Brokerage firms often impose significant fees for transferring retirement accounts, such as 401(k)s and IRAs. A Redditor shared their costly experience trying to move their account to Empower and then Fidelity, encountering multiple fees amounting to $255. In response to the Redditor's concerns, others in the subreddit provided insights into minimizing such costs, with suggestions like asking Fidelity to reimburse transfer fees for larger amounts. It's evident from the discussion that these fees, though frustrating, are a common aspect of financial transactions involving retirement accounts.
The fees associated with transferring accounts like 401(k) and IRA can quickly accumulate, often frustrating consumers who must pay extra costs totaling over $250.
A commenter suggested contacting Fidelity to ask for reimbursement of the ACATS fee, which many firms sometimes offer for larger transfers, highlighting a potential way to mitigate costs.
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