Fidelity Sets $2K Minimum For Several Mutual Funds
January 20, 2003
Fidelity Management and Research Co. has filed with the Securities and Exchange Commission a notice that it intends to close accounts that do not maintain a minimum balance.
Fidelity said it has set $2,000 minimums for balances in several mutual funds and a $100,000 minimum for trust accounts.
The $2,000 minimum was established for the Fidelity ContraFund, a $100,000 minimum for the Fidelity Concord Street Trust, and a $5,000 minimum for the Fidelity Commonwealth Trust.
The minimum balance required in retirement accounts is $500, according to the filing. Shareholders will be given 30 days to meet the minimum-balance requirements. If the minimum is not met, Fidelity said, it could close the account and return the proceeds.