American Funds Account Canceling Fee and ACAT Charge For 2021


American Funds account closure fee. Cost and how to close taxable brokerage and IRA accounts. American Funds online cancellation and ACAT fees.



American Funds Account Closing Fee


Right now American Funds does not charge a fee to cancel its account.


American Funds ACAT (Account Transfer) Fee


American Funds does not charge a fee (also called ACAT fee) to transfer an account to a different firm.


American Funds Top Competitors


Broker Review Stock/ETF
Commission
Mutual Fund
Commission
Options
Commission
Maintenance
Fee
Annual IRA
Fee
Firstrade $0 $0 $0 $0 $0
Ally Invest $0 $9.95 $0 + $0.50 per contract $0 $0
M1 Finance $0 na $0 $0 $0


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American Funds Plans


The American Funds also offer several products for both large and small businesses. Obviously mom and pop shops can’t afford all the bells and whistles larger companies are able to benefit from. In addition, they may not be able to afford or have the same resources to keep the plan in compliance with ERISA regulations. This is where The American Funds step up to the plate. With more than 360,000 plans and over 40 billion in total plan assets, they can offer flexibility and features for everyone. Recently they have broadened its RecordkeeperDirect® product by adding a multi-fund version, which allows sponsors to choose from a variety of managers including JP Morgan and The Vanguard Group. They can provide a retirement plan solution that can work for large, small, startup and takeover plans, (such as RecordkeeperDirect® and PlanPremier® packages), or if they need a Third Party Administrator (TPA) or a bundled plan packages.


American Funds Services


One of the most important services The American Funds provide employers is their service to their employees or participants. The American Funds offer a slick participant website to educate and assist them with their 401(k) and in their investment strategies. With on-line retirement calculators, learning tools, retirement planning tools, forms and fund performance reports, participants have everything at their fingertips 24/7 to manage their 401(k) on-line.

Employers are provided a service to help in meeting compliance issues with ERISA regulations through quarterly statements and required fee disclosures, all prepared by The American Funds. In addition, employers are provided 401(k) management reports on a monthly basis to keep them informed of their entire plan assets. Although these reports aren’t as user friendly to read as their participant statements, they do provide a wealth of important information to the employer, their financial advisor or third party administrator to be proactive and informed in managing their plan.

Active participation is also essential to any successful employer sponsored 401(k) retirement plan. The American Funds offer employers many tools and educational resources to lead their enrollment meetings to increase participation. Customized enrollment kits, posters, mailing stuffers, customized enrollment media, PowerPoint tools and scripts will provide the employer a top notch and successful enrollment meeting.

American Funds seems to be committed in providing exceptional services at a reasonable cost. Most employers to put their fiduciary responsibilities, as it relates to their employer sponsored 401(k) plan, on the back burner due to lack of knowledge, time or resources and could find themselves with added fees or penalties with the IRS or DOL should their plan be randomly picked for a plan audit. Partnering with American Funds as their record-keeper or vendor, employers can take comfort in knowing their plan is managed safely, efficiently and at a competitive rate.


Disclosure


Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectuses and summary prospectuses, which can be obtained from a financial professional and should be read carefully before investing.


Conclusion


In summary, American Funds offers a decent 401(k) plan. Other, more attractive options to consider are Ally Invest and M1 Finance.


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