Has anybody ever heard of a 401k being shut down for MS?
Feb 20, 2017, 10:29 am
#1
Original Poster
Join Date: Feb 2017
Posts: 4
Has anybody ever heard of a 401k being shut down for MS?
Hi everybody, I started doing MS on my Fidelity Visa 2% card last week. I just realized I have my employer 401k with Fidelity. Is there a risk my 401k account would get shut down if my Fidelity card gets shut down? I'm thinking now that I should apply for the Citi Doublecash card and use that instead.
Feb 20, 2017, 12:53 pm
#2
Join Date: Dec 2003
Location: CA
Programs: BA, AA, United
Posts: 429
Hi everybody, I started doing MS on my Fidelity Visa 2% card last week. I just realized I have my employer 401k with Fidelity. Is there a risk my 401k account would get shut down if my Fidelity card gets shut down? I'm thinking now that I should apply for the Citi Doublecash card and use that instead.
Instead of wasting a pull for citi double cash (which has no sign on bonus), you can consider doing a product change if you have any other citi card that is 12 or more months old.
Feb 20, 2017, 1:44 pm
#3
Join Date: Jan 2011
Posts: 249
I've only heard reports of people's 401k that is still fine after CC and deposit accts were shutdown by same bank (though not sure I've heard that for Fidelity specifically). I imagine the rules are a little different with a company sponsored 401k and they can't easily shut down an individual (and probably have no motivation to anyway). Now if you have other individual Fidelity accounts (brokerage, etc.) those may not be as safe.
Feb 20, 2017, 2:17 pm
#4
Original Poster
Join Date: Feb 2017
Posts: 4
Thanks for the reply. I have a Citi card but it's only 8 months old. My goal was to try and MS s much cash back just going to CVS and doing 2k a day. After all fees and expenses I would get around $420 a month. But I don't want to jeopardize any of my brokerage accounts.
Last edited by Mayday924; Feb 20, 2017 at 9:04 pm
Feb 20, 2017, 2:18 pm
#5
Original Poster
Join Date: Feb 2017
Posts: 4
I've only heard reports of people's 401k that is still fine after CC and deposit accts were shutdown by same bank (though not sure I've heard that for Fidelity specifically). I imagine the rules are a little different with a company sponsored 401k and they can't easily shut down an individual (and probably have no motivation to anyway). Now if you have other individual Fidelity accounts (brokerage, etc.) those may not be as safe.