Transferring your investment account from one financial institution to another is a common practice.
If you're considering moving from Ally Invest to Fidelity, this guide will walk you through the process.
Fidelity provides a robust platform for investors, offering various types of accounts and investments.
Here's how to initiate the transfer.
The first step in the process is to submit a transfer request to Fidelity. This can be done online and typically takes only 5 to 7 minutes.
You will need to provide your account number and specify which assets you wish to transfer.
After receiving your transfer request, Fidelity will contact Ally Invest to initiate the transfer process.
Once Ally Invest receives the transfer request from Fidelity, they will begin processing the request.
The time it takes to complete this step can vary, but it typically ranges from 3 to 5 business days.
After Ally Invest has processed the request, your account assets will be sent to Fidelity.
Fidelity will then deposit these assets into your selected Fidelity account. You will have access to your investments in your new account.
It's important to note that Ally Invest charges a $50 transfer fee for each partial or full Automated Customer Account Transfer Service (ACATS) transfer of securities or cash from an Ally Invest account to another financial institution.
Make sure to consider this fee when planning your transfer.