Rollover comparison
Fidelity → Charles Schwab 401(k) rollover
If you're rolling a 401(k) FROM Fidelity TO Charles Schwab, here are the practical mechanics: what forms you'll fill out, how long it takes, whether ACATS is supported, and what specific gotchas to watch for at each custodian. This page documents the process; it does not recommend one custodian over the other.
Side-by-side
| Field | Fidelity | Charles Schwab |
|---|---|---|
| ACATS eligibility | ACATS (electronic) eligible — typical processing 3–5 business days | ACATS (electronic) eligible — typical processing 3–5 business days |
| Processing time | 3-5 business days (ACATS); 7-10 days for paper | 3-5 business days (ACATS); 7-10 days for paper |
| Transfer form | Transfer of Assets (TOA) request — initiated at receiving institution | Transfer/Rollover Request form (online or paper) |
| Customer-service phone | 1-800-343-3548 | 1-800-435-4000 |
| Customer-service hours | Mon-Fri 7am-11pm ET, Sat-Sun 9am-5pm ET | 24/7 |
Known pitfalls at Fidelity
Warning: Fidelity defaults to mailing a paper check if you initiate the transfer FROM their side — call the receiving custodian first to initiate an ACATS pull instead.
Warning: If you have employer stock in the 401(k) (NUA-eligible), do NOT roll it directly — separate the basis cost first or you lose the NUA tax treatment forever.
Warning: Fidelity will ask whether to liquidate or transfer in-kind. For mutual funds, in-kind only works if the destination custodian supports the same funds; otherwise it's liquidate + cash transfer (the default).
Known pitfalls at Charles Schwab
Warning: Schwab acquired TD Ameritrade in 2023 and completed the platform migration in 2024 — if your old plan was at TDA, it's now on the Schwab platform with a NEW Schwab-format account number. Use the new number for ACATS, not the legacy 9-digit TDA number; statements after September 2023 show the new number in the header.
Warning: Schwab will offer to 'help you decide where to roll it' before processing — this is a sales pitch for Schwab IRA. Decline politely if you've already picked a destination. The rep will sometimes pass the call to a Schwab Financial Consultant; you can decline that hand-off too without slowing down the transfer.
Warning: If transferring TO Schwab as the destination, their online wizard is excellent. If transferring FROM Schwab to another custodian, initiate from the receiving side (don't fill out Schwab's outbound paper form — slower). The receiving side's ACATS pull is processed by Schwab's transfer desk within 1-2 business days.
Warning: Schwab won't transfer fractional shares of non-Schwab mutual funds via ACATS — they liquidate fractional positions on your behalf and send the proceeds as cash. If you held fractional Vanguard, Fidelity, or American Funds mutual funds inside your Schwab brokerage, expect a small cash residual showing up at the destination 2-3 days after the in-kind transfer completes.
Warning: If your account migrated from TD Ameritrade, some pre-printed forms may still have the legacy TDA cost-basis lot details — Schwab's system has the correct migrated cost basis, but if your destination custodian asks for a transfer-of-basis report, request it from Schwab's tax-reporting desk specifically (the standard report only shows current Schwab basis, not the TDA history).
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This comparison is informational only — it documents the procedural mechanics of rolling over a 401(k) between Fidelity and Charles Schwab. nesthelm is not an investment adviser or broker-dealer; we do not recommend either custodian over the other. Consult a CPA or licensed financial advisor for advice on your specific situation.