BROKERAGE OPERATIONS – IMPORTANT DATES
Dec. 31, 2020
Fidelity Clearing & Custody Fee Processing and Balance Reminders
In order for a client to avoid the $35 non-qualified account custody fee, they must have one commissionable transaction settle in 2020 or have a $10,000 balance in the core money market fund on December 31, 2020.
Last trade date for 2020 regular way settlement is December 29, 2020.
Dec. 30, 2020
IRA Distributions
December 30, 2020 is the last day an EFT can be sent out of an IRA account as a 2020 distribution. Any EFT distribution entered on December 31, 2020 will be deleted and added as a check to the address of record.
Dec. 31, 2020 & Jan. 2, 2021
Fidelity Clearing & Custody
“Inactivity” Fee Assessed & Charged – Client accounts are assessed for eligibility/waiver of Custody Fee on December 31, 2020 and, if eligible, are charged the fee on January 2, 2021.
Jan. 11-31, 2021
Securities Liquidations to cover Unpaid Fee Postings
ESI home office will begin the process of liquidating securities to cover unpaid fee postings related to the NFS IRA Custody Fee and non-qualified “Inactivity Fee”. Accounts with eligible securities will have trades placed to cover “debit” balances related to fee postings, as well as applicable transaction charges. Customer confirmations will be marked “To Cover Debit”. Representative’s will be charged the $25.00 service fee if ESI home office has to place trades.
Questions? Give us a ring! 1 (800) 344-7437
TC118841(1220)1