Retirement accounts often shift alongside career moves and evolving financial goals. Whether you’re consolidating old 401k plans, seeking different investment options, or adjusting your strategy, transferring your 401k to a new provider like U.S. Bank can be a practical step. A well-executed transfer helps maintain the tax-advantaged status of your retirement savings while giving you access to tools and services that support your long-term planning.
At Carry, we want to make financial decisions feel more manageable, even if you’re handling them outside our platform. This guide breaks down the steps to transfer your 401k from Fidelity to U.S. Bank smoothly and penalty-free. Please note that while we try to provide the most up-to-date information, these processes are subject to change without notice, so be sure to check with your provider before moving forward.
Step 1: Understand Your 401k Transfer Basics
Transferring a 401k from Fidelity to U.S. Bank involves careful planning and attention to detail. The process moves your retirement savings between financial institutions while preserving the tax-advantaged status of your investments. A smooth transition helps protect your retirement goals.
✅ Fidelity 401k account number
✅ Personal identification documents
✅ Social Security Number
✅ Contact information for both financial institutions
✅ Recent 401k account statements
Step 2: Open a Rollover IRA at U.S. Bank
Contact U.S. Bank to open a new Rollover Individual Retirement Account (IRA). This account is specifically designed to receive funds from a 401k rollover. During this process, specify that you want to open a rollover IRA specifically designed for 401k transfers.
📝 Pro Tip: Confirm with U.S. Bank that the account you’re opening supports 401k rollovers, and ask about any specific forms or processes they require before initiating the transfer.
Step 3: Initiate the Direct Rollover
Request a direct rollover from Fidelity to U.S. Bank. A direct rollover means the funds move directly between financial institutions, which helps you avoid potential tax penalties. Call Fidelity’s rollover department and provide them with your new U.S. Bank IRA account details.
✏️ Hypothetical Example: John called Fidelity and provided his new U.S. Bank IRA details. The transfer was initiated electronically, and the funds were moved without any tax implications.
Step 4: Verify Transfer Documentation
Carefully review all transfer documentation from both Fidelity and U.S. Bank. Confirm that:
✅ The transfer amount matches your Fidelity 401k balance
✅ Your personal and account information is accurate
✅ The transfer is classified as a direct rollover
Step 5: Understand Potential Transfer Fees
While most 401k rollovers are free, it’s important to check for any applicable fees. Some institutions might charge a small account setup or maintenance fee.
Fidelity: No fees for processing rollovers; however, check for any plan-specific closeout fees.
U.S. Bank: No fees for processing rollovers; potential annual IRA custodial fee (waivable under certain conditions); trading commissions for certain transactions;
📝 Important Note: Direct rollovers typically do not incur tax penalties if completed within 60 days.
Step 6: Review Investment Options
Once your funds arrive at U.S. Bank, explore the available investment options. You may choose to realign your portfolio to better match your current risk tolerance and retirement timeline.
Step 7: Monitor the Transfer Process
Stay in touch with both Fidelity and U.S. Bank during the rollover. Most transfers complete within 3–5 business days, but processing may take longer depending on account types or asset classes.
Step 8: Final Account Verification
After the transfer, log in to your U.S. Bank IRA and verify:
✅ The total transferred balance is correct
✅ Investments are allocated properly
✅ No unexpected fees or issues occurred
📝 Important Note: Keep all related documents for your tax records and future reference.
📌 If you’re looking for more guidance, these resources may help:
Final Thoughts on Your 401k Transfer
Transferring your 401k from Fidelity to U.S. Bank is a strategic decision that benefits from thorough preparation. The key takeaways are to prioritize a direct rollover to avoid unnecessary tax implications and to ensure the process is completed within the 60-day window. Double-check account information, have your documentation in order, and stay in communication with both financial institutions to minimize delays or errors.
Next steps include:
✅ Confirm your U.S. Bank IRA account is active and ready to receive funds
✅ Facilitate a direct rollover with Fidelity’s support team
✅ Monitor the transfer timeline to ensure completion within 60 days
📌 Want to dive deeper? Here are some other helpful (and free) resources:
Disclaimer:
The Carry Learning Center is operated by The Vibes Company Inc. (“Vibes”) and contains generalized educational content about personal finance topics. While Vibes provides educational content and technology services, all investment advisory services discussed on this website are provided exclusively through its wholly-owned subsidiary, Carry Advisors LLC (“Carry Advisors”), an SEC registered investment adviser. The information contained on the Carry Learning Center should not be construed as personalized investment advice and should not be considered as a solicitation to buy or sell any security or engage in a particular investment, accounting, tax or legal strategy. Vibes is not providing tax, legal, accounting, or investment advice. You should consult with qualified tax, legal, accounting, and investment professionals regarding your specific situation.
The accounts, strategies and/or investments discussed in this material may not be suitable for all investors. All investments involve the risk of loss, and past performance does not guarantee future results. Investment growth or profit is never a guarantee. All statements and opinions included on the Carry Learning Center are intended to be current as of the date of publication but are subject to change without notice.
To access investment advisory services through Carry Advisors, you must be a client of Vibes on an eligible membership plan. For more information about Carry Advisors’ investment advisory services, please see our Form [ADV Part 2A] (https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=916200) brochure and [Form CRS] (https://reports.adviserinfo.sec.gov/crs/crs_323620.pdf) or through the SEC’s website at [www.adviserinfo.sec.gov] (http://www.adviserinfo.sec.gov/).