Tuesday, August 2, 2011

How do I close my UTMA account?

My uncle created a UTMA account for me years ago. I am 21 now, and (like most of the country) in dire financial need. The account is through Fidelity, and I'm wondering how to terminate the account and collect the money. Do I have to sell the stocks or do I just withdraw all of the money from the account? I have been trying to read up on this, and it seems like I should have total control of the account; however, when I attempt to access some information on the website (which used my SS# to log in) it says I do not have the authority to view it. I do seem to be able to access the options to sell stocks and withdraw, but if I do either of these, how exactly would I get the money? I updated my personal information on the website, but my uncle's address and phone number is still on there in something called phone/address group 1. Please help me, I'm so confused!

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