, meaning you can keep as little as you’d like in the account for it to remain open. That said, we also have no account maintenance fees, so if you do decide to close an account, you can easily open a new one. Let us know if we can answer anything else. 🟢
Vita
06/04/2024 at 03:19:33 PDT
Let’s try this again. If I initiate an ACATS transfer from an outside institution, moving money from Fidelity to the outiside institution, how much needs to remain in the Fidelity account for the transfer to be considered a ‘partial transfer’ and not a ‘full transfer’ and let me keep the account open?
FidelityLinsey
06/04/2024 at 06:32:32 PDT
A full TOA would mean there was $0 left in your sending account—aka, you are transferring the entire account and the sending account may be closed. A partial TOA would mean there was any amount of funds still staying in the account. 🟢

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